San Diego County Credit Union showed growth in members and total loans in the first quarter, while total assets edged downward.
According to data from NCUA’s call report, SDCCU reported membership of 409,801 as of March 31, a 6.6% rise from the end of March 2018. Total loans edged up 1.62%, to about $6.54 billion.
However, total assets slipped by 0.7%, to about $8.4 billion, in the first quarter from a year earlier. In addition, first-quarter net income fell by about 5.1%, to $27.17 million, from a year earlier.
The San Diego-based institution also said on Wednesday that its net-worth-to-assets ratio ended the first quarter at 15.94%, well above the 7% minimum level mandated by the National Credit Union Administration
“In 2019, SDCCU will continue to provide the exceptional service our customers have relied on, as well as focus on enhancing our existing product and service portfolio, leveraging new technologies to develop the best financial offerings and providing educational opportunities to help strengthen their financial foundation,” SDCCU President and CEO Teresa Campbell said in a statement.
