2019 earnings a mixed bag for SDCCU
San Diego County Credit Union saw mixed results in 2019 with Q4 filings showing membership up 4.5%, to nearly 422,000, and assets up 3.6%, to $8.5 billion.
Despite those gains, net income at the credit union was down more than 12%, to $93.4 million, including a 2.3% drop in loan balances. Noninterest expense was up by 12.5% (about $22 million) in 2018, including a 22% increase in employee compensation and benefits costs. Charge offs were also up by about 6.6% (just under $1 million) as losses increased slightly on unsecured credit cards and new and used auto loans.
SDCCU noted that ROA continues to be strong, ending the year at 1.2%. Similarly, it’s net-worth-to-assets ratio at year end was 16.54%, double the minimum required to be considered “well capitalized” by the National Credit Union Administration.
“SDCCU experienced continued growth throughout 2019, and we’re looking forward to the opportunity to serve even more members of the community as we grow,” President and CEO Teresa Campbell said in a press release. “We were proud to open one new branch in 2019 in the College Area of San Diego and to roll out a new and improved internet banking platform to continue to make financial services more convenient and accessible for customers in Southern California.”
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