Net income down, charge offs up at San Diego County Credit Union
San Diego County Credit Union on Thursday reported “positive” financial results during the third quarter, although its earnings were down some $9.4 million from the same period in 2018.
According to its latest call report, in the first nine months of this year SDCCU had net income of $71.3 million, off by 11.7% from the $80.8 million it earned during the first three quarters last year. Lending is down about 1% - primarily in mortgages compared to Q3 2018 – though charge offs are up by about 8%, primarily in auto lending.
Some credit unions have also seen year-over-year declines in net income because those figures spiked last year following the National Credit Union Administration's equity distribution in the wake of the National Credit Union Share Insurance Fund and Temporary Corporate Stabilization Fund merger.
As of Sept. 30, 2019, SDCCU’s net worth ratio was 16.32% (“well capitalized”).
Return on assets stood at 1.15% year-to-date through Sept.30, while the credit union saw a 4.96% increase in membership compared to the first three quarters of 2018. SDCCU now has more than 418,000 members in San Diego, Riverside and Orange counties.
President and CEO Teresa Campbell said in a press release the credit union “experienced continued growth” during the first three quarters of 2019, adding, “We are looking forward to the opportunity to serve even more members of the community as we grow.”
“It remains a priority for SDCCU to continue to enhance our online technologies and expand our branch network, making financial services more convenient and accessible for customers in Southern California,” Campbell added.