San Diego County Credit Union posts lower earnings as expenses tick up
San Diego County Credit Union in California posted an almost 10% drop in its net income for the first six months of the year.
The $8.3 billion-asset institution earned $48.3 million through June 30, according to call report data from the National Credit Union Administration. Noninterest expenses jumped by 14%, to $95.7 million, for the first six months of the year from the same period a year earlier, according to NCUA data.
The credit union said in a press release on Thursday that its customer base increased by more than 5%. Its return on assets was 1.17% through June.
“SDCCU experienced continued positive growth during the first half of 2019, and we’re looking forward to the opportunity to serve even more members of the community as we grow,” Teresa Campbell, SDCCU’s president and CEO, said in the press release.
The CU's net-worth-to-assets ratio for the second quarter is comfortably resting at 16.14%, which is over double the 7% minimum capital level required for a credit union to be considered well-capitalized.
“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 said in the press release.