San Diego County Credit Union on Thursday released what it said were “positive” financial results for the first quarter of 2018.
SDCCU said its total assets rose 3.9 percent from March 31, 2017 to $8.4 billion as of March 31, 2018. It said Q1 return on assets “remained strong’ at 1.37 percent, while its year-over-year loan growth reached 10.5 percent.
In addition, SDCCU said its member base grew 10.5 percent in Q1 2018 compared to the same time period in 2017.
The credit union’s net-worth-to-assets ratio for 2017 was 14.59 percent, which it noted was well above the 7 percent minimum capital level for credit unions regarded as “well-capitalized,” as specified by the National Credit Union Administration.
“In 2018, SDCCU will continue our commitment to our members to meet their needs and help make their lives easier,” said Teresa Halleck Campbell, SDCCU’s president and CEO. “This includes delivering exceptional service, 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 now serves more than 384,000 members across Dan Diego, Riverside and Orange counties, and the credit union held grand opening ceremonies for new branches in Costa Mesa and Mission Viejo.
Elsewhere in Q1, the credit union also expanded its Financial Wellness Wednesdays program, hosted its “Biggest Used Car Sale” event at the Del Mar Fairgrounds and received recognition from the National Association for Business Resources and more.
SDCCU said it continued its commitment to keeping the community safe, providing a free opportunity to properly dispose of confidential information at its latest SDCCU Shred Day held in March. At that event, more than 46,000 lbs. of paper were shredded and recycled, saving 392 trees. SDCCU is still the reigning Guinness World Records holder for both the most paper collected and shredded in a 24-hour period at a single location, and the most paper shredded in eight hours at a single location.