SECU of Maryland passes the $4 billion-asset mark
State Employees Credit Union of Maryland has surpassed $4 billion in assets, the Linthicum, Md.-based institution announced Tuesday.
As the state’s largest credit union, SECU of Maryland serves more than 260,000 members and has 22 locations.
“This is an important milestone that reflects SECU’s continued growth and financial stability during a time when our members and communities need us most,” President and CEO Dave Sweiderk said in a press release. “The strength of our balance sheet puts us in a position to continue serving our members, through hardship grants, deferment programs and relief loans, as well as the community at large.”
Call report data from the National Credit Union Administration shows SECU of Maryland posted net income of just under $3 million during the first quarter, down more than 31% from a year prior. Many credit unions have seen declines in net income for the first quarter as a result of the coronavirus and job losses during long-term shutdowns.
While interest expense and noninterest income at the credit union both improved compared to a year earlier, interest income dropped by about 6%. Delinquencies were also up, with delinquent loan volumes rising by a little over 8%. Still, year-to-date charge-offs are down slightly from March 2019. Total lending was up by 4.2% for the quarter, driven largely by growth in mortgage lending, while new and used auto loans have declined.
In response to the pandemic, SECU of Maryland said it has awarded over 400 hardship grants to members totaling more than $215,000, along with more than $200,000 in donations to community organizations in the area the credit union serves.
“We are so grateful to our members for their deep loyalty, and our employees for their unwavering commitment to serving our members,” said Sweiderk. “We would not be able to give back without their support.”