San Diego County Credit Union Year-end Financials Far Exceed Industry Standard Growth Rates
SAN DIEGO, CA (March 1, 2013) – San Diego County Credit Union® (SDCCU®), San Diego’s largest locally-owned financial institution, has released financial results for 2012.
“It was a solid year for continued progress in performance and growth,” said Teresa Halleck, San Diego County Credit Union president & CEO. “SDCCU remained diligent in managing costs and launched several superior financial products. Additionally, we strengthened our market-leading position this year which has really made an impact; however, it is our focus on customer service that continues to be our winning strategy,” stated Halleck.
SDCCU reported that total assets were $5.8 billion at the end of year 2012, compared to $5.5 billion at the beginning of the calendar year. Customer base ended the year at 242,323, up from 225,362 in Dec 2011. Return on assets was 1.47 percent for the year 2012, compared to 1.27 percent in 2011.The net-worth-to-assets ratio for 2012 was 12.34 percent, well above the 7 percent minimum capital level for credit unions regarded as “well-capitalized,” as specified by the National Credit Union Administration (NCUA), the independent federal agency that charters and supervises federal credit unions and insures savings in federal and most state-chartered credit unions in the U.S.
Other financial results for 2012 included:
- Total funded loans exceeded $1.5 billion, representing an 11.5 percent annual increase.
- Net income increased 26 percent from $66 million in 2011 to $83 million in 2012.
- Delinquencies declined from 2.23 percent of total loans in 2011 to 1.49 percent in 2012.
Additionally, SDCCU’s customer base grew 7.53 percent, a growth rate that was nearly three times higher than the national average for all credit unions in the U.S. that had an annualized growth of 2.63 percent, based on a December estimate from cuna.org.
Other highlights from 2012 include:
- Achieved a ranking of 10th largest credit union in the nation in terms of number of total dollar assets, according to NCUA (SDCCU was previously ranked as 11th largest).
- Opened its 29th branch located in San Diego’s Del Mar Highlands area at 12980 Carmel Country Road.
- Introduced a “No Cost Closing 5/5 ARM,” an adjustable rate mortgage which adjusts once every five years and gives SDCCU customers the flexibility and stability of an adjustable rate with no closing costs.
- Continued promotion of SDCCU Mobile Deposit, a banking app that allows consumers to make deposits using their iPhone and Android smartphones.
- Added mobile live chat service that allowed customers who carry iPhone or Android smartphones to connect in real-time through seamless integration with a live SDCCU customer service representative for an enhanced customer experience.
- Enhanced its electronic person-to-person payment service, Popmoney, allowing customers to pay other people using a recipient’s e-mail address or mobile phone number.
- Refreshed its brand with a new logo to better align its identity with the market-leading position.
- Remained one of the most popular lenders in the market for home, auto and small business loans.
- Voted as San Diego’s BEST Credit Union for the 13th consecutive year in the U-T San Diego 2012 Readers Poll, as well as selected as San Diego’s BEST Financial Planner, BEST Home Loan Provider and BEST Place to Work—all for the third year in a row.
- Halleck was re-elected as chairman of the board of the California Credit Union League (CCUL), one of the nation’s largest statewide credit union trade associations, for a second year. The California and Nevada Credit Union Leagues represent 343 credit unions in California and Nevada that collectively total more than 9.5 million credit union members and more than $127 billion in assets. Additionally, she serves on the State of California Department of Financial Institutions Credit Union Advisory Committee.
San Diego County Credit Union is San Diego’s largest locally-owned financial institution serving San Diego, Riverside and Orange counties. SDCCU has assets of nearly $6 billion, more than 242,000 customers, 29 convenient branch locations and 30,000 surcharge-FREE ATMs. From FREE Checking with eStatements and SDCCU Mobile Deposit, to home and auto loans, Visa credit cards, money market accounts and business banking services, including commercial real estate loans; SDCCU provides breakthrough banking products that meet the demands of today’s lifestyle and delivers banking services that save customers time and money. Federally insured by NCUA and an equal housing lender. For more information, visit www.sdccu.com.