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San Diego County: 3rd Quarter Credit Union Snapshot

  • Deposits Hit Record $13.9 Billion
  • Membership Hits Record 932,000 Individuals
  • New Auto Loans Nearly Quadruple Over Three Years
  • Total Loans Hit Record $10.5 Billion; Fueled by First Mortgages

San Diego County CA20 credit unions were headquartered in San Diego County as of Sept. 30, 2015 (third quarter). They were serving 932,629 members—a 5.3 percent year-over-year (YOY) increase (or 47,168 new members), and a base number hitting a record (approximately 932,000 individuals).

Loans

Credit unions in San Diego County had approximately $10.5 billion loaned-out within the local community—a 16.6 percent year-over-year (YOY) increase, and a record outstanding dollar amount (first mortgages, HELOCs, business loans, auto loans, credit cards, and sometimes other consumer loans). Here’s the category breakdown in growth areas:

  • 9 percent increase in first mortgages (includes adjustable-rate and fixed-rate, as well as purchases and refinance)
    • Hit a record outstanding dollar amount of $9.9 billion
    • Within first mortgages, a 6 percent increase in fixed-rate originations
  • 7 percent increase in HELOCs (Home Equity Lines of Credit)
    • Within HELOCs, a 7 percent increase in originations
  • 5 percent increase in business loans
  • 5 percent increase in new auto loans
    • From historical perspective, outstanding dollar amount ($1.14 billion) skyrocketed 277 percent from 3Q 2012 – 3Q 2015 (nearly quadrupling), and rises to previous all-time record from 2007
  • 24 percent increase in used auto loans
    • Hit a record outstanding dollar amount of $1.7 billion
    • From historical perspective, outstanding dollar amount jumped 73 percent from 3Q 2012 – 3Q 2015
  • 3 percent increase in credit card lending
  • *Loan percentage increases are year-over-year (YOY) and reflect dollar amounts. Dollar amounts that weren’t included above are available upon request.

 

Deposits

Credit unions in San Diego County held $13.9 billion in deposits for local consumers (checking accounts, savings accounts, money market accounts, CDs, IRAs, Keogh retirement accounts, and local government checking/savings accounts when applicable). This is a 6.6 percent year-over-year (YOY) increase.

  • Hit a record outstanding dollar amount ($13.9 billion)

Operations

Credit unions in San Diego County spent $557 million* on employees and operations (employee payroll, benefits, property, office equipment, occupancy, and vendor contracts). *Estimated yearly figure based on quarterly data.

Jobs

Credit unions in San Diego County employed 2,669 individuals — a 2.3 percent year-over-year (YOY) increase.

Information Source and Description

Publicly-filed balance sheet data extracted from the National Credit Union Administration as of Sept. 30, 2015 (third quarter). Percentages reflect year-over-year (YOY), or Sept. 30, 2014 – Sept. 30, 2015. Although all credit unions mentioned are headquartered within the county/region described, some might have branches outside the county/region that affect this data.

California (all counties)

Statewide, regional, and U.S. data available upon request (Matt Wrye, mattw@ccul.org or 909-212-6043).

League Chief Economist

Dwight Johnston, chief economist for the California Credit Union League, is available for comment at 909-215-3657.

 The California Credit Union League

The California Credit Union League is based in Ontario, CA and is the state trade association for 353 credit unions headquartered in California. The League represents the interests of more than 10 million credit union members across the state who are member-owners of their credit unions. Credit unions help consumers afford life and prosper!

(All data trends are year-over-year unless otherwise noted. Historical trends represents credit unions currently operating and may not completely capture some trends from some credit unions merged-out or liquidated over the years, depending on circumstance)

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