Orange County’s credit unions reported slowing growth in assets, members and employment, based on the Business Journal’s annual list.
The 7.2% increase in combined assets to $22.6 billion for the 12 months ended June 30 followed the 10% gain reported a year earlier. Annual growth had been mostly in the single digits since the 2008 financial crisis. Credit union growth was also slower than that reported by OC-based commercial banks (see separate article, page 34).
However, credit unions reported a healthy 31% jump in net income for the six months ended June 30, blowing past the 2.7% increase reported a year earlier. That also topped the 28% reported by banks.
Twelve credit unions on our list reported an increase in profits, while six were down.
The list ranks the 18 biggest OC-based member-owned credit unions by assets. It also includes their net incomes, local employment and branches in operation, though those metrics don’t factor into the rankings.
Eleven institutions grew assets over the year, but only two by more than 10%. Seven credit unions reported asset declines.
Credit unions are also slowing down local hiring, reporting a 1.9% increase to 2,619 staffers, well lower than the 10% increase reported a year earlier.
The firms reported OC memberships were essentially flat at 799,813.
They also maintained the same number of branches as last year: 65.
Santa Ana has the most credit union headquarters on our list, with four, followed by Huntington Beach with two. Irvine, which is the OC city with the most bank headquarters at nine, has no credit unions inside its city limits.
Five Largest
• Santa Ana-based SchoolsFirst Federal Credit Union once again retained the top position with about $15 billion in assets, up 8.4% year-over-year. It accounts for 66% of ranked firms’ assets, up from 65% a year earlier and 64% two years earlier.
The credit union reported net income of $75.9 million, up 39%. It maintained OC employment at 1,344 and has 409,374 members here.
SchoolsFirst has more assets than Irvine-based Pacific Premier Bancorp, the largest bank in OC, with $11.5 billion in assets.
• Orange County’s Credit Union in Santa Ana climbed to second place, growing assets 5.7% to $1.62 billion. Its net income soared 81% to $11.2 million.
The credit union employs 315 locally, up 4%, and has 108,475 OC members, up 5%.
• NuVision Federal Credit Union in Huntington Beach slipped to third as its assets grew 1.3% to $1.59 billion, slowed from the 10.3% reported a year earlier.
Its net income slipped 3.2% to $3.7 million for the six months ended June 30 as it maintained its employee count at 267. It reported membership of 87,895.
• No. 4, Credit Union of Southern California in Anaheim, reported the fastest growth, 18% to $1.45 billion. The institution said net income climbed 33% to $7.22 million. Its employee count jumped 30% to 100, and it had 9,140 members.
• No. 5, Evangelical Christian Credit Union in Brea, continued a downward slide, reporting a 4.6% decline to $764.9 million. Its assets also declined last year, that time by 12%. It reported a $4.9 million loss. Employee count remained at 150 and membership at 11,000.
