The combination of growing deposits and operating efficiencies from reduced expenses has fueled a strong third quarter performance for St. Joseph-based United Federal Credit Union.
United Federal has announced third quarter results today, Monday, October 14th, with net income reported at $9.3 million for the quarter ending September 30, 2019. That represents an 11.2-percent increase from the second quarter of 2019 and a 12.8-percent increase when compared to the third quarter of 2018. United’s net income through the third quarter of 2019 is $24.7 million.
Total assets were up slightly to $2.87 billion—a 0.1-percent increase compared to last quarter, and a 5.3-percent increase when compared to the third quarter of the prior year.
Total deposits grew $26.8 million to $2.19 billion when compared to the second quarter 2019, and were up $255.4 million when compared to the third quarter of 2018 or a 13.2-percent increase. Total loans were largely unchanged at $2.46 billion. Membership for United now tops 176,100 a 1.8-percent increase over third quarter 2018.
Operating expenses declined by 3-percent compared to the prior quarter, as United continues its practice of being efficient with members’ money.
Michael Ruchti is Chief Financial Officer at United Federal. He says, “We are proud of our team for positioning the credit union to have another great quarter,” and adds, “United puts an emphasis on taking care of our Members and creating process excellence so that we are able to achieve healthy growth throughout the year. With a solid foundation in place, we are able to serve our membership and our communities for many years to come.”
United Federal Credit Union has served members since 1949 by helping them to build a sound financial future. United consists of more than 176,000 member/owners worldwide and manages assets in excess of $2.8 billion. Its corporate offices and main branch are in St. Joseph, with additional branches elsewhere in Michigan as well as in Arkansas, Indiana, Nevada, North Carolina, and Ohio. For more information you can visit online at www.unitedfcu.com.
