United Federal Credit Union Reports Increases in Deposits, Net Income, and Assets in Q3
10/11/2019 | Team United
ST JOSEPH, Mich. – United Federal Credit Union (United) announced third quarter results on October 14. Net income was reported at $9.3 million for the quarter ending September 30, 2019 which was an 11.2% increase from the second quarter of 2019 and a 12.8% 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% increase compared to last quarter, and a 5.3% increase when compared to the third quarter 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% increase. Total loans were largely unchanged at $2.46 billion. Membership for United is over 176,100 a 1.8% increase over third quarter 2018.
Operating expenses declined by 3% compared to the prior quarter, as United continues its practice of being efficient with Members’ money.
“We are proud of our team for positioning the credit union to have another great quarter,” said Chief Financial Officer, Michael Ruchti. “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.”
