Overview of San Mateo Credit Union

First chartered in 1952, San Mateo Credit Union is one of 272 credit unions that are based in the state of California and also one of the largest credit unions in the country. Credit unions operating in California have a total of $269 billion of assets and 13.0 million members. Overall, the state is the 2nd most popular state in the country for credit unions. Unlike banks, credit unions like San Mateo Credit Union are not insured by the Federal Deposit Insurance Corporation (FDIC) but instead receive deposit insurance from the National Credit Union Administration (NCUA), which operates in a similar fashion to the FDIC. The company has a total of 9 branches and employs a total of 195 employees.

Details on the Credit Union’s Balance Sheet

The credit union currently has total assets of $1,614 million, total deposits of $1,443 million and net loans outstanding of $1,033 million. On average its members had a total of $13,665 deposited with the credit union – this is a helpful metric to monitor as it provides us with an idea of the level of engagement of the credit union’s membership base. Furthermore, the credit union has a loan to deposit ratio of 72% which is lower than credit unions of comparable size. San Mateo Credit Union’s peer set of credit unions have a loan to deposit ratio of approximately 74%. A lower ratio is better since it means that a credit union’s lending activities are more comfortably covered by its deposit base. Taking a closer look at the credit union’s loan portfolio, we see that mortgages and lines of credit represent 61% of the total and currently stands at $634 million, while there is $279 million of loans outstanding from auto loans which represents 27% of the credit union’s loan portfolio.

Contact and Other Helpful Information

  • Main Office Address: 350 Convention Way, Redwood City, CA 94063
  • Website: http://www.smcu.org
  • Phone: (650) 363-1725
  • Charter Number: 62736
  • Charter Year: 1952
  • Employees: 195
  • Routing Number: 321174851
  • Membership: San Mateo Credit Union has a membership base of 105,600 which is significantly larger than the average credit union operating in the state of California. The average credit union in the state has 47,657 members. Over the past three years, the credit union’s total base of members has increased by 15%.

San Mateo Credit Union: Financial Overview

san mateo credit union-balance-sheet-metrics

The above chart summarizes the trends in key balance sheet items for San Mateo Credit Union. First off, it is noteworthy that across the board, all four items have increased over the past year. The credit union’s assets have grown by 16.7% while its total loans have increased by 1.9%. In addition, the company’s mortgages and lines of credit have expanded by 5.0% while its deposits have expanded by 24.2%. ‘Net worth’ is a good way to assess the long-term performance of a credit union as it represents the accumulated value of the entity over time. Importantly this is value that accrues to the credit union’s owners: its members. San Mateo Credit Union has a total net worth of $160 million. This implies that the credit union has a net worth per member of $1,518 which is below the national average of $1,606.

Overview of the Credit Union’s Performance Metrics

san mateo credit union-selected-performance-metrics

The above chart shows some of the important metrics we look at when assessing a credit union, and compares these to the average credit union of comparable size. It also shows how these metrics have fared over the past year. Starting with the company’s return on assets, on this metric San Mateo Credit Union is approximately inline with the average credit union in its peer set and over the past year ROA has been relatively stable with a total change of 0.00%. Return on assets tells us how productive a company is being with its asset base. We look at the delinquency rate within a loan portfolio as a way to assess the performance and quality of a credit union’s loan book. A lower delinquency rate indicates a better performing portfolio. San Mateo Credit Union has a delinquency rate that is well above its peer group average and when compared with the prior year, we can see that it has deteriorated. Finally, the net worth ratio for the credit union is 9.9% which is approximately inline with its peer group average of 9.8%. This metric has declined on a year over year basis and stood at 10.5% a year ago. Based on the NCUA guidelines, the credit union is considered to be well capitalized.


Overall, we believe San Mateo Credit Union deserves a rating of 3.0 out of 5.0, which is above average. Finally, please note that the rating information presented is based on our proprietary scoring system. None of the work presented is intended to be investment advice or advice of any sort and is presented purely for informational purposes.