Driving the income drain was a 12.7% increase in provision for loan and lease losses after delinquent loans increased 23.5% to $16.5 million in the third quarter. However, as delinquencies increased, the credit union's charge off ratio dropped five basis points, resulting in an aggregate 11 basis points slide in Affinity Plus' loan quality index.

The credit union also reported nearly $1 million in non-operating expense during the third quarter, further depressing net income.

On the asset side of the balance sheet, cash decreased to $61.5 million as of Sept. 30, down from $70 million as of June 30 and nearly $102 million during the third quarter of 2012. Investments also decreased to just under $6 million as of Sept. 30, down from more than $29 million the previous quarter.

Affinity Plus, which reported a 99.32% loan-to-share ratio in the third quarter, also reported $64.4 million in loans held for sale, up dramatically from $27.2 in the second quarter and $13.56 million one year prior. Third quarter numbers also reported increases in outstanding balances of all major lending categories and total loans outstanding of $1.54 billion.

New on the balance sheet was a $45 million note that drastically increased total liabilities for the third quarter.

Affinity Plus' net worth dropped to 7.52%, lower than the 7.93% net worth reported in the second quarter. During that period, the average ratio for the credit union's peer group was 10.44%. However, the 7.52% does not represent a long-term slide in net worth, as the credit union has managed net worth between 7% and 8% for a number of years.

Affinity Plus did not respond to a request for comment on its latest financials.

In its 2013 Fall Member Focus newsletter, Larson wrote the credit union is a healthy and financially strong organization. He also said Markland “was instrumental in building this organization that stands for people before profits.”

“(It) is because of him that we operate in a business model that puts you first in everything we do,” Larson wrote. “Fortunately, his departure does not change who Affinity Plus is, why we are here, and what you can expect to experience. It's very simple—you are the reason why we're here.”

Chartered in 1930 as State Capitol Credit Union to serve those working in St. Paul, the cooperative changed its name to Affinity Plus Federal Credit Union in 1998 to better reflect its broader service area, according to its website. It now has 25 branches throughout Minnesota and serves more than 167,000 members.

Markland was 33 years old when he took the helm of Affinity Plus in December 1997. When Credit Union Times interviewed him last year upon receiving the publication's 2012 Trailblazer CEO of the Year award, he said the board took a chance on hiring someone so young of what was then a $357 million financial institution.

During his tenure, membership grew from 70,000 to more than 167,000 members and assets hit $2.8 billion in March 2012. He was a staunch critic of the Durbin Amendment that capped fees on most debit card swipes and voiced his concerns in a comment letter to Sen. Richard Durbin (D-Ill.).

Markland touted the credit union's strong loan programs including mortgages which topped the $725 million mark in 2011 at a time when other credit unions were struggling to build their portfolios, he said last year.

Affinity's Plus “Ditch Your Bank” campaign started well before Bank Transfer Day in November 2011, he noted. The campaign continues to this date, according to the credit union's website.