😎 Mentioned in the May 11, 2023 post that SECU had not published its Financial Summary for the end of the first quarter (3/31/2023), as it usually does.
Didn't think the SECU Board had declared financial data as "proprietary" - i.e., not available to members, like you and me - yet, as they have for SECU Board minutes! But, who can tell these days?
Admitted in the May 12, 2023 post (on LGFCU financials), that I was stalling for time in hopes that SECU would get with it - so I could be lazy....
Well, low and behold, look what just popped up on the SECU website! [link ncsecu...financial status]
Will have a few "additional" notes on this later...
Let's give Mark Twain one more shot on these financials:
“Facts are stubborn things, but statistics are pliable.”
- Mark Twain
Ha. They say loan charge off rates increased 0.22%? What a misleading way to phrase it. The reality is that going from 0.22% to 0.45% means the number of loans being charged off has virtually DOUBLED.
ReplyDeleteSame deal with the 'Expenses to Assets' line. They say it's 0.42% higher. But again, that's a misleading way to use percentages. The reality is that it's an increase of 22.58%!
Do they think we're stupid?
Not sure how it's been done in the past, but in my book, going from 1.86% to 2.28% is a 23% increase. (absolute change is misleading)
ReplyDeleteSecu loans are up bc all the lgcu members are moving them over. Has nothing to do with the rate structure bc all that's doing is bringing in more income due to credit scores...
ReplyDeleteFinancials through March 31. Risk based lending started March 1. January and February under equal rates for all members. SECU Board isn't sharing that breakdown
DeleteHow are they moving them over? Can they join SECU? Or do they have to wait for the Bill to pass of the SECU board and attorney to agree to let anyone who donates to their foundation to join?
DeleteThey act like members are lining up at the doors to get their Risked Based Loans….
DeleteFigures lie and liars figure.
ReplyDeleteLost approximately $2,300,000,000 in assets. Loan losses almost doubled. Expenses have gone up dramatically. There, fixed if for them.
ReplyDeleteGive MLO/FAS employees back and branches will fix delinquency. Then pay/charge fair interest rates for all, so employees can feel good about our jobs again.
ReplyDeleteAnd lose 1.5 billion is assets in 6 months. Experts matter.
DeleteBoard of Directors, CEO Hayes and Exec Team have lost their credibility. At this point, Members and Employees have no faith in them to lead the credit union now or into the future. Their Change for the sake of Change has shaken the very foundation of what SECU has stood for in North Carolina for 86 years. Not about the size, not about the growth, not about the money...just about People helping People.
ReplyDelete