Selected Performance Indicators
■ Total assets in federally insured credit unions rose by $93 billion, or 4.4 percent, over the year ending in the first quarter of 2023, to $2.21 trillion.
✅ SECU declined by - 4.5%... below "industry standards" by - 9.9%!
■ Total loans outstanding increased $229 billion, or 17.6 percent, over the year, to $1.53 trillion. The average outstanding loan balance in the first quarter of 2023 was $17,310, up $963, or 5.9 percent, from one year earlier.
✅ SECU increased by 17% over the year also. SECU lending growth matched "industry standards", while rejecting discriminatory risk-based lending (which just started up in March, 2023).
■ The delinquency rate at federally insured credit unions was 53 basis points in the first quarter of 2023, up 10 basis points from one year earlier. The net charge-off ratio was 52 basis points, up 24 basis points compared with the first quarter of 2022.
✅ SECU delinquency rate was .97%... almost double "industry standards".
■ Insured shares and deposits rose $39 billion, or 2.3 percent, over the year ending in the first quarter of 2023, to $1.73 trillion
✅ SECU total deposits declined by - 5.7%... below "industry standards" by - 8.0%!
To quote "this Board":
"Our report card is defined by how well we continue to
serve our members as times change, not by how we served our members in
times past." [ "This" is not an "A-paper" score ...by anyone's standards]
... not exactly up to "industry standards", is it? Maybe focus on shooting par, rather than "par-ty"?
** You can find the entire news release here. [link to NCUA news release]
A large reason for this is that Money Market dividend rates have remained abysmally low for a long time. Other banks and credit unions are offering 4% or more on savings accounts. SECU is at 1%. ONE PERCENT.
ReplyDeleteThere's no justification for it. It's totally unacceptable. It's no wonder people are moving their deposits elsewhere.
What must Hayes' opinion of the membership be if he thought he could get away with offering nothing on dividends while ratcheting up loan rates every month? Does he think we're really that stupid?
Yes. and this Board does too!
DeleteMembers are taking their business elsewhere, left and right. If we aren’t investing in our membership, what is the plan here?
Deletethe plan is to have the c-suite folks have their own place at Duck, with their own yacht! Right on target ... oh and money guns for the "on board" folks ...
DeleteThe plan is to take money (RBL) instead of giving it… that’s the strategy. Clearly it’s not working
DeleteAnd hitting those strategic plan bullet points with their new/new! New/new isn't going so well is it? Even when Hayes, Brady, and this Board are implementing "everyone else does it" as fast as they can. Wonder if they'd write that snaky, arrogant, talking down to the members letter ( May 26 entry on this blog) today after all the posts on this blog about Wescorp and the financials? Maybe this Board will write a letter to all the members and not just the employees and explain their actions. As a member, I sure would like to know what they are up too. I can tell it isn't serving the membership...
ReplyDeletemaybe the should survey the membership on their performance? I'm sure their little survey monkey would be glad to do it.... ohhh for a price!
DeleteWe need YOU, THE MEMBERSHIP, to stand up for YOUR credit union. We, as employees, cannot afford to stand up to Haze & cronies - we have families, we have bills BUT we WANT to be able to serve YOU, OUR MEMBERSHIP, honestly and efficiently like we used to. We WANT things to be beneficial and fair for OUR MEMBERS but we need you all to fight! Share this blog - there are plenty of facts, in black and white, to show the TRUTH of what harm is being done to OUR credit union!
DeleteAll Hat No Cattle
ReplyDeleteAll Talk No Walk
All Bark No Bite
All Foam No Beer
All Icing No Cake
All Salt and Lime No Tequila
All Sizzle No Steak
All Show No Go
There's just nothing there - no substance. I was going to point out that the members deserve better but really we're not there yet, the members at the very least deserve SOMETHING.
#GiveUsOurTiesBack (see 3/9 post)
#GiveUsOurCreditUnionBack
Can't you see, ohhhh can't you see ..... what that money is doing for me!
ReplyDeleteA couple of folks wiser than me have pointed out with regard to Gym and his “yacht crew” that at some point you will not be able to continue to blame the past for the current state of affairs. You’re going to have to OWN it. They are YOUR policies, YOUR Exec team and YOUR strategic plan that are supposed to be serving the members.
ReplyDeleteIt ain’t looking good for you.
What? We can’t hear over the yacht’s engines. Oh, the financial reports? Now, now, when yachting it is critical to focus on the experience, the chill of the mojitos, the companionship of the invited; no time for trivial concerns like profit and loss.
ReplyDeleteThe first check mark shows SECU’s total assets decline of 4.5% and a lost potential (most likely more) 4.4 percent rise in assets. So, we are not talking about just 4.5%. Question … What declining percentage prompts a change … 10% … almost there… 25% … new standards?
ReplyDeleteRemember when "this Board" wrote this?
ReplyDelete"We reject the dangerous idea that SECU’s historical growth automatically means that our members are satisfied or that the way we do things should be frozen in time. Our report card is defined by how well we continue to serve our members as times change, not by how we served our members in times past."
How's that member service? How's that report card looking? Might be time for a tutor.
There's something about the phrasing in that quote that really irks me. Since when have ideas been 'dangerous'? Dangerous to whom? Sounds very dystopian.
DeleteF - only because I couldn't go lower ....
DeleteI saw in a previous statement on here where both of SECU's recently retired CEO's have reached out to this Board by letter or emails with concerns over the state of our credit union. I am assuming this Board has yet to reach out to either gentleman to invite conversation and open dialogue to discuss their concerns. Their years of leading and contributing to the growth of our organization deserve our respect, to ignore their concerns does not look well on this Board. If I am incorrect in my assumption, I would ask either party to correct me. I have been a very satisfied member of this credit union for the past 26 years, all my family members are also proud members for many years. Our SECU membership changed our lives financially, we understand the importance of having this credit union in our lives and our children's lives. We are all concerned for the future of SECU. I do not understand why this Board is so afraid to have a meeting of the minds with these former leaders of SECU. If my math is correct, these two leaders could offer over 50 years of knowledge and insight into why, up until now North Carolina State Employees Credit Union was a leader in our nation's credit union industry. It does not take an accountant to know the leader status is slipping away, our SECU deposit rates paint that picture for us who are paying attention. Last quarters financials tells us the rest. Earlier in the year SEANC had also asked to meet and I understand there was a meeting with Ms. Brady and one Board Member in attendance for that meeting. But has SEANC leaders whose organization represent the founding fathers and the very group it was chartered to serve of our credit union been afforded a meeting with the full Board? Lastly, many credit union employees even with fear of losing their own job or possible retaliation have expressed openly their concerns on this forum. All these voices do matter for these are the voices who helped to make SECU what it is today, they possess a knowledge of what works for our credit union and for all the members far more than you or I could understand.
DeleteI understand this Board's concerns to keep SECU relevant in the future, but if your concerns are not taking care of the present, are you doing the right thing for SECU or us as members. Right now is a critical time at SECU. This credit union does not belong to just 1 CEO, 11 volunteer Board Members or 8000 credit union employees. SECU belongs to the State Employees of North Carolina and their families now and the future ones to come - I want this credit union preserved for them. In all my years of being a member of this organization, I have never felt the uneasiness I do today for it's future. Please, this not a battle of the old or the new - the past or the future, this is about SECU and the Members of today and we have a problem. Respectfully requesting this Board to realize these genuine concerns, ask questions, listen and do what is best for the owners of North Carolina State Employees Credit Union and for SECU.
Dear Member,
DeleteI do hope you sent this thoughtful letter to the entire board of directors, Mr Hayes and Leigh Brady.
Many other SECU retirees have reached out to the Board with concerns as well and were met with the same reaction from this Board. Total Indifference and lack of respect by the Board Members to retired SECU employees, many professionally acquainted from previous years serving members together. For many members and employees, this is the most puzzling piece. What is so special about this questionable - out of state CEO that would cause this Board to turn their backs on the entire SECU community full of veteran retirees, legacy employees and members throughout the state of North Carolina?
DeleteIndustry performance + 4.4 yr-over-yr. SECU performance -4.5% yr-over-yr . SECU is .-9.9% below industry performance yr. over yr.
ReplyDeleteOuch! I'm sure the BOD and Hayse are reading in another self-help book to find a way to spin this. Probably blame this blog and Jim Blaine again.
Deletewell, of course it's his fault and Mike Lord's... none left of that caliber on Jim Hayes' Team--just a lot of bank wannabes. They gonna have any raffles on loaded money guns with Team SECU for members? Alice could run the raffles...
DeleteWho's Alice?
DeleteI assume Alice Garland.
DeleteAlice Garland--member of "this Board". Been around Raleigh for a long time. Bounced out of several jobs in state government and several non profits. One was running education lottery for 5-6 years. She is a problem everywhere she goes. Just ask around. Knows everything about everything. She would certainly think she knew a whole lot more than Mike Lord or Jim Blaine about running a credit union. They are provincial peons in her mind. "Bring us your mama." "People helping people." Not her style. Ask around. She's up for reelection in October and if reelected will be the chair of "this Board". She really wants the job too.
Delete"This" Alice Garland...OMG
DeleteAlice may think she knows it all, but her CEO Wonder Boy is taking this credit union to a place and it is NOT Wonderland. She needs to be off this Board, not Chair of the Board.
DeleteSo you saying Alice is like Hayes, thinks she is better, brighter and smarter than the average NC employee?
DeleteAsk Seanc, ask Elec memb coops, ask lottery folks..little ability, large ego.
DeleteOnly real qualification is shes Joann Sanford's next door neughbor and best friend.This board is incestuous all the way down the line. look it up.
DeleteGreat, now we find out our credit union's future rests in the hands of a Lucy and an Ethel? Didn't know that, but as Ricky Ricardo would say "splains alot"
DeleteAnd Alice is the one that said past SECU leadership was inbred. Those words exactly.
DeleteThey want the rural class to never work at the credit union again.
DeleteSomething else to look at … travel & conference expenses: less than $800k in 2021, $5 million in 2022, $1.5 million (as of 3.31.23) which projects to $6 million in 2023.
ReplyDeleteIt would be best to compare travel expenses to 2019, just to rule out the effect of COVID on travel and conferences.
DeleteCovid may have had something to do with the low number in 2021
DeleteDid this total include the yacht party? I see that VP's LinkedIn page is gone
DeleteHoly Smokes! Conference and travel!!? This is all the confirmation I need that this Administration is frivolously throwing money away hand over fist. 🤬
DeleteThat is so disgusting
Delete"Secrecy is the freedom tyrants dream of."
DeleteBill Moyers
They'll stop posting, but they won't stop doing ... unless they are walked to the door by security
^ that is the fear of all those fighting for SECU, we've already seen enough damage done in black & white that could have destroyed say a Wescorp. But what damage has not seen the light of day yet?
Delete#Stay Strong SECU
These losers spent 5 Million dollars partying it up with our credit union money in 2022 and throw us out higher car loan rates basing them off our credit score this year?
DeleteMembers get no return on the dollar and these idiots get to travel? Tell me how that is fair?
Why was Bomba at nCino’s (commercial loan origination solution’s vendor) users conference back in May? They seem to be planning on spending more money on technology. All those licenses for that system will cost the members.
DeleteThis board is Dead Duck Walking
ReplyDeleteI just want to remind everyone of one of the biggest and most blatant giveaways so far of the members' money:
ReplyDeleteLast year they made the PTO buyback scheme, introduced during COVID, permanent (with stipulations/limitations that would make it difficult to use for a lowly employee with limited PTO days). Shortly after, they then increased the number of PTO days received by SVPs and above to the 20 year maximum. These executives were then able to sell the extra PTO days they had just been granted back to the credit union for a huge sum of money, effectively giving themselves a very significant pay raise.
A bonus without calling it a bonus ... sneaky
DeleteNow how many actually believe these new executives account for their time off properly, for them it is somewhat of an honor system process? Key word honor = doing the right thing?
DeleteWas this PTO buyback something that was mandatory?
ReplyDeleteNot mandatory, but I believe you had to have the max carry over before being able to sell any days.
Delete