SECU's financial (fiscal) year ends on June 30 of each year. The SECU Board will get its first look at the final results for this year (fiscal year - 6/30/22 to 6/30/23) on Tuesday night.
But, thought you might like an advance look. SECU members are no longer provided access to the full monthly financial statements, as in the past. The Board and "current/future" CEO seem to believe that the membership may not understand - and might misinterpret - the financial data. Although this was never a problem over the last 85 years, "things are changing" at the credit union. The SECU accounting department apparently remains willing to "leak" responsibly, when appropriate. Here's the skinny:
✅ Baseline. Prior to September, 2021, SECU had an uninterrupted 85-year record of growth in assets and membership, un-besmirched by sanction or scandal.
✅ No one should be surprised that several negative financial trends persisted through June 2023:
✔ Total assets - continued to decline, remaining below the $50 billion mark - off over $3+ billion since June 30, 2022
✔ Total deposits - same story, off almost $4 billion from 6/30/2022. https://secuvote.ey.com/
❗The SECU Board and management now state they are no longer focused on "top-line growth"- that's growth in deposits and assets. Can't blame them for that, given this year's results - wouldn't want anyone to focus on that plunge either.
✅ The biggest "news" remains the substantial failure of SECU to meet Board-approved budgetary targets, specifically in the areas of operating costs and delinquency/chargeoff controls. https://secuvote.ey.com/
✔ SECU ended the 2023 fiscal year @ 15% over the SECU Board's budget target ("2% of assets") which equals @ $75 million over the mark.
✔ Actual 2023 operating costs of @ 2.30% of assets are 24% higher than SECU's traditional operating cost range of 1.86% of assets. That 24% increase in the operating expenses is costing members $220 million more every year. https://secuvote.ey.com/
✔ Delinquency and charge-offs have soared in an improving N.C. economy. The charge-off levels for 2023 are more than twice (which is tens of millions of dollars) the levels experienced since the "New/New" started weaving its magic less than 24 months ago. https://secuvote.ey.com/
✅ But here's some information which might help you as a member get the full financial picture on SECU [but please don't misunderstand or misinterpret it, ok?] SECU is required to report complete financial data quarterly to the federal government. Here's how you access it: