... strategically planned?
Then perhaps, think again?
SECU Quarterly Financial Progress
[MMSA rate: 1.0% raised to 1.1% October, 2023]
Quarter : 9/2022 12/2022 3/2023 6/2023 9/2023
Deposits: $48.1B $46.7B $46.1B $44.9B $44.5B ⬇
Assets: $52.1B $51.0B $50.8B $49.6B $49.2B* ⬇
* after adjusting for a $1.5B borrowing
✅ The cost of operating the Credit Union is targeted by the Board at 2.00%of assets.
✅ At 9/2022, the expense ratio was 2.06% (up substantially from prior years) or $802 million (ytd).
✅ At 9/2023, the expense ratio had climbed to 2.33% or $889 million (ytd) - up an additional $87 million ⬆, and @ $165+ million over the Board's budget target. ⬆⬆⬆
... SECU financial forecast for 2024?
Looks like... more of the same - much less for more!
