Monday, March 4, 2024

SECU Financials - Why Level With SECU Members?

https://images.saymedia-content.com/.image/t_share/MTc2MjkzNzczNzQyMDU2NjIx/checking-and-using-a-spirit-level.png Because if you don't level with the members, you will eventually lose their trust ...

✅ One final absurd and disheartening example:

It would appear from these financials released to the membership, that SECU has reversed its 2-year long slide in growth - up 7.07% during 2023 !; well ahead of the board-approved strategic growth target of +4.50%.  Exceeding the Board goal by + 2.57% (7.07% - 4.50% target = 2.57%). A great leadership success!

What if we were to adjust that asset growth ratio to reflect that "unusual" $5 billion loan from the Fed? Pretty sure that would be more transparent, wouldn't you? After all, if the Fed - out of the goodness of its heart - were to loan you or me $5 billion, would that make us billionaires? (Even if we fled the Country, they'd find us! Oh yeah they would!!

On December 31, 2022 SECU had $ -0- in borrowed funds, a year later on December 31, 2023 SECU had $5 billion in borrowed funds. So, lets subtract that unusual $5 billion borrowing and compute a more transparent growth ratio, okay? 

The assets at December 31, 2023 drop from $54.58 billion to $49.58 billion ($5 billion lower). The Credit Union's assets at 12/32/2022 were $50.97 billion. That would indicate a drop in assets of -$1.4 billion ($50.97 - $49.58 = - $1.4 billion) during 2023, not a growth of 7.07%!

Meanwhile, deposits at SECU declined by another $102 million during January, 2024. Two down years in a row, working on a third...

Guess you could spin that as "negative growth"! Why not? Would make just as much sense as "artificial intelligence", "virtual reality", and "We Are SECU!".

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 ... "To be, rather than to seem." ... which should you choose?

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7 comments:

  1. A little balance sheet sleight of hand by Leigh and the transparent Eight…

    ReplyDelete
  2. At the very LEAST it should have been footnoted on everything that it affected in the financials.

    C'mon Rex!

    ReplyDelete
  3. In what universe can they get away with claiming loan debt as an asset? If I take out a car loan for 50k, I can't claim my net worth just increased 50k. It's literal nonsense.

    Or am I misunderstanding the definition of "asset"?

    ReplyDelete
    Replies
    1. The debt isn’t the asset, that’s the liability. The investments purchased by the debt is the asset.

      Delete
  4. Just lend more money than you are losing in deposits (funding liquidity creation).

    ReplyDelete
  5. a virtual credit union is a real bank

    ReplyDelete
  6. Trust is a fragile thing ... easy to break, almost impossible to fix

    ReplyDelete