BusinessNC has been the "go to" source for tracking the trends, triumphs, and transgressions of the North Carolina business community for over 40 years [link].
SECU made the headlines this week, with an interesting "twist" - an update "clarification" from the reporter, based on comments from SECU.
From BNC: "The State Employees’ Credit Union is reporting more delinquent borrowers as it boosts its lending."
"The Raleigh-based institution said loans more than 60 days late surged 49% to $700 million, compared with $470 million a year earlier. More than three-quarters of the late payments were tied to home loans, with used-vehicle loans making up most of the balance."
"SECU said about 20,650 loans were delinquent, about 5,500 more than cited in its 2023 first-quarter report filed with National Credit Union Administration regulators. Net charge-offs increased 50% to $72 million during the quarter, versus $47.5 million last year and $20 million in the same period in 2022."
"(A previous version of the story reported a higher level of delinquencies of at least 60 days, cited in the credit union’s federal regulatory report. But that reflected a regulatory reporting quirk related to the number of days in February 2023 (28) versus February 2024 (29).)" [read the entire article here]"
December 2023 Call Report - 60+ days = $753 million
December, 2022 Call Report - 60+ days = $556 million
... is there a "Leap November"?
