1 + 1 ≠ whatever !
😎 The "2:13pm/3:16pm commenter" is at it again! [see 6/28 and 6/29 posts and comments for the continuing saga]
❋ 2:13pm/3:16pm commenter: "2) No growth since 21? Growth of asset tough given industry-wide deposit runoff."
😎 As President Reagan remarked: "There you go again!"
✅ So,
let's look at that "industry-wide deposit runoff" which afflicted the
10 largest credit unions by comparing December, 2021 deposits to December,
2023 deposits. [This data is from federal NCUA Call Reports]
1. Navy - 2021 deposits: $127.8B, 2023 dep: $144.3B - + $16.5B
2. SECU - 2021 dep: $47.1B, 2023 dep: $44.5B - ( - $2.6B)
3. Pentagon - 2021 dep: $23.1B, 2023 dep: $29.5B - +$6.4B
4. Boeing - 2021 dep: $26.1B, 2023 dep: $24.8B - ( - $1.3B)**
5. SchoolsFirst - 2021 dep: $23.8B, 2023 dep: $24.0B - + $0.2B
6. Alliant - 2021 dep: $12.8B, 2023 dep: $14.4B - + $1.6B
7. Golden1 - 2021 dep: $16.5B, 2023 dep: $16.7B - + $0.2B
8. AmericaFirst - 2021 dep: $15.1B, 2023 dep: $17.0B - + $1.9B
9. FirstTech - 2021 dep: $11.4B, 2023 dep: $15.5B - + $4.1B
10. Suncoast - 2021 dep: $14.7B, 2023 dep: $14.5B - + $3.5B
Doesn't exactly look like an "industry-wide deposit runoff", does it? Deposits at Navy were up @13% and 6 out of the 10 increased deposits by 10%+. SECU looks like "the unicorn" among the top 10 in terms of "negative deposit growth" !
** Well, except for Boeing which may have a real and more accurate explanation for why they're not exactly "blowing the doors off"...
✅ Let's
hope that these bogus "statistics and statements" are not the analyses
reaching the SECU Board... which would and will mislead them into making expensive mistakes in loan policy.