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.
The Board wouldn't take "that stuff" at face value, would they?
