Sunday, June 30, 2024

Fact Checking The "Industry-Wide Deposit Runoff" Which Is Holding SECU Back...

https://www.point-of-reference.com/wp-content/uploads/2023/01/bad-data_2-e1677175725593.png 

                  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!"

😎 Would assume that if that statement were true, other large credit unions would also have suffered from that "industry-wide deposit runoff", right? Assume too that your excuses reasons make perfect sense and that we can trust your analyses - because you are presenting them "in good faith".

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?