Ahem! A tutorial on accurate statistics.
✅ One concern which we will be looking at shortly is whether or not the SECU Board is receiving complete, balanced data on what is occurring with the SECU lending portfolio...
"FYI,
your comment about 11 consecutive quarters of charge-offs is false.
Reported charge-offs declined from the prior quarter in 3Q 23, 4Q 23, 1Q
24 and 2Q 24. 4 of 5 last quarters have seen a decline."
"Odd
to highlight that anyway. One would expect the dollar amount of
charge-offs to grow consistently as the loan portfolio grows in size.
Growth in charge-offs dollars by itself is not a concern - especially
when the loss ratio is dropping." [Under "New/New" loans are up @37%, while loan losses are up 300% over same period. Hope that's not SECU's definition of "consistency"!]
✅ In case you can't make out the official NCUA #s below, here is the actual charge-off record: Baseline: Dec, 2021 - .20%; 1) Mar, 2022 - .21%; 2) June, 2022 - .26%; 3) Sept, 2022 - .28%; 4) Dec, 2022 - .35%; 5) Mar, 2023 - .44%; 6) June, 2023 - .47%; 7) Sept, 2023 - .51%; 8) Dec, 2023 - .62%; 9) Mar, 2024 - .69%; 10) June, 2024 - .72%; 11) Sept, 2024 - .76% ... according to NCUA that's 11 quarters in a row.