"Commenter : This information was helpful. I found the year-end
report without much trouble [re: 1/7/2025 post link], but I don’t know if I am reading it right."
"If you add the 30-60 late accounts with the 60+ late accounts, it’s
now over $2 billion dollars and the over 60 days late blew way past a
billion dollars in the last three months. The SECU website says 1.01% late
pay percentage but the report says 3.24%. I hope I am wrong, but what
in the world is happening?"
[link to NCUA data on SECU]
✅ Several ways to look at loan delinquency:
SECU loans past due 30 days+ : $ 2.048 billion
SECU loans past due 60 days+ : $ 1.147 billion
SECU loans past due 90 days+ : $ 740 million
The federal regulator usually tracks the 60 days+ figure as the official benchmark. SECU likes to show the 90 days+ ratio (the 1.01%) in its report to the SECU Board.
SECU's 60 day+ delinquency at December, 2023 was 2.25% of loans, at December, 2024 the 60 day+ delinquency was 3.24% of loans... (up 28% since September, 2024 alone!) up 44% over prior year-end.
😎 Net annual loan losses rose from $197 million in 2023 to $233 million in 2024... up 18%... while total loans grew annually by only 5.5%.
If the strategy is "making it up on volume"... tisn't working.
