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SECU Financial Status

Review our 12-month financial summary.

2024 monthly financial summary

State Employees’ Credit Union (SECU) remains in strong financial condition. Loans, capital, and assets grew while deposits declined over the past twelve months. In addition, delinquencies and loan losses increased but remained manageable. SECU members benefited from solid financial results which continue to provide for a safe and sound institution as the economy works through an adverse period, including high periods of inflation, monetary tightening, and interest rate hikes.

Below is a summary of some of the financial highlights over the past twelve months:

 

 April 2023April 2024ChangeAdditional information
Assets$50.5 billion$55.7 billion↑ $5.2 billion10% growth
Loans$30.5 billion$33.7 billion↑ $3.2 billion10% growth
Deposits$46.1 billion$45.9 billion↓ $0.2 billion1% decline
Capital$5.13 billion$5.34 billion↑ $202 million4% growth
Loans / deposits67%74%7% higher 
Loans charged off10.45%0.70%0.25% higherMember loan losses have risen but have remained at less than 1%.
3+ month delinquency20.85%1.03%0.18% higherLoan delinquencies remain manageable.
Additions to Capital Reserves during the 12-Month Period$618 million$256 million$362 million lowerContributions to capital reserves decreased from last year. SECU continues to maintain substantial reserves and meet regulatory requirements.
Expenses to assets2.28%2.15%0.13% lowerThe operating expense ratio decreased slightly due to an increase in assets and lower growth expenses.

SECU remains safe and sound. Deposits held at SECU are insured by the National Credit Union Administration (NCUA).

We will continue working to help you with your financial goals, and thank you for the opportunity to serve you.

Additional information is available in our Annual Reports.