Skip to main content
branding shapes light blue

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, assets, and deposits grew 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 elevated inflation, a volatile interest rate environment and a softening labor market.

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

 

 August 2023August 2024ChangeAdditional information
Assets$50.8 billion$57.0 billion↑ 6.2 billion12% growth
Loans$32.3 billion$34.3 billion↑ $2.0 billion6% growth
Deposits$45.0 billion$46.7 billion↑ $1.7 billion4% growth
Capital$5.19 billion$5.39 billion↑ $195 million4% growth
Loans/deposits73%74%1% higherN/A
Loans charged off0.46%0.67%0.21% higherMember loan losses have risen but have remained at less than 1%.
3+ month delinquency10.89%1.20%0.31% higherLoan delinquencies have risen as members experience financial difficulties.
Additions to Capital Reserves during the 12-Month Period$514 million$195 million$319 million lowerContributions to capital reserves decreased from last year. SECU continues to maintain substantial reserves and meet regulatory requirements.
Expenses to assets2.32%2.16%0.16% lowerThe operating expense ratio decreased due to an increase in assets and lower growth in 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.

SECU Financial Statements are available upon request at your local branch

Additional information is available in our Annual Reports.
 

Disclosures