SECU - Financial Status

2021 Fiscal Year Summary

State Employees’ Credit Union (SECU) closed the books for the fiscal year on June 30, 2021 and remains in strong financial condition. Assets, deposits and capital grew over the past twelve months, loans declined slightly, while delinquencies and loan losses remained manageable. SECU members benefited from solid financial results which continue to provide for a safe and sound institution. SECU has provided a variety of assistance options to members to help cope with the financial difficulties experienced throughout the pandemic. Below is a summary of some of the financial highlights over the past twelve months:

June 2020
June 2021
Additional Information
$45.2 Bil
$49.9 Bil
$4.7 Bil
11% Growth
$24.6 Bil
$24.2 Bil
-$402 Mil
2% Decline
$41.4 Bil
$45.9 Bil
$4.5 Bil
11% Growth
$3.61 Bil
$4.04 Bil
$438 Mil
12% Growth
Loans / Deposits
7% Lower
Loans Charged Off1
0.18% Lower
Member loan losses remained low at less than half of 1%.
3+ Month Delinquency2
0.29% Lower
Loan delinquencies decreased and remain manageable.
Additions to Capital Reserves During the 12-Month Period
$211 Mil
$438 Mil
$227 Mil Higher
Capital reserves increased again this year to maintain substantial reserves and to meet statutory requirements. Earnings were strong on positive operating results.
Expense to Assets
0.10% Lower
The operating expense ratio decreased slightly and remains well below the peer industry average of 2.36%.3

SECU continues to maintain a high-quality loan portfolio and a safe, liquid investment portfolio. SECU has strong earnings, substantial loan loss reserves and capital and no debt. We have large, unused lines of credit ($11+ billion), a strong membership base and an 84 year history of working to improve the lives of our members. SECU is insured by National Credit Union Administration (NCUA). SECU remains safe and sound.

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

A summary of SECU’s financial condition is provided each month on the back of your Grassroots Newsletter. Additional information is available in our Annual Reports.
1 Loans charged off are shown net of recoveries and as a percentage of outstanding loans.
2 3+ Month delinquency is expressed as a percentage of outstanding loans.
3 Peer average is the twenty-five largest credit unions in the United States by assets.