SECU - Financial Status

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:

January 2023
January 2024
Change
Additional Information
Assets
$50.3 Bil
$54.5 Bil
$4.2 Bil
8% Growth
Loans
$29.6 Bil
$33.2 Bil
$3.6 Bil
12% Growth
Deposits
$46.2 Bil
$44.8 Bil
($1.4 Bil)
3% Decline
Capital
$5.0 Bil
$5.28 Bil
$283 Mil
6% Growth
Loans / Deposits
65%
75%
10% Higher
Loans Charged Off1
0.41%
0.66%
0.25% Higher
Member loan losses have risen but have remained at less than 1%.
3+ Month Delinquency2
0.99%
1.12%
0.13% Higher
Loan delinquencies remain manageable.
Additions to Capital Reserves During the 12-Month Period
$634 Mil
$337 Mil
$297 Mil Lower
Contributions to capital reserves decreased from last year. SECU continues to maintain substantial reserves and meet regulatory requirements.
Expenses to Assets
2.30%
2.20%
0.10% Lower
The operating expense ratio decreased slightly 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.
1 Loans charged off are shown net of recoveries and as a percentage of outstanding loans. An operational event led to members overdrawing their accounts beyond the available balance. This resulted in a 7bps increase in the annualized loss rate for loans charged off.
2 3+ month delinquency is expressed as a percentage of outstanding loans.