STATE EMPLOYEES CREDIT UNION OF MA… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1951

Legal Domicile

Principal Officer

STEVEN ARBAUGH

Phone

4104877328

Tax Period

2023-01-01 to 2023-12-31

STATE EMPLOYEES CREDIT UNION OF MARYLAND INC, founded in 1951, is a major nonprofit that reported $285.5M in total revenue in fiscal year 2023. Revenue surged 32% from the prior year, signaling strong growth momentum. The organization ran a surplus of $52.9M, a strong 19% operating margin.

Mission

SECU'S MAIN PURPOSE IS TO PROMOTE THRIFT AMONG AND TO CREATE A SOURCE OF CREDIT FOR ITS MEMBERS. SECU DOES SO BY PROVIDING MARYLANDERS WITH PRODUCTS, SERVICES, AND STATE OF THE ART TECHNOLOGY DESIGNED TO MEET ITS MEMBERS' FINANCIAL NEEDS.

Program Service Accomplishments

Program 1

DEPOSIT PRODUCTS AND SERVICES:SECU PROVIDES DEPOSIT PRODUCTS AND SERVICES TO MEMBERS. THESE DEPOSIT PRODUCTS INCLUDE SAVINGS, CHECKING, MONEY MARKET, CERTIFICATES OF DEPOSIT, AND INDIVIDUAL...

DEPOSIT PRODUCTS AND SERVICES:SECU PROVIDES DEPOSIT PRODUCTS AND SERVICES TO MEMBERS. THESE DEPOSIT PRODUCTS INCLUDE SAVINGS, CHECKING, MONEY MARKET, CERTIFICATES OF DEPOSIT, AND INDIVIDUAL RETIREMENT ACCOUNTS. AS OF DECEMBER 31,2023 SECU HAD 592,135 DEPOSIT ACCOUNTS OUTSTANDING. SECU'S DEPOSIT RATES CONTINUE TO BE SOME OF THE MOST COMPETITIVE RATES OFFERED BY FEDERALLY INSURED FINANCIAL INSTITUTIONS.

Program 2

LOAN PRODUCTS:SECU PROVIDES MORTGAGE, CONSUMER, AND BUSINESS LOANS TO MEMBERS AT COMPETITIVE RATES. THESE LOANS INCLUDE 1ST AND 2ND MORTGAGES, HOME EQUITY LINES OF CREDIT, CREDIT CARD, UNSECURED...

LOAN PRODUCTS:SECU PROVIDES MORTGAGE, CONSUMER, AND BUSINESS LOANS TO MEMBERS AT COMPETITIVE RATES. THESE LOANS INCLUDE 1ST AND 2ND MORTGAGES, HOME EQUITY LINES OF CREDIT, CREDIT CARD, UNSECURED LINES OF CREDIT, NEW AND USED AUTO LOANS, AND STUDENT LOANS. AS OF DECEMBER 31, 2023, SECU HAD 126,619 LOANS OUTSTANDING TO MEMBERS TOTALING $3.99 BILLION.

Program 3

TRADITIONAL/ONLINE/MOBILE BANKING:SECU OFFERS ONLINE AND MOBILE BANKING TO MEMBERS IN ADDITION TO 24 BRANCHES AND 106 ATMS THROUGHOUT THE STATE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $250,593,577

Investment Income $34,562,074

Other Revenue $339,073

TOTAL REVENUE $285,494,724

Expense Breakdown

Grants Paid $58,600

Salaries & Benefits $47,388,719

Fundraising Expenses $0

Other Expenses $185,118,451

TOTAL EXPENSES $232,565,770

Year-over-Year Comparison

	2023	2022	Change
Revenue	$285,494,724	$216,273,782	+0.3%
Expenses	$232,565,770	$174,014,189	+0.3%
Net Income	$52,928,954	$42,259,593	+0.3%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✓ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

492

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$7,437,834

Total Directors

$272,513

Key Employees

$4,147,394

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JUANCHO BAINO	CHAIR/DIRECTOR	1.00	Officer Director	$40,905	$0	$40,905
SHARONNE BONARDI	VICE CHAIR/DIRECTOR	1.00	Officer Director	$44,870	$0	$44,870
TIMOTHY LA VALLE	SECRETARY/DIRECTOR	1.00	Officer Director	$31,721	$0	$31,721
ELLEN GARDNER	TREASURER/DIRECTOR	1.00	Officer Director	$31,093	$0	$31,093
GAYLE SEWARD	DIRECTOR	1.00	Director	$27,095	$0	$27,095
JANET BACON	DIRECTOR	1.00	Director	$25,980	$0	$25,980
JOHN KENNEY	DIRECTOR	1.00	Director	$25,656	$0	$25,656
MARK REGER	DIRECTOR	1.00	Director	$25,293	$0	$25,293
GINA MCKNIGHT-SMITH	DIRECTOR	1.00	Director	$19,900	$0	$19,900
DAVID SWEIDERK	CEO/PRESIDENT	40.00	Officer	$1,118,880	$556,793	$1,675,673
STEVEN ARBAUGH	CFO/EVP	40.00	Officer	$560,264	$342,362	$902,626
REBECCA SMITH	CHIEF REVENUE OFFICER/EVP	40.00	Officer	$637,251	$213,660	$850,911
KEVIN KESECKER	CHIEF ADMINISTRATIVE OFFICER/EVP	40.00	Officer	$607,440	$188,101	$795,541
RODERIC FLOWERS	CHIEF DEI & HR OFFICER/SVP	40.00	Officer	$434,996	$190,933	$625,929
JANELLE BURGOYNE	CHIEF GOVERNANCE OFFICER & GC/SVP	40.00	Officer	$398,335	$175,899	$574,234
JAMES SMITH	CHIEF LENDING OFFICER/SVP	40.00	Officer	$425,025	$122,493	$547,518
MICHELE MOORE	CHIEF BD OFFICER/SVP THRU 7/23	40.00	Officer	$429,871	$84,318	$514,189
KEVIN STEHL	CHIEF S&E OFFICER/SVP	40.00	Officer	$369,470	$119,991	$489,461
STEVEN MCKONE	CHIEF DEPOSIT OFFICER/SVP	40.00	Officer	$271,229	$41,934	$313,163
KELLEY HARWOOD	VP, MORTGAGE PROG & STRAT LENDING	40.00	Key Emp	$436,942	$65,733	$502,675
MARK DEITZ	MANAGING DIRECTOR, MORTGAGE LENDING	40.00	Key Emp	$380,675	$57,523	$438,198
JAMES MELLENDICK	MANAGING DIRECTOR, WEALTH MANAGEMENT	40.00	Key Emp	$352,669	$62,004	$414,673
JOHN ENA JR	SVP, FINANCE/CONTROLLER	40.00	Key Emp	$373,923	$31,944	$405,867
DALE SKINNER	MANAGING DIRECTOR, BUSINESS SERVICES	40.00	Key Emp	$316,805	$63,509	$380,314
VICTOR HAZAN	VP, COMMERCIAL LENDING	40.00	Key Emp	$304,475	$59,027	$363,502
TESHIA DAVIS	VP, PEOPLE	40.00	Key Emp	$301,207	$59,099	$360,306
ADRIENNE ALLGIRE	VP, OPERATIONS	40.00	Key Emp	$293,536	$48,712	$342,248
AMY BASTA	SVP, MARKETING	40.00	Key Emp	$287,935	$34,356	$322,291
HARRY FLORIO JR	VP, ORGANIZATIONAL DEVELOPMENT	40.00	Key Emp	$267,034	$54,789	$321,823
KELLY MAKAREHCHI	VP, PMO	40.00	Key Emp	$238,152	$57,345	$295,497
GEORGE GIRLING	MANAGING DIRECTOR/EOP	40.00	Highest	$257,200	$52,212	$309,412
JONATHAN WASEY	FINANCIAL ADVISOR	40.00	Highest	$288,335	$23,021	$311,356
RAFAEL OLAZAGASTI	VP, CHANNEL OPTIMIZATION	40.00	Highest	$249,987	$49,980	$299,967
JOHN TODD	VP, DIGITAL	40.00	Highest	$230,605	$55,543	$286,148
WILLIAM HARPER	MORTGAGE LOAN OFFICER	40.00	Highest	$251,691	$25,564	$277,255

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$285,494,724	$232,565,770	$5,276,282,946	$52,928,954
2022	$216,273,782	$174,014,189	$5,313,600,650	$42,259,593
2021	$183,163,683	$153,156,624	$4,778,753,481	$30,007,059
2020	$188,419,523	$172,560,513	$4,377,810,695	$15,859,010
2019	$207,778,944	$188,108,459	$3,776,557,961	$19,670,485
2018	$193,467,339	$171,626,298	$3,646,274,745	$21,841,041

STATE EMPLOYEES CREDIT UNION OF MARYLAND INC