Annual Report

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Credit Union Financials

Statement Of Condition At December 31, 2020 (unaudited)

Assets
Cash and Due from Banks $16,388,698
Short-Term Investments and Investment Securities 244,713,002
Residential Real Estate Loans 963,455,882
Consumer, Second Mortgages and Equity Lines of Credit 941,447,881
Commercial Loans 193,832,929
Total Loans 2,098,736,692
Less: Allowance for Loan Losses (7,964,344)
Loans, Net 2,090,772,348
Buildings and Equipment, Net 27,226,398
NCUA Deposit Insurance Fund 18,210,336
Accrued Interest and Other Assets 16,085,776
Total Assets $2,413,396,558
Liabilities And Surplus
Shares, Savings, and Time Deposits $1,935,497,900
Accrued Expenses and Other Liabilities 242,219,078
Total Liabilities 2,177,716,978
Surplus 235,679,580
Total Liabilities And Surplus $2,413,396,558

Statement of income for the year ended
December 31, 2020 (unaudited)

Interest Income
Interest Income on Loans $75,965,636
Interest Income on Investments 5,802,928
Total Interest Income 81,768,564
Interest Expense
Dividend and Interest Expense 30,043,586
Other Interest 5,157,678
Total Interest Expense 35,201,264
Net Interest Income 46,567,300
Less: Provision for Loan Losses 1,650,567
Net Interest Income after Provision for Loan Losses 44,916,733
Other Income 10,018,244
Income before Operating Expenses 54,934,977
Operating Expenses 40,393,679
Net Income before Gains 14,541,298
Gains on Sales of Loans/Investments 1,104,308
Net Income $15,645,606

Respectfully Submitted, John B. Richer, Jr., Treasurer