Statement of Financial Condition & Income

As of December 31, 2023 (unaudited)
Assets
2023
2022
Cash and Cash Equivalents
$44,466,266
$44,628,748
Investments
$215,346,189
$243,460,734
Loans to Members, Net
$652,251,354
$593,206,376
Property and Equipment
$5,300,087
$5,504,376
National Credit Union Share Insurance Fund (NCUSIF) Deposit
$7,623,111
$7,768,667
Other Assets
$46,903,697
$34,890,964
Total Assets
$971,890,703
$929,459,865

Liabilities & Members’ Equity

Liabilities
2023
2022
Members' Share Accounts
$824,446,719
$851,059,448
Borrowed Funds
$98,268,998
$33,101,821
Accrued Expenses and Other Liabilities
$9,185,232
$9,245,238
Total Liabilities
$931,900,949
$893,406,507
Members' Equity
2023
2022
Regular Reserve
$0
$9,923,909
Undivided Earnings
$72,741,515
$64,349,025
Accumulated & Other Comprehensive Loss
($32,751,761)
($38,219,576)
Total Equity
$39,989,754
$36,053,358
Total Liabilities & Members' Equity
$971,890,703
$929,459,865

Statement of Income

Income
2023
2022
Loans to Members
$30,056,537
$25,704,661
Interest from Investments
$6,389,138
$5,767,202
Non-Interest Income
$9,186,136
$9,132,580
Total Income
$45,631,811
$40,604,443
Expenses
2023
2022
Interest Expenses
$6,783,970
$3,151,708
Provision for Loan Losses
$4,746,511
$2,353,994
Compensation and Benefits
$14,640,468
$13,251,183
Office Occupancy
$1,345,756
$1,506,047
Office Operations
$7,341,606
$7,543,829
Other
$5,286,461
$6,420,550
Total Operating Expenses
$40,144,772
$34,227,311
Net Income
$5,487,039
$6,377,132