Page 7 - 2019 FMFCU Annual Report
P. 7

FINANCIAL STATEMENT                              12/31/19            12/31/18
      Assets
      Loans to Members, net                       $939,254,000         $897,310,000
      Cash & Cash Equivalents                      $89,321,000          $51,862,000
      Investments, net                             $120,791,000        $110,360,000
      Loans Held for Sale                           $5,705,000          $3,390,000
      Equipment & Leasehold Improvements, net       $9,870,000           $11,103,000
 GERALD VEASLEY
      NCUSIF Deposit                                 $9,513,000         $8,905,000
 MEMBER SINCE 2008
      Accrued Interest Receivable                    $3,351,000          $3,067,000
      Mortgage Servicing Rights, net                $2,570,000           $2,357,000
      Other                                         $13,769,000          $5,746,000
      TOTAL ASSETS                              $1,194,144,000      $1,094,100,000

      Liabilities
      Members’ Shares & Savings Accounts        $1,066,499,000        $978,926,000
      Accounts Payable & Accrued Expenses          $29,710,000         $25,263,000
      TOTAL LIABILITIES                        $1,096,209,000       $1,004,189,000

      Equity
      Retained Earnings                            $98,888,000          $92,274,000
      Accumulated Unrealized Gains (Losses)
      on Available for Sale Securities               $(953,000)        $(2,363,000)
      TOTAL EQUITY                                 $97,935,000         $89,911,000
      TOTAL LIABILITIES & EQUITY                $1,194,144,000      $1,094,100,000

      INCOME STATEMENT                                 12/31/19            12/31/18
      Interest Income
      Interest on Loans                            $46,804,000         $41,842,000
      Interest on Investments &                     $4,216,000          $3,349,000
      Interest-Bearing Accounts
                                                   $51,020,000          $45,191,000
      Interest Expense
      Interest on Borrowed Money                            $–           $(202,000)
      Dividends on Member Shares                  $(10,002,000)        $(6,679,000)
                                                 $(10,002,000)        $(6,881,000)

      Net Interest Income                           $41,018,000        $38,310,000
      Provision for Loan Losses                    $(5,180,000)         $(4,775,000)
      Net Interest Income after Provision          $35,838,000         $33,535,000
      for Loan Losses
      Noninterest Income                           $21,683,000          $19,949,000
      Noninterest Expense                         $(51,572,000)       $(47,326,000)
      NET OPERATING INCOME                         $5,949,000           $6,158,000

      Other Gains / (Losses)
      Net Gain (Loss) on Sale of Investments          $665,000            $(89,000)
      Net Gain (Loss) on Disposal of Assets                 $–              $61,000
      NET INCOME                                    $6,614,000          $6,130,000
                                                                                 7
   2   3   4   5   6   7   8   9   10   11   12