Page 7 - 2019 FMFCU Annual Report

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
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