Page 4 - 2024 Annual Report

FINANCIAL STATEMENT (AUDITED) 12/31/24 12/31/23
Assets (in thousands)
REPORT FROM THE Loans to Members, Net $1,368,727 $1,424,632
$153,067
$103,717
Cash & Cash Equivalents
SUPERVISORY COMMITTEE Investments, Net $273,033 $225,031
$56
$-
Loans Held for Sale
Equipment & Leasehold Improvements, Net $43,311 $42,916
NCUSIF Deposit $15,038 $14,910
Accrued Interest Receivable $6,552 $6,215
Mortgage Servicing Rights, Net $1,470 $2,003
Other $18,357 $17,979
For the Credit Union and its delinquencies. FMFCU continues to TOTAL ASSETS $1,879,555 $1,837,459
members, 2024 proved to be make investments to improve the
another good year. FMFCU again member experience through delivery Liabilities
achieved consistent growth in key systems, enhanced products, and Members’ Shares & Savings Accounts $1,656,925 $1,608,371
$74,441
$81,182
measures of performance, including new services. Borrowings $48,108 $50,137
Accounts Payable & Accrued Expenses
membership, deposits, and most TOTAL LIABILITIES $1,779,474 $1,739,690
loan portfolios. As a not-for-profit, The Supervisory Committee, as
mutually owned cooperative, FMFCU part of its responsibilities, engaged Equity
continues to attract members who the public accounting firm of S.R. Retained Earnings $139,105 $137,936
seek a safe, convenient place to Snodgrass, P.C., to perform an Accumulated Unrealized Gains (Losses) $(39,024) $(40,167)
on Available-for-Sale Securities
both save money and get loans at audit as of December 31, 2024. An TOTAL EQUITY $100,081 $97,769
reasonable rates. unmodified opinion was issued, TOTAL LIABILITIES & EQUITY $1,879,555 $1,837,459
meaning the statements were
2024 HIGHLIGHTS found to be sound and free from
In 2024, total assets reached material misstatements. INCOME STATEMENT (AUDITED) 12/31/24 12/31/23
$1.88 billion, rising 2.3 percent Interest Income (in thousands)
from the prior year. Deposits were FMFCU internal auditors and Interest on Loans $79,120 $72,780
up 3.0 percent to $1.657 billion. Total federal regulators from the National Interest on Investments & $12,995 $8,108
membership ended at 147,000. Credit Union Administration (NCUA) Interest-Bearing Accounts
Loans to members declined 3.9 also performed annual audits Interest Expense $92,115 $80,888
percent to $1.37 billion, due in part and examinations. Collectively, Interest on Borrowed Money $(3,164) $(3,919)
to the sale of indirect loans to these evaluations ensure FMFCU Dividends on Member Shares $(34,053) $(21,388)
improve overall performance and maintains the highest standards $(37,217) $(25,307)
strenghten liquidity. Net income at of accuracy in financial record- Net Interest Income $54,898 $55,581
$1.169 million shows stable margins, keeping and reporting. Provision for Loan Losses $(9,409) $(10,300)
Net Interest Income after Provision
but stubborn credit losses exist in As always, FMFCU appreciates the for Loan Losses $45,489 $45,281
the loan portfolio. The decline in continued support of its members, Noninterest Income $21,283 $23,109
earnings is the result of funding business partners, and the Noninterest Expense $(65,556) $(62,342)
the allowance for loan loss from communities it serves. NET OPERATING INCOME $1,216 $6,048
heightened loan charge-offs and Other Gains / (Losses)
Net Gain (Loss) on Sale of Investments $(116) $-
Net Gain (Loss) on Disposal of Assets $69 $1
NET INCOME $1,169 $6,049

4 | 2024 ANNUAL REPORT 5