Minnesota Valley Credit Union

Financial Highlights

 

ASSETS

6/30/14

12/31/13

12/31/12

12/31/11

12/31/10

12/31/09

*Loans

63,607,666

61,248,009

54,360,551

49,356,372

42,636,384

41,689,991

Allowance for loan loss

(297,663)

(295,748)

(270,935)

(274,261)

(310,592)

(313,704)

Short-term Liquidity

391,091

1,213,503

1,208,698

1,353,200

852,126

1,503,563

Corporate Credit Union Investments

1,376,722

2,351,722

3,951,722

1,621,722

3,220,071

3,692,962

Other Investments (mainly CDs)

37,414,340

30,024,683

26,654,301

22,300,714

22,705,724

17,520,440

Building and Land

874,096

897,783

926,253

935,379

978,659

1,013,903

Fixed Assets

339,608

343,278

301,185

229,824

189,183

168,086

Other Assets

1,507,359

1,875,691

2,890,376

1,443,824

1,696,609

1,375,451

NCUSIF Deposit

881,345

862,549

796,322

679,419

647,161

585,042

TOTAL ASSETS

$105,117,159

$98,521,471

$90,818,474

$77,646,193

$72,615,325

$66,785,734


LIABILITIES AND CAPITAL

 

 

 

 

 

 

*Member Share Deposits

95,293,422

89,208,154

82,465,519

70,574,234

66,434,495

61,149,669

Accounts Payable

131,248

247,249

408,605

411,335

198,567

164,332

Dividends Payable

38,250

37,408

47,756

80,812

86,238

118,142

*Member Capital

9,466,850

9,028,660

7,896,594

6,579,812

5,896,025

5,353,590

TOTAL LIABILITIES AND CAPITAL

$105,117,159

$98,521,471

$90,818,474

$77,646,193

$72,615,325

$66,785,734

STATEMENT OF EQUITY/LOANS/SHARES

 

 

 

 

 

 

Beginning Capital

8,026,178

6,894,112

5,785,310

5,019,081

4,476,646

4,320,527

Regular Reserve

1,002,482

1,002,482

1,002,483

876,945

876,945

876,945

Net Income

438,189

1,132,067

1,108,801

683,786

542,435

156,119

*TOTAL CAPITAL

$9,466,850

$9,028,660

$7,896,594

$6,579,812

$5,896,026

$5,353,590

Vehicle Loans

24,838,583

23,794,603

23,575,505

20,807,910

17,940,203

18,436,308

Consumer Loans

7,981,326

7,187,985

6,099,608

5,318,480

4,608,738

4,503,123

Real Estate Loans

27,408,808

26,713,271

21,292,638

19,958,961

17,175,817

16,062,744

Unsecured Loans

2,126,149

3,552,150

3,392,800

3,271,021

2,911,626

2,687,816

*TOTAL LOANS

$63,607,666

$61,248,009

$54,360,551

$49,356,372

$42,636,384

$41,689,991

Primary Shares

21,717,070

19,624,551

17,604,587

13,529,751

11,444,953

9,537,513

Money Market

43,147,629

40,085,693

36,357,751

33,201,552

30,373,182

28,106,041

CDs

9,744,890

10,085,233

10,187,491

10,222,448

12,051,983

9,806,821

Checking

17,225,910

16,129,066

14,986,450

11,958,929

11,334,939

10,722,101

IRAs

3,457,923

3,283,611

3,329,240

1,661,554

1,229,438

2,977,193

*TOTAL SHARES

$95,293,421.96

$89,208,153

$82,465,519

$70,574,234

$66,434,495

$61,149,669

NET LOAN CHARGE-OFFS

$27,542

$71,601

$106,194

$67,025

$74,449

$102,552

Interest on loans

1,479,461

2,842,168

2,716,586

2,564,412

2,568,782

2,754,471

Income from investments

216,041

459,588

460,599

519,615

535,760

473,291

Other operating income

580,968

1,379,016

1,190,665

747,964

776,405

644,630

TOTAL GROSS INCOME

2,057,609

4,680,772

$4,367,850

$3,831,991

$3,880,947

$3,872,392

Employee compensation and benefits

712,447

1,337,580

1,288,996

1,154,838

1,079,697

1,059,487

Travel and conference expense

25,337

44,745

29,796

30,897

32,368

27,198

Association dues

41,210

77,750

65,450

55,674

53,482

46,951

Office occupancy expense

75,631

143,269

134,042

136,222

133,743

128,747

Office operations expense

425,122

763,258

665,707

552,553

537,850

508,849

Education and promotion expense

68,283

125,371

98,738

92,775

81,475

68,745

Loan servicing expense

155,557

328,948

264,214

208,285

239,583

283,560

Professional and outside services

95,775

171,117

171,532

158,842

155,010

147,205

Provision for loan losses

44,413

108,487

77,417

32,775

71,337

145,193

Member insurance

3,439

6,901

7,038

7,163

7,240

6,522

Operating fees paid to NCUA

8,814

21,598

19,918

16,346

15,202

13,420

Interest on borrowed money

1

88

0

0

0

12

Annual meeting & Member Appreciation expense

6,369

6,863

5,344

5,844

6,913

4,157

Miscellaneous operating expense

1,435

2487

(602)

4,667

1,177

1,493

TOTAL OPERATING EXPENSES

$1,619,419

$3,029,887

$2,750,173

$2,456,882

$2,415,077

$2,441,539

Other non-operating income

2,647

2,132

17,115

19,455

19,611

18,233

Dividends paid to members

(177,094)

(343,372)

(450,339)

(540,923)

(644,431)

(818,698)

Pre Net Income

$263,743

$1,089,041

$1,184,452

$853,641

$841,050

$630,388

Our pro-rata share, based on insured deposits, of the National Credit Union Deposit Insurance Fund (like the FDIC) recapitalization expense. This expense will trend downward and is entirely unrelated to MVFCU operations.

0

 

 

(69,004)

 

(75,651)

(169,855)

(298,615)

(474,268)

Post Net Income

$438,189

$1,132,067

$1,108,801

$683,786

$542,435

$156,119

 

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