Minnesota Valley Credit Union

Financial Highlights

 

ASSETS

12/31/13

12/31/12

12/31/11

12/31/10

12/31/09

12/31/08

*Loans

61,248,009

54,360,551

49,356,372

42,636,384

41,689,991

42,694,093

Allowance for loan loss

(295,748)

(270,935)

(274,261)

(310,592)

(313,704)

(271,063)

Short-term Liquidity

1,213,503

1,208,698

1,353,200

852,126

1,503,563

1,537,832

Corporate Credit Union Investments

2,351,722

3,951,722

1,621,722

3,220,071

3,692,962

2,807,400

Other Investments (mainly CDs)

30,024,683

26,654,301

22,300,714

22,705,724

17,520,440

9,929,296

Building and Land

897,783

926,253

935,379

978,659

1,013,903

1,061,431

Fixed Assets

343,278

301,185

229,824

189,183

168,086

129,167

Other Assets

1,875,691

2,890,376

1,443,824

1,696,609

1,375,451

463,972

NCUSIF Deposit

862,549

796,322

679,419

647,161

585,042

500,354

TOTAL ASSETS

$98,521,471

$90,818,474

$77,646,193

$72,615,325

$66,785,734

$58,852,482


LIABILITIES AND CAPITAL

 

     

*Member Share Deposits

89,208,154

82,465,519

70,574,234

66,434,495

61,149,669

53,453,662

Accounts Payable

247,249

408,605

411,335

198,567

164,332

62,234

Dividends Payable

37,408

47,756

80,812

86,238

118,142

139,114

*Member Capital

9,028,660

7,896,594

6,579,812

5,896,025

5,353,590

5,197,472

TOTAL LIABILITIES AND CAPITAL

$98,521,471

$90,818,474

$77,646,193

$72,615,325

$66,785,734

$58,852,482

STATEMENT OF EQUITY/LOANS/SHARES

 

     

Beginning Capital

6,894,112

5,785,310

5,019,081

4,476,646

4,320,527

3,876,229

Regular Reserve

1,002,482

1,002,483

876,945

876,945

876,945

876,945

Net Income

1,132,067

1,108,801

683,786

542,435

156,119

444,298

*TOTAL CAPITAL

$9,028,660

$7,896,594

$6,579,812

$5,896,026

$5,353,590

$5,197,472

Vehicle Loans

23,794,603

23,575,505

20,807,910

17,940,203

18,436,308

19,005,833

Consumer Loans

7,187,985

6,099,608

5,318,480

4,608,738

4,503,123

3,887,153

Real Estate Loans

26,713,271

21,292,638

19,958,961

17,175,817

16,062,744

17,249,831

Unsecured Loans

3,552,150

3,392,800

3,271,021

2,911,626

2,687,816

2,551,276

*TOTAL LOANS

$61,248,009

$54,360,551

$49,356,372

$42,636,384

$41,689,991

$42,694,093

Primary Shares

19,624,551

17,604,587

13,529,751

11,444,953

9,537,513

8,911,564

Money Market

40,085,693

36,357,751

33,201,552

30,373,182

28,106,041

22,581,367

CDs

10,085,233

10,187,491

10,222,448

12,051,983

9,806,821

9,600,634

Checking

16,129,066

14,986,450

11,958,929

11,334,939

10,722,101

9,277,314

IRAs

3,283,611

3,329,240

1,661,554

1,229,438

2,977,193

3,082,784

*TOTAL SHARES

$89,208,153

$82,465,519

$70,574,234

$66,434,495

$61,149,669

$53,453,662

NET LOAN CHARGE-OFFS

$71,601

$106,194

$67,025

$74,449

$102,552

$80,490

Interest on loans

2,842,168

2,716,586

2,564,412

2,568,782

2,754,471

$2,841,028

Income from investments

459,588

460,599

519,615

535,760

473,291

408,801

Other operating income

1,379,016

1,190,665

747,964

776,405

644,630

565,763

TOTAL GROSS INCOME

4,680,772

$4,367,850

$3,831,991

$3,880,947

$3,872,392

$3,815,592

Employee compensation and benefits

1,337,580

1,288,996

1,154,838

1,079,697

1,059,487

1,011,412

Travel and conference expense

44,745

29,796

30,897

32,368

27,198

30,257

Association dues

77,750

65,450

55,674

53,482

46,951

43,373

Office occupancy expense

143,269

134,042

136,222

133,743

128,747

124,508

Office operations expense

763,258

665,707

552,553

537,850

508,849

455,727

Education and promotion expense

125,371

98,738

92,775

81,475

68,745

77,777

Loan servicing expense

328,948

264,214

208,285

239,583

283,560

246,926

Professional and outside services

171,117

171,532

158,842

155,010

147,205

151,063

Provision for loan losses

108,487

77,417

32,775

71,337

145,193

118,078

Member insurance

6,901

7,038

7,163

7,240

6,522

5,937

Operating fees paid to NCUA

21,598

19,918

16,346

15,202

13,420

11,224

Interest on borrowed money

88

0

0

0

12

40

Annual meeting & Member Appreciation expense

6,863

5,344

5,844

6,913

4,157

4,403

Miscellaneous operating expense

2487

(602)

4,667

1,177

1,493

463

TOTAL OPERATING EXPENSES

$3,029,887

$2,750,173

$2,456,882

$2,415,077

$2,441,539

$2,281,188

Other non-operating income

2,132

17,115

19,455

19,611

18,233

18,045

Dividends paid to members

(343,372)

(450,339)

(540,923)

(644,431)

(818,698)

(1,108,621)

Pre Net Income

$1,089,041

$1,184,452

$853,641

$841,050

$630,388

$444,298

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.

 

 

(69,004)

 

(75,651)

(169,855)

(298,615)

(474,268)

0

Post Net Income

$1,132,067

$1,108,801

$683,786

$542,435

$156,119

$444,298

 

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