Financial Highlights

ASSETS

12/31/2018

12/31/2017

12/31/2016

12/31/2015

12/31/2014

12/31/2013

12/31/2012

*Loans

102,057,786

88,566,399 78,391,122 71,227,410 66,341,421 61,248,009 54,360,551
Allowance for loan loss (348,344) (284,486) (292,879) (278,462) (324,607) (295,748) (270,935)
Short-term Liquidity 978,435 1,078,912 44,900 1,253,952 1,054,813 1,213,503 1,208,698
Corporate Credit Union Investments 4,050,306 5,594,697 5,306,747 4,531,747 606,747 2,351,722 3,951,722
Other Investments (mainly CDs) 56,083,195 56,636,193 50,922,286 42,486,933 36,008,755 30,024,683 26,654,301
Building and Land 1,268,508 894,592 946,839 865,606 856,560 897,783 926,253
Fixed Assets 410,924 359,769 349,365 281,616 352,457 343,278 301,185
Other Assets 1,931,890 1,664,870 2,383,359 1,427,829 1,555,948 1,875,691 2,890,376
NCUSIF Deposit 1,447,427 1,322,111 1,148,494 1,025,130 935,487 862,549 796,322
TOTAL ASSETS $167,880,127 $155,833,060 $139,200,133  $122,821,760  $107,387,581  $98,521,471  $90,818,474 
               
LIABILITIES AND CAPITAL        
*Member Share Deposits 149,904,453 140,202,271 125,221,324 110,361,559 96,833,809 89,208,154 82,465,519
Accounts Payable 949,588 431,171 365,104 468,818 264,042 247,249 408,605
Dividends Payable 71,328 46,457 34,972 30,542 27,310 37,408 47,756
*Member Capital 16,954,758 15,153,160 13,578,732 11,960,841 10,262,419 9,028,660 7,896,594
TOTAL LIABILITIES AND CAPITAL $167,880,127 $155,833,059 $139,200,133 $122,821,760 $107,387,581 $98,521,471 $90,818,474
STATEMENT OF EQUITY/LOANS/SHARES              
Beginning Capital 14,150,678 12,576,250 10,958,359 9,259,937 8,026,178 6,894,112 5,785,310
Regular Reserve 1,002,481 1,002,481 1,002,482 1,002,482 1,002,482 1,002,482 1,002,483
Net Income 1,801,598 1,574,427 1,617,891 1,698,422 1,233,759 1,132,067 1,108,801
*TOTAL CAPITAL

$16,954,757

$15,153,159

$13,578,732 $11,960,841 $10,262,419 $9,028,660 $7,896,594
Vehicle Loans 42,760,468 35,695,333 28,856,525 26,814,878  25,316,786 23,794,603 23,575,505
Consumer Loans 8,857,301 8,478,725 9,116,591 8,753,489 8,177,921 7,187,985 6,099,608
Real Estate Loans 47,408,696 41,138,528 37,029,731 32,057,040 29,327,707 26,713,271 21,292,638
Unsecured Loans 3,031,320 3,253,811 3,388,275 3,602,003 3,519,007 3,552,150 3,392,800
*TOTAL LOANS $102,057,786 $88,566,399 $78,391,122 $71,227,410 $66,341,421 $61,248,009 $54,360,551
Primary Shares 37,098,689 33,567,991 29,810,741 25,217,324 21,617,669 19,624,551 17,604,587
Money Market 59,764,191 59,944,537 54,163,931 48,580,746 44,042,984 40,085,693 36,357,751
CDs 20,448,527 15,003,962 13,422,637 11,177,734 9,106,264 10,085,233 10,187,491
Checking 27,155,447 26,449,970 23,279,376 21,186,754 18,586,087 16,129,066 14,986,450
IRAs 5,437,598 5,235,808 4,544,639 4,199,002 3,480,805 3,283,611 3,329,240
*TOTAL SHARES $149,904,453 $140,202,271 $125,221,324 $110,361,559 $96,833,809 $89,208,153 $82,465,519
NET LOAN CHARGE-OFFS $92,149 $125,855 $115,365 $53,358 $66,707 $71,601 $106,194
Interest on loans 4,097,600 3,663,552 3,571,057 3,306,251 3,066,954 2,842,168 2,716,586
Income from investments 1,107,549 904,181 658,594 548,335 462,773 459,588 460,599
Other operating income 2,088,932 1,858,856 1,923,157 1,531,243 1,284,140 1,379,016 1,190,665
TOTAL GROSS INCOME $7,294,081 $6,426,589 $6,152,808 $5,385,829 $4,813,867 $4,680,772 $4,367,850
Employee compensation and benefits 1,919,710 1,883,439 1,601,175 1,530,113 1,353,617 1,337,580 1,288,996
Travel and conference expense 43,714 51,664 41,376 36,848 45,428 44,745 29,796
Association dues 49,460 49,277 82,336 92,659 85,227 77,750 65,450
Office occupancy expense 165,543 158,047 164,744 142,680 142,064 143,269 134,042
Office operations expense 1,299,220 1,156,603 1,015,976 965,708 851,150 763,258 665,707
Education and promotion expense 259,231 236,162 195,819 184,108 138,914 125,371 98,738
Loan servicing expense 661,872 556,390 492,037 316,853 286,836 328,948 264,214
Professional and outside services 255,604 228,075 240,394 203,444 190,982 171,117 171,532
Provision for loan losses 156,007 117,463 129,782 13,502 102,657 108,487 77,417
Member insurance 0.00 0.00 0.00 564 6,847 6,901 7,038
Operating fees paid to NCUA 38,816 29,423 21,672 18,068 15,498 21,598 19,918
Interest on borrowed money 461 3,745 46 35 20 88 N/A
Annual meeting & Member Appreciation expense 13,667 12,112 6,644 6,195 6,369 6,863 5,344
Miscellaneous operating expense 5,308 271 477 1,432 1,952 2,487 (602)
TOTAL OPERATING EXPENSES $4,868,013 $4,482,672 $3,992,478 $3,512,210 $3,227,562 $3,138,462 $2,827,590
Other non-operating income 282,148 312,199 76,639 312,834 7,356 2,132 17,115
Dividends paid to members (906,019) (681,688) (619,078) (488,033) (359,901) (343,372) (450,339)
Pre Net Income $1,801,598 $1,574,428 $1,617,891 $1,698,422 $1,233,759 $1,201,070 $1,184,452
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. N/A N/A N/A N/A N/A (69,004) (75,651)
Post Net Income $1,801,598 $1,574,427 $1,617,891 $1,698,422 $1,233,759 $1,132,067 $1,108,801

FHLB first mortgages sold but servicing retained.

 

$93,168,978

$77,875,525

$63,957,681

$45,343,882

$33,824,384

$26,531,286

$13,658,405

               
 

  

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