Financial Highlights

 

ASSETS

6/31/2021  12/31/2020

12/31/2019  

12/31/2018

12/31/2017

12/31/2016

12/31/2015

12/31/2014

12/31/2013

12/31/2012

*Loans 110,773,776 113,329,623 109,553,249

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 (701,904) (724,888) (511,050) (348,344) (284,486) (292,879) (278,462) (324,607) (295,748) (270,935)
Short-term Liquidity 386,648 447,669 1,350,024 978,435 1,078,912 44,900 1,253,952 1,054,813 1,213,503 1,208,698
Corporate Credit Union Investments 9,899,284 12,728,580 9,034,992 4,050,306 5,594,697 5,306,747 4,531,747 606,747 2,351,722 3,951,722
Other Investments (mainly CDs) 113,299,765 91,158,672 57,184,522 56,083,195 56,636,193 50,922,286 42,486,933 36,008,755 30,024,683 26,654,301
Building and Land 1,172,088 1,195,141 1,221,184 1,268,508 894,592 946,839 865,606 856,560 897,783 926,253
Fixed Assets 537,826 484,473 447,035 410,924 359,769 349,365 281,616 352,457 343,278 301,185
Other Assets 4,136,009 2,338,184 3,051,431 1,931,890 1,664,870 2,383,359 1,427,829 1,555,948 1,875,691 2,890,376
NCUSIF Deposit 1,939,788 1,823,277 1,535,182 1,447,427 1,322,111 1,148,494 1,025,130 935,487 862,549 796,322
TOTAL ASSETS 241,443,279 $222,780,731 $182,866,569 $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 216,748,491 199,940,775 163,193,618 149,904,453 140,202,271 125,221,324 110,361,559 96,833,809 89,208,154 82,465,519
Accounts Payable 402,880 724,060 1,013,233 949,588 431,171 365,104 468,818 264,042 247,249 408,605
Dividends Payable 126,541 83,906 99,746 71,328 46,457 34,972 30,542 27,310 37,408 47,756
*Member Capital 24,165,367 22,032,010 18,559,972 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 241,443,279 $222,780,731 $182,866,569 $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 21,029,528 17,557,490 15,952,276 14,150,678 12,576,250 10,958,359 9,259,937 8,026,178 6,894,112 5,785,310
Regular Reserve 1,002,482 1,002,482 1,002,482 1,002,481 1,002,481 1,002,482 1,002,482 1,002,482 1,002,482 1,002,483
Net Income 2,133,357 3,472,038 1,605,214 1,801,598 1,574,427 1,617,891 1,698,422 1,233,759 1,132,067 1,108,801

*TOTAL CAPITAL

24,165,368 22,032,010

18,559,972

$16,954,757

$15,153,159

$13,578,732

$11,960,841

$10,262,419

$9,028,660

$7,896,594

Vehicle Loans 43,590,365 44,417,049 44,341,326 42,760,468 35,695,333 28,856,525 26,814,878  25,316,786 23,794,603 23,575,505
Consumer Loans 8,506,484 8,498,231 9,084,047 8,857,301 8,478,725 9,116,591 8,753,489 8,177,921 7,187,985 6,099,608
Real Estate Loans 56,416,014 57,869,906 53,032,512 47,408,696 41,138,528 37,029,731 32,057,040 29,327,707 26,713,271 21,292,638
Unsecured Loans 2,260,913 2,544,438 3,095,364 3,031,320 3,253,811 3,388,275 3,602,003 3,519,007 3,552,150 3,392,800
*TOTAL LOANS 110,773,776 $113,329,624 $109,553,249 $102,057,786 $88,566,399 $78,391,122 $71,227,410 $66,341,421 $61,248,009 $54,360,551
Primary Shares 65,484,232 56,496,186 40,930,185 37,098,689 33,567,991 29,810,741 25,217,324 21,617,669 19,624,551 17,604,587
Money Market 85,486,073 75,659,100 63,616,755 59,764,191 59,944,537 54,163,931 48,580,746 44,042,984 40,085,693 36,357,751
CDs 16,977,423 19,828,192 22,552,297 20,448,527 15,003,962 13,422,637 11,177,734 9,106,264 10,085,233 10,187,491
Checking 42,969,003 42,043,587 30,491,780 27,155,447 26,449,970 23,279,376 21,186,754 18,586,087 16,129,066 14,986,450
IRA's 5,831,761 5,913,690 5,602,601 5,437,598 5,235,808 4,544,639 4,199,002 3,480,805 3,283,611 3,329,240
*TOTAL SHARES 216,748,491 $199,940,775 $163,193,618   $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 53,249 $150,395 $730,267 $92,149 $125,855 $115,365 $53,358 $66,707 $71,601 $106,194
Interest on Loans 2,216,592 4,832,190 4,902,553 4,097,600 3,663,552 3,571,057 3,306,251 3,066,954 2,842,168 2,716,586
Income From Investments 673,773 1,387,869 1,337,405 1,107,549 904,181 658,594 548,335 462,773 459,588 460,599
Other Operating Income 1,780,356 4,414,091 2,384,036 2,088,932 1,858,856 1,923,157 1,531,243 1,284,140 1,379,016 1,190,665
TOTAL GROSS INCOME 4,670,720 $10,634,150 $8,623,994 $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 1,267,091 2,297,437 1,991,177 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 11,036 37,748 46,495 43,714 51,664 41,376 36,848 45,428 44,745 29,796
Association Dues 21,383 52,470 47,341 49,460 49,277 82,336 92,659 85,227 77,750 65,450
Office Occupancy Expense 86,267 158,371 180,335 165,543 158,047 164,744 142,680 142,064 143,269 134,042
Office Operations Expense 1,001,251 1,809,454 1,717,873 1,299,220 1,156,603 1,015,976 965,708 851,150 763,258 665,707
Education and Promotion Expense 114,038 234,457 250,992 259,231 236,162 195,819 184,108 138,914 125,371 98,738
Loan Servicing Expense 239,973 613,093 458,712 661,872 556,390 492,037 316,853 286,836 328,948 264,214
Professional and Outside Services 132,490 288,851 286,109 255,604 228,075 240,394 203,444 190,982 171,117 171,532
Provision for Loan Losses 30,265 364,234 892,972 156,007 117,463 129,782 13,502 102,657 108,487 77,417
Member Insurance 0.00 0.00 0.00 0.00 0.00 0.00 564 6,847 6,901 7,038
Operating Fees Paid to NCUA 23,353 48,677 44,213 38,816 29,423 21,672 18,068 15,498 21,598 19,918
Interest on Borrowed Money 0 2 3,183 461 3,745 46 35 20 88 N/A
Annual Meeting & Member Appreciation Expense 0.00 0.00 15,239 13,667 12,112 6,644 6,195 6,369 6,863 5,344
Miscellaneous Operating Expense (161) 1,056 5,088 5,308 271 477 1,432 1,952 2,487 (602)
TOTAL OPERATING EXPENSES 2,926,985 $5,905,850 $5,939,729 $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 836,391 (187,623) 121,239 282,148 312,199 76,639 312,834 7,356 2,132 17,115
Dividends Paid to Members (446,769) (1,068,639) (1,200,290) (906,019) (681,688) (619,078) (488,033) (359,901) (343,372) (450,339)
Pre Net Income 2,113,357 $3,472,038 $1,605,214 $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. NA NA N/A N/A N/A N/A N/A N/A (69,004) (75,651)
Post Net Income 2,133,357 $3,472,038 $1,605,214 $1,801,598 $1,574,427 $1,617,891 $1,698,422 $1,233,759 $1,132,067 $1,108,801

Off Balance Sheet Portfolio of FHLB First Mortgages Sold but Servicing Retained

 

185,365,063 $170,560,161

$111,338,464

$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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