Financial Highlights

 

ASSETS

06/30/2023 12/31/2022 12/31/2021   12/31/2020

12/31/2019  

12/31/2018

12/31/2017

12/31/2016

12/31/2015

12/31/2014

12/31/2013

*Loans 136,356,031 133,249,214 110,352,214 113,329,623 109,553,249

102,057,786

88,566,399 78,391,122 71,227,410 66,341,421 61,248,009
Allowance for Loan Loss (734,088) (737,329) (658,743) (724,888) (511,050) (348,344) (284,486) (292,879) (278,462) (324,607) (295,748)
Short-term Liquidity 918,708 277,812 170,271 447,669 1,350,024 978,435 1,078,912 44,900 1,253,952 1,054,813 1,213,503
Corporate Credit Union Investments 15,149,577 12,789,226 16,780,809 12,728,580 9,034,992 4,050,306 5,594,697 5,306,747 4,531,747 606,747 2,351,722
Other Investments (mainly CDs) 123,103,162 127,995,379 123,929,587 91,158,672 57,184,522 56,083,195 56,636,193 50,922,286 42,486,933 36,008,755 30,024,683
Building and Land 1,153,110 1,177,241 1,227,393 1,195,141 1,221,184 1,268,508 894,592 946,839 865,606 856,560 897,783
Fixed Assets 465,548 429,989 529,366 484,473 447,035 410,924 359,769 349,365 281,616 352,457 343,278
Other Assets 4,140,130 3,523,546 3,001,900 2,338,184 3,051,431 1,931,890 1,664,870 2,383,359 1,427,829 1,555,948 1,875,691
NCUSIF Deposit 2,450,525 2,440,290 2,105,925 1,823,277 1,535,182 1,447,427 1,322,111 1,148,494 1,025,130 935,487 862,549
TOTAL ASSETS 282,972,279 281,172,414 257,438,723 $222,780,731 $182,866,569 $167,880,127 $155,833,060 $139,200,133  $122,821,760  $107,387,581  $98,521,471 
LIABILITIES AND CAPITAL                      
*Member Share Deposits 253,262,006 252,532,150 231,340,854 199,940,775 163,193,618 149,904,453 140,202,271 125,221,324 110,361,559 96,833,809 89,208,154
Accounts Payable 102,835 370,818 600,629 724,060 1,013,233 949,588 431,171 365,104 468,818 264,042 247,249
Dividends Payable 321,854 107,003 65,420 83,906 99,746 71,328 46,457 34,972 30,542 27,310 37,408
*Member Capital 29,491,255 28,162,443 25,431,821 22,032,010 18,559,972 16,954,758 15,153,160 13,578,732 11,960,841 10,262,419 9,028,660
TOTAL LIABILITIES AND CAPITAL 282,972,279 281,172,414 257,438,723 $222,780,731 $182,866,569 $167,880,127 $155,833,059 $139,200,133 $122,821,760 $107,387,581 $98,521,471
STATEMENT OF EQUITY/LOANS/SHARES                      
Beginning Capital 26,947,760 25,217,009 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
Regular Reserve 1,214,683 1,214,683 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
Net Income 1,328,812 1,730,751 3,399,811 3,472,038 1,605,214 1,801,598 1,574,427 1,617,891 1,698,422 1,233,759 1,132,067

*TOTAL CAPITAL

29,491,255 28,162,443 25,431,821 22,032,010

18,559,972

$16,954,757

$15,153,159

$13,578,732

$11,960,841

$10,262,419

$9,028,660

Vehicle Loans 49,725,781 48,589,925 42,018,681 44,417,049 44,341,326 42,760,468 35,695,333 28,856,525 26,814,878  25,316,786 23,794,603
Consumer Loans 10,827,861 10,521,495 8,870,193 8,498,231 9,084,047 8,857,301 8,478,725 9,116,591 8,753,489 8,177,921 7,187,985
Real Estate Loans 73,048,974 71,589,603 57,150,013 57,869,906 53,032,512 47,408,696 41,138,528 37,029,731 32,057,040 29,327,707 26,713,271
Unsecured Loans 2,753,415 2,548,192 2,313,327 2,544,438 3,095,364 3,031,320 3,253,811 3,388,275 3,602,003 3,519,007 3,552,150
*TOTAL LOANS 136,356,031 133,249,214 110,352,214 $113,329,624 $109,553,249 $102,057,786 $88,566,399 $78,391,122 $71,227,410 $66,341,421 $61,248,009
Primary Shares 67,245,702 70,789,215 67,028,047 56,496,186 40,930,185 37,098,689 33,567,991 29,810,741 25,217,324 21,617,669 19,624,551
Money Market 87,367,909 97,200,624 94,482,431 75,659,100 63,616,755 59,764,191 59,944,537 54,163,931 48,580,746 44,042,984 40,085,693
CDs 39,458,839 27,421,991 16,347,049 19,828,192 22,552,297 20,448,527 15,003,962 13,422,637 11,177,734 9,106,264 10,085,233
Checking 51,881,197 50,380,523 47,483,674 42,043,587 30,491,780 27,155,447 26,449,970 23,279,376 21,186,754 18,586,087 16,129,066
IRA's 7,308,359 6,739,797 5,999,652 5,913,690 5,602,601 5,437,598 5,235,808 4,544,639 4,199,002 3,480,805 3,283,611
*TOTAL SHARES 253,262,006 252,532,150 231,340,854 $199,940,775 $163,193,618   $149,904,453   $140,202,271   $125,221,324 $110,361,559 $96,833,809 $89,208,153
NET LOAN CHARGE-OFFS 8,783 12,569 115,792 $150,395 $730,267 $92,149 $125,855 $115,365 $53,358 $66,707 $71,601
Interest on Loans 3,028,091 4,747,482 4,379,784 4,832,190 4,902,553 4,097,600 3,663,552 3,571,057 3,306,251 3,066,954 2,842,168
Income From Investments 1,104,452 1,549,245 1,337,771 1,387,869 1,337,405 1,107,549 904,181 658,594 548,335 462,773 459,588
Other Operating Income 1,124,567 2,524,767 3,279,402 4,414,091 2,384,036 2,088,932 1,858,856 1,923,157 1,531,243 1,284,140 1,379,016
TOTAL GROSS INCOME 5,257,110 8,821,494 8,996,957 $10,634,150 $8,623,994 $7,294,081 $6,426,589 $6,152,808 $5,385,829 $4,813,867 $4,680,772
Employee Compensation and Benefits 1,349,348 2,792,803 2,505,636 2,297,437 1,991,177 1,919,710 1,883,439 1,601,175 1,530,113 1,353,617 1,337,580
Travel and Conference Expense 21,795 51,455 27,960 37,748 46,495 43,714 51,664 41,376 36,848 45,428 44,745
Association Dues 26,100 53,330 46,560 52,470 47,341 49,460 49,277 82,336 92,659 85,227 77,750
Office Occupancy Expense 102,747 176,005 174,341 158,371 180,335 165,543 158,047 164,744 142,680 142,064 143,269
Office Operations Expense 1,007,506 2,110,310 1,959,787 1,809,454 1,717,873 1,299,220 1,156,603 1,015,976 965,708 851,150 763,258
Education and Promotion Expense 153,727 299,856 284,530 234,457 250,992 259,231 236,162 195,819 184,108 138,914 125,371
Loan Servicing Expense 203,318 457,156 454,915 613,093 458,712 661,872 556,390 492,037 316,853 286,836 328,948
Professional and Outside Services 141,928 269,230 282,498 288,851 286,109 255,604 228,075 240,394 203,444 190,982 171,117
Provision for Loan Losses 12,024 41,479 49,647 364,234 892,972 156,007 117,463 129,782 13,502 102,657 108,487
Member Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 564 6,847 6,901
Operating Fees Paid to NCUA 21,548 41,619 45,146 48,677 44,213 38,816 29,423 21,672 18,068 15,498 21,598
Interest on Borrowed Money 0 8 0 2 3,183 461 3,745 46 35 20 88
Annual Meeting & Member Appreciation Expense 0 3,498 0 0.00 15,239 13,667 12,112 6,644 6,195 6,369 6,863
Miscellaneous Operating Expense 1,207 52,036 302 1,056 5,088 5,308 271 477 1,432 1,952 2,487
TOTAL OPERATING EXPENSES 3,017,200 6,265,826 5,831,322 $5,905,850 $5,939,729 $4,868,013 $4,482,672 $3,992,478 $3,512,210 $3,227,562 $3,138,462
Other Non-operating Income 377,477 483,348 1,130,876 (187,623) 121,239 282,148 312,199 76,639 312,834 7,356 2,132
Dividends Paid to Members (1,288,545) (1,308,265) (896,700) (1,068,639) (1,200,290) (906,019) (681,688) (619,078) (488,033) (359,901) (343,372)
Pre Net Income 1,328,812 1,730,751 3,399,811 $3,472,038 $1,605,214 $1,801,598 $1,574,428 $1,617,891 $1,698,422 $1,233,759 $1,201,070
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 NA NA N/A N/A N/A N/A N/A N/A (69,004)
Post Net Income 1,328,812 1,730,751 3,399,811 $3,472,038 $1,605,214 $1,801,598 $1,574,427 $1,617,891 $1,698,422 $1,233,759 $1,132,067

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

 

186,946,722 188,904,241 190,027,773 $170,560,161

$111,338,464

$93,168,978

$77,875,525

$63,957,681

$45,343,882

$33,824,384

$26,531,286

Annual Coop Patronage Dividend Paid to Members   $80,000 $100,000 $90,000 $80,000 $90,000 $70,000 $80,000 $60,000  
 

  

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