Financial Highlights

ASSETS

12/31/2017 

6/30/2017

12/31/2016

12/31/2015

12/31/2014

12/31/2013

12/31/2012

 
*Loans

88,566,399

81,136,829 78,391,122 71,227,410 66,341,421 61,248,009 54,360,551  
Allowance for loan loss (284,486) (267,238) (292,879) (278,462) (324,607) (295,748) (270,935)  
Short-term Liquidity 1,078,912 287,578 44,900 1,253,952 1,054,813 1,213,503 1,208,698  
Corporate Credit Union Investments 5,594,697 2,341,747 5,306,747 4,531,747 606,747 2,351,722 3,951,722  
Other Investments (mainly CDs) 56,636,193 61,554,970 50,922,286 42,486,933 36,008,755 30,024,683 26,654,301  
Building and Land 894,592 922,369 946,839 865,606 856,560 897,783 926,253  
Fixed Assets 359,769 378,615 349,365 281,616 352,457 343,278 301,185  
Other Assets 1,664,870 1,212,228 2,383,359 1,427,829 1,555,948 1,875,691 2,890,376  
NCUSIF Deposit 1,322,111 1,232,252 1,148,494 1,025,130 935,487 862,549 796,322  
TOTAL ASSETS $155,833,060 $149,294,531 $139,200,133  $122,821,760  $107,387,581  $98,521,471  $90,818,474   
                 
LIABILITIES AND CAPITAL        
*Member Share Deposits 140,202,271 134,455,705 125,221,324 110,361,559 96,833,809 89,208,154 82,465,519  
Accounts Payable   133,601 365,104 468,818 264,042 247,249 408,605  
Dividends Payable 46,457 74,870 34,972 30,542 27,310 37,408 47,756  
*Member Capital 15,153,160 14,393,085 13,578,732 11,960,841 10,262,419 9,028,660 7,896,594  
TOTAL LIABILITIES AND CAPITAL $155,833,059 $149,294,531 $139,200,133 $122,821,760 $107,387,581 $98,521,471 $90,818,474  
STATEMENT OF EQUITY/LOANS/SHARES                
Beginning Capital 12,576,250 12,576,250 10,958,359 9,259,937 8,026,178 6,894,112 5,785,310  
Regular Reserve 1,002,481 1,002,482 1,002,482 1,002,482 1,002,482 1,002,482 1,002,483  
Net Income 1,574,427 814,353 1,617,891 1,698,422 1,233,759 1,132,067 1,108,801  
*TOTAL CAPITAL

$15,153,159

$14,393,085 $13,578,732 $11,960,841 $10,262,419 $9,028,660 $7,896,594  
Vehicle Loans 35,695,333 31,007,193 28,856,525 26,814,878  25,316,786 23,794,603 23,575,505  
Consumer Loans 8,478,725 9,745,779 9,116,591 8,753,489 8,177,921 7,187,985 6,099,608  
Real Estate Loans 41,138,528 37,172,632 37,029,731 32,057,040 29,327,707 26,713,271 21,292,638  
Unsecured Loans 3,253,811 3,211,225 3,388,275 3,602,003 3,519,007 3,552,150 3,392,800  
*TOTAL LOANS $88,566,399 $81,136,829 $78,391,122 $71,227,410 $66,341,421 $61,248,009 $54,360,551  
Primary Shares 33,567,991 33,901,368 29,810,741 25,217,324 21,617,669 19,624,551 17,604,587  
Money Market 59,944,537 56,980,297 54,163,931 48,580,746 44,042,984 40,085,693 36,357,751  
CDs 15,003,962 14,097,614 13,422,637 11,177,734 9,106,264 10,085,233 10,187,491  
Checking 26,449,970 24,446,092 23,279,376 21,186,754 18,586,087 16,129,066 14,986,450  
IRAs 5,235,808 2,551,895 4,544,639 4,199,002 3,480,805 3,283,611 3,329,240  
*TOTAL SHARES $140,202,271 $134,455,705 $125,221,324 $110,361,559 $96,833,809 $89,208,153 $82,465,519  
NET LOAN CHARGE-OFFS $125,855 $63,194 $115,365 $53,358 $66,707 $71,601 $106,194  
Interest on loans 3,663,552 1,765,287 3,571,057 3,306,251 3,066,954 2,842,168 2,716,586  
Income from investments 904,181 430,135 658,594 548,335 462,773 459,588 460,599  
Other operating income 1,858,856 861,401 1,923,157 1,531,243 1,284,140 1,379,016 1,190,665  
TOTAL GROSS INCOME $6,426,589 $3,056,823 $6,152,808 $5,385,829 $4,813,867 $4,680,772 $4,367,850  
Employee compensation and benefits 1,883,439 961,662 1,601,175 1,530,113 1,353,617 1,337,580 1,288,996  
Travel and conference expense 51,664 28,012 41,376 36,848 45,428 44,745 29,796  
Association dues 49,277 23,143 82,336 92,659 85,227 77,750 65,450  
Office occupancy expense 158,047 81,226 164,744 142,680 142,064 143,269 134,042  
Office operations expense 1,156,603 569,084 1,015,976 965,708 851,150 763,258 665,707  
Education and promotion expense 236,162 114,382 195,819 184,108 138,914 125,371 98,738  
Loan servicing expense 556,390 272,220 492,037 316,853 286,836 328,948 264,214  
Professional and outside services 228,075 114,351 240,394 203,444 190,982 171,117 171,532  
Provision for loan losses 117,463 37,553 129,782 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 29,423 13,533 21,672 18,068 15,498 21,598 19,918  
Interest on borrowed money 3,745 45 46 35 20 88 N/A  
Annual meeting & Member Appreciation expense 12,112 12,112 6,644 6,195 6,369 6,863 5,344  
Miscellaneous operating expense 271 188 477 1,432 1,952 2,487 (602)  
TOTAL OPERATING EXPENSES $4,482,672 $2,189,997 $3,992,478 $3,512,210 $3,227,562 $3,138,462 $2,827,590  
Other non-operating income 312,199 312,199 76,639 312,834 7,356 2,132 17,115  
Dividends paid to members (681,688) (327,157) (619,078) (488,033) (359,901) (343,372) (450,339)  
Pre Net Income $1,574,428 $814,353 $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 $1,574,427 $814,353 $1,617,891 $1,698,422 $1,233,759 $1,132,067 $1,108,801  

FHLB first mortgages sold but servicing retained.

 

$77,875,525

$69,824,000

$63,957,681

$45,343,882

$33,824,384

$26,531,286

$13,658,405

 

                 
 

  

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