Minnesota Valley Credit Union

Financial Highlights

ASSETS12/31/201512/31/201412/31/201312/31/201212/31/201112/31/2010
*Loans71,227,41066,341,42161,248,00954,360,55149,356,37242,636,384
Allowance for loan loss(278,462)(324,607)(295,748)(270,935)(274,261)(310,592)
Short-term Liquidity1,253,9521,054,8131,213,5031,208,6981,353,200852,126
Corporate Credit Union Investments4,476,722606,7472,351,7223,951,7221,621,7223,220,071
Other Investments (mainly CDs)42,541,95836,008,75530,024,68326,654,30122,300,71422,705,724
Building and Land865,606856,560897,783926,253935,379978,659
Fixed Assets281,616352,457343,278301,185229,824189,183
Other Assets1,427,8291,555,9481,875,6912,890,3761,443,8241,696,609
NCUSIF Deposit1,025,130935,487862,549796,322679,419647,161
TOTAL ASSETS122,821,760$107,387,581$98,521,471$90,818,474$77,646,193$72,615,325
       
LIABILITIES AND CAPITAL 
*Member Share Deposits110,361,55996,833,80989,208,15482,465,51970,574,23466,434,495
Accounts Payable241,943264,042247,249408,605411,335198,567
Dividends Payable30,54227,31037,40847,75680,81286,238
*Member Capital11,960,84110,262,4199,028,6607,896,5946,579,8125,896,025
TOTAL LIABILITIES AND CAPITAL122,821,760$107,387,581$98,521,471$90,818,474$77,646,193$72,615,325
STATEMENT OF EQUITY/LOANS/SHARES      
Beginning Capital9,259,9378,026,1786,894,1125,785,3105,019,0814,476,646
Regular Reserve1,002,4821,002,4821,002,4821,002,483876,945876,945
Net Income1,698,4221,233,7591,132,0671,108,801683,786542,435
*TOTAL CAPITAL11,960,841$10,262,419$9,028,660$7,896,594$6,579,812$5,896,026
Vehicle Loans26,814,878 25,316,78623,794,60323,575,50520,807,91017,940,203
Consumer Loans8,753,4898,177,9217,187,9856,099,6085,318,4804,608,738
Real Estate Loans32,057,04029,327,70726,713,27121,292,63819,958,96117,175,817
Unsecured Loans2,235,2503,519,0073,552,1503,392,8003,271,0212,911,626
*TOTAL LOANS71,227,410$66,341,421$61,248,009$54,360,551$49,356,372$42,636,384
Primary Shares25,217,15421,617,66919,624,55117,604,58713,529,75111,444,953
Money Market48,580,74644,042,98440,085,69336,357,75133,201,55230,373,182
CDs11,177,7349,106,26410,085,23310,187,49110,222,44812,051,983
Checking21,186,75418,586,08716,129,06614,986,45011,958,92911,334,939
IRAs4,199,0023,480,8053,283,6113,329,2401,661,5541,229,438
*TOTAL SHARES110,361,559$96,833,809$89,208,153$82,465,519$70,574,234$66,434,495
NET LOAN CHARGE-OFFS28,696$66,707$71,601$106,194$67,025$74,449
Interest on loans3,306,2513,066,9542,842,1682,716,5862,564,4122,568,782
Income from investments548,335462,773459,588460,599519,615535,760
Other operating income1,531,2431,284,1401,379,0161,190,665747,964776,405
TOTAL GROSS INCOME5,385,8304,813,8674,680,772$4,367,850$3,831,991$3,880,947
Employee compensation and benefits1,530,1131,353,6171,337,5801,288,9961,154,8381,079,697
Travel and conference expense36,84845,42844,74529,79630,89732,368
Association dues92,65985,22777,75065,45055,67453,482
Office occupancy expense142,680142,064143,269134,042136,222133,743
Office operations expense965,708851,150763,258665,707552,553537,850
Education and promotion expense184,108138,914125,37198,73892,77581,475
Loan servicing expense316,853286,836328,948264,214208,285239,583
Professional and outside services203,444190,982171,117171,532158,842155,010
Provision for loan losses13,502102,657108,48777,41732,77571,337
Member insurance5646,8476,9017,0387,1637,240
Operating fees paid to NCUA18,06815,49821,59819,91816,34615,202
Interest on borrowed money352088000
Annual meeting & Member Appreciation expense6,1956,3696,8635,3445,8446,913
Miscellaneous operating expense1,4321,9522,487(602)4,6671,177
TOTAL OPERATING EXPENSES3,498,673$3,124,885$3,029,887$2,750,173$2,456,882$2,415,077
Other non-operating income312,8347,3562,13217,11519,45519,611
Dividends paid to members(488,033)(359,901)(343,372)(450,339)(540,923)(644,431)
Pre Net Income1,711,958$1,233,759$1,201,070$1,184,452$853,641$841,050
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.00(69,004)(75,651)(169,855)(298,615)
Post Net Income1,711,958$1,233,759$1,132,067$1,108,801$683,786$542,435

 

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