Page 12 - 2024 Annual Report

Statements of Financial Condition

December 31 2024 2023

Assets
Cash and cash equivalents $ 34,354,067 $ 111,321,224
Investments:
Available-for-sale, at fair value 199,880,908 234,719,458
Held-to-maturity, amortized cost 10,228,170 8,891,455
Other investments, at cost 19,176,898 36,099,996
Loans to members, net of allowance for credit losses 887,606,500 819,365,824
Accrued interest receivable:
Investments 1,142,366 686,197
Loans 2,962,779 2,770,216
Other receivables 4,186,633 2,070,868
Prepaid and other assets 20,503,037 8,976,607
Goodwill 8,507,465 8,507,465
Premises and equipment, net 29,107,069 26,904,396
Operating lease right-of-use assets 5,605,252 4,502,018
Mortgage servicing rights 814,861 861,887
NCUSIF deposit 10,673,872 10,836,971
Total Assets $1,234,749,877 $1,276,514,582

Liabilities and Members’ Equity
Liabilities:
Members’ share and savings accounts $1,081,624,981 $1,084,045,855
Borrowed funds 16,500,000 67,035,714
Operating lease liabilities 5,605,252 4,502,018
Accounts payable 8,083,443 10,993,142
Accrued liabilities 12,642,114 14,848,159
Allowance for credit losses - unfunded
commitments 421,058 434,653
Total Liabilities 1,124,876,848 1,181,859,541

Members’ Equity:
Regular reserve 1,944,584 1,944,584
Undivided earnings 117,400,593 105,884,962
Accumulated other comprehensive (loss) gain (25,120,268) (28,922,711)
Equity acquired from business combination 15,648,120 15,748,206
Total Members’ Equity 109,873,029 94,655,041

Total Liabilities and Members’ Equity $1,234,749,877 $1,276,514,582

Audit by DeLeon & Stang, Certified Public Accountants and Advisors