Page 13 - 2024 Annual Report

Statements of Income and Expense

December 31 2024 2023

Interest Income
Loans to members $46,455,487 $38,438,246
Investments 11,299,600 12,097,064
Total interest income 57,755,087 50,535,310

Interest Expense
Members’ share and savings accounts 12,235,893 10,605,964
Borrowed funds 3,046,514 2,017,986
Total interest expense 15,282,407 12,623,950

Net interest income 42,472,680 37,911,360

Provision for Credit Losses 4,180,032 3,987,590
Net interest income after
provision for credit losses 38,292,648 33,923,770

Non-Interest Income
Fees and service charges 10,865,525 10,421,552
Other non-interest income 7,610,100 7,494,510
Corporate credit union capital distribution - 147,047
Other net gains 552 (261)
Total non-interest income 18,476,177 18,062,848
Total income from operations 56,768,825 51,986,618

Non-Interest Expense
Compensation and employee benefits 23,447,993 22,206,575
Office operating costs 7,819,069 7,674,947
Professional and outside services 5,621,862 5,492,603
Office occupancy costs 3,978,623 4,366,748
Loan servicing expense 1,558,777 1,415,012
Education and promotion 1,583,391 1,115,993
Other 1,243,479 913,931
Total non-interest expense 45,253,194 43,185,809

Net Income $ 11,515,631 $ 8,800,809

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