Page 12 - 2023 Annual Report

Statements of Financial Condition

December 31 2023 2022

Assets
Cash and cash equivalents $ 111,321,224 $ 82,431,391
Investments:
Available-for-sale, at fair value 234,719,458 256,086,501
Held-to-maturity, amortized cost 8,891,455 6,822,463
Other investments, at cost 36,099,996 33,997,671
Loans to members, net of allowance for credit losses 819,365,824 777,150,991
Accrued interest receivable:
Investments 686,197 586,433
Loans 2,770,216 2,240,730
Other receivables 2,070,868 1,734,502
Prepaid and other assets 8,976,607 11,160,092
Goodwill 8,507,465 8,507,465
Premises and equipment, net 26,904,396 28,156,698
Operating lease right-of-use assets 4,502,018 5,361,855
Mortgage servicing rights 861,887 915,443
NCUSIF deposit 10,836,971 10,602,044
Total Assets $1,276,514,582 $1,225,754,279

Liabilities and Members’ Equity
Liabilities:
Members’ share and savings accounts $1,084,045,855 $1,083,950,734
Borrowed funds 67,035,714 25,750,000
Operating lease liabilities 4,502,018 5,361,855
Accounts payable 10,993,142 10,905,831
Accrued liabilities 14,848,159 14,077,027
Allowance for credit losses - unfunded
commitments 434,653 -
Total Liabilities 1,181,859,541 1,140,045,447

Members’ Equity:
Regular reserve 1,944,584 1,944,584
Undivided earnings 105,884,962 101,819,308
Accumulated other comprehensive (loss) gain (28,922,711) (33,803,266)
Equity acquired from business combination 15,748,206 15,748,206
Total Members’ Equity 94,655,041 85,708,832

Total Liabilities and Members’ Equity $1,276,514,582 $1,225,754,279

Audit by DeLeon & Stang, Certified Public Accountants and Advisors