Page 13 - 2023 Annual Report
P. 13
Statements of Income and Expense
December 31 2023 2022
Interest Income
Loans to members $38,438,246 $31,069,152
Investments 12,097,064 5,566,653
Total interest income 50,535,310 36,635,805
Interest Expense
Members’ share and savings accounts 10,605,964 2,581,072
Borrowed funds 2,017,986 572,379
Total interest expense 12,623,950 3,153,451
Net interest income 37,911,360 33,482,354
Provision for Credit Losses 3,987,590 2,198,510
Net interest income after
provision for credit losses 33,923,770 31,283,844
Non-Interest Income
Fees and service charges 10,421,552 10,339,196
Other non-interest income 7,494,510 7,250,757
Corporate credit union capital distribution 147,047 396,000
Other net gains (261) 107,696
Total non-interest income 18,062,848 18,093,649
Non-Interest Expense
Compensation and employee benefits 22,206,575 20,698,061
Office operating costs 7,674,947 8,006,373
Professional and outside services 5,492,603 5,271,652
Office occupancy costs 4,336,748 3,877,134
Education and promotion 1,115,993 1,346,171
Other 913,931 546,838
Loan servicing expense 1,415,012 1,445,161
Total non-interest expense 43,185,809 41,191,390
Net Income $ 8,800,809 $ 8,186,103
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