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Annual Report

The 2022 Annual Impact Report provides an overview of 2022, including financials, as well as some insight into the direction Verity will take in 2023

 

 

 

2022 Financials

Income and Expenses

Fiscal year ended 12/31/2022 12/31/2021

Interest Income

Loans receivable $30,692,867 $26,748,838
Investments and interest-bearing accounts $1,395,970 $920,834
Total interest income $32,088,837 $27,669,672

Interest Expense

Members' share accounts $1,225,754 $1,076,954
Borrowed funds $433,486 $12,223
Total interest expense $1,659,240 $1,089,177
Net interest income 30,429,597 $26,580,495
Provision for loan losses --- $922,165
Net interest income after provision for loan loss $30,429,597 $25,658,330

Non-Interest Income

Fees and charges $2,646,910 $2,442,589
Gain on sale of investments --- $152,995
Gain on sales of loans $645,286 $2,166,655
Interchange income $3,631,442 $3,505,770
Other $1,921,158 $3,734,352
Total non-interest income $8,844,796 $12,002,361

Non-Interest Expense

Compensation and benefits $16,392,852 $16,048,290
Operations $13,024,700 $10,832,412
Occupancy $2,918,266 $2,878,314
Total non-interest expense $32,335,818 $29,759,016
Net income $6,938,575 $7,901,675
Net income attributable to non-controlling interest 834,356 ($964,503)
Net income attributable to Verity Credit Union $7,772,931 $6,937,172

Balance Sheet

Fiscal year ended 12/31/2022 12/31/2021

Assets

Cash and cash equivalents $42,537,260 $131,895,424
Investments
Securities available for sale $28,147,775 $36,137,992
Other $5,517,289 $3,004,201
Loans held for sale --- $3,093,114
Loans receivable, net $737,118,498 $581,115,333
Accrued interest receivable $1,766,418 $1,149,902
Property and equipment, net $7,745,416 $8,651,731
National Credit Union Share Insurance Fund deposit $6,021,692 $5,828,781
Right of use asset $2,086,487 ---
Other assets $14,165,858 $8,988,651
Total assets $845,106,693 $779,865,129

Liabilities

Members' share accounts $697,646,585 $703,490,549
Accrued expenses after other liabilities $10,161,030 $8,366,283
Lease liability $2,108,430 ---
Borrowed funds $62,500,000 ---
Total liabilities $772,416,045 $711,856,832

Members' equity

Regular reserve $5,565,164 $5,565,164
Undivided earnings $65,377,755 $57,604,824
Accumulated other comprehensive income ($1,716,915) $539,309
Total members' equity $69,226,004 $63,709,297

Non-controlling interest

$3,464,644 $4,299,000

Total equity

$72,690,648 $68,008,297

Total liabilities & equity

$845,106,693 $779,865,129

Total membership

40,205 38,690

 

Financial statements audited by independent CPA firm Moss-Adams LLP. These statements represent Verity Credit Union and Credit Union Home Mortgage Solutions (CUHMS) consolidated. Verity is part-owner of CUHMS.

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