2024 Financials
Consolidated Income and Expenses
| Fiscal year ended | 12/31/2024 | 12/31/2023 |
Interest Income | ||
| Loans receivable | $34,404,956 | $37,310,856 |
| Investments and interest-bearing accounts | $3,332,154 | $1,663,524 |
| Total interest income | $37,737,110 | $38,974,380 |
Interest Expense | ||
| Members' share accounts | $7,383,349 | $4,850,103 |
| Borrowed funds | $936,802 | $2,753,863 |
| Total interest expense | $8,320,151 | $7,603,966 |
| Net interest income | $29,416,959 | $31,370,414 |
| Provision for loan losses | $6,590,863 | $4,541,611 |
| Net interest income after provision for loan loss | $22,826,096 | $26,828,803 |
Non-Interest Income | ||
| Fees and charges | $2,659,790 | $1,663,280 |
| Gain on sale of investments | --- | $2,945,683 |
| Gain on sales of loans | $5,460,264 | $4,338 |
| Interchange income | $3,465,169 | $3,465,169 |
| Other | $1,138,386 | $2,657,854 |
| Total non-interest income | $12,723,609 | $10,736,324 |
Non-Interest Expense | ||
| Compensation and benefits | $14,230,807 | $17,737,253 |
| Operations | $15,348,269 | $15,643,560 |
| Occupancy | $2,476,236 | $2,823,005 |
| Total non-interest expense | $32,055,312 | $36,203,818 |
| Net income | $863,766 | $1,361,309 |
| Net income attributable to non-controlling interest | --- | --- |
| Net income attributable to Verity Credit Union | $863,766 | $1,361,309 |
Consolidated Balance Sheet
| Fiscal year ended | 12/31/2024 | 12/31/2023 |
Assets | ||
| Cash and cash equivalents | $112,608,499 | $59,913,702 |
| Investments | ||
| Securities available for sale | $14,001,777 | $22,629,191 |
| Other | $2,831,793 | $4,431,835 |
| Loans held for sale | --- | --- |
| Loans receivable, net | $596,429,284 | $694,480,089 |
| Accrued interest receivable | $2,110,711 | $2,484,837 |
| Property and equipment, net | $5,336,129 | $6,932,668 |
| National Credit Union Share Insurance Fund deposit | $5,716,132 | $5,870,400 |
| Right of use asset | $961,051 | $1,546,028 |
| Other assets | $17,282,658 | $15,488,638 |
| Total assets | $757,278,034 | $813,777,388 |
Liabilities | ||
| Members' share accounts | $672,452,851 | $668,268,680 |
| Accrued expenses after other liabilities | $11,979,452 | $14,935,235 |
| Lease liability | $988,932 | $1,584,738 |
| Borrowed funds | --- | $58,500,000 |
| Total liabilities | $685,421,235 | $743,288,653 |
Members' Equity | ||
| Regular reserve | $5,565,164 | $5,565,164 |
| Undivided earnings | $66,838,977 | $65,975,211 |
| Accumulated other comprehensive income | $(547,342) | $(1,051,640) |
| Total members' equity | $71,856,799 | $70,488,735 |
| Non-controlling interest | --- | --- |
| Total equity | $71,856,799 | $70,488,735 |
| Total liabilities & equity | $757,278,034 | $813,777,388 |
| Total membership | 36,533 | 38,334 |
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