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 |
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| 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 |
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| 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 |
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| 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 |
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| 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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