Page 3 - Peach State FCU 2019 Annual Report

TREASURER’S REPORT
2019 was a solid year for Peach State. We outpaced our financial projections while continuing to provide outstanding service to our members and in our communities. 2019 brought the addition of a branch in Evans, Georgia, which is a collaborative effort between Peach State and two other Georgia credit unions to efficiently serve our members. We ended the year at $516 million in assets, with asset growth of just over 5% and loan growth of nearly 11%.
Peach State continues to demonstrate strong financial results year after year. As Treasurer, it is my responsibility to review and discuss the monthly reports to ensure effective financial management of the credit union. I am confident to report
that Peach State’s financial performance indicators reflect sound management and a dedication to responding to our members’ needs as they continue to evolve.
— Robert Bradford, Secretary/Treasurer
Statement of Condition (as of December 31, 2019)
Assets
Loans to Members (Less Loan Loss Reserve)
Cash on Hand
Income from Investments
$374,442,430
$8,724,813
Investments
$80,107,293
All Other Assets
Total Assets
$53,251,424
$516,525,960
Liabilities and Equity
Member Deposits
$459,546,466
Equity Capital
$49,903,838
All Other Liabilities
$7,075,656
Total Liabilities and Equity
$516,525,960
Income Statement
Interest on Loans
$18,804,150
$1,681,367
Other Income
$11,953,700
Total Income
$32,439,217
Operating Expense
$27,999,836
Dividend
$1,667,373
Extraordinary (Gain)/Loss
$17,967
Total Expenses
$29,685,175
Contribution to Capital
$2,754,042
Financial Comparison
2019
2018
Amt of Change
% of change
Assets
$516,525,960
$491,611,752
$24,914,208
5.07%
Loans
$377,064,045
$340,575,271
$36,488,774
10.71%
Member Deposits
$459,546,466
$437,186,938
$22,359,528
5.11%
Gross Income
$32,439,217
$28,226,177
$4,213,041
14.93%
Operating Expenses
Dividends
$27,999,836
$24,244,078
$3,755,757
15.49%
$1,667,373
$1,435,948
$231,424
16.12%
Extraordinary (Gain)/Loss
$17,967
$155,319
$(137,352)
-88.43%
Contribution to Capital
$2,754,042
$2,390,830
$363,211
15.19%
Number of Members
65,141
60,167
4,974
8.27%
Loan Activity 2019
Total Loans Approved (13,111)
$175,006,666
Total Loans Denied (1,969)
$16,261,406
Highest Volume Month (February)
$20,262,553
Total Loans Outstanding as of 12.31.19 (26,542)
$377,064,045
Increase over 2018
$36,488,774