Financial Information
63RD Annual Statement
Greater Community Credit Union
Dawson - Boyd - Renville - Fergus Falls
COMPARATIVE FINANCIAL STATEMENT
ASSETS
INCOME
| INCOME | 2023 | 2022 |
|---|---|---|
| Interest on Loans | $7,796,951 | $6,180,049 |
| Fee Income | $231,229 | $227,099 |
| Investment Income | $3,974,454 | $1,579,699 |
| Misc. Income | $615,922 | $753,357 |
| Total Income | $12,618,556 | $8,740,204 |
| ASSETS | 2023 | INCREASE/DECREASE | 2022 |
|---|---|---|---|
| Cash In Bank | $1,205,973 | $1,367,321 | |
| Loans | $165,215,628 | $149,130,526 | |
| Loans Sold | $-504,547 | $-474,873 | |
| Less Loan Allowance | $-3,099,954 | $-3,105,767 | |
| Less Loan Allowance - Fergus | $-19,373 | $-19,373 | |
| Investments | $92,564,540 | $121,650,413 | |
| Accrued Income | $2,260,010 | $1,597,079 | |
| Furniture & Equipment | $275,193 | $158,550 | |
| Building | $476,403 | $521,128 | |
| NCUSIF | $1,905,016 | $2,165,103 | |
| Other Assets | $1,447,130 | $1,494,715 | |
| Total Assets | $261,726,019 | - $12,758,803 | $274,484,822 |
LIABILITIES
| LIABILITIES | 2023 | INCREASE/DECREASE | 2022 |
|---|---|---|---|
| Shares | $95,120,006 | $127,077,645 | |
| Certificates | $67,580,867 | $44,587,867 | |
| Share Draft Account | $49,284,080 | $58,156,760 | |
| Accounts Payable | $170,646 | $138,066 | |
| Total Liabilities | $212,155,599 | - $17,804,739 | $229,960,338 |
CAPITAL
| CAPITAL | 2023 | INCREASE/DECREASE | 2022 |
|---|---|---|---|
| Undivided Earnings | $48,487,334 | $43,441,398 | |
| Acquired Equity - Fergus | $1,083,086 | $1,083,086 | |
| Total Capital | $49,570,420 | + $5,045,936 | $44,524,484 |
| Total Capital and Liabilities | $261,726,019 | - $12,758,803 | $274,484,822 |
EXPENSES
| EXPENSES | 2023 | 2022 |
|---|---|---|
| Salaries | $1,530,226 | $1,433,820 |
| Employee Benefits | $456,464 | $425,866 |
| Travel & Conference | $41,916 | $31,406 |
| Bond & Other Insurance | $46,954 | $37,417 |
| Investment Fees/Losses | $2,925 | $2,622 |
| Association Dues | $33,446 | $27,915 |
| Office Occupancy | $69,160 | $62,178 |
| Office Operations | $257,666 | $172,475 |
| Provision Loan Loss | $225,000 | $150,000 |
| Loan Servicing | $36,988 | $42,798 |
| Advertising & Promotion | $127,704 | $64,036 |
| Professional Services | $819,757 | $755,093 |
| Examination Fee | $18,420 | $14,022 |
| Real Estate Tax | $26,246 | $16,182 |
| Annual Meeting | $3,706 | $3,179 |
| Depreciation | $107,086 | $87,437 |
| Misc Expense | $4,914 | $17,548 |
| Total Expenses | $3,808,578 | $3,343,994 |
| Income From Operations | $8,809,978 | $5,396,210 |
DISTRIBUTION OF INCOME FROM OPERATIONS
| DISTRIBUTION OF INCOME FROM OPERATIONS | 2023 | 2022 |
|---|---|---|
| Interest on Borrowed Money | $15 | $0 |
| Dividends | $2,101,350 | $1,032,756 |
| Interest | $1,662,677 | $593,763 |
| Undivided Earnings | $5,045,936 | $3,769,691 |
| $8,809,978 | $5,396,210 |