2026 Annual Meeting
65TH Annual Statement
Greater Community Credit Union
Dawson - Boyd - Renville - Fergus Falls
COMPARATIVE FINANCIAL STATEMENT
I again would like to invite all members to our annual meeting that will be held Tuesday, March 24 @ 6:30pm. The meeting will be held in Dawson-Boyd School Commons. The annual meeting is another reminder that credit unions are different from other financial institutions. By our structure and by-laws, every member is an owner and has a voice in the operations of the credit union. Credit Unions are led by the direction of a group of volunteer board of directors and overseen by a volunteer supervisory committee. Many members have volunteered over the years to make the credit union the organization that it is today.
In 2025, there were 472 new members joining in the four locations of Dawson, Renville, Boyd and Fergus Falls. The credit union had $14,903,888 in total income, $6,108,567 in dividends and interest to depositors, $4,202,432 in operating expenses, and $4,592,889 in net income. Total assets grew slightly under $2 million, ending $284,909,300. Total net capital is $58,980,026 which is 20.7% of total assets. Loans to members are the credit union’s largest source of revenue. Agriculture land loans 30%, Agriculture operating 23%, and residential real estate 20% continue to be the largest dollar amounts in the portfolio. The credit union currently has twenty-five staff members.
The report of 2025 cannot conclude without our appreciation for the business and loyalty of our membership. The past growth of Greater Community Credit Union has been a terrific success story. The challenge is to continue that growth in the coming years. The only way to do this is get more business from our current members or acquire new members. I am asking for your help in both of these areas. And also, if you are interested in taking a more vested interest in the credit union, contact me about serving as a volunteer.
Wishing for a prosperous 2026 for all.
INCOME
| INCOME | 2025 | 2024 |
|---|---|---|
| Interest on Loans | $9,763,237 | $9,682,584 |
| Fee Income | $241,299 | $234,751 |
| Investment Income | $4,385,475 | $4,354,990 |
| Misc. Income | $513,877 | $513,567 |
| Total Income | $14,903,888 | $14,803,892 |
ASSETS
| ASSETS | 2025 | INCREASE/DECREASE | 2024 |
|---|---|---|---|
| Cash In Bank | $1,494,366 | $1,416,468 | |
| Loans | $170,759,142 | $169,099,399 | |
| Loans Sold | $-524,495 | $-431,872 | |
| Less Loan Allowance | $-2,742,479 | $-3,171,161 | |
| Investments | $106,663,485 | $108,736,782 | |
| Accrued Income | $2,743,747 | $2,973,879 | |
| Furniture & Equipment | $274,290 | $210,449 | |
| Building | $2,677,473 | $663,893 | |
| NCUSIF | $1,993,326 | $1,987,828 | |
| Other Assets | $1,494,902 | $1,494,902 | |
| Total Assets | $284,909,300 | +$1,928,733 | $282,980,567 |
LIABILITIES
| LIABILITIES | 2025 | INCREASE/DECREASE | 2024 |
|---|---|---|---|
| Shares | $91,884,322 | $92,261,070 | |
| Certificates | $86,354,044 | $88,945,609 | |
| Share Draft Account | $46,958,231 | $47,175,820 | |
| Accounts Payable | $732,677 | $210,931 | |
| Total Liabilities | $225,929,274 | + $2,664,156 | $228,593,430 |
CAPITAL
| CAPITAL | 2025 | INCREASE/DECREASE | 2024 |
|---|---|---|---|
| Undivided Earnings | $57,896,940 | $53,304,051 | |
| Acquired Equity - Fergus | $1,083,086 | $1,083,086 | |
| Total Capital | $58,980,026 | + $4,592,889 | $54,387,137 |
| Total Capital and Liabilities | $284,909,300 | + $1,928,733 | $282,980,567 |
EXPENSES
| EXPENSES | 2025 | 2024 |
|---|---|---|
| Salaries | $1,624,395 | $1,560,613 |
| Employee Benefits | $556,149 | $514,797 |
| Travel & Conference | $34,159 | $35,949 |
| Bond & Other Insurance | $103,386 | $89,404 |
| Investment Fees/Losses | $1,233 | $2,925 |
| Association Dues | $34,488 | $32,612 |
| Office Occupancy | $55,663 | $53,951 |
| Office Operations | $293,088 | $263,826 |
| Provision Loan Loss | $218,000 | $175,000 |
| Loan Servicing | $78,763 | $52,853 |
| Advertising & Promotion | $79,913 | $93,834 |
| Professional Services | $929,823 | $928,171 |
| Examination Fee | $31,200 | $12,000 |
| Real Estate Tax | $17,850 | $16,162 |
| Annual Meeting | $3,683 | $3,356 |
| Depreciation | $135,832 | $114,627 |
| Misc Expense | $5,134 | $1,710 |
| Total Expenses | $4,202,432 | $3,952,107 |
| Income From Operations | $10,701,456 | $10,851,785 |
DISTRIBUTION OF INCOME FROM OPERATIONS
| DISTRIBUTION OF INCOME FROM OPERATIONS | 2025 | 2024 |
|---|---|---|
| Interest on Borrowed Money | $0 | $0 |
| Dividends | $2,459,118 | $2,366,339 |
| Interest | $3,649,449 | $3,668,729 |
| Undivided Earnings | $4,592,889 | $4,816,717 |
| $10,701,456 | $10,851,785 |