2 YEAR REPORT

Lake Michigan

202009 202109 %Chg
ASSETS      
Cash & Cash Equivalents $1,742,690,424 $2,300,348,422 32.00%
Government Securities $307,836,551 $684,018,234 122.20%
Corporate CU $0 $0
Deposit in Banks and S&L's $0 $0
Mutual Funds $0 $0
All Other Investments $37,182,430 $35,376,781 -4.86%
Total Investments $2,087,709,405 $3,019,743,437 44.64%
       
Real Estate Loans $5,170,112,285 $5,934,202,093 14.78%
Auto Loans $536,860,722 $602,048,314 12.14%
All Other Loans $451,441,324 $438,494,285 -2.87%
Total Loans $6,158,414,331 $6,974,744,692 13.26%
       
(Loan Loss Allow) ($9,788,585) ($15,370,438) 57.02%
       
Foreclosed & Repossessed Property $367,931 $16,644 -95.48%
Land & Buildings $86,725,207 $92,632,401 6.81%
Other Fixed Assets $8,438,058 $7,776,928 -7.84%
All Other Assets $407,438,627 $589,441,005 44.67%
TOTAL ASSETS $8,739,304,974 $10,668,984,669 22.08%
       
LIABILITIES & CAPITAL      
Dividends Payable $1,218,598 $676,404 -44.49%
Notes Payable $310,000,000 $240,000,000 -22.58%
Reverse Repurchase Agreements $0 $0
Other Liabilities $91,533,283 $119,937,301 31.03%
Total Liabilities $402,751,881 $360,613,705 -10.46%
       
Regular Shares & Deposits $374,981,455 $3,913,186,167 943.57%
Money Market Shares $5,136,310,850 $1,092,769,439 -78.72%
Share Drafts $439,676,176 $3,025,610,243 588.15%
IRA & Keogh $298,289,670 $311,195,072 4.33%
Share Certificates $1,081,835,935 $810,817,738 -25.05%
Total Shares $7,331,094,086 $9,153,578,659 24.86%
       
Regular Reserve $12,481,652 $12,481,652 0.00%
FASB 115 Val Reserves ($3,618,009) ($7,413,794) -104.91%
Undivided Earnings & Other Reserves $994,940,861 $1,148,069,944 15.39%
Equity Acquired in Merger $1,654,503 $1,654,503 0.00%
Total Reserves & Undivided Earnings $1,005,459,007 $1,154,792,305 14.85%
TOTAL LIABILITIES & CAPITAL $8,739,304,974 $10,668,984,669 22.08%
       
DELINQUENT LOANS      
2-6 Months Delinq. $3,818,465 $6,733,398 76.34%
6-12 Months $1,774,806 $2,064,572 16.33%
Over 12 Months $863,552 $1,950,023 125.81%
Total Delinquent Loans $6,456,823 $10,747,993 66.46%
Bankruptcies $11,198,238 $4,649,603 -58.48%
Net Chargeoff (Recov) $1,587,873 $450,578 -71.62%
 
Loan Portfolio Profile   % of Total
Unsecured Credit Card $128,284,950 1.84%
All Other Unsecured $112,393,424 1.61%
Student Loans $0 0.00%
New Auto $99,124,825 1.42%
Used Auto $502,923,489 7.21%
1st Mortgage $5,667,928,787 81.26%
Other Real Estate $266,273,306 3.82%
Other Loans $197,815,911 2.84%
First Mtg Fixed Rate included in above $3,829,270,965 54.90%
Unused Credit/Tot. Invest+Cash 31.28%  
 
  202009 202109 %Chg
INCOME:      
Loans $176,485,768 $190,384,088 7.88%
(Less Rebates) ($2,225) ($2,996) -34.65%
Investments $8,312,073 $7,004,722 -15.73%
Fee Income $15,894,698 $15,046,357 -5.34%
Trading + Other Operating $167,740,607 $151,431,253 -9.72%
Total Income $368,430,921 $363,863,424 -1.24%
       
EXPENSES:
Employee Compensation & Benefits $103,281,364 $109,890,949 6.40%
Travel & Conference $242,733 $511,867 110.88%
Office Occupancy $8,151,464 $8,816,592 8.16%
Office Operations $28,945,864 $33,416,596 15.45%
Education & Promotional $3,768,365 $4,990,152 32.42%
Loan Servicing $30,173,873 $31,647,816 4.88%
Professional Services $2,514,629 $4,798,781 90.83%
Member Insurance $0 $0
Operating Fees $422,313 $417,314 -1.18%
Miscellaneous $3,333,207 $3,822,696 14.69%
Operating Expense Subtotal $180,833,812 $198,312,763 9.67%
       
Provision for Loan Losses $4,555,637 $3,578,976 -21.44%
Operating Exp. + Provision for Loan Losses $185,389,449 $201,891,739 8.90%
       
Non-Operating Gain (Loss) $204,238 $1,132 -99.45%
Income before Dividends $183,245,710 $161,972,817 -11.61%
Interest on Borrowed Funds $6,037,850 $4,621,058 -23.47%
Dividends $53,140,922 $44,674,608 -15.93%
Net Income Prior to Assessments $124,066,938 $112,677,151 -9.18%
Net NCUSIF & TCCUSIF Expenses $0 $0
Net Income $124,066,938 $112,677,151 -9.18%
       
SELECTED OPERATING DATA:      
Branches * 55 61 10.91%
Members 394,839 420,165 6.41%
Potential Members 31,295,240 31,582,925 0.92%
Employees 1342.5 1432.5 6.70%
Members/Employee 294 293 -0.27%
Average Salary & Benefits/Employee $102,576 $102,284 -0.29%
Total YTD Loan Originations $5,348,477,455 $5,794,427,260 8.34%
       
KEY RATIOS:
Operating Exp/Income 49.08% 54.50% 11.04%
Dividends/Income 14.42% 12.28% -14.88%
Net Income/Income 33.67% 30.97% -8.04%
Fee+Other Income/Income 49.84% 45.75% -8.21%
Return on Average Assets 2.12% 1.51% -28.81%
Loans/Assets 70.47% 65.37% -7.23%
Net Worth/Assets 11.55% 10.89% -5.66%
Delinquency 0.10% 0.15% 46.98%
% Invest Over 1 yr 13.97% 22.94% 64.13%
Mortgage-Backed Securities/Total Investments 20.82% 31.35% 50.61%
Yield on Investments 0.55% 0.32% -42.37%
Yield on Loans (including Loans Held-for-Sale) 4.16% 3.78% -9.14%
Average Cost of Funds 1.17% 0.75% -35.39%
Gross Spread 2.29% 2.10% -8.44%
Average Loan Balance $32,436 $34,451 6.21%
Average Share Balance $18,567 $21,786 17.33%
Assets/Employee $6,509,724 $7,447,808 14.41%
Avail for Sale/Total Investments 0.00% 0.00%

* The number of branches is not available for the current quarter. The previous quarter's value is used in its place.
+ as currently reported by the NCUA