2 YEAR REPORT

Redwood


  Sep 2019 Sep 2020 %Chg
ASSETS  
Cash & Cash Equivalents $760,362,850 $1,390,062,368 82.82%
Government Securities $417,687 $365,535 -12.49%
Corporate CU $0 $248,814 Infinity
Deposit in Banks and S&L's $0 $0
Mutual Funds $0 $0
All Other Investments $15,000,000 $15,000,000 0.00%
Total Investments $775,780,537 $1,405,676,717 81.20%
       
Real Estate Loans $2,250,741,586 $2,524,357,856 12.16%
Auto Loans $1,173,134,058 $1,256,330,220 7.09%
All Other Loans $441,552,276 $559,585,479 26.73%
Total Loans $3,865,427,920 $4,340,273,555 12.28%
       
(Loan Loss Allow) ($29,776,405) ($45,745,698) 53.63%
       
Foreclosed & Repossessed Property $331,435 $260,304 -21.46%
Land & Buildings $46,611,170 $59,071,370 26.73%
Other Fixed Assets $14,493,095 $16,783,006 15.80%
All Other Assets $143,126,534 $173,698,906 21.36%
TOTAL ASSETS $4,815,994,286 $5,950,018,160 23.55%
       
LIABILITIES & CAPITAL      
Dividends Payable $555,344 $291,740 -47.47%
Notes Payable $0 $0
Reverse Repurchase Agreements $0 $0
Other Liabilities $30,588,364 $37,060,654 21.16%
Total Liabilities
$31,143,708 $37,352,394 19.94%
       
Regular Shares & Deposits $1,824,521,080 $2,414,284,349 32.32%
Money Market Shares $1,412,382,652 $1,736,380,751 22.94%
Share Drafts $237,901,039 $302,732,345 27.25%
IRA & Keogh $141,209,501 $159,759,787 13.14%
Share Certificates $558,423,093 $619,428,462 10.92%
Total Shares $4,174,437,365 $5,232,585,694 25.35%
       
Regular Reserve $19,074,605 $19,074,605 0.00%
FASB 115 Val Reserves $39,226 $44,227 12.75%
Undivided Earnings & Other Reserves $589,299,264 $658,624,481 11.76%
Equity Acquired in Merger $2,000,118 $2,336,759 16.83%
Total Reserves & Undivided Earnings $610,413,213 $680,080,072 11.41%
TOTAL LIABILITIES & CAPITAL $4,815,994,286 $5,950,018,160 23.55%
       
DELINQUENT LOANS      
2-6 Months Delinq. $9,672,105 $9,743,680 0.74%
6-12 Months $2,652,842 $3,808,997 43.58%
Over 12 Months $1,912,132 $2,323,546 21.52%
Total Delinquent Loans $14,237,079 $15,876,223 11.51%
Bankruptcies $1,914,335 $2,449,941 27.98%
Net Chargeoff (Recov) $6,766,748 $6,761,115 -0.08%
 
Loan Portfolio Profile   % of Total
Unsecured Credit Card $229,236,559 5.28%
All Other Unsecured $180,152,419 4.15%
Student Loans $0 0.00%
New Auto $466,020,910 10.74%
Used Auto $790,309,310 18.21%
1st Mortgage $2,197,042,106 50.62%
Other Real Estate $327,315,750 7.54%
Other Loans $150,196,501 3.46%
First Mtg Fixed Rate included in above 1,065,762,036 24.56%
Unused Credit/Tot. Invest+Cash 79.05%  
 
  YTD 2019 YTD 2020 %Chg
INCOME:  
Loans $122,158,390 $133,093,816 8.95%
(Less Rebates) $0 $0
Investments $12,972,951 $4,034,859 -68.90%
Fee Income $14,981,380 $9,588,873 -35.99%
Trading + Other Operating $35,431,937 $43,853,890 23.77%
Total Income $185,544,658 $190,571,438 2.71%
       
EXPENSES:
Employee Compensation & Benefits $46,945,197 $54,590,452 16.29%
Travel & Conference $1,177,746 $365,349 -68.98%
Office Occupancy $5,526,661 $6,232,540 12.77%
Office Operations $6,886,272 $7,473,156 8.52%
Education & Promotional $4,632,152 $3,878,193 -16.28%
Loan Servicing $12,527,398 $13,467,717 7.51%
Professional Services $7,635,971 $8,186,226 7.21%
Member Insurance $0 $0
Operating Fees $308,648 $347,612 12.62%
Miscellaneous $3,936,026 $2,809,437 -28.62%
Operating Expense Subtotal $89,576,071 $97,350,682 8.68%
       
Provision for Loan Losses $9,876,955 $21,455,057 117.22%
Operating Exp. + Provision for Loan Losses $99,453,026 $118,805,739 19.46%
       
Non-Operating Gain (Loss) $31,348 ($42,704) -236.23%
Income before Dividends $86,122,980 $71,722,995 -16.72%
Interest on Borrowed Funds $37 $0 -100.00%
Dividends $16,804,918 $21,782,144 29.62%
Net Income Prior to Assessments $69,318,025 $49,940,851 -27.95%
Net NCUSIF & TCCUSIF Expenses $0 $0
Net Income $69,318,025 $49,940,851 -27.95%
       
SELECTED OPERATING DATA:      
Branches * 19 19 0.00%
Members 272,021 291,684 7.23%
Potential Members 3,503,852 3,554,578 1.45%
Employees 637 651 2.20%
Members/Employee 427 448 4.92%
Average Salary & Benefits/Employee $98,340 $111,894 13.78%
Total YTD Loan Originations $1,175,394,627 $1,617,646,743 37.63%
       
KEY RATIOS:
Operating Exp/Income 48.28% 51.08% 5.81%
Dividends/Income 9.06% 11.43% 26.20%
Net Income/Income 37.36% 26.21% -29.85%
Fee+Other Income/Income 27.17% 28.04% 3.21%
Return on Average Assets 1.99% 1.22% -38.93%
Loans/Assets 80.26% 72.95% -9.12%
Net Worth/Assets 12.72% 11.47% -9.85%
Delinquency 0.37% 0.37% -0.69%
% Invest Over 1 yr 2.11% 1.18% -43.94%
Mortgage-Backed Securities/Total Investments 0.11% 0.06% -51.55%
Yield on Investments 2.37% 0.41% -82.78%
Yield on Loans 4.42% 4.27% -3.33%
Average Cost of Funds 0.56% 0.61% 9.30%
Gross Spread 3.42% 2.86% -16.44%
Average Loan Balance $24,640 $26,156 6.15%
Average Share Balance $15,346 $17,939 16.90%
Assets/Employee $7,566,370 $9,146,838 20.89%
Avail for Sale/Total Investments 0.06% 0.00% -100.00%

* 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
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