2 YEAR REPORT

Lake Michigan

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Welcome to Search & Analyze!


Welcome to Search & Analyze on CreditUnions.com.

This is a paid feature on CreditUnions.com designed to help credit unions find other executives, build peer groups, and perform simple financial analysis. Want to gain access to these features? Click below to find the subscription option that works best for you.

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Welcome to Search & Analyze!


Welcome to Search & Analyze on CreditUnions.com.

This is a paid feature on CreditUnions.com designed to help suppliers better research and target credit unions across the United States. Subscribers can build lists, research credit union contact and vendor names, and much more! Click below to find the subscription option that works best for you.

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Welcome to Search & Analyze!


Welcome to Search & Analyze on CreditUnions.com.

This is a paid feature on CreditUnions.com designed to help credit unions find other executives, build peer groups, and perform simple financial analysis. Want to gain access to these features? Click below to find the subscription option that works best for you.

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  202006 202106 %Chg
INCOME:      
Loans $116,265,383 $126,320,362 8.65%
(Less Rebates) ($1,211) ($1,373) -13.38%
Investments $6,628,522 $4,273,941 -35.52%
Fee Income $10,204,982 $10,161,143 -0.43%
Trading + Other Operating $100,984,617 $110,222,580 9.15%
Total Income $234,082,293 $250,976,653 7.22%
       
EXPENSES:
Employee Compensation & Benefits $65,682,704 $72,730,783 10.73%
Travel & Conference $208,324 $310,521 49.06%
Office Occupancy $5,377,066 $5,865,553 9.08%
Office Operations $18,414,845 $21,436,972 16.41%
Education & Promotional $2,287,068 $3,503,378 53.18%
Loan Servicing $18,702,536 $22,164,801 18.51%
Professional Services $1,720,151 $3,324,468 93.27%
Member Insurance $0 $0
Operating Fees $281,542 $299,027 6.21%
Miscellaneous $1,419,700 $2,340,538 64.86%
Operating Expense Subtotal $114,093,936 $131,976,041 15.67%
       
Provision for Loan Losses $1,789,125 $2,985,027 66.84%
Operating Exp. + Provision for Loan Losses $115,883,061 $134,961,068 16.46%
       
Non-Operating Gain (Loss) $129,238 $1,132 -99.12%
Income before Dividends $118,328,470 $116,016,717 -1.95%
Interest on Borrowed Funds $4,152,884 $3,175,891 -23.53%
Dividends $35,629,384 $30,727,801 -13.76%
Net Income Prior to Assessments $78,546,202 $82,113,025 4.54%
Net NCUSIF & TCCUSIF Expenses $0 $0
Net Income $78,546,202 $82,113,025 4.54%
       
SELECTED OPERATING DATA:      
Branches 55 61 10.91%
Members 386,724 413,178 6.84%
Potential Members 31,295,240 31,591,983 0.95%
Employees 1340.0 1397.5 4.29%
Members/Employee 289 296 2.44%
Average Salary & Benefits/Employee $98,034 $104,087 6.17%
Total YTD Loan Originations $3,359,754,590 $3,915,162,496 16.53%
       
KEY RATIOS:
Operating Exp/Income 48.74% 52.58% 7.89%
Dividends/Income 15.22% 12.24% -19.56%
Net Income/Income 33.55% 32.72% -2.50%
Fee+Other Income/Income 47.50% 47.97% 0.98%
Return on Average Assets 2.05% 1.67% -18.71%
Loans/Assets 69.11% 65.58% -5.10%
Net Worth/Assets 11.42% 10.84% -5.09%
Delinquency 0.11% 0.15% 41.75%
% Invest Over 1 yr 10.94% 21.56% 97.06%
Mortgage-Backed Securities/Total Investments 18.07% 29.11% 61.11%
Yield on Investments 0.64% 0.29% -55.37%
Yield on Loans (including Loans Held-for-Sale) 4.24% 3.80% -10.29%
Average Cost of Funds 1.21% 0.79% -34.46%
Gross Spread 2.34% 2.12% -9.35%
Average Loan Balance $31,694 $34,686 9.44%
Average Share Balance $18,135 $21,659 19.43%
Assets/Employee $6,294,360 $7,468,470 18.65%
Avail for Sale/Total Investments 0.00% 0.00%