2011: A Record Year in Review2011 was an outstanding year for Community Financial thanks to member loyalty and record growth. We saw a record near 10% increase in membership and our highest all-time member satisfaction rating.
Among credit union members responding to a national survey, Community Financial ranked in the 97th percentile for members saying they were “very satisfied,” and over 96% of our members indicated they are either “satisfied” or “very satisfied,” the highest rankings available.
Those records, led to improved financial results from 2010. All areas of credit union operations performed well in 2011. Net income for the year was $10,459,285 or 2.24% of assets, and while Community Financial continued to assist those dealing with financial hardships, loan losses decreased and the ratio of charged off loans to average balances dropped from 1.56% to .67%.
We expect to achieve a positive net income of $7 million in 2012 thanks to decreased loan losses and benefits to our bottom line from operating in the current interest rate environment.
Total assets grew to $478 million in 2011. Member deposits at year-end were $413 million. Total loans and leases increased 5.11% to $439 million. The majority of the increase was in consumer loans with significant growth in the auto portfolio. Our members took advantage of lower mortgage rates and we originated over $66 million in first mortgage loans.
Community Financial’s equity increased to $53.6 million from $43 million, resulting in a net worth ratio of 11.22%. This increase in equity is the result of positive net income for the year. With this net worth ratio Community Financial is considered well capitalized by our regulator, National Credit Union Administration.
By offering the best products and outstanding service, Community Financial members enjoy a banking experience that is easy and rewarding. We thank all of our member/owners for trusting us to help you reach your financial goals.
|Statement of Condition||December 2011||December 2010|
Net Loans to Members
Total Liabilities & Equity
|Statement of Income and Expenses|
Income from Loans
Income From Investments
Interest on Borrowed Funds
Provision for Loan Losses