2013: A Record Year in Review

Thanks to continued growth and strong member loyalty, 2013 was another outstanding year for Community Financial. We continued to see a strong increase in membership and again saw high member satisfaction ratings.

These factors led to solid financial results, with all areas of credit union operations performing well in 2013. Net income for the year was $9,638,221 or a 1.83% return on assets. We expect to achieve a positive net income of $6.8 million in 2014 due in part to the benefits of operating in the current interest rate environment and stabilized loan losses.

Total assets grew to $543 million in 2013. Member deposits at year-end were $458 million. Total net loans increased 6.66% to $507 million. The majority of the increase was in equity and consumer secured loans with significant growth in the auto portfolio. Our members continued to take advantage of lower mortgage rates and we originated over $101 million in first mortgage loans.

Community Financial’s equity increased to $72 million from $62.7 million, resulting in a net worth ratio of 13.31%. 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, the 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 2013 December 2012
Assets Net Loans to Members
Cash
Investments
Other Assets
Total Assets
506,705,020
3,684,739
13,860,789
18,839,692
543,090,240
475,052,857
3,117,112
14,546,359
18,809,879
511,526,206
Liabilities Shares
Certificates
Other Liabilities
Reserves
Undivided
Total Liabilities & Equity
367,975,147
90,474,756
12,332,404
6,846,126
65,461,807
543,090,240
341,011,249
97,729,962
10,101,375
6,846,126
55,837,494
511,526,206
Statement of Income and Expenses
Income Income from Loans
Income from Investments
Other Income
Total Income
24,341,868
119,384
8,211,295
32,672,547
24,049,152
205,177
8,609,652
32,863,981
Expenses Salaries/Benefits
Office Occupancy
Office Operations
Educational/Advertising
Outside Services
Dividends
Interest on Borrowed Funds
Provision for Loan Losses
Other Expenses
Total Expenses
Net Income
11,841,091
1,063,683
2,437,448
1,174,621
417,083
1,437,490
15,956
1,335,480
3,311,475
23,034,327
9,638,221
11,309,766
935,223
2,296,814
1,169,868
451,769
1,776,776
34,741
2,729,712
3,073,435
23,778,104
9,085,877
"When our credit union grows, not only do we continue to provide great service and sound financial advice to our members, but we also have the opportunity to hire more people and give back to the communities we serve. This benefits everyone."
Bill Lawton, Community Financial president/CEO

Some of the groups we’ve supported on behalf of our members:

88.1 The Park
Army of Sum: Johannesburg-Lewiston high School Robotics Team
Atlanta Area Little League
Atlanta Community Schools
Blum’s Landing
Boys and Girls Club Lanny Kingsbury Center
Bridgepointe Non Profit
Brush Creek Mill
Canton Rotary Foundation
Civic Concern
Detroit Area Diaper Bank
DTE Energy Farm (Garden for Gleaners Food Bank)
Foster Closet of Michigan Western Wayne
Friends for Life of Otsego County
Friends of the Northville District Library
Friends of the Penn
Friendship Housing Center
Fun Country Riders
Gaylord Community Schools
Giving Songs
Gleaners Community Food Bank
Guardian Gals Inc.
Hillman Area Historical Society
Hillman Broadcasting Program
Hillman Community Schools
Hillside Middle School PTSA
Hospice of Michigan – Gaylord Office
Humble Design
Infant-Preschool Special Education Program, Tanger Center
Johannesburg-Lewiston Area Schools
Kelly’s Kidz
Kids on The Go Camp
Leslie Science and Nature Center
Lighthouse Family Charity
Livonia Franklin Band
Livonia Jaycees / Webster Elementary School
Livonia Public School Education Foundation
Lost Voices
Michigan Military Moms
Michigan Philharmonic
Miracle League of Plymouth
Moraine Elementary School
New Hope Center for Grief Support
Northville Educational Foundation
Northville High School PTSA
Northville Historical Society
Novi Education Foundation
Open Door Food Ministry
Otsego Conservation District
Otsego County Child Welfare Alliance
Otsego County Food Pantry
Otsego County Library Teen Advisory Board
Partnership for the Arts and Humanities
Pioneer Middle School
Plymouth Christian Academy
Plymouth Community Arts Council
Plymouth Salvation Army
Plymouth-Canton Community Schools Education Excellence Foundation
Providing for Paws
Rouge Education Project
Seedlings Braille Books
Shelter, Inc
Susan’s Wish
Tail Wagger's 1990
THAW
The Caring Place Adult Day Center
The Salvation Army’s Coats for Kids program
Tipping Point Theatre
Tonda Baseball Organization
Veterans’ Summit - Canton Community Foundation
Village Theater at Cherry Hill
Warm Hearts Organization
Wish Upon a Teen