Community Matters
Annual Community Report 2014

2014: A Record Year in Review

Thanks to continued growth and strong member loyalty, 2014 was another outstanding year for Community Financial. We continued to see a strong increase in membership and again saw our high member satisfaction ratings.

These factors led to solid financial results, with all areas of credit union operations performing well in 2014. Net income for the year was $7,340,585 or a 1.28% return on assets. We expect to achieve a positive net income of $5.1 million in 2015 due in part to the benefits of operating in the current interest rate environment and stabilized loan losses.

Total assets grew to $605 million in 2014. Member deposits at year-end were $492 million. Total net loans increased 11.7% to $566 million. Equity, 1st Mortgages and Commercial all grew by more than $10 million. Our members continued to take advantage of lower mortgage rates and we originated over $81.9 million in first mortgage loans.

Community Financial’s equity increased to $79.6 million from $72.3 million, resulting in a net worth ratio of 13.16%. 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 2014 December 2013
Assets Net Loans to Members
Cash
Investments
Other Assets
Total Assets
565,990,020
4,296,835
15,482,321
19,187,972
604,957,147
506,705,020
3,684,739
13,860,789
18,839,692
543,090,240
Liabilities Shares
Certificates
Other Liabilities
Reserves
Undivided
Total Liabilities & Equity
404,504,021
87,077,844
33,734,387
6,846,126
72,794,770
604,957,147
367,975,147
90,474,756
12,332,404
6,846,126
65,461,807
543,090,240
Statement of Income and Expenses
Income Income from Loans
Income from Investments
Other Income
Total Income
23,164,406
213,212
7,941,849
31,319,467
24,341,868
119,384
8,211,295
32,672,547
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
13,597,360
1,114,892
2,651,331
1,295,654
529,354
1,305,716
25,988
413,634
3,044,954
23,978,883
7,340,585
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