2015: A Record Year in ReviewThanks to continued growth and strong member loyalty, 2015 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 very solid financial results, with all areas of credit union operations performing well in 2015. Net income for the year was $8,113,875 or a 1.24% return on assets. We expect to achieve a positive net income of $7.1 million in 2016 due in part to the benefits of operating in the current interest rate environment and stabilized loan losses.
Total assets grew to $702 million in 2015. Member deposits at year-end were $544 million. Total net loans increased 13.72% to $644 million. Home Equity loan balances and Auto loan balances grew by more than twenty percent each. Our members continued to take advantage of lower mortgage rates and we originated over $135 million in first mortgage loans for seven percent increase in 1st Mortgage balances.
Community Financial’s equity increased to $87.7 million from $79.6 million, resulting in a net worth ratio of 12.50%. 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 2015||December 2014|
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