Community Matters
Annual Community Report 2015

2015: A Record Year in Review

Thanks 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
Assets Net Loans to Members
Cash
Investments
Other Assets
Total Assets
643,626,063
4,306,001
35,953,327
18,085,679
701,971,071
565,990,020
4,296,835
15,482,321
19,187,972
604,957,147
Liabilities Shares
Certificates
Other Liabilities
Reserves
Undivided
Total Liabilities & Equity
438,994,501
104,577,857
70,650,587
6,846,126
80,902,001
701,971,071
404,504,021
87,077,844
33,734,387
6,846,126
72,794,770
604,957,147
Statement of Income and Expenses
Income Income from Loans
Income from Investments
Other Income
Total Income
25,853,439
176,604
9,337,137
35,367,180
23,164,406
213,212
7,941,849
31,319,467
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
15,122,572
1,307,270
2,866,427
1,511,486
554,799
1,569,326
173,186
1,105,850
3,042,389
27,253,305
8,113,875
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