Community Matters
Annual Community Report 2016

2016: A Record Year in Review

Thanks to continued growth and strong member loyalty, 2016 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 very solid financial results, with all areas of credit union operations performing well in 2016. Net income for the year was $7,624,218 or a 1.04% return on assets. We expect to achieve a positive net income of $7.4 million in 2017 due in part to the benefits of operating in the current interest rate environment and stabilized loan losses.

Total assets grew to $766 million in 2016. Member deposits at year-end were $609 million. Total loans increased 10.33% to $710 million. Auto loans grew by more than 15% while commercial loans grew by over 38%.  Our members continued to take advantage of lower mortgage rates and we originated over $138 million in first mortgage loans.

Community Financial’s equity increased to $95.4 million from $87.7 million, resulting in a net worth ratio of 12.45%. 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 2016 December 2015
Assets Net Loans to Members
Cash
Investments
Other Assets
Total Assets
710,125,080
4,269,260
32,371,838
19,297,951
766,064,129
643,626,063
4,306,001
35,953,327
18,085,679
701,971,071
Liabilities Shares
Certificates
Other Liabilities
Reserves
Undivided
Total Liabilities & Equity
481,741,359
127,025,269
61,947,392
6,846,126
88,503,984
766,064,129
438,994,501
104,577,857
70,650,587
6,846,126
80,902,001
701,971,071
Statement of Income and Expenses
Income Income from Loans
Income from Investments
Other Income
Total Income
28,460,193
304,797
10,391,710
39,156,700
25,853,439
176,604
9,337,137
35,367,180
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
16,909,458
1,321,524
3,066,822
1,544,002
732,771
1,957,084
463,899
2,574,449
2,962,473
31,532,482
7,624,218
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