Financial Statement

Financially strong, thanks to our Members
Condensed Consolidated Statements of Financial Condition
As of December 31, 2017 and 2016 (in thousands of dollars)

Assets

2017 2016
Cash and cash equivalents $678,093 $799,413
Investments, available-for-sale, at fair value 1,095,159 726,649
Investments, held-to-maturity, at amortized cost 4,307,063 4,578,844
Loans, net 7,470,735 6,402,615
Accrued interest receivable 37,323 33,625
National Credit Union Share Insurance Fund (NCUSIF) deposit 116,426 103,183
Property and equipment, net 66,052 70,147
Other assets 348,124 346,931
TOTAL ASSETS $14,118,975 $13,061,407

Liabilities and Members’ Equity

2017 2016
Liabilities
Members’ shares $12,065,490 $11,098,438
Accrued expenses and other liabilities 179,257 158,603
Borrowed funds 305,000 350,000
12,549,747 11,607,041
Members’ Equity
Retained earnings (partially restricted) 1,572,308 1,453,248
Accumulated other comprehensive income (loss) (3,080) 1,118
1,569,228 1,454,366
TOTAL LIABILITIES AND MEMBERS’ EQUITY $14,118,975 $13,061,407
Capital ratio 11.11% 11.13%

Supplemental Information

2017 2016
Members’ equity $1,569,228 $1,454,366
Allowance for loan losses 60,876 56,976
Members’ equity, plus allowance for loan losses $1,630,104 $1,511,342
Members’ assets without allowance for loan losses $14,179,851 $13,118,383
Adjusted capital ratio 11.50% 11.52%
Note: The Supplemental Information above has been derived from the amounts in the consolidated financial statements. This Supplemental Information includes non-GAAP measures, which are provided for additional information and analysis.
Condensed Consolidated Statements of Income
For the Years Ended December 31, 2017 and 2016 (in thousands of dollars)

Interest Income

2017 2016
Loans $321,784 $283,313
Investments and cash deposits at financial institutions 91,632 71,567
TOTAL INTEREST INCOME 413,416 354,880

Interest Expense

Members’ shares 72,176 64,011
Borrowed funds 7,846 9,629
TOTAL INTEREST EXPENSE 80,022 73,640
Net interest income 333,394 281,240
Provision for loan losses 33,800 22,900
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 299,594 258,340

Non-Interest Income

Card interchange and ATM fees 57,092 50,389
Member fees 22,347 19,542
Gain on sale of loans and investments 3,745 11,057
Other ancillary products 27,542 22,818
TOTAL NON-INTEREST INCOME 110,726 103,806

Non-Interest Expense

Salaries and benefits 159,145 140,971
Operations and other administrative expenses 117,410 104,605
Occupancy 14,705 13,537
TOTAL NON-INTEREST EXPENSE 291,260 259,113
NET INCOME 119,060 103,033
Other comprehensive income (loss) (4,198) 1,700
TOTAL COMPREHENSIVE INCOME $114,862 $104,733
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