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The Supervisory Committee provides the Membership with an independent appraisal of the safety and soundness of SchoolsFirst Federal Credit Union’s operations and activities. It does so in compliance with various financial and regulatory requirements.
In fulfilling these responsibilities, the Committee engaged Moss Adams LLP to perform the annual financial statement audit for the year ended December 31, 2024. Moss Adams issued its opinion that the Credit Union’s financial statements are presented fairly in all material respects. In addition, the Committee held quarterly meetings to review, among other things, internal audit reports, internal controls and risk-management processes, and examinations by regulatory agencies.
In the opinion of the Committee, SchoolsFirst Federal Credit Union has operated in a financially sound manner and in accordance with applicable federal and state regulations. The Credit Union continues to be financially strong and well-managed, and the assets of the Membership are being effectively safeguarded.
| Assets | 2024 | 2023 |
|---|---|---|
| Cash and cash equivalents | 3,672,896 | 1,021,629 |
| Investments available-for-sale, at fair value | 1,337,295 | 1,479,674 |
| Investments held-to-maturity, at amortized cost | 5,191,844 | 6,386,777 |
| Other investments, at fair value | 64,530 | 26,592 |
| Loans held for sale, at fair value | 1,416 | 33,950 |
| Loans, net | 19,995,920 | 18,910,647 |
| Accrued interest receivable | 89,607 | 79,523 |
| Receivable from other financial institutions | 822,874 | 500,958 |
| National Credit Union Share Insurance Fund (NCUSIF) deposit | 240,593 | 228,790 |
| Property and equipment, net | 278,808 | 286,670 |
| Goodwill and intangible assets, net | 39,989 | 49,710 |
| Other assets | 190,766 | 217,323 |
| TOTAL ASSETS | 31,926,538 | 29,222,243 |
| Liabilities and Members’ Equity | ||
|---|---|---|
| Liabilities | ||
| Members’ shares | 26,828,355 | 24,037,575 |
| Accrued expenses and other liabilities | 351,171 | 421,307 |
| Borrowed funds | 1,600,000 | 1,822,500 |
| 28,779,526 | 26,281,382 | |
| Members’ equity | ||
| Retained earnings | 3,134,241 | 2,969,411 |
| Accumulated other comprehensive income (loss) | 12,771 | (28,550) |
| 3,147,012 | 2,940,861 | |
| TOTAL LIABILITIES AND MEMBERS’ EQUITY | 31,926,538 | 29,222,243 |
| Capital ratio | 9.86% | 10.06% |
For the Years Ended December 31, 2024 and 2023 (in thousands of dollars)
| Interest Income | 2024 | 2023 |
|---|---|---|
| Loans | 1,146,841 | 906,894 |
| Investments and cash deposits at financial institutions | 221,816 | 142,054 |
| Total Interest Income | 1,368,657 | 1,048,948 |
| Interest Expense | ||
|---|---|---|
| Members’ shares | 500,879 | 283,961 |
| Borrowed funds | 77,400 | 47,645 |
| TOTAL INTEREST EXPENSE | 578,279 | 331,606 |
| Net interest income | 790,378 | 717,342 |
| Provision for credit losses | 213,937 | 150,558 |
| NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 576,441 | 566,784 |
| Non-Interest Income | ||
|---|---|---|
| Member fees | 59,075 | 55,809 |
| Card interchange and ATM fees | 93,591 | 87,912 |
| Gain on sale of investments and loans, net | 1,952 | 777 |
| Other non-interest income | 61,305 | 49,504 |
| TOTAL NON-INTEREST INCOME | 215,923 | 194,002 |
| Non-Interest Expense | ||
|---|---|---|
| Salaries and benefits | 355,020 | 337,872 |
| Operations and other administrative expenses | 226,947 | 212,881 |
| Occupancy | 45,567 | 43,215 |
| TOTAL NON-INTEREST EXPENSE | 627,534 | 593,968 |
| NET INCOME | 164,830 | 166,818 |
| Other comprehensive income | 41,321 | 30,119 |
| TOTAL COMPREHENSIVE INCOME | 206,151 | 196,937 |