Financials

Condensed Consolidated Statements
of Financial Condition

As of December 31, 2021, and 2020 (in thousands of dollars)

Assets 2021 2020
Cash and cash equivalents 3,223,027 4,086,284
Investments available-for-sale, at fair value 1,421,907 713,334
Investments held-to-maturity, at amortized cost 8,161,805 5,911,120
Other investments, at fair value 71,861 72,373
Loans held for sale, at fair value 151 76,313
Loans, net 12,795,587 11,459,864
Accrued interest receivable 48,584 48,886
Receivable from other financial institutions 555,369 742,672
National Credit Union Share Insurance Fund (NCUSIF) deposit 212,001 174,437
Property and equipment, net 293,863 271,562
Goodwill and intangible assets, net 69,152 78,873
Other assets 117,488 107,416
TOTAL ASSETS 26,970,795 23,743,134
Liabilities and Members’ Equity
Liabilities
Members’ shares 23,833,839 20,765,660
Accrued expenses and other liabilities 258,056 251,888
Borrowed funds 287,500 325,000
  24,379,395 21,342,548
Members’ Equity
Retained earnings 2,608,860 2,428,371
Accumulated other comprehensive loss (17,460) (27,785)
  2,591,400 2,400,586
TOTAL LIABILITIES AND MEMBERS’ EQUITY 26,970,795 23,743,134
Capital ratio 9.61% 10.11%

Condensed Consolidated Statements of income

For the Years Ended December 31, 2021, and 2020 (in thousands of dollars)

Interest Income 2021 2020
Loans 490,613 535,052
Investments and cash deposits at financial institutions 120,960 117,791
TOTAL INTEREST INCOME 611,573 652,843
Interest Expense
Members’ shares 111,123 159,718
Borrowed funds 7,500 8,246
TOTAL INTEREST EXPENSE 118,623 167,964
 
Net interest income 492,950 484,879
Provision for loan losses 6,300 56,800
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 486,650 428,079
NonInterest Income
Member fees 34,855 32,834
Card interchange and ATM fees 75,670 63,478
Gain on sale of investments and loans, net 10,678 47,946
Other noninterest income 39,062 35,656
TOTAL NONINTEREST INCOME 160,265 179,914
NonInterest Expense
Salaries and benefts 272,511 255,250
Operations and other administrative expenses 160,736 169,005
Occupancy 33,900 27,781
TOTAL NONINTEREST EXPENSE 467,147 452,036
NET INCOME 179,768 155,957
Other comprehensive income (loss) 10,325 (23,795)
TOTAL COMPREHENSIVE INCOME 190,093 132,162