Issue link: https://www.e-digitaleditions.com/i/1109482
BALANCE SHEET Year End 12/31/2017 Year End 12/31/2018 Loans $77,967,015 $69,701,918 Less: Loan Losses Allowance $729,129 $648,516 Cash $1,089,489 $2,174,030 Investment $34,809,114 $44,402,210 Fixed Assets $1,806,151 $1,739,499 Other Assets $2,564,256 $1,834,879 Total Assets $117,506,896 $119,204,020 Accounts Payable & Other Liabilities $360,684 $682,908 CDFI Secondary Capital Note Due $559,800 Shares $109,792,006 $111,526,168 Regular Reserves $2,138,363 $2,207,593 Undivided Earnings $2,416,843 $1,988,351 CDFI Treasury Loan (Secondary Capital) $2,799,000 $2,239,200 Total Liabilities and Equity $117,506,896 $119,204,020 Treasurer's Report Mike Leung Treasurer, Board of Directors By the Numbers: Asset Growth: Loan Growth: Shares Growth: 2015 105.4M 2016 107.8M 2017 109.8M 2018 111.5M New Members: 1 Formula for calculating Capital Ratio: Including CDFI Treasury Loan (Secondary Capital) = (Regular Reserves + Undivided Earnings + CDFI Treasury Loan) / Assets 2 Excluding CDFI Treasury Loan (Secondary Capital) = (Regular Reserves + Undivided Earnings) / (Assets-Secondary Capital) INCOME STATEMENT Year End 12/31/2017 Year End 12/31/2018 Loan $3,667,492 $3,241,480 Investment $524,988 $905,411 *Interest Income $4,192,480 $4,146,891 Less: Interest on Borrowed Funds $55,980 $101,275 Less: Dividends $74,369 $75,647 Interest Margin $4,062,131 $3,969,969 Less: Cost of Operations $4,597,369 $4,908,139 Plus: Fee Income $1,013,762 $828,787 *Net Operating Income $478,524 $(109,383) Less: Provision Expense $1,165,940 $627,771 Plus: Other Income $232,331 $377,891 Other Gains & Losses $250 0 Net Income (Loss) $(454,835) $(359,263) Cooperative Center FCU Capital Ratio As Of 12/31/2018: Including CDFI Treasury Loan (Secondary Capital) = $6,435,145/$119,204,020 = 5.4% 1 Excluding CDFI Treasury Loan (Secondary Capital) = $4,195,945/$116,964,820 = 3.59% 2 Coop Stores and Other Cooperatives 863 South Berkeley Dev Corp 767 Alta Bates 575 All Other Charter Groups including Labor Unions and Non-Profits 480 Members & Charter Groups: 2016 954 2017 794 2018 2016 23.1M 2017 22.1M 2018 22.4M 612 2015 113.2M 2016 116.2M 2017 117.5M 2018 119.2M Family Members of Cooperative Center Members 2,877 Berkeley Chamber 2,493 UC Berkeley 1,534 consumer and mortgage loans excluding participations