| Red Crown Credit Union Facts | As of December 2022 |
|---|---|
| Founded | February 8, 1938 |
| Organization Type | A member-owned, not-for-profit cooperative financial institution. |
| Charter | Federal |
| Regulatory Agency | National Credit Union Administration (NCUA) |
| Board of Directors | Seven Board Members. Elected to three year terms. |
| Total Membership | 21,697 |
| Total Assets | $258,197,475 |
| Number of Locations | Five |
| Counties Served | Eight |
| Insured By | Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States government. |
Red Crown Credit Union Financials
Statement of Condition
| Assets | 2022 | 2021 |
|---|---|---|
| Cash | 18,072,412 | 27,900,958 |
| Investments | 56,833,718 | 65,286,872 |
| Loans | 171,361,300 | 168,037,178 |
| Allowance for Loan Loss | (546,497) | (868,065) |
| Other Assets | 12,476,542 | 12,096,439 |
| Total Assets | $258,197,475 | $272,453,382 |
| Liabilities and Member Equity | ||
| Member Shares and Certificates | 234,996,875 | 242,686,549 |
| Borrowed Funds | 9,000,000 | 9,000,000 |
| Other Liabilities | 1,421,109 | 1,388,227 |
| Total Liabilities | 245,417,984 | 253,074,776 |
| Member Equity | 12,779,491 | 19,378,607 |
| Total Liabilities and Equity | $258,197,475 | $272,453,383 |
Statement of Income
| Interest Income | 2022 | 2021 |
|---|---|---|
| Interest on Loans | 7,866,087 | 7,719,001 |
| Interest on Investments | 955,404 | 796,653 |
| Total Interest Income | $8,821,491 | $8,515,655 |
| Interest Expense | ||
| Member Shares and Certificates | 797,430 | 841,327 |
| Borrowings | 196,372 | 270,170 |
| Total Interest Expense | $993,802 | $1,111,497 |
| Net Interest before Provision | 8,235,451 | 7,404,158 |
| Provision for Losses on Loans | (156,500) | (290,250) |
| Net Interest after Provision | $8,078,951 | $7,113,908 |
| Non-Interest Income | $2,767,091 | $2,622,657 |
| Non-Interest Expense | ||
| Compensation and Benefits | 4,829,526 | 4,594,666 |
| Office Occupancy and Operations | 2,053,638 | 1,919,784 |
| Other Expenses | 2,552,868 | 2,312,853 |
| Total Non-Interest Expense | 9,436,032 | 8,827,303 |
| Non-Operating Gain (Loss) | 277,862 | 1,395,320 |
| Net Income | $1,687,872 | $2,304,582 |