The University Federal Credit Union released its Unaudited Statement of Financial Condition on August 31. The statement reveals several notable changes compared to the previous year’s figures.
According to the statement, total assets for 2023 amount to $4,046,017,264, reflecting a 6.3% increase from the prior year. Within the assets category, cash and cash equivalents decreased by 1.0% from 2022 to $58,835,226, while liquidity investments fell by 26.2% to $107,936,759. Meanwhile, total investments showed a decrease of 22.1%, totaling $363,680,827. Gross loans, on the other hand, increased by 12.0% to $3,150,228,158, reflecting significant growth in personal, credit card, commercial, and real estate loans.
On the liabilities side, checking accounts decreased by 9.7% to $1,244,840,729, while money market accounts increased by 20.7% to $757,094,819. Certificates of deposit experienced a substantial rise, growing by 113.0% to $349,827,847. Total shares and deposits increased slightly by 0.4% to $3,429,962,039. Borrowed funds appeared as a new liability, amounting to $226,000,000. Total other liabilities increased by 187.9%, reaching $330,596,279. Total liabilities and members’ equity stand at $4,046,017,264, reflecting a 6.3% increase according to the statement.
Members’ equity showed a 3.7% increase from the previous year, reaching $285,458,945. Undivided earnings increased by 4.9% to $314,980,882, and net income for the period showed growth of 6.1% at $20,184,223, per the statement.
C. Cale McDowell, J.D., Chairman, Leslie L. Blanke, Ph.D., Treasurer, Michael E. Crowl, CEO & President, and Rhonda L. Pavlicek, EVP-Finance & Risk/CFO have collectively affirmed that they have reviewed the financial statements and, to the best of their knowledge, these statements accurately and fairly represent the financial condition and results of operations in all material respects through their signature.
