Income & Expense

Results as of Dec. 31, 2013 2012

 

INCOME
Interest on Loans to Members $29,105,150 $27,754,161
Interest on Investments $2,540,462 $2,593,997
Miscellaneous Income $14,867,037 $12,984,130
TOTAL INCOME $46,512,649 $43,332,288
 
EXPENSES
Employee Compensation $13,184,341 $12,231,703
Employee Benefits $3,177,436 $2,801,288
Meetings & Employee Training $422,622 $310,094
Association Dues $141,076 $133,125
Office Occupancy $3,100,457 $3,118,150
Office Operations $2,648,658 $2,543,921
Marketing & Promotion $1,304,638 $1,213,293
Member Loan Servicing $2,155,208 $2,502,983
Member Services $2,939,189 $3,467,167
Communications $901,885 $929,591
Data Processing $2,600,802 $1,682,922
Auditing Services $281,202 $204,741
Professional/Outside $546,166 $646,205
Provision for Loan Loss $1,940,298 $1,132,424
NCUSIF Premium Assessment $538,613 $614,897
Member Insurance $25,606 $16,381
Operating Fees $57,464 $58,685
Cash Over/Short $14,353 $9,237
Annual Meeting $4,342 $2,641
Miscellaneous Operating Expense $189,486 $148,200
 
TOTAL OPERATING EXPENSE $36,173,842 $33,767,648
 
Non-Operating (Gain)/Loss ($1,752) $158,363
Dividends & Interest Paid to Members $4,676,318 $4,926,713
Interest on Borrowed Funds $645,863 $412,132
TOTAL EXPENSES $41,494,271 $39,264,856
 
NET INCOME $5,018,378 $4,067,432

Financial Condition

Results as of Dec. 31, 2013 2012

 

ASSETS
Loans to Members (Net of Allowance) $570,404,194 $505,831,377
Accounts Receivable $2,163,050 $1,749,834
Cash on Hand in Financial Institutions $10,923,248 $9,449,650
Investments $182,187,696 $198,312,893
Prepaids/Deferreds $1,499,935 $1,127,568
Building (Net) $14,707,694 $12,205,532
Land $6,792,639 $4,895,929
Furniture, Fixtures & Equipment $4,059,166 $3,291,000
Leasehold Improvement (Net) $765,015 $943,156
Accrued Income $1,971,166 $1,855,830
NCUA Deposit Insurance $6,911,107 $6,472,598
Other Assets $14,645,851 $14,129,904
 
TOTAL ASSETS $817,030,761 $760,265,271
 
LIABILITIES & CAPITAL
Notes Payable $34,545,555 $20,037,000
Accounts Payable $6,943,181 $8,324,515
Dividends Payable $350,638 $393,699
Other Liabilities $3,656,763 $4,825,266
Member Deposits $704,183,451 $664,331,982
Regular Reserves $15,359,350 $14,553,488
Accumulated Comprehensive Income-AFS ($856,546) $666,293
Accumulated Comprehensive Income-Pension Plan ($8,114,421) ($9,364,230)
Undivided Earnings $60,962,790 $56,497,258
 
TOTAL LIABILITIES & CAPITAL $817,030,761 $760,265,271

IMPORTANT NOTICE — Bylaw Amendment

During 2013, the Board of Directors approved two (2) amendments to credit union bylaw §3.01 – Field of Membership: 1) an amendment to add the Southside Credit Union field of membership as a result of the October 31, 2013 merger; and 2) an amendment to remove redundant language and provide additional clarity for businesses located within the credit union’s designated geographic area.

Both amendments have been approved by the Credit Union Department of Texas.

Members who wish to view the amended bylaw in its entirety may contact the credit union’s executive office at 2023 Gold Canyon Drive, San Antonio, TX 78232, between the hours of 9 a.m. and 4 p.m., Monday through Friday.

 

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