Income & Expense

Results as of Dec. 31, 2014 2013

 

INCOME
Interest on Loans to Members $31,313,103 $29,105,150
Interest on Investments $2,626,881 $2,540,462
Miscellaneous Income $15,126,043 $14,867,037
TOTAL INCOME $49,066,027 $46,512,649
 
EXPENSES
Employee Compensation $14,565,052 $13,184,341
Employee Benefits $3,664,615 $3,177,436
Meetings & Employee Training $280,752 $422,622
Association Dues $71,696 $141,076
Office Occupancy $3,645,266 $3,100,457
Office Operations $2,761,502 $2,648,658
Marketing & Promotion $1,250,834 $1,304,638
Member Loan Servicing $2,362,395 $2,155,208
Member Services $2,674,841 $2,939,189
Communications $1,007,833 $901,885
Data Processing $3,371,802 $2,600,802
Auditing Services $275,264 $281,202
Professional/Outside $469,587 $546,166
Provision for Loan Loss $2,870,451 $1,940,298
NCUSIF Premium Assessment $0 $538,613
Member Insurance $8,819 $25,606
Operating Fees $59,616 $57,464
Cash Over/Short $8,053 $14,353
Annual Meeting $768 $4,342
Miscellaneous Operating Expense $169,216 $189,486
 
TOTAL OPERATING EXPENSE $39,518,362 $36,173,842
 
Non-Operating (Gain)/Loss $104,548 ($1,752)
Dividends & Interest Paid to Members $4,386,116 $4,676,318
Interest on Borrowed Funds $771,358$645,863
TOTAL EXPENSES $44,780,384 $41,494,271
 
NET INCOME $4,285,643 $5,018,378

Financial Condition

Results as of Dec. 31, 2014 2013

 

ASSETS
Loans to Members (Net of Allowance) $649,660,877 $570,404,194
Accounts Receivable $4,254,416 $2,163,050
Cash on Hand in Financial Institutions $10,423,034 $10,923,248
Investments $187,778,112 $182,187,696
Prepaids/Deferreds $2,190,216 $1,499,935
Building (Net) $14,943,428 $14,707,694
Land $7,935,761 $6,792,639
Furniture, Fixtures & Equipment $4,369,517 $4,059,166
Leasehold Improvement (Net) $585,810 $765,015
Accrued Income $2,003,582 $1,971,166
NCUA Deposit Insurance $7,089,634 $6,911,107
Other Assets $14,029,863 $14,645,851
 
TOTAL ASSETS $905,264,250 $817,030,761
 
LIABILITIES & CAPITAL
Notes Payable $53,045,581 $34,545,555
Accounts Payable $8,474,397 $6,943,181
Dividends Payable $386,501 $350,638
Other Liabilities $4,006,202 $3,656,763
Member Deposits $767,386,341 $704,183,451
Regular Reserves $15,359,350 $15,359,350
Accumulated Comprehensive Income-AFS ($180,607) ($856,546)
Accumulated Comprehensive Income-Pension Plan ($8,461,947) ($8,114,421)
Undivided Earnings $65,248,432 $60,962,790
 
TOTAL LIABILITIES & CAPITAL $905,264,250 $817,030,761

IMPORTANT NOTICE — Bylaw Amendment

In 2014, the Firstmark Credit Union Board of Directors approved an amendment to credit union bylaw §3.01 – Field of Membership.  The purpose of the amendment was to provide written clarification regarding those individuals eligible for membership with the credit union through their affiliation as a member of the San Antonio Friends of the Parks. The amendment has 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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