| Red Crown Credit Union Facts | As of December 2021 |
|---|---|
| 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 | 24,844 |
| Total Assets | $272,453,383 |
| 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 | 2021 | 2020 |
|---|---|---|
| Cash | 27,900,958 | 38,873,249 |
| Investments | 65,286,872 | 30,129,183 |
| Loans | 168,037,178 | 160,305,889 |
| Allowance for Loan Loss | (868,065) | (1,257,018) |
| Other Assets | 12,096,439 | 12,844,009 |
| Total Assets | $272,453,383 | $240,895,312 |
| Liabilities and Member Equity | ||
| Member Shares and Certificates | 242,686,549 | 210,647,427 |
| Borrowed Funds | 9,000,000 | 10,047,100 |
| Other Liabilities | 1,388,227 | 1,849,525 |
| Total Liabilities | 253,074,776 | 222,544,052 |
| Member Equity | 19,378,607 | 18,351,261 |
| Total Liabilities and Equity | $272,453,383 | $240,895,312 |
Statement of Income
| Interest Income | 2021 | 2020 |
|---|---|---|
| Interest on Loans | 7,719,001 | 8,456,343 |
| Interest on Investments | 796,653 | 469,795 |
| Total Interest Income | $8,515,655 | $8,926,138 |
| Interest Expense | ||
| Member Shares and Certificates | 841,327 | 1,590,564 |
| Borrowings | 270,170 | 289,204 |
| Total Interest Expense | $1,111,497 | $1,879,767 |
| Net Interest before Provision | 7,404,158 | 7,046,371 |
| Provision for Losses on Loans | (290,250) | (1,272,000) |
| Net Interest after Provision | $7,113,908 | $5,774,371 |
| Non-Interest Income | $2,622,657 | $2,373,706 |
| Non-Interest Expense | ||
| Compensation and Benefits | 4,594,666 | 3,967,182 |
| Office Occupancy and Operations | 1,919,784 | 1,682,479 |
| Other Expenses | 2,312,853 | 2,123,358 |
| Total Non-Interest Expense | 8,827,303 | 7,773,019 |
| Non-Operating Gain (Loss) | 1,395,320 | 897,457 |
| Net Income | $2,304,582 | $1,272,516 |