Fremont Federal Credit Union 2022 Annual Report

Reports Supervisory Committee’s Report The Supervisory Committee is pleased to report that the Fremont Federal Credit Union received a favorable report from the NCUA in 2021 and our auditors, GBQ Partners, LLC in 2022. The National Credit Union Administration examination was performed as of June 30, 2021, in accordance with standard procedures of the agency. Our auditors, GBQ Partners, LLC, audited the Fremont Federal Credit Union’s financial statements for the period ending December 31, 2022. Their audit was in accordance with auditing standards generally accepted in the United States of America. Chair Supervisory Committee: Dudley Singer Membership Report During the year of 2022, the Fremont Federal Credit Union opened a total of 640 newmember accounts. Total membership for the year ending in 2022 was 18,755 members. Maria Ranker Director Treasurer Report In 2022, the Fremont Federal Credit Union’s assets grew to just over $323.6 million. Member shares totaled just over $280.7 million. The credit union paid over $1.4 million dollars to our members in the form of dividends. Total loans outstanding were over $218.9million as of year-end 2022. This does not include the $12.6 million in residential mortgages that were sold in the secondary market. Fremont Federal Credit Union’s capital position remained strong at 11.78% of total assets. This is substantially higher than NCUA minimum requirements. Fremont Federal Credit Union continues to grow in a steady and safe manner. Jim Yeager Treasurer CommitteeMembers: Dennis Schwartz Ally Otero Andy R. FFCU is #1 inMember Service! Kaitlinwas able to giveme the guidance and direction needed to fixmy credit score, and by doing so, she helpedme get the best rate onmy truck loan. GBQ Partners Letter The Credit Union’s Board of Directors and Supervisory Committee have retained GBQ Partners LLC to perform an audit of the financial statements for the years ended December 31, 2022 and 2021. The audit performed meets the annual regulatory requirement included in the Ohio Revised Code. The issued report includes, in part, a paragraph that reads as follows: In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Fremont Federal Credit Union as of December 31, 2022 and 2021, and the results of its operations and cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. The audited financial statements are not included in this annual report; however, they are available to the membership to be viewed at the main office — located at 315 Croghan Street, Fremont, Ohio. GBQ Partners LLC Columbus, Ohio