Fremont Federal Credit Union 2022 Annual Report

December 31, 2022 December 31, 2021 STATEMENTOF FINANCIAL CONDITION ASSETS Loans $218,944,128 $195,733,605 Allowance for Loan Losses (1,005,373) (915,013) Cash 14,389,758 27,319,461 Investments 75,078,771 83,249,985 Fixed Assets 6,564,993 6,983,144 Other Assets 9,681,643 8,827,252 TOTAL ASSETS $323,653,920 $321,198,434 LIABILITIES AND EQUITY Accounts Payable $4,802,729 $4,194,964 Member Shares 280,740,315 280,071,166 Equity 38,110,876 36,932,304 TOTAL LIABILITIES AND EQUITY $323,653,920 $321,198,434 STATEMENTOF INCOME AND EXPENSES INCOME Interest Income on Loans $9,953,444 $8,180,397 Interest Income on Investments 961,918 1,127,746 Other Income 4,335,518 4,296,221 TOTAL INCOME $15,250,880 $13,604,364 EXPENSES Compensation and Benefits $5,346,153 $4,966,439 Operating Expenses 5,576,298 4,794,073 Allowance for Loan Losses Expense 492,133 (31,157) Dividends Paid on Member Shares 1,469,248 1,931,578 TOTAL EXPENSES $12,883,832 $11,660,933 NET INCOME $2,367,048 $1,943,431 STATISTICS Number of Members 18,755 18,681 Number of Loans 15,152 15,343 Loan to Share Ratio 76.38% 68.08% Annual Report Financial Information Miranda S. I have been amember since I was 13 years old and their friendly staff have been there to helpme throughmy financial journey.