2020 Annual Report
STATEMENT OF FINANCIAL CONDITION FOR YEARS ENDED DECEMBER 31, 2020 AND 2019 (in thousands) 2020
2019
2020
2019
ASSETS Loans Loans to Members
$798,380
$769,032
LIABILITIES & EQUITY Liabilities Accrued Expenses and other liabilities
$110,264
$72,926
Real Estate Loans
4,770,466
3,700,568
Borrowed Funds
270,000
344,000
818,810
659,838 Total Liabilities
$380,264
$416,926
$7,811,020
$5,569,228
Commercial Loans
$6,387,656 Less: Allowance for Loan Losses
(12,242)
$5,129,438 (6,806)
Net Member Loans
$6,375,414
$5,122,632
Held for Sale
$140,196
$234,275
Cash
1,870,416
971,795
Retained Earnings
$1,035,924
$871,405
474,407
232,662
Statutory Reserve
13,605
13,605
Deposit - NCUIF
62,081
48,239
Life Savings Reserve
Accrued Interest Receivable
18,751
15,963
Unrealized Gain (Loss) on Investments
Investments
Total Savings Equity
2,914
-
(6,802)
(468)
Mortgage Servicing Rights
55,216
60,940
Other
Goodwill and other intangibles
46,059
50,083
Total Equity
$1,045,641
$877,227
Other assets
97,240
40,194
Fixed assets (Net of Depreciaiton)
97,145
86,598
Total Liabilities & Equity
$9,236,925
$6,863,381
$9,236,925
$6,863,381
Total Assets
(7,315)
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Best and Brightest Companies
A
D
E
Best Credit Union
®
®
Lending Tree, ranks us in the top 200 healthiest credit unions.
–May 2019
–January 2019
Named the #1 credit union in the nation S&P Global
–March 2020
MONEY® rated our 3% Max Checking account the Best Checking Account in America among accounts offered by credit unions. Lake Michigan Credit Union was selected as the Best Credit Unions In Each State by Forbes Magazine.
–June 2020
5-star rating for financial stability from Bauer Financial
–September 2019
A
A rating for financial strength from Kroll Bond rating Agency
–January 2019
–October 2019
S
1
NO.
A
Return on Assets among credit unions larger than $2 billion in assets by Callahan and Associates.
–December 2020
THE NATION’S
#2
#1 Low Ongoing Rate Credit Card
MORTGAGE LOAN ORIGINATOR
Kiplinger rated our Prime Platinum Credit Card Top Low Ongoing Rate Credit Card in the nation.
LMCU is ranked the nation’s #2 Mortgage Loan Originator among credit unions by Callahan and Associates.
–June 2020
–Quarter 1, 2020
Lake Michigan Credit Union Asset size 2010-2020 Lake Michigan Credit Union 5540 Glenwood Hills Parkway SE Grand Rapids, MI 49512
$10B
Lake Michigan Insurance Agency 5550 Cascade Rd. SE Grand Rapids, MI 49546
$8B
MaxWealth Management 2024 Celebration Dr. NE Grand Rapids, MI 49525
$6B
(800) 242-9790 LMCU.org
$9B
$7B
$5B $4B $3B $2B $1B $0B
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