VLFCU Annual Report

Tracy Luc Treasurer of the Board of Directors a message from 2022 Earnings and Membership Growth Thanks to the loyalty of our long-term members and the influx of new members, I am pleased to report VacationLand Federal Credit Union maintained a healthy financial position throughout 2022. Net Income for 2022 was $2,514,762. The 2022 Return on Average Assets decreased to 0.83% compared to 1.29% in 2021. Membership growth decreased 0.24% over the year from 20,392 at 2021 year-end to 20,343 at 2022 year-end. We have managed the Credit Union with integrity, protecting its safety and soundness, and thereby fostering the confidence of our members and our service communities. Deposit Insurance Coverage Up to $ 750,000 VacationLand Federal Credit Union’s deposit insurance coverage is up to $750,000 on all Depository accounts. The NCUA’s National Credit Union Share Insurance provides the first $250,000 of deposit insurance. The remaining $500,000 level of deposit insurance is provided by private insurance from Excess Share Insurance Company, paid for by VacationLand Federal Credit Union. More and more individuals, families and small local businesses are discovering the benefits of a not-for-profit financial cooperative and are moving their money from banks to credit unions. This year, our deposits decreased by $8.1 million or by 3.16% to $247.4 million compared to 2021 that grew by $29.3 million or by 12.9% to over $255.5 million. Despite the inflationary pressures of rising interest rates imposed by the Fed, we were able to lend funds to our members to purchase homes and cars, apply for lines of credit, and secure business loans. 2023 and Beyond VacationLand Federal Credit Union makes decisions with our members’ long-term interests in mind. We will continue our history of giving back to our members in the form of better rates, low or no fees and more affordable financial services. As in past years, we continue to do our best to deliver member- driven service as evidenced by continued capital investments in our information technology and related software, ATM network, branch operations, and website. Thank you for your confidence and loyalty in our credit union. We will continue our history of giving back to our members in the form of better rates, low or no fees and more affordable financial services.