Condensed Consolidated Statements of Financial Condition

December 31, 2021 and 2020 DOLLARS IN THOUSANDS
Assets 2021 2020
Cash & Cash Equivalents $ 182,677 $ 204,098
Investments 484,680 287,666
Loans 1,663,394 1,580,599
Property & Equipment 65,885 64,635
NCUSIF Deposit 20,079 17,661
Goodwill & Other Intangible Assets 36,907 36,907
Other Assets 53,362 50,284
Total Assets $ 2,506,984 $ 2,241,850
Liabilities & Members' Equity 2021 2020
Members' Shares & Savings Accounts $ 2,252,020 $ 1,993,018
Borrowings 16,000 22,000
Accrued Expenses & Other Liabilities 10,918 10,994
Total Liabilities $ 2,278,938 $ 2,026,012
Members’ Equity 228,046 215,838
Total Liabilities & Members' Equity $ 2,506,984 $ 2,241,850

Condensed Consolidated Statements of Income

Years ended December 31, 2021 and 2020 DOLLARS IN THOUSANDS
2021 2020
Interest Income $ 68,454 $ 69,049
Interest Expense 4,286 7,715
Net Interest Income 64,168 61,334
Provision for Loan Losses 4,160 11,037
Net Interest Income After Provision For Loan Losses 60,008 50,297
Other Non-Interest Income 30,272 28,000
Other Non-Interest Expense 72,456 68,296
Net Income $ 17,824 $ 10,001
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Report Of Independent Auditors On
Condensed Financial Information

Board of Directors
Lake Trust Credit Union
Brighton, Michigan

We have audited, in accordance with auditing standards generally accepted in the United States of America, the consolidated statements of financial condition of Lake Trust Credit Union as of December 31, 2021 and 2020 and the related consolidated statements of income, comprehensive income, members’ equity, and cash flows for the years then ended; and in our report dated March 16, 2022, we expressed an unqualified opinion on those consolidated financial statements.

In our opinion, the information set forth in the accompanying condensed financial statements is fairly stated, in all material respects, in relation to the consolidated financial statements from which it has been derived.

Crowe LLP Signature

Crowe LLP
Grand Rapids, Michigan
March 16, 2022