Condensed Consolidated Statements of Financial Condition

December 31, 2022 and 2021 DOLLARS IN THOUSANDS
Assets 2022 2021
Cash & Cash Equivalents $ 128,087 $ 182,677
Investments 416,941 484,680
Loans 1,866,351 1,663,394
Property & Equipment 63,606 65,885
NCUSIF Deposit 20,987 20,079
Goodwill 36,907 36,907
Other Assets 50,852 53,362
Total Assets $ 2,583,731 $ 2,506,984
Liabilities & Members' Equity 2022 2021
Members' Shares $ 2,295,114 $ 2,252,020
Borrowings 51,000 16,000
Subordinated Debt 23,047 -
Accrued Expenses & Other Liabilities 13,964 10,918
Total Liabilities $ 2,383,125 $ 2,278,938
Members’ Equity 200,606 228,046
Total Liabilities & Members' Equity $ 2,583,731 $ 2,506,984

Condensed Consolidated Statements of Income

Years ended December 31, 2022 and 2021 DOLLARS IN THOUSANDS
2022 2021
Interest Income $ 76,479 $ 68,454
Interest Expense 5,399 4,286
Net Interest Income 71,080 64,168
Provision for Loan Losses 4,982 4,160
Net Interest Income After Provision For Loan Losses 66,098 60,008
Other Non-Interest Income 25,613 30,272
Other Non-Interest Expense 79,253 72,456
Net Income $ 12,458 $ 17,824
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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, 2022 and 2021 and the related consolidated statements of income, comprehensive (loss) income, members’ equity, and cash flows for the years then ended; and in our report dated March 20, 2023, 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 20, 2023