Condensed Consolidated Statements of Financial Condition

December 31, 2023 and 2022 DOLLARS IN THOUSANDS
Assets 2023 2022
Cash & Cash Equivalents $ 164,900 $ 128,087
Investments 355,001 416,941
Loans, net 1,899,403 1,866,351
Property & Equipment 63,044 63,606
NCUSIF Deposit 20,118 20,987
Goodwill 36,907 36,907
Other Assets 57,422 50,852
Total Assets $ 2,596,795 $ 2,583,731
Liabilities & Members' Equity 2023 2022
Members' Shares & Savings Accounts $ 2,278,948 $ 2,295,114
Borrowings 60,000 51,000
Subordinated Debt 23,047 23,047
Accrued Expenses & Other Liabilities 15,184 13,964
Total Liabilities $ 2,377,179 $ 2,383,125
Members’ Equity 219,616 200,606
Total Liabilities & Members' Equity $ 2,596,795 $ 2,583,731

Condensed Consolidated Statements of Income

Years ended December 31, 2023 and 2022 DOLLARS IN THOUSANDS
2023 2022
Interest Income $ 94,629 $ 76,479
Interest Expense 20,259 5,399
Net Interest Income 74,370 71,080
Provision for Credit Losses 6,617 4,982
Net Interest Income After Provision For Credit Losses 67,753 66,098
Non-Interest Income 27,381 25,613
Non-Interest Expense 85,007 79,253
Net Income $ 10,127 $ 12,458
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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, 2023 and 2022 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 22, 2024, 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.

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Crowe LLP

Grand Rapids, Michigan
March 22, 2024