Condensed Consolidated Statements of Financial Condition

December 31, 2019 and 2018 DOLLARS IN THOUSANDS
Assets 2019 2018
Cash and cash equivalents 90,874 72,147
Investments 160,664 161,928
Loans 1,501,294 1,466,386
Property and equipment 65,509 61,134
NCUSIF deposit 15,781 15,375
Goodwill and other intangible assets 37,628 40,514
Other assets 46,183 42,868
Total Assets $ 1,917,933 $ 1,860,352
Liabilities & Members' Equity 2019 2018
Members' Shares and savings accounts $ 1,673,160 $ 1,619,914
Borrowings 30,000 37,000
Other Liabilities 9,896 10,756
Total Liabilities $ 1,917,933 1,860,352
Members Equity 204,877 192,682
Total Liabilities & Members' Equity $ 1,917,933 $ 1,860,352

Condensed Consolidated Statements of Income

Years ended December 31, 2019 and 2018 DOLLARS IN THOUSANDS
2019 2018
Interest income $ 69,850 $ 65,076
Interest expense 9,065 7,282
Net interest income 60,785 57,794
Provision for loan losses 6,191 5,439
Net interest income after provision for loan losses 54,594 52,355
Other noninterest income 25,930 24,858
Other noninterest expense (71,177) (66,308)
Net Income $ 9,347 $ 10,905
Crowe Logo

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, 2019 and 2018 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 17, 2020, 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 17, 2020