Condensed Consolidated Statements of Financial Condition

December 31, 2020 and 2019 DOLLARS IN THOUSANDS
Assets 2020 2019
Cash & Cash Equivalents $ 204,098 $ 90,874
Investments 287,666 160,664
Loans 1,580,599 1,501,294
Property & Equipment 64,635 65,509
NCUSIF Deposit 17,661 15,781
Goodwill & Other Intangible Assets 36,907 37,628
Other Assets 50,284 46,183
Total Assets $ 2,241,850 $ 1,917,933
Liabilities & Members' Equity 2020 2019
Members' Shares & Savings Accounts $ 1,993,018 $ 1,673,160
Borrowings 22,000 30,000
Accrued Expenses & Other Liabilities 10,994 9,896
Total Liabilities $ 2,026,012 $ 1,713,056
Members’ Equity 215,838 204,877
Total Liabilities & Members' Equity $ 2,241,850 $ 1,917,933

Condensed Consolidated Statements of Income

Years ended December 31, 2020 and 2019 DOLLARS IN THOUSANDS
2020 2019
Interest Income $ 69,049 $ 69,850
Interest Expense 7,715 9,065
Net Interest Income 61,334 60,785
Provision for Loan Losses 11,037 6,191
Net Interest Income After Provision For Loan Losses 50,297 54,594
Other Non-Interest Income 28,000 25,930
Other Non-Interest Expense (68,296) (71,177)
Net Income $ 10,001 $ 9,347
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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, 2020 and 2019 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, 2021, 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, 2021