| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 272.1 | mismanagement inaction | POBOX::KAPLOW | Set the WAYBACK machine for 1982 | Fri Aug 23 1991 18:51 | 27 |
| I see some disturbing trends here. In 1990, the DCU equity rose
about $300K per month. In 1991, it has dropped about the same
$300K per month. This is the piece of DCU owned by each member.
That means that MY piece of DCU (not balances, but the share of
DCU that melongs to me, one of 80000 members) went from $222 down
to $177. Each member has lost about $45 in equity, or 25% of what
it is worth. This is not like a stock value dropping, but
equivalent to the book value of the stock declining.
A disturbing note is that this downward trend started somewhere
between July of 1990 and January of 1991, yet the annual report
paints a rosy picture of the condition of the DCU. Yet, if we
assume that the transition from increasing $300K per month to
decreasing $300K per month was instantaneous, it must have occured
very near July/August of 1990, as the loss from 7/90 to 1/91 is
very nearly the same as the loss from 1/91 to 7/91.
If we factor in the delinquent loans into the equity (assume they
will all be written off 100%, which is hopefully not true), then
the DCU (equity-delinquency) has dropped nearly 70% to about $70.
This means that the DCU management has lost $152 for each and
every DCU member!
What would you think if you trusted the management of your assets
to some group who managed to lose 70% of your funds in one year?
Would you leave them to the task and hope that they do better next
year? I wouldn't :-(
|
| 272.2 | | NOTIME::SACKS | Gerald Sacks ZKO2-3/N30 DTN:381-2085 | Fri Aug 23 1991 18:59 | 7 |
| re .0:
> 1. Hurray!! DCU appears to have sold some of their inventory
> of Cape Cod swamp land. "Other Real Estate Owned" has gone down
> $1,432,423.
Or maybe it's gone down in value.
|
| 272.3 | | NETATE::BISSELL | | Fri Aug 23 1991 19:49 | 9 |
| Since they say that they have not taken write-offs for the Mangone thing as yet
those loan losses look pretty high.
If they are not part of the participation loans , they must be member loans.
Does anybody KNOW what these loan losses really are in terms of member loans
and participation loans.
If these are member loans, they hardly support some of the statements that
members have a low default rate -
|
| 272.4 | | SSBN1::YANKES | | Fri Aug 23 1991 20:34 | 16 |
|
Hmmm, that means that at the end of July, the delinquent loan to
total equity ratio is up to 60%! Almost 2/3rds of your "value" in DCU
is in non-performing loans. That's a very high number, to say the
least. With the way the loan losses are growing, delinquent loan
amount staying roughly flat (since its major spike in February, that
is) and total equity dropping, I can understand why the board
instituted the fee increases that they did. They need equity more
than they need deposits at this point.
But, of course, understanding their action doesn't mean I like what
they did or how they did it. I've already started the process of leaving
DCU and these numbers just reinforce why I'm doing it.
-craig
|
| 272.5 | it will get MUCH worse before (if) it ever gets better | POBOX::KAPLOW | Set the WAYBACK machine for 1982 | Fri Aug 23 1991 20:35 | 18 |
| re: .3
Nope. The delinquent loans are still on the books. When they write
them off, they are no longer delinquent, and they get subtracted
from the equity. I suspect that the decrease in delinquent loans
for July is at least partly the result of some of them having been
already written off, thus the drop in total equity. The $3 million
decrease would roughly equal the $1.5M drop in total equity plus
the $1.5M sale of land.
That is why I stated that while our total equity has dropped 20%
in the past year, there is the very real possibility of it
dropping a total of 70% once we write of the Mangone losses. Not a
very bright picture for the future, and no longer in our control.
At this point the horses have fled the barn. They are disapearing
along the horizon, never to return. The only question left is what
to do with the folks that left the barn door wide open.
|
| 272.6 | Some clarification of earlier observations | GUFFAW::GRANSEWICZ | I'M DCU and you're not. | Mon Aug 26 1991 13:37 | 53 |
|
> Observations:
>
> 1. Hurray!! DCU appears to have sold some of their inventory
> of Cape Cod swamp land. "Other Real Estate Owned" has gone down
> $1,432,423.
Hold the celebration. I spoke with Harry Goralnick Friday afternoon
and he stated that the above was due to the evaluation of some of
the property coming in and the appropriate adjustment being made to the
value being carried on the books. Prior to Friday, it was my
understanding in my conversations with Harry that "Other Real Estate
Owned" was at the new appraised (not inflated) market value. This is
NOT the case. Property evaluations will be coming in soon on most of
these properties so we'll be seeing more of these writedowns over the
next few months.
> 2. "Shares of Nonmembers" is money that DCU was keeping for Barnstable
> Credit Union. Harry Goralnick had told me this amount was
> decreasing and would be zero soon. For some reason, this ammount
> has increased by $648,003 (+520.1%) in July. I will attempt to
> find out why.
I asked about this one too. No answer off the top of his head but he
will be getting back to me.
I reviewed the DCU financial statements from 1985 to 1990 (including
auditors notes) and got this history of delinquency. I would like to
point out that ALL this information is contained in the auditors notes
to the financial statements.
Allowance for Loan Losses: (in thousands)
1985 1986 1987 1988 1989 1990
----- ----- ----- ----- ----- -----
Balance, Beg. Year 540 1161 1159 1272 1429 1533
Provision Charged to 747 243 240 240 240 4406
Operations
Loans charged off (members) (130) (284) (187) (140) (173) (283)
Paricipation loans (2696)
Charged Off
Recoveries 4 39 60 57 37 21
Balance, End Year 1161 1159 1272 1429 1533 2981
While losses on loans to members has increased, it hasn't increased
that much compared to the amount of loans outstanding. I would also
like to point out that DCU's uncollectable Visa accounts get put into loan
losses. The Visa cards are basically unsecured credit. DCU, as of the
end of 1990, had $39,721,000 in various types of unsecured credit
available to it's members.
|
| 272.7 | reference material | TOOK::ROSENBAUM | Rich Rosenbaum | Wed Aug 28 1991 02:45 | 27 |
| There seems to be a certain lack of clarity concerning some financial
terms being used in this conference. In an effort to help out, I've
extracted a easy to understand definition of "equity," one of the terms
being used frequently.
A financial institution such as a bank, S&L or credit union
does business by lending out money that it has borrowed from
its depositors. Thus, its business is controlling investments
of other people's funds. In addition, it uses (and, of course,
controls) money and other items of value that belong to the
institution's owners. This portion is called equity, also often
referred to as capital. The total of the institution's equity
plus the investments that really belong to others is called assets.
This extract is from a four page article entitled, "How Safe Is Your
Bank? An Individual Investor's Guide" that can be found in this
month's "American Association of Individual Investors AAII Journal".
Highly recommended reading for participants in this conference. It
might be found in your library. Or contact:
American Association of Individual Investors
625 N. Michigan Avenue
Chicago, IL 60611
(312)280-0170
|
| 272.8 | Difficulties? | GUFFAW::GRANSEWICZ | I'M DCU and you're not. | Thu Aug 29 1991 12:05 | 20 |
|
I have spoken to a person who was denied a copy of the DCU Statement of
Condition which is posted on the wall at every branch of DCU. This
occurred in Littleton.
I know I had some difficulty in obtaining a copy of the latest
statement from the Spitbrook branch. I was first told they don't have
copies to hand out. So I just walked over to the copy on the wall,
slipped the back of the picture frame off and showed them how easy it
was and could I now please have a copy. They then called into DCU HQ
to clear it. All this after I had received the previous month's
statement with no trouble at this very branch. They said they never
had a request for one before. Guess this is a standard reply.
Have others out there had difficulty getting copies at their local
branches? If so, PLEASE reply in here. I have copies of these
statements from Jan. 1990 through July 1991. If you would like copies,
let me know.
|
| 272.9 | | BAGELS::CFSBHW::WILLIAMS | | Thu Aug 29 1991 14:06 | 14 |
| I guess I should reply. I'm the one who tried to get the statement of condition
from DCU in LKG and was turned down.
What happened was I asked the teller where I could get the Annual Report. She
didn't know, but the Branch Manager(?), Suzanne, was working the next position
and pointed them out. (They are in a small pile among the other brochures they
have along the wall). I asked if they had the statement of condition(s) going
back to when the Annual Report was released. Suzanne pointed to the wall and
said "that's it." I asked if there wasn't one for every month, and if I could
get a copy. She said, "We don't have copies to give to members." Her tone
implied that several people had hassled her about it before (but that's my
opinion - she's always been pleasant in the past, and I wasn't being a jerk).
Bryan
|
| 272.10 | Should be there for the taking | GUFFAW::GRANSEWICZ | I'M DCU and you're not. | Thu Aug 29 1991 17:16 | 10 |
|
RE: statements of condition
Put a call into DCU. I had to call them anyway to see if they had answers
to the questions I left them last Friday. Anyways, branches should all
be notified by now to have these available for members.
Hopefully, in the near future I will have the ability to scan these
babies in.
|
| 272.11 | Current data, please? | TLE::EKLUND | Always smiling on the inside! | Thu Sep 26 1991 15:01 | 8 |
| I noticed that here in Spit Brook they still have the July
Statement of Condition posted (dated 15-Aug-1991). When I asked for
the August one (should have been out on 15-Sep-1991, I figured), they
checked quickly, and seemed to think that the July one was the
"latest". I am patient, but did think that a little strange.
Dave Eklund
|
| 272.12 | | GUFFAW::GRANSEWICZ | Someday, DCU will be a credit union. | Thu Sep 26 1991 16:27 | 9 |
|
RE: .11
Yup, I noticed too when I was there on Tuesday. Anybody near any other
branches?
I asked Mary Madden if these were also affected by the new DCU openness
policy and the answer was no. I believe the Bylaws state that these
will be posted in every branch.
|
| 272.13 | Re .12 | STAR::PARKE | I'm a surgeon, NOT Jack the Ripper | Thu Sep 26 1991 18:45 | 2 |
| Unless the bylaws have changed. (There has been an intervening meeting
after all (groan))
|
| 272.14 | Monthly statements??? | GUFFAW::GRANSEWICZ | Someday, DCU will be a credit union. | Wed Oct 02 1991 16:06 | 38 |
| ------------------------------------------------------------------------
Article 8, Section 5:
The financial officer shall manage this credit union under the control
and direction of the board unless the board has appointed a management
official to act as president. Subject to such limitations, controls
and delegations as may be imposed by the board, the financial officer
shall:
.
.
.
(d) (7/87) Within 20 days after the close of each month, prepare and
submit to the board financial statements showing the condition of this
credit union as of the end of the month. He/she shall promptly post
copies of such statements in a conspicuous place in the office of this
credit union where they will remain until replaced by the financial
statements for the next succeeding month.
.
.
.
------------------------------------------------------------------------
OK. Anybody seen the Monthly Statement of Condition for August
posted at ANY of the DCU branches? Mary Madden stated that these
statements were NOT affected by the new written disclosure policy.
These statements have been available at the branches within a week
after the 20th for the past several months.
Can somebody at a branch location go in and see if they have the August
statement? (Dated Sept. 20th)
|
| 272.15 | Not at the HLO branch | RGB::SEILER | Larry Seiler | Wed Oct 02 1991 17:36 | 1 |
| We still have the July statement of condition, dated 15-Aug.
|
| 272.16 | | WLDBIL::KILGORE | Digital had it Then! | Thu Oct 03 1991 10:27 | 3 |
|
Ditto for TAY-2
|
| 272.17 | Copy Posted in Hq Building | NETATE::BISSELL | | Fri Oct 04 1991 12:03 | 3 |
| There is a copy posted in the HQ teller office on the wall. It has a blank
for signature for Stienkraus and the treasurer to sign. There were no
signatures but the date was 15 Sept.
|
| 272.18 | More games... | SCAACT::AINSLEY | Less than 150 kts. is TOO slow | Fri Oct 04 1991 12:59 | 8 |
| re: .17
No signatures...hmmm. Somehow I don't think those numbers are worth the paper
they were written on.
Without signatures, does that represent a legal Statement of Condition?
Bob
|
| 272.19 | | HPSRAD::RIEU | Read his lips...Know new taxes! | Fri Oct 04 1991 13:24 | 2 |
| There's one in MRO dated 15-Sept.
Denny
|
| 272.20 | | WLDBIL::KILGORE | Digital had it Then! | Tue Oct 08 1991 14:30 | 22 |
|
I just got a copy of the 15-Sep Statement of Condition from the TAY-1
branch.
I had my quarter ready -- was not charged (see note 300.*). In fact,
the teller didn't have any copies, but went out of her way to make one
for me.
I only have two statements, 15-Aug and 15-Sep. Perhaps someone with
more data can comment on the trend in SHARES and SHARE DRAFT ACCOUNTS.
The August statement shows SHARES up 1.7% over the previous month, up
17.1% over the previous year, which seems to indicate a fairly steady
growth. The September statement shows SHARES down 1.8% over the month.
For SHARE DRAFT ACCOUNTS, the August statement shows +2.2% for the
month, +6.7% for the year; September shows -4.0% for the month (of the
$5.7 mil growth is share draft deposits in the year ending 31-Jul,
3.6 mil was lost in August).
It would be interesting to know if there is a seasonal decline in funds
on deposit at DCU each August (tuition?), or if we're beginning to
see the effects of the fee announcement.
|
| 272.21 | Looks like it was the fees | LJOHUB::SYIEK | | Tue Oct 08 1991 15:56 | 7 |
| RE: -.1 Reason for 4% decline in share draft accounts in Sept.
I just returned from Chuck Cockburn's visit to AKO, where we were told
that roughly 8% of all share draft accounts were closed since the
announcement of checking fees.
Jim
|
| 272.22 | Need help understanding S.O.C. | MUDHWK::LAWLER | Not turning 39... | Tue Oct 08 1991 15:59 | 13 |
|
I just looked at the Statement of condition.
One thing I don't understand is the $648,000 increase
in "Shares of Nonmembers" in july, followed by a similar
decrease in august.
Anybody know what these shares are?
-al
|
| 272.24 | | GUFFAW::GRANSEWICZ | Someday, DCU will be a credit union. | Thu Oct 10 1991 16:31 | 20 |
|
> I just looked at the Statement of condition.
>
> One thing I don't understand is the $648,000 increase
> in "Shares of Nonmembers" in july, followed by a similar
> decrease in august.
>
> Anybody know what these shares are?
Al,
I was todl by Harry Goralnick that these were shares of people that
belonged to Barnstable Credit Union. Seems DCU handled their check
clearing for them or something like that. I also asked Harry about
that increase and he wasn't even aware of it 8-0. He never got back to
me to explain what it was and right now it isn't worth my time and
quarter to find out.
|
| 272.25 | | 9818::KILGORE | DCU Meeting, see BEIRUT::DCU | Wed Oct 23 1991 18:40 | 8 |
|
September Statement of Condition is available. SHARES and SHARE DRAFT
ACCOUNTS dropped another 0.7% last month.
Can someone more familiar with these statements tell me where the
$8 million under "2-6 months Delinquent" classification of OUTSTANDING
LOANS went? It was there on the last statement, gone now.
|
| 272.26 | Nov. Statement will cost $.25 -- by check, please | WLDBIL::KILGORE | | Thu Nov 21 1991 18:29 | 36 |
|
Well, I'm running late, but I had to write this down while it was still
fresh in my mind.
Went to a DCU branch to transact some transactions, though I'd pick up
the latest Statement of Condition while I was there. The latest
(November, ending 31-Oct) wasn't posted (or I probably would have just
copied the two numbers that interest me), so I asked the teller if he
had a copy available.
The next teller over said "It'll cost a quarter," which seemed to catch
him by suprise. He asked the other teller, "Should I take it out of his
account?" In response, she tapped the memo that was covering a 1/4"
stack of copies of the statement. I fished a quarter out of my pocket
and put it on the counter.
He read the memo, said quietly "This is silly" with an embarrassed
laugh. Then he looked up at me. "I can't take cash, or take it out of
your account. You have to pay by check or money order." We both
displayed admirable restraint by not laughing aloud.
Before I wrote the check, he looke at the statement, and realized it
was last month's. The branch manager called the head office, and told
me this month's statement should be available at the branch tomorrow
afternoon.
Under the DCU Member's Freedom of Information Movement, I will post the
November Statement of Condition it it's entirety as soon as I get it.
--------
This is in sharp contrast to the ease with which I obtained the last
two statements, both after the Information Protection Policy was
initiated (.20, .25). I, for one, am extremely impressed with DCU's new
efforts to communicate with its owners.
|
| 272.27 | | AMAMA::PETERM | | Thu Nov 21 1991 18:51 | 9 |
| Bill,
If you could let me have your copy when you get it, I will make
about 100 copies with my personal copier. I will then leave them
outside the DCU at TAY2 with a statement about why they are there.
This is ridiculous.
- Peter
|
| 272.28 | Undercut 'em! | PLOUGH::KINZELMAN | Paul Kinzelman | Thu Nov 21 1991 19:06 | 2 |
| Hey, don't give 'em away, charge $.15/copy to help defray our costs of the
special meeting! 8*)
|
| 272.29 | Since the DCU compares itself to banks... | RGB::SEILER | Larry Seiler | Thu Nov 21 1991 19:46 | 8 |
| For what it's worth, when I was visiting People's Savings Bank the other
day, I asked about their annual report and was offered not just the annual
report (about 50 pages long) but three quarterly updates. Each quarterly
update was a couple of times longer than the whole DCU annual report.
There was no charge.
Larry Seiler
|
| 272.30 | People Savings | SLOAN::HOM | | Fri Nov 22 1991 10:03 | 6 |
| People Savings was written up in the WSJ about 8 months ago. Bankers
were laughing at the CEO because he refused to join the lending
spree for real estate in the 1980's. It's now one of the few banks
that profitability.
Gim
|
| 272.31 | | GUFFAW::GRANSEWICZ | Someday, DCU will be a credit union. | Fri Nov 22 1991 11:28 | 14 |
|
RE: .31
Yes, I got a copy of that article when I checked them out. Their
annual report was unbelieveably complete and thorough. Definitely, a
class piece of work. Also noticed their counsel was Dana, Bingham &
Gould.
They are considered one of the soundest banks around right now and have
been buying some of the troubled banks. Seems they stuck to the
original, conservative bankers philosophy and didn't get greedy or go
overboard. A perfect case of a sound philosophical base that leads an
institution through both good and bad times. Much can be learned from
their example.
|
| 272.32 | November 1991 SOC -- period ending 31-Oct-1991 | WLDBIL::KILGORE | DCU Elections -- Vote for a change... | Tue Dec 24 1991 12:04 | 79 |
|
This is the NOVEMBER 91 statement, for the period ending 31-Oct.
08-Nov-91 DIGITAL EMPLOYEES FCU
STATEMENT OF CONDITION
PERIOD ENDING 31-Oct-91
PRIOR CURRENT 1 MONTH VARIANCE PRIOR CURRENT 12 MONTH VARIANCE
MONTH MONTH VARIANCE PERCENT YEAR YEAR VARIANCE PERCENT
----- ------- -------- -------- ----- ------- -------- --------
ASSETS
------
228,511,244 226,216,285 2,294,959- 1.0- LOANS TO MEMBERS 255,626,036 226,216,285 29,409,751- 11.5-
1,431,977- 1,487,501- 55,524- 3.9- ALLOWANCE - LOAN LOSSES 2,813,285- 1,487,501- 1,325,784 47.1
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
227,079,266 224,728,784 2,350,483- 1.0- NET LOANS 252,812,751 224,728,784 28,083,967- 11.1-
2,089,999 2,464,284 374,285 17.9 OTHER RECEIVABLES 16,455,006 2,464,284 13,990,723- 85.0-
14,976,960 11,599,861 3,377,098- 22.5- CASH 11,785,605 11,599,861 158,744- 1.4-
115,892,881 115,892,881 CORPORATE CREDIT UNION 115,892,881 115,892,881
115,500,000 115,500,000- 100.0- FEDERAL FUNDS SOLD 76,000,000 76,000,000- 100.0-
3,604,950 3,604,950 INVESTMENT IS CUSO 3,604,950 3,604,950
3,344,150 3,344,150 DEPOSIT IN NCUSIF 2,907,454 3,344,150 436,696 15.0
263,265 263,154 111- LAND 266,972 263,154 3,813- 1.4-
2,558,046 2,549,573 8,472- 0.3- BUILDINGS, NET 2,651,201 2,549,573 101,628- 3.8-
770,934 758,793 12,141- 1.6- FURNITURE AND EQUIP, NET 861,654 758,793 102,862- 11.9-
1,027,320 996,313 31,007- 3.0- DATA PROCESSING EQUIP, NET 892,314 996,313 103,999 11.7
1,315,000 1,250,300 64,700- 4.9- ACCRUED INCOME 1,820,300 1,250,300 570,000- 31.3-
1,767,078 1,761,078 OTHER REAL ESTATE OWNED 1,238,275 1,761,078 522,803 42.2
351,901 293,134 58,767- 16.7- OTHER ASSETS 481,515 293,134 188,381- 39.1-
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
374,642,867 369,507,255 5,135,612- 1.4- TOTAL ASSETS 368,146,048 369,507,255 1,361,207 0.4
============ ============ ============ ======= ============ ============ ============ =======
LIABILITIES
-----------
6,477,808 6,736,640 258,833 4.0 ACCOUNTS PAYABLE 5,483,936 6,736,640 1,252,704 22.8
37,400 1,182,200 1,144,800 3061.0 DIVIDENTS PAYABLE 1,216,100 1,182,200 33,900- 2.8-
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
6,515,208 7,918,840 1,403,633 21.5 TOTAL LIABILITIES 6,700,036 7,918,840 1,218,804 18.2
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
SAVINGS
-------
78,592,845 78,462,555 130,291- 0.2- SHARES 68,755,407 78,462,555 9,707,148 14.1
87,324,831 85,968,346 1,356,485- 1.6- SHARE DREFT ACCOUNTS 85,624,225 85,968,346 344,120 0.4
61,430,007 60,139,452 1,290,555- 2.1- SHARE RETIREMENT PLANS 57,744,617 60,139,452 2,394,835 4.1
69,539,545 65,749,573 3,789,973- 5.5- SHARE CERTIFICATES 83,196,471 65,794,573 17,446,899- 21.0-
57,272,526 57,298,155 25,628 MONEY MARKET SHARES 47,710,345 57,298,155 9,587,810 20.1
354,159,755 347,618,079 6,541,676- 1.8- TOTAL SAVINGS 343,031,065 347,618,079 4,587,014 1.3
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
EQUITY
------
4,027,284 4,177,518 150,234 3.7 RESERVES 12,462,270 4,177,518 8,284,752- 66.5-
9,940,620 9,792,817 147,803- 1.5- UNDIVIDED EARNINGS 5,952,676 9,792,817 3,840,141 64.5
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
13,967,904 13,970,335 2,431 TOTAL EQUITY 18,414,946 13,970,335 4,444,611- 24.1-
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
374,642,867 369,507,255 5,135,612- 1.4- TOTAL LIAB/SAVINGS/EQUITY 368,146,048 369,507,255 1,361,207 0.4
============ ============ ============ ======= ============ ============ ============ =======
We certify that to the best of our knowledge and belief, this CLASSIFICATION OF LOANS OUTSTANDING
statement and the related statements are true and correct and
present fairly the financial positiona and results of Degree of delinquency # $
operations for the period covered.
Current
2 - 6 months 36,941 225,244,018
6 - 12 months 210 812,867
12 months and over 27 159,400
0 0
------ ------------
37,178 226,216,285
__________________________________________ __________________________________________
Mark A. Steinkrauss, chariman of the board Susan P. Shapiro, treasurer
|
| 272.33 | What is "CORPORATE CREDIT UNION"? | 2183::GEORGP::jmartin | Joseph A. Martin, Alpha VM | Thu Dec 26 1991 13:07 | 4 |
| "FEDERAL FUNDS SOLD" (Treasury bills, notes and bonds, right?) went to 0
and a new item, "CORPORATE CREDIT UNION", of comparable size appeared
under assets. Can anyone explicate this transformation? Thanks.
\Joe
|
| 272.34 | December 1991 SOC -- period ending 31-Oct-1991 | WLDBIL::KILGORE | DCU Elections -- Vote for a change... | Thu Dec 26 1991 13:32 | 96 |
|
This is the DECEMBER 91 statement, for the period ending 30-Nov.
Changes of interest:
o new line FEDERAL AGENCY SECURITIES under ASSETS
o SHARES and SHARE DRAFT ACCOUNTS are down again
o LOANS TO MEMBERS are now decreasing at a rate of 12.3% annually
o the "size" of our credit union (bottom line) is now over the hump
and shrinking -- from an annual growth of 3.5% in September to an
annual decline of 1.0% now (and a projected annual rate of -27.6%!)
o Mark and Susan's names do not appear on the December statement (as far
as I can tell, there were never actual signatures) (is this in
preparation for the elections? :-)
o the statement will still cost you a quarter at the window, but now
you can pay in cash -- no more $.25 checks!
05-Dec-91 DIGITAL EMPLOYEES FCU
STATEMENT OF CONDITION
PERIOD ENDING 30-Nov-91
PRIOR CURRENT 1 MONTH VARIANCE PRIOR CURRENT 12 MONTH VARIANCE
MONTH MONTH VARIANCE PERCENT YEAR YEAR VARIANCE PERCENT
----- ------- -------- -------- ----- ------- -------- --------
ASSETS
------
226,216,285 225,097,045 1,119,239- 0.5- LOANS TO MEMBERS 256,767,741 225,097,045 31,670,696- 12.3-
1,487,501- 1,849,220- 361,719- 24.3- ALLOWANCE - LOAN LOSSES 3,035,611- 1,849,220- 1,186,391 39.1
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
224,728,784 223,247,825 1,408,958- 0.7- NET LOANS 253,732,130 223,247,825 30,484,304- 12.0-
2,464,284 3,132,952 668,668 27.1 OTHER RECEIVABLES 1,749,172 3,132,952 1,383,780 79.1
11,599,861 10,581,582 1,018,280- 8.8- CASH 14,086,999 10,581,582 3,505,417- 24.9-
34,639,967 34,639,967 FEDERAL AGENCY SECURITIES 34,639,967 34,639,967
115,892,881 74,256,721 41,636,160- 35.9- CORPORATE CREDIT UNION 74,256,721 74,256,721
FEDERAL FUNDS SOLD 84,000,000 84,000,000- 100.0-
3,604,950 3,604,950 INVESTMENT IS CUSO 3,604,950 3,604,950
3,344,150 3,344,150 DEPOSIT IN NCUSIF 2,907,454 3,344,150 436,696 15.0
263,154 264,198 1,045 0.4 LAND 266,931 264,198 2,733- 1.0-
2,549,573 2,541,101 8,472- 0.3- BUILDINGS, NET 2,642,749 2,541,101 101,647- 3.8-
758,793 748,111 10,682- 1.4- FURNITURE AND EQUIP, NET 848,666 748,111 100,555- 11.8-
996,313 1,014,102 17,788 1.8 DATA PROCESSING EQUIP, NET 917,677 1,014,102 96,424 10.5
1,250,300 1,640,054 389,754 31.2 ACCRUED INCOME 1,927,300 1,640,054 287,246- 14.9-
1,761,078 1,761,078 OTHER REAL ESTATE OWNED 1,238,275 1,761,078 522,803 42.2
293,134 275,177 17,957- 6.1- OTHER ASSETS 475,363 275,177 200,186- 42.1-
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
369,507,255 361,051,968 8,455,287- 2.3- TOTAL ASSETS 364,792,714 361,051,968 3,740,747- 1.0-
============ ============ ============ ======= ============ ============ ============ =======
LIABILITIES
-----------
6,736,640 5,700,425 1,036,215- 15.4- ACCOUNTS PAYABLE 5,894,751 5,700,425 194,326- 3.3-
1,182,200 2,224,400 1,042,200 88.2 DIVIDENTS PAYABLE 2,408,100 2,224,400 183,700- 7.6-
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
7,918,840 7,924,825 5,985 0.1 TOTAL LIABILITIES 8,302,851 7,924,825 378,026- 4.6-
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
SAVINGS
-------
78,462,555 77,519,971 942,584- 1.2- SHARES 68,273,100 77,519,971 9,246,871 13.5
85,968,346 84,283,808 1,729,583- 2.0- SHARE DRAFT ACCOUNTS 81,014,426 84,283,808 3,224,382 4.0
60,139,452 59,698,154 441,298- 0.7- SHARE RETIREMENT PLANS 57,978,638 59,698,154 1,719,516 3.0
65,749,573 60,720,920 5,028,653- 7.6- SHARE CERTIFICATES 83,491,529 60,720,920 22,770,609- 27.3-
57,298,155 57,140,939 157,216- 0.3- MONEY MARKET SHARES 47,151,191 57,140,939 9,989,748 21.2
347,618,079 339,318,791 8,299,288- 2.4- TOTAL SAVINGS 337,908,884 339,318,791 1,409,907 0.4
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
EQUITY
------
4,177,518 3,987,076 190,442- 4.6- RESERVES 12,367,993 3,987,076 8,380,917- 67.8-
9,792,817 9,821,275 28,458 0.3 UNDIVIDED EARNINGS 6,212,985 9,821,275 3,608,289 58.1
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
13,970,335 13,808,351 161,984- 1.2- TOTAL EQUITY 18,580,979 13,808,351 4,772,628- 25.7-
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
369,507,255 361,051,986 8,455,287- 2.3- TOTAL LIAB/SAVINGS/EQUITY 364,792,714 361,051,968 3,740,747- 1.0-
============ ============ ============ ======= ============ ============ ============ =======
We certify that to the best of our knowledge and belief, this CLASSIFICATION OF LOANS OUTSTANDING
statement and the related statements are true and correct and
present fairly the financial position and the results of Degree of delinquency # $
operations for the period covered.
Current 36,869 224,001,627
2 - 6 months 208 938,895
6 - 12 months 17 156,523
12 months and over 0 0
------ ------------
37,094 225,097,045
|
| 272.35 | | WLDBIL::KILGORE | DCU Elections -- Vote for a change... | Fri Dec 27 1991 17:59 | 16 |
|
Re .34:
I forgot to mention that the December SOC was not available at the TAY2
branch on 19-Dec; however, a call was placed to the main office
immediately, and the SOC was available 23-Dec. The comment was made at
the time that "they just never send them to us."
When I revisited the branch today for "legitimate" business, they
remarked that they are committed to having the SOC available on the
15th of the month, and they will automatically call the main office if
they don't get them on time. I applaud the efforts of the TAY2 branch
personnel -- such committment at DCU-central to open communication
would go a long way toward alleviating my concerns. Note 411 is a
start.
|
| 272.36 | January 1992 SOC -- period ending 31-Dec-1991 | WLDBIL::KILGORE | DCU Elections -- Vote for a change... | Wed Jan 22 1992 17:44 | 66 |
| 15-Jan-92 DIGITAL EMPLOYEES FCU
STATEMENT OF CONDITION
PERIOD ENDING 31-Dec-91
PRIOR CURRENT 1 MONTH VARIANCE PRIOR CURRENT 12 MONTH VARIANCE
MONTH MONTH VARIANCE PERCENT YEAR YEAR VARIANCE PERCENT
----- ------- -------- -------- ----- ------- -------- --------
ASSETS
------
225,097,045 224,093,411 1,003,634- 0.4- LOANS TO MEMBERS 249,047,408 224,093,411 24,953,997- 10.0-
1,849,220- 2,136,265- 287,045- 15.5- ALLOWANCE - LOAN LOSSES 2,980,848- 2,136,265- 844,582 28.3
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
223,247,825 221,957,146 1,290,680- 0.6- NET LOANS 246,066,560 221,957,146 24,109,415- 9.8-
3,132,952 20,425,143 17,292,191 551.9 OTHER RECEIVABLES 1,081,781 20,425,143 19,343,362 1788.1
5,735,383 7,811,490 2,076,107 36.2 CASH 14,562,066 7,811,490 6,750,576- 46.4-
34,639,967 39,101,720 4,461,753 12.9 FEDERAL AGENCY SECURITIES 39,101,720 39,101,720
74,256,721 58,472,036 15,784,686- 21.3- CORPORATE CREDIT UNION 58,472,036 58,472,036
FEDERAL FUNDS SOLD 88,500,000 88,500,000- 100.0-
3,604,950 3,604,950- 100.0- INVESTMENT IS CUSO
3,344,150 3,344,150 DEPOSIT IN NCUSIF 2,907,454 3,344,150 436,696 15.0
264,198 263,982 216- 0.1- LAND 226,890 263,982 2,908- 1.1-
2,541,101 2,532,629 8,472- 0.3- BUILDINGS, NET 2,634,296 2,532,629 101,667- 3.9-
748,111 734,434 13,676- 1.8- FURNITURE AND EQUIP, NET 839,198 734,434 104,764- 12.5-
1,014,102 990,719 23,383- 2.3- DATA PROCESSING EQUIP, NET 880,258 990,719 110,461 12.5
1,640,054 1,893,300 253,246 15.4 ACCRUED INCOME 1,575,293 1,893,300 318,007 20.2
1,761,078 2,250,878 489,800 27.8 OTHER REAL ESTATE OWNED 6,692,821 2,250,878 4,441,943- 66.4-
275,177 222,495 52,682- 19.1- OTHER ASSETS 398,657 222,495 176,162- 44.2-
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
356,205,769 360,000,121 3,794,352 1.1 TOTAL ASSETS 366,405,275 360,000,121 6,405,154- 1.7-
============ ============ ============ ======= ============ ============ ============ =======
LIABILITIES
-----------
854,227 1,977,645 1,123,418 131.5 ACCOUNTS PAYABLE 740,643 1,977,645 1,237,002 167.0
2,224,400 64,700 2,159,700- 97.1- DIVIDENTS PAYABLE 64,700 64,700
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
3,078,627 2,042,345 1,036,282- 33.7- TOTAL LIABILITIES 740,643 2,042,345 1,301,702 175.8
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
SAVINGS
-------
77,519,971 79,825,059 2,305,088 3.0 SHARES 69,716,687 79,825,059 10,108,372 14.5
84,238,808 93,146,651 8,907,843 10.6 SHARE DRAFT ACCOUNTS 89,477,377 93,146,651 3,669,274 4.1
59,698,154 60,086,342 388,189 0.7 SHARE RETIREMENT PLANS 59,236,632 60,086,342 849,710 1.4
60,720,920 56,035,007 4,685,913- 7.7- SHARE CERTIFICATES 82,595,654 56,035,007 26,560,647- 32.2-
57,140,939 58,840,630 1,699,691 3.0 MONEY MARKET SHARES 48,770,376 58,840,630 10,070,254 20.6
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
339,318,791 347,933,689 8,614,898 2.5 TOTAL SAVINGS 349,796,725 347,933,689 1,863,036- 0.5-
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
EQUITY
------
3,987,076 3,921,902 65,174- 1.6- RESERVES 8,909,424 3,921,902 4,987,522- 56.0-
9,821,275 6,102,185 3,719,090- 37.9- UNDIVIDED EARNINGS 6,958,482 6,102,185 856,298- 12.3-
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
13,808,351 10,024,087 3,784,264- 27.4- TOTAL EQUITY 15,867,906 10,024,087 5,843,819- 36.8-
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
356,205,769 360,000,121 3,794,352 1.1 TOTAL LIAB/SAVINGS/EQUITY 366,405,275 360,000,121 6,405,154- 1.7-
============ ============ ============ ======= ============ ============ ============ =======
We certify that to the best of our knowledge and belief, this CLASSIFICATION OF LOANS OUTSTANDING
statement and the related statements are true and correct and Degree of delinquency # $
present fairly the financial position and the results of Current 36,754 222,683,135
operations for the period covered. 2 - 6 months 227 1,235,801
6 - 12 months 17 174,475
12 months and over 0 0
------ ------------
36,998 224,093,411
|
| 272.37 | February 1992 SOC -- period ending 31-Jan-1992 | WLDBIL::KILGORE | DCU Elections -- Vote for a change... | Wed Feb 26 1992 11:42 | 65 |
| 10-Feb-92 DIGITAL EMPLOYEES FCU
STATEMENT OF CONDITION
PERIOD ENDING 31-Jan-92
PRIOR CURRENT 1 MONTH VARIANCE PRIOR CURRENT 12 MONTH VARIANCE
MONTH MONTH VARIANCE PERCENT YEAR YEAR VARIANCE PERCENT
----- ------- -------- -------- ----- ------- -------- --------
ASSETS
------
224,093,411 220,218,490 3,874,921- 1.7- LOANS TO MEMBERS 247,542,533 220,218,490 27,324,044- 11.0-
2,136,265- 2,143,920- 7,655- 0.4- ALLOWANCE - LOAN LOSSES 3,010,852- 2,143,920- 866,933 28.8
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
221,957,146 218,074,570 3,882,576- 1.7- NET LOANS 244,531,681 218,074,570 26,457,111- 10.8-
20,425,143 6,739,804 13,685,339- 67.0- OTHER RECEIVABLES 1,218,430 6,739,804 5,521,374 453.2
7,811,490 3,312,610 4,498,880- 57.6- CASH 9,345,195 3,312,610 6,032,586- 664.6-
39,101,720 52,346,898 13,245,179 33.9 FEDERAL AGENCY SECURITIES 52,346,898 52,346,898
58,472,036 53,477,172 4,994,864- 8.5- CORPORATE CREDIT UNION 53,477,172 53,477,172
FEDERAL FUNDS SOLD 94,000,000 94,000,000- 100.0-
3,344,150 3,546,553 202,403 6.1 DEPOSIT IN NCUSIF 3,344,150 3,546,553 202,403 6.1
263,982 263,766 216- 0.1- LAND 266,451 263,766 2,685- 1.0-
2,532,629 2,524,157 8,472- 0.3- BUILDINGS, NET 2,625,824 2,524,157 101,667- 3.9-
734,434 725,488 8,946- 1.2- FURNITURE AND EQUIP, NET 827,865 725,488 102,377- 12.4-
990,719 964,880 25,839- 2.6- DATA PROCESSING EQUIP, NET 839,100 964,880 125,780 15.0
1,893,300 1,664,100 229,200- 12.1- ACCRUED INCOME 1,578,300 1,664,100 85,800 5.4
2,250,878 2,250,878 OTHER REAL ESTATE OWNED 6,692,821 2,250,878 4,441,943- 66.4-
222,495 287,266 64,770 29.1 OTHER ASSETS 505,744 287,266 218,479- 43.2-
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
360,000,121 346,178,140 13,821,981- 3.8- TOTAL ASSETS 365,775,561 346,178,140 19,597,421- 5.4-
============ ============ ============ ======= ============ ============ ============ =======
LIABILITIES
-----------
1,977,645 1,632,859 344,786- 17.4- ACCOUNTS PAYABLE 742,377 1,632,859 890,482 120.0
64,700 991,500 926,800 1432.5 DIVIDENTS PAYABLE 1,209,100 991,500 217,600- 18.0-
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
2,042,345 2,624,359 582,014 28.5 TOTAL LIABILITIES 1,951,477 2,624,359 672,882 34.5
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
SAVINGS
-------
79,825,059 80,622,333 797,273 1.0 SHARES 69,541,839 80,622,333 11,080,493 15.9
93,146,651 82,470,592 10,676,060- 11.5- SHARE DRAFT ACCOUNTS 85,102,522 82,470,592 2,631,930- 3.1-
60,086,342 59,303,063 783,279- 1.3- SHARE RETIREMENT PLANS 59,167,712 59,303,063 135,351 0.2
56,035,007 51,578,049 4,456,958- 8.0- SHARE CERTIFICATES 84,389,154 51,578,049 32,811,106- 38.9-
58,840,630 59,177,815 337,185 0.6 MONEY MARKET SHARES 49,584,605 59,177,815 9,539,210 19.3
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
347,933,689 333,151,851 14,781,838- 4.2- TOTAL SAVINGS 347,785,833 333,151,851 14,633,982- 4.2-
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
EQUITY
------
3,921,902 4,105,627 183,725 4.7 RESERVES 11,860,885 4,105,627 7,755,257- 65.4-
6,102,185 6,296,302 194,118 3.2 UNDIVIDED EARNINGS 4,177,366 6,296,302 2,118,937 50.7
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
10,024,087 10,401,930 377,843 3.8 TOTAL EQUITY 16,038,251 10,401,930 5,636,321- 35.1-
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
360,000,121 346,178,140 13,821,981- 3.8- TOTAL LIAB/SAVINGS/EQUITY 365,775,561 346,178,140 19,597,421- 5.4-
============ ============ ============ ======= ============ ============ ============ =======
We certify that to the best of our knowledge and belief, this CLASSIFICATION OF LOANS OUTSTANDING
statement and the related statements are true and correct and Degree of delinquency # $
present fairly the financial position and the results of Current 36,584 218,867,611
operations for the period covered. 2 - 6 months 228 1,178,500
6 - 12 months 15 172,379
12 months and over
------ ------------
36,872 220,218,490
|
| 272.38 | | RANGER::MCANULTY | | Wed Feb 26 1992 18:54 | 16 |
| re. -.1
Two things to note:
1) Cash available went down by 60%. Since I'm not sure what a
"good" value is, it is possible that DCU simply had a lot of excess
cash last month, so this drop might be just fine.
2) Share-draft accounts lost 11.5 % (although savings remained
level). This implies either a lot of people with large bills (it
_is_ tax time), or more flight from DCU, but keeping their hands in
because of the potential benfits in some unforeseable future.
Just observations.
Peter
|
| 272.39 | | SCHOOL::RIEU | Support DCU Petition Candidates | Wed Feb 26 1992 19:27 | 3 |
| Don't think it's because of 'tax-time'. If I have to pay, I mail my
check on Apr. 15th.
Denny
|
| 272.40 | things to wonder about | CVG::THOMPSON | DCU Board of Directors Candidate | Wed Feb 26 1992 19:49 | 15 |
| The share draft could be any number of things. Tuition bills, new
car buying, property tax payments, who knows. To know if it is
importent one would have to look at the same time of year in previous
years. Note that it was *up* 10.6 percent the previous month.
$6m in "undivided earnings" looks interesting. Is that what I think
it is? Profit made by the DCU not yet shared with the members. Or is
it something else? Is this amount usually held in reserve? I see that
in the previous report it had dropped $3.7m but is up a small amount.
this month. I wonder what happened at year end.
Alfred
|
| 272.41 | | GUFFAW::GRANSEWICZ | Vote for DCU Petition Candidates | Wed Feb 26 1992 20:14 | 16 |
|
What is of particular interest is the change in Total Equity from Jan.
31 to a a year ago. Total Equity is down 35.1%, $16 million to $10
million. Now this includes the $6 million bond on Mangone. DCU would
have left with $4 million in equity had this not been collected.
I think we can all see just how close DCU came to getting a knock on the
door from the NCUA to do what they do best, clean up the pieces. But
DCU isn't out of the woods by a long shot. They need to emphasize
their strengths (the membership!) and work with US to increase their
profits via interest income. This can be done so EVERYBODY benefits.
DCU will just have to adjust its attitude of what 'enough' profit is.
Trying to maximize profits by squeezing the membership will back fire
on DCU. And from this statement of condition, the last thing they can
afford is another costly "more choices" type decision that causes a
stampede for the door.
|
| 272.42 | TOTAL EQUITY is the thing to watch | SMAUG::GARROD | An Englishman's mind works best when it is almost too late | Wed Feb 26 1992 20:33 | 22 |
| RE .40
Alfred,
Undivided earnings is OUR equity in the DCU. It is the profit that
they've made since opening the doors of the DCU. Well actually that is
UNDIVIDED EARNINGS + RESERVES ie TOTAL EQUITY. The reserves is probably
some artificial percentage of total equity. The figure that is really
material is TOTAL EQUITY. As Phil pointed out that is now at $10M.
If they hadn't go the $6M from the Mangone bond it would only be $4M.
I entered a long note on this when the conditions were entered at the
end of last month.
Regarding changes in cash etc. It is hard to get a good reading on
what's happening month to month. Reason being is that dividents are
paid quarterly but acrue monthly (or at least they used to) so stuff
moves from one account to another. The thing to keep track of is the
change in TOTAL ASSETS (or TOTAL LIABILITIES) month to month. If this
goes down repeatedly it means people are withdrawing their cash from
the DCU and taking it elsewhere.
Dave
|
| 272.43 | Credibility = Everything | MLTVAX::SCONCE | Bill Sconce | Thu Feb 27 1992 13:38 | 28 |
| .38> 2) Share-draft accounts lost 11.5 % (although savings remained
.38> level). This implies either a lot of people with large bills (it
.38> _is_ tax time), or more flight from DCU, but keeping their hands in
.38> because of the potential benfits in some unforeseable future.
Continued flight from DCU is the more likely, IMO. The revelations about
how the BoD has conducted itself (before and after the special meeting)
cannot but have made people skittish.
The growing evidence that the DCU staff has joined sides (or has been forced
to join sides) with the Old Guard in an attempt to keep the elections from
providing fresh oversight must have been doing the same.
If the elections succeed, I expect the new BoD to require at least six months
to begin clearing the air, and it'll probably take years to undo the damage
already done to DCU staff's credibility with the shareholders.
Worse, if the Old Guard succeeds in shutting out new blood, many more people
will leave. Because I don't want to stand in line to get my money the day
after the election, and because of what we hear about NCUA and the quality of
its "oversight", I've once again taken out my money (except for that poor,
tired $5, of course). It won't be back until the new BoD has been able to
get us out of rumor mode.
So I can explain a very small part of the 11.5% loss in the last month.
Me.
|
| 272.44 | March 1992 SOC -- period ending 29-Feb-1992 | WLDBIL::KILGORE | DCU -- I'm making REAL CHOICES | Sun Mar 22 1992 13:08 | 65 |
| 08-MAR-92 DIGITAL EMPLOYEES FCU
STATEMENT OF CONDITION
PERIOD ENDING 29-FEB-92
PRIOR CURRENT 1 MONTH VARIANCE PRIOR CURRENT 12 MONTH VARIANCE
MONTH MONTH VARIANCE PERCENT YEAR YEAR VARIANCE PERCENT
----- ------- -------- -------- ----- ------- -------- --------
ASSETS
------
220,218,490 215,851,331 4,367,158- 2.0- LOANS TO MEMBERS 249,924,879 215,851,331 31,073,548- 12.6-
2,143,920- 2,133,380- 10,540 0.5 ALLOWANCE - LOAN LOSSES 3,312,101- 2,133,380- 1,078,720 33.6
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
218,074,570 213,717,951 4,356,619- 2.0- NET LOANS 243,712,788 213,717,951 29,994,827- 12.3-
6,739,804 7,549,163 809,359 12.0 OTHER RECEIVABLES 1,737,934 7,549,163 5,811,228 334.4
3,312,610 2,134,937 1,177,673- 35.6- CASH 7,964,790 2,134,937 5,829,853- 73.2-
52,346,898 56,407,008 4,060,110 7.8 FEDERAL AGENCY SECURITIES 56,407,008 56,407,008
53,477,172 55,023,066 1,545,894 2.9 CORPORATE CREDIT UNION 55,023,066 55,023,066
FEDERAL FUNDS SOLD 94,000,000 94,000,000- 100.0-
3,546,533 3,546,533 DEPOSIT IN NCUSIF 3,344,150 3,546,533 202,403 6.1
263,766 263,549 216- 0.1- LAND 266,011 263,549 2,462- 0.9-
2,524,157 2,515,684 8,472- 0.3- BUILDINGS, NET 2,617,352 2,515,684 101,667- 3.9-
725,488 716,943 8,545- 1.2- FURNITURE AND EQUIP, NET 818,268 716,943 101,325- 12.4-
964,880 931,796 33,084- 3.4- DATA PROCESSING EQUIP, NET 1,191,314 931,796 259,519- 21.8-
1,664,100 1,708,329 44,229 2.7 ACCRUED INCOME 1,578,800 1,708,329 129,529 8.2
2,250,878 2,332,486 81,608 3.6 OTHER REAL ESTATE OWNED 6,692,821 2,332,486 4,360,335- 65.1-
287,266 266,175 21,091- 7.3- OTHER ASSETS 486,953 266,175 220,788- 45.3-
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
346,178,140 347,113,640 935,501 0.3 TOTAL ASSETS 364,411,173 347,113,640 17,297,532- 4.7-
============ ============ ============ ======= ============ ============ ============ =======
LIABILITIES
-----------
1,632,859 1,566,456 66,403- 4.1- ACCOUNTS PAYABLE 815,955 1,566,456 750,502 92.0
991,500 1,849,100 853,600 86.1 DIVIDENDS PAYABLE 2,254,800 1,849,100 409,700- 18.2-
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
2,624,359 3,411,556 787,197 30.0 TOTAL LIABILITIES 3,070,755 3,411,556 340,802 11.1
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
SAVINGS
-------
80,622,333 83,941,349 3,319,016 4.1 SHARES 71,021,513 83,941,349 12,919,836 18.2
82,470,592 82,331,062 139,529- 0.2- SHARE DRAFT ACCOUNTS 82,716,378 82,331,062 385,316- 0.5-
59,303,063 58,863,195 439,868- 0.7- SHARE RETIREMENT PLANS 59,250,659 58,863,195 387,464- 0.7-
51,578,049 47,379,615 4,198,434- 8.1- SHARE CERTIFICATES 81,991,877 47,379,615 34,612,262- 42.2-
59,177,815 60,253,633 1,075,818 1.8 MONEY MARKET SHARES 50,155,928 60,253,633 10,097,705 20.1
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
333,151,851 332,768,854 382,997- 0.1- TOTAL SAVINGS 345,136,354 332,768,854 12,367,500- 3.6-
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
EQUITY
------
4,105,627 4,283,442 177,815 4.3 RESERVES 11,752,721 4,283,442 7,469,279- 63.6-
6,296,302 6,649,788 353,485 5.6 UNDIVIDED EARNINGS 4,451,343 6,649,788 2,198,445 49.4
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
10,401,930 10,933,230 531,300 5.1 TOTAL EQUITY 16,204,064 10,933,230 5,270,834 32.5-
------------ ------------ ------------ ------- ------------ ------------ ------------ -------
346,178,140 347,133,640 935,501 0.3 TOTAL LIAB/SAVINGS/EQUITY 364,411,173 347,113,640 17,297,532- 4.7-
============ ============ ============ ======= ============ ============ ============ =======
We certify that to the best of our knowledge and belief, this CLASSIFICATION OF LOANS OUTSTANDING
statement and the related statements are true and correct and Degree of delinquency # $
present fairly the financial position and the results of Current 36,423 214,155,985
operations for the period covered. 2 - 6 months 226 1,599,766
6 - 12 months 24 93,592
12 months and over 1 1,979
------ ------------
36,674 215,851,332
|
| 272.45 | Where are the latest Statement of COnditions | STAR::BUDA | We can do... | Mon Feb 08 1993 14:00 | 12 |
| I have been looking at the November DCU Statement of Conditions at ZKO
for a while now. I asked a teller whenthe December one would be
available and she said they put them up when they are available.
What takes so long to come out with a statement of conditions. They
used to comeout faster, but now take 2-3 months.
I also liked the monthly posting that Bill used to do (.-1). I found it
easier than asking the teller to make a copy. Saved paper, time, etc.
Thanks,
-mark
|
| 272.46 | 1995 reboot of topic | ALOE1::RITCHIE | Elaine Kokernak Ritchie, 225-4199 | Fri Mar 03 1995 19:23 | 43 |
| Now it's 1995, and it looks like we may be revisiting another
interesting DCU phenomenon. I've been reading through the monthly
minutes of the Board of Directors meetings (note 2.*), and this note, as a
way to learn out to use Lotus 1-2-3 on my new PC at home. I'm a visual
person, so charts mean more to me than numbers listed in different
places.
Some numbers, like amounts on deposit, fluctuate quite a bit each
month, apparently depending on what day of the week the month ends on,
and if that week is at the end of a quarter.
Other numbers, like the now famous capital ratio, are steady enough to
show trends (see my ascii chart referenced under the capital ratio
keyword). One number that has been going down lately is Total Assets.
This number is the denominator of the capital ratio number. I remember
someone saying they asked Chuck once if he was going to improve the
capital ratio by decreasing deposits. It may be what is happening.
I'm trying to get more data on this. What I have is the S-O-C reports
in this topic from 1991 and 1992, and the value as reported in the
Board Minutes since June 1994.
Total Assets (in millions)
June 1994 $362
July 1994 $365
Aug 1994 $352
Sept 1994 $356
Oct 1994 $346
Nov 1994 $339
Dec 1994 (awaiting January board minutes)
Jan 1995 $334 (just seen posted at DCU)
Yes, folks, that's a loss of thirty-one million dollars of savings
assets in six months, or about 8.5%. DCU is still healthy, don't get
me wrong. But this is a trend in the wrong direction!
I finally got the mailing about the new higher savings rates. This is
very positive, and will hopefully convince some members to bring their
savings back to DCU. I'm not as optimistic today as I was yesterday,
though, knowing how much the situation has changed in six months.
Elaine
|