E FUND FINANCI
INSURED EXCESS SHARES Year-Over-Year-Growth Rate
CONSUMERS CONTINUE TO
28.18%
25.67%
HAVE GREAT TRUST AND CONFIDENCE IN MSIC’S MEMBER CREDIT UNIONS, WHICH HAS LED TO A CONTINUED SURGE IN EXCESS DEPOSITS.
17.49%
16.80%
7.58%
June 2018
June 2019
June 2020
June 2021
June 2022
During the early 1990s, Capital Infusions were made to six members, as a condition for these six credit unions obtaining federal primary insurance through the NCUA. By September 30, 2018, all but one of these members repaid the capital infusions they received at that time. Given the uncertainties created by the Pandemic and the resulting economic conditions, repayment was not pursued during the past three fiscal years from the sole member. When appropriate, MSIC will continue to pursue repayment of the member’s outstanding balance of $1.4 million. During the Fiscal Year 2022, Gross Revenues were unchanged, as a result of the consolidation with MSIC Partners. Changes within the revenue categories included a decrease in assessment revenue, significantly lower investment income, lower rental income from the real estate investment, which decreases were offset by a new revenue category, mortgage fulfillment revenue, brought over in the consolidation with MSIC Partners. For the fiscal year ended September 30, 2022 Total Expenses decreased by $0.6 million. This change was caused by several items. The large paydowns of FHLBB
FIVE-YEAR HISTORY OF CAPITAL INFUSION REPAYMENTS Fiscal Years Ending September 30 ($ in Thousands)
$269
$80
$0
$0
$0
2018
2019
2020 2021 2022
2022 ANNUAL REPORT
15
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