Supervisory Committee Report The supervisory committee is a volunteer committee responsible for evaluating the activities of the credit union, internal controls, compliance with regulations, policies, procedures, as well as verifying that the financials adhere to generally accepted accounting principles (GAAP). This committee consists of Annette Eychner, Nellie Nutting, and Spring Hunt. This committee responds to any formal complaints submitted to the National Credit Union Administration and helps to ensure the credit union conducts its business in an ethical manner. We also meet with our internal auditor, Penny Bybee, quarterly to review audits, risk assessments, and much more. We aim to learn more about the inner workings of the credit union by interviewing Trona Valley subject matter experts and members of management. The committee also conducts in-person reviews at each branch to ensure the safety and soundness of the processes and internal controls. All that might not sound like the most exciting use of our time, but the supervisory committee is an important safeguard for the credit union and makes certain the member’s interests are protected. We care about what we do, and we’d love to have additional volunteers on the team. If you’re interested in learning more about what we do or would like to be part of Trona Valley’s supervisory committee, please reach out to Penny Bybee or me for more information. For 2022, Ferrin and Company, LLC. was contracted to complete the annual financial statement audit. Ferrin was able to do a fully comprehensive review. The audit concluded that the financial statements present fairly, in all material respects, the financial position of Trona Valley Federal Credit Union are in accordance with accounting principles generally accepted in the United States of America. The supervisory committee also concludes that the policies set by the board of directors establishes sound management practices, and the credit union staff are operating effectively in a manner consistent with safeguarding the membership’s interests. Respectfully Submitted, Annette Eychner, Supervisory Committee Chairperson Treasurer’s Report Thank you to Trona Valley Federal Credit Union’s leadership and to our members for working with us through a difficult year. Last year, the Fed moved rates up aggressively to combat record high inflation. While higher interest rates are typically welcomed by depositors, it can be crippling for borrowers. In 2022, Trona Valley saw incredible loan growth by keeping its loan rates competitive and working closely with members to ensure their financial stability. The credit union also paid an impressive $2 million to its members in dividends. Thanks to the support and loyalty of its members, Trona Valley closed another strong year for growth. Trona Valley ended the year with total assets of $358,648,733. Net income for the year was $7,781,524 and the resulting net worth was $45,042,916. 2022 Key Financial Ratios: • Capital Ratio (or Net Worth) was 12.56% • Return on Average Assets was 2.28% • Asset Growth for the year was 11.14% • Loan Growth for the year was 14.94% • Deposit Growth was 9.78% For 2023, Trona Valley will continue to do right for its members by keeping rates competitive for both depositors and borrowers. To help ease the burden of higher interest rates, the credit union has reduced its fees for overdrafts and courtesy pay. We’ve also reduced or eliminated several other fees to make it a little easier to bank with us. It’s a good reminder that this credit union operates for the benefit of its members; something you won’t get from a for-profit financial institution. More importantly, credit unions are not going to make risky investments or other irresponsible decisions in pursuit of an extra dollar for its shareholders and executives. Trona Valley is a not-for-profit credit union that is dedicated to supporting the communities where it operates and ensuring the hard-earned savings of its members are safe and secure. Once again, thank you all for supporting Trona Valley as we work alongside you in your financial journey. Sincerely, Cindy Haggit, Treasurer