Supervisory Committee Report The supervisory committee safeguards the members’ assets by ensuring the credit union is operating using sound and ethical business practices and following regulatory standards. It has oversight to ensure the board of directors and senior management are running the credit union in the best interests of the members. The supervisory committee is comprised of three to five members appointed by the board of directors. Currently the supervisory committee is comprised of four dedicated individuals who volunteer their time and expertise: Annette Eychner, Nellie Nutting, Heather Hager, and Molly Stanton. The supervisory committee is tasked with ensuring the financial statements provide a fair and accurate representation of our financial condition and that management has established sound internal controls to protect the assets of the credit union. The supervisory committee has contracted with Ferrin & Company, LLC to complete an annual audit of the financial statements. Based on the results of the 2023 audit, the supervisory committee believes the financial statements fairly and accurately reflect the financial condition of the credit union, and the board of directors have established policies for sound business practices to safeguard the members’ interests. The supervisory committee is looking for members who are passionate about making a positive impact on the credit union. If you have the skills, time, expertise, and most importantly, a desire to contribute, then we invite you to become part of our volunteer committee. If you’re interested in learning more, or wish to apply for the supervisory committee, please contact the credit union or email [email protected]. Respectfully Submitted, Annette Eychner, Supervisory Committee Chairperson Treasurer’s Report We extend our heartfelt gratitude to the leadership of Trona Valley Federal Credit Union and to our valued members for their unwavering collaboration during what proved to be a challenging year. In the face of the Federal Reserve's vigorous efforts to curb inflation by raising interest rates, we stood by our members, striving to maintain competitive loan rates and fostering financial stability. Throughout 2023, Trona Valley experienced remarkable growth in loans, ensuring that our rates remained attractive while diligently supporting our members' financial well-being. We are proud to have distributed over $4.6 million in dividends to our members, a testament to their steadfast support and loyalty, which propelled us to another year of robust growth. As we reflect on our achievements, we are pleased to announce that Trona Valley concluded 2023 with total assets amounting to $392,674,293. Our net income for the year reached $7,323,918, resulting in a net worth of $51,866,834. Furthermore, our key financial ratios for 2023 underscore our strong performance: • Capital Ratio (or Net Worth): 13.21% • Return on Average Assets: 2.07% • Asset Growth: 10.36% • Loan Growth: 11.63% • Deposit Growth: 9.33% Looking ahead to 2024, Trona Valley remains steadfast in our commitment to serve our members. We will continue to prioritize their interests by maintaining competitive rates for both depositors and borrowers. It is important to note that Trona Valley operates with a distinct focus on the well-being of our members, in stark contrast to for-profit financial institutions. Unlike such entities, we are driven by our mission to serve our community, ensuring the safety and security of our members' hard-earned savings. As a not-for-profit credit union, we are dedicated to making prudent financial decisions that benefit our members and the communities we serve. We express our sincere appreciation to our members for entrusting Trona Valley with their financial journey. Together, we remain committed to navigating the path ahead with integrity and resilience. Cindy Haggit, Treasurer
