JM Associates Federal Credit Union Notes to the Financial Statements
NOTE 3: LOANS RECEIVABLE AND ALLOWANCE
FOR LOAN LOSSES
Loans Receivable
Loans receivable consist of the following:
September 30, 2017 September 30, 2016
Residential first mortgage real estate $ 5,514,865 $ 5,880,498
Residential second mortgage real estate 3,231,825 3,070,752
Consumer secured 23,064,266 20,752,124
Consumer unsecured 14,999,304 14,193,309
$ 46,810,260 $ 43,896,683
Allowance for loan losses (510,239) (616,536)
Loans Receivable, Net
$ 46,300,021 $ 43,280,147
Allowance for Loan Losses Account
The following summarizes the activity in the allowance for loan losses account:
For the Year Ending September 30, 2017
Residential Real Estate Consumer Total
Allowance for Loan Losses:
Beginning balance $ 237 $ 616,299 $ 616,536
Provision for loan losses - 224,000 224,000
Recoveries on previous loan losses 21,441 99,618 121,059
Loans receivable charged off - (451,356) (451,356)
Other transfers
(21,678) 21,678 -
Ending Balance
$ - $ 510,239 $ 510,239
Allowance for Loan Losses:
Individually evaluated for impairment
$ - $ 137,819 $ 137,819
Collectively evaluated for impairment
- 372,420 372,420
Total Allowance for Loan Losses
$ - $ 510,239 $ 510,239
Loans Receivable:
Individually evaluated for impairment
$ - $ 464,614 $ 464,614
Collectively evaluated for impairment
8,746,690 37,598,956 46,345,646
Total Loans Receivable
$ 8,746,690 $ 38,063,570 $ 46,810,260
20 JM Associates Federal Credit Union • jmafcu.org
