JM Associates Federal Credit Union Notes to the Financial Statements
The following is a summary of loans based on credit quality:
As of September 30, 2017
Performing Nonperforming Total
Residential first mortgage real estate
$ 5,514,865 $ - $ 5,514,865
Residential second mortgage real estate
3,231,825 - 3,231,825
Consumer secured
22,942,360 121,906 23,064,266
Consumer unsecured
14,886,189 113,115 14,999,304
Total
$ 46,575,239 $ 235,021 $ 46,810,260
As of September 30, 2016
Performing Nonperforming Total
Residential first mortgage real estate
$ 5,880,498 $ - $ 5,880,498
Residential second mortgage real estate
3,046,738 24,014 3,070,752
Consumer secured
20,696,823 55,301 20,752,124
Consumer unsecured
14,158,012 35,297 14,193,309
Total
$ 43,782,071 $ 114,612 $ 43,896,683
Internally Assigned Loan Grades Are Defined as Follows:
Performing – A performing loan's primary source of loan repayment is satisfactory, with secondary sources very
likely to be realized if necessary.
Nonperforming – A loan classified as nonperforming is considered potentially uncollectible with a likelihood of charge-off.
This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it means that charge-off
is likely in the near future.
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24 JM Associates Federal Credit Union • jmafcu.org
