Investor Presentaiton
LOUISIANA CORPORATE CREDIT UNION
NOTES TO FINANCIAL STATEMENTS
4.
MEMBERS' SHARES AND CERTIFICATES
A summary of members' shares and certificates is as follows:
December 31,
2021
Daily shares
Fixed callable certificates
Paid-in capital shares
Total
$ 208,888,350
2,498,000
37,145
$211,423,495
2020
$ 200,597,501
37,145
$ 200,634,646
During 2021, the Credit Union issued $2,498,000 of callable, fixed rate share certificates, which mature
on March 30, 2026, if not called prior by the Credit Union.
The aggregate amounts of members' shares and certificates over $250,000 were $204,279,287 and
$195,390,991 as of December 31, 2021 and 2020, respectively.
5. BORROWED FUNDS
The Credit Union maintains a line of credit as follows:
December 31, 2021
Lender
Outstanding
Balance
Available
Balance
Federal Home Loan Bank
$
$ 125,699,946
December 31, 2020
Outstanding
Available
Lender
Federal Home Loan Bank
Balance
Balance
$
$ 131,150,923
The line of credit is secured by the Credit Union's investment securities available for sale as deemed
eligible by the FHLB (Note 2) and is renewable annually. The interest rate is priced daily based on the
FHLB of Dallas' discount note market.
6. EMPLOYEE BENEFIT PLANS
Defined Contribution Retirement Plans
The Credit Union sponsors a defined contribution safe harbor 401(k) retirement plan for all eligible
employees. All full-time employees with one year of service are eligible, and vesting is graduated over
six years. The Credit Union makes matching contributions equal to 100% of the participant's first 5% of
salary contributed. The Credit Union may also make discretionary contributions at the direction of
management. The plan was amended effective January 1, 2020, to add a safe harbor non-elective
contribution equal to 3% of eligible compensation. This safe harbor contribution is fully vested to the
participants. During the years ended December 31, 2021 and 2020, the amount contributed by the Credit
Union and charged to expense was $44,587 and $43,907, respectively.
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