Directions Credit Union, Inc. and Subsidiary

Consolidated Financial Statements

Directions Credit Union, Inc. and Subsidiary

December 31, 2019 and 2018

Independent Auditor's Report Consolidated Financial Statements:

Statements of Financial Condition Statements of Income Statements of Comprehensive Income Statements of Changes in Members' Equity Statements of Cash Flows Notes to Consolidated Financial Statements

CONTENTS

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Supervisory Committee of Directions Credit Union, Inc. and Subsidiary Toledo, Ohio

Independent Auditor's Report

We have audited the accompanying consolidated financial statements of Directions Credit Union, Inc. and its subsidiary, which comprise the consolidated statement of financial condition as of December 31, 2019 and 2018, and the related consolidated statements of income, comprehensive income, changes in members' equity and cash flows for the years then ended, and the related notes to the consolidated financial statements.

Management's Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal controls. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

Supervisory Committee of Directions Credit Union, Inc. and Subsidiary Page 2

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Directions Credit Union, Inc. and its subsidiary as of December 31, 2019 and 2018, and the results of their operations and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Columbus, Ohio March 12, 2020

DIRECTIONS CREDIT UNION, INC. AND SUBSIDIARY

Consolidated Statements of Financial Condition December 31, 2019 and 2018

ASSETS Cash and Cash Equivalents

Investments Investments - available-for-sale Investments - held-to-maturity Investments - other Total investments

Loans to Members and Participations, less allowance for loan losses

Other Real Estate Owned

Property and Equipment, net

Other Assets Accrued interest receivable on investments Accrued interest receivable on loans Share insurance capitalization deposit Prepaid expenses and other assets Total other assets

TOTAL ASSETS

2019

2018

$ 61,817,726

$

39,505,813

14,838,332 24,431,312

8,087,494 47,357,138

10,507,559 35,281,620

8,119,239 53,908,418

740,638,130 217,396

16,150,653

719,909,270 442,053

17,389,563

113,089 2,027,779 7,809,494 13,494,240 23,444,602

$ 889,625,645

109,555 2,218,589 7,613,653 13,472,941 23,414,738

$ 854,569,855

LIABILITIES AND MEMBERS' EQUITY Members' Share Accounts

Notes Payable

Accrued Expenses and Other Liabilities Total liabilities

Members' Equity, substantially restricted

TOTAL LIABILITIES AND MEMBERS' EQUITY

$ 791,553,471 1,000,000 8,051,042

800,604,513 89,021,132

$ 889,625,645

$ 743,185,932

16,926,000

10,962,754 771,074,686

83,495,169 $ 854,569,855

The accompanying notes are an integral part of the consolidated financial statements.

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