Financial Statements and Independent Auditors’ Report Bank ...

Financial Statements and Independent Auditors' Report

Bank-Fund Staff Federal Credit Union

Years Ended December 31, 2018 and 2017

Bank-Fund Staff Federal Credit Union TABLE OF CONTENTS

Years Ended December 31, 2018 and 2017

Independent Auditors' Report

1

Financial Statements

Statements of Financial Condition

3

Statements of Income

4

Statements of Comprehensive Income

5

Statements of Changes in Members' Equity

6

Statements of Cash Flows

7

Notes to Financial Statements

8

Independent Auditors' Report

Supervisory Committee and Board of Directors Bank-Fund Staff Federal Credit Union Washington, DC

Report on Financial Statements We have audited the accompanying financial statements of Bank-Fund Staff Federal Credit Union, which comprise the statements of financial condition as of December 31, 2018 and 2017, and the related statements of income, comprehensive income, changes in members' equity, and cash flows for the years then ended, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these 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 financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility Our responsibility is to express an opinion on these 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 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the 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 control. 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 financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

(1)

Supervisory Committee and Board of Directors Bank-Fund Staff Federal Credit Union Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bank-Fund Staff Federal Credit Union as of December 31, 2018 and 2017, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

CliftonLarsonAllen LLP

Arlington, Virginia February 27, 2019

(2)

Bank-Fund Staff Federal Credit Union STATEMENTS OF FINANCIAL CONDITION

December 31, 2018 and 2017 (In Thousands)

ASSETS

Cash and Cash Equivalents Investments

Available-for-Sale Securities Other Investments Loans-in-Process Loans, Net Accrued Interest Receivable Property and Equipment, Net NCUSIF Deposit Other Assets

Total Assets

LIABILITIES AND MEMBERS' EQUITY

LIABILITIES Members' Share Accounts Accrued Interest Payable Accrued Expenses and Other Liabilities Total Liabilities

MEMBERS' EQUITY Regular Reserves Undivided Earnings Accumulated Other Comprehensive Loss Total Members' Equity

Total Liabilities and Members' Equity

2018

2017

$

210,813 $

232,252

1,846,233 19,117 36,193

2,798,196 11,475 6,072 32,557 11,181

1,726,210 20,020 22,007

2,707,677 10,170 7,220 31,577 33,751

$

4,971,837 $

4,790,884

$

4,348,837 $

4,229,471

12,560

12,526

26,823

20,426

4,388,220

4,262,423

27,151 566,760 (10,294) 583,617

27,151 508,890

(7,580) 528,461

$

4,971,837 $

4,790,884

See accompanying Notes to Financial Statements. (3)

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