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STATEMENT OF FINANCIAL CONDITION
for the years ending December 31
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|
2009 |
2008 |
| Assets |
|
|
| Loans (net of loan allowance) |
146,093,495 |
219,661,171 |
| Other Receivables |
36,483 |
36,156 |
| Cash |
19,651,276 |
15,903,518 |
| Investments |
51,716,899 |
50,648,665 |
| Prepaid Expenses |
160,462 |
180,563 |
| Fixed Assets: |
|
|
| Land & Building |
5,843,217 |
5,948,418 |
| Furniture & Equipment |
1,072,086 |
1,224,481 |
| Leasehold Improvements |
0 |
0 |
|
Accrued Interest Loans |
564,422 |
572,016 |
| Accrued Income Investments |
221,960 |
354,697 |
| Accrued Income Notes Receivable |
-- |
-- |
| NCUSIF Deposit |
1,907,009 |
768,708 |
Other Assets
|
34,733
|
9,330
|
| TOTAL ASSETS |
$227,302,042 |
$205,327,723 |
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| Liabilities & Equity |
|
|
| Accounts Payable |
33,856 |
30,570 |
| Other Liabilities |
2,531,197 |
3,161,532 |
| Accrued Dividends on Certificates |
417,007 |
434,008 |
| Total Liabilities |
$2,982,060 |
$3,626,111 |
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| Shares |
107,022,750 |
92,423,930 |
| Share Drafts |
29,009,213 |
26,687,395 |
| IRA Shares |
3,894,058 |
9,987,597 |
| Share Certificates |
63,865,005 |
64,618,878 |
| Medical Savings Shares |
337,304 |
323,364 |
Total Members' Deposits
|
$204,128,331
|
$184,038,166
|
| Regular Statutory Reserve |
2,758,843 |
2,758,843 |
| Undivided Earnings |
17,432,808 |
14,904,604 |
Total Equity
TOTAL LIABILITIES AND EQUITY |
$20,191,651
$227,302,042 |
$17,633,447
$205,327,723 |
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STATEMENT OF INCOME
for the years ending December 31
|
2008 |
2008 |
| Interest Income |
|
|
| Loans to Members |
8,925,878 |
8,158,499 |
| Investments |
1,651,507 |
2,501,640 |
| Total Interest Income |
$10,577,385 |
$10,660,140 |
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| Interest Expense |
|
|
| Members' Share Accounts |
3,362,227 |
4,023,155 |
| Total Interest Expense |
3,362,227 |
4,023,155 |
| Interest on Borrowed Money |
1,389 |
40 |
| Net Interest Income |
7,213,769 |
6,636,945 |
| Provision for Loan Loss |
1,360,000 |
973,000 |
| Net Interest Income after Provision for Loan Loss |
$5,853,769 |
$5,663,945 |
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| Other Operating Income |
|
|
| Fees and Charges |
2,103,268 |
1,830,954 |
| Other Operating Income |
1,739,631 |
1,723,135 |
| Total Other Operating Income |
$3,842,898 |
$3,554,089 |
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| Operating Expenses |
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| Employee Compensation |
3,350,730 |
3,311,253 |
| Employee Benefits |
944,864 |
917,430 |
| Travel and Conferences |
105,972 |
95,021 |
| Association Dues |
40,859 |
36,489 |
| Office Occupancy |
479,512 |
444,882 |
| Office Operations |
1,478,409 |
1,395,787 |
| Education & Promotion |
262,199 |
289,662 |
| Loan Servicing |
101,885 |
112,433 |
| Professional & Outside Services |
716,626 |
722,448 |
| Operating Fees |
41,608 |
38,811 |
| Misc Operating Expenses |
285,959 |
1,825,288 |
Total Operating Expenses
|
$7,808,621
|
$9,189,504
|
Non-Operating Income (Expense)
NET INCOME |
628,030
$2,516,076 |
--
$28,530 |
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