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STATEMENT OF FINANCIAL CONDITION
for the year ending December 31, 2008
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2008 |
2007 |
| Assets |
|
|
| Loans (net of loan allowance) |
$219,661,171 |
$116,965,227 |
| Other Receivables |
36,156 |
326,948 |
| Cash |
15,903,518 |
14,982,589 |
| Investments |
50,648,665 |
50,686,950 |
| Prepaid Expenses |
180,563 |
497,123 |
| Fixed Assets: |
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| Land & Building |
5,948,418 |
5,083,993 |
| Furniture & Equipment |
1,224,481 |
1,139,376 |
| Leasehold Improvements |
0 |
1,222 |
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Accrued Interest Loans |
572,016 |
513,587 |
| Accrued Income Investments |
354,697 |
590,826 |
| Accrued Income Notes Receivable |
-- |
-- |
| NCUSIF Deposit |
768,708 |
1,473,143 |
| Other Assets |
9,330 |
14,419 |
| TOTAL ASSETS |
$205,327,723 |
$192,275,403 |
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| Liabilities & Equity |
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| Accounts Payable |
$30,570 |
$28,103 |
| Other Liabilities |
3,161,532 |
1,695,625 |
| Accrued Dividends on Certificates |
434,008 |
656,406 |
| Total Liabilities |
$3,626,111 |
$2,380,134 |
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| Shares |
92,423,930 |
84,265,557 |
| Share Drafts |
26,687,395 |
27,865,750 |
| IRA Shares |
9,987,597 |
2,615,528 |
| Share Certificates |
64,618,878 |
57,154,777 |
| Medical Savings Shares |
323,364 |
360,608 |
| Total Members' Deposits |
$184,038,166 |
$172,262,220 |
| Regular Statutory Reserve |
2,758,843 |
2,758,843 |
| Undivided Earnings |
14,904,604 |
14,874,206 |
Total Equity
TOTAL LIABILITIES AND EQUITY |
$17,633,447
$205,327,723 |
$17,633,049
$192,275,403 |
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STATEMENT OF INCOME
for the year ending December 31, 2008
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2008 |
2007 |
| Interest Income |
|
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| Loans to Members |
$8,158,499 |
$8,054,203 |
| Investments |
2,501,640 |
2,463,949 |
| Total Interest Income |
$10,660,140 |
$10,518,152 |
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| Interest Expense |
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| Members' Share Accounts |
4,023,155 |
4,552,539 |
| Total Interest Expense |
$4,023,155 |
$4,552,539 |
| Interest on Borrowed Money |
40 |
801 |
| Net Interest Income |
$6,636,945 |
$5,964,812 |
| Provision for Loan Loss |
973,000 |
906,000 |
| Net Interest Income after Provision for Loan Loss |
$5,663,945 |
$5,058,812 |
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| Other Operating Income |
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| Fees and Charges |
$1,830,954 |
$1,917,720 |
| Other Operating Income |
1,723,135 |
1,557,906 |
| Total Other Operating Income |
$3,554,089 |
$3,495,626 |
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| Operating Expenses |
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| Employee Compensation |
3,311,253 |
2,893,384 |
| Employee Benefits |
917,430 |
732,889 |
| Travel and Conferences |
95,021 |
84,287 |
| Association Dues |
36,489 |
31,179 |
| Office Occupancy |
444,882 |
413,636 |
| Office Operations |
1,395,787 |
1,202,175 |
| Education & Promotion |
289,662 |
285,189 |
| Loan Servicing |
112,433 |
683,671 |
| Professional & Outside Services |
722,448 |
184,113 |
| Operating Fees |
38,811 |
35,853 |
| Misc Operating Expenses |
1,825,288 |
140,822 |
| Total Operating Expenses |
$9,189,504 |
$6,687,198 |
| NET INCOME |
$28,530 |
$1,867,239 |
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