|
 |
|
Statement of Income |
| |
|
|
| |
|
|
|
Income |
2010 |
2009 |
| |
|
|
|
Interest Income from Loans |
$ 571,701.50 |
$ 578,737.31 |
|
Investment Income |
195,734.89 |
276,465.79 |
|
Fee Income |
474,409.73 |
476,971.18 |
|
Miscellaneous Income |
19,990.08 |
18,500.89 |
| |
|
|
|
Total Operating Income |
1,261,836.20 |
1,350,675.17 |
| |
|
|
|
Expense |
|
|
| |
|
|
|
Salaries |
311,339.67 |
299,894.17 |
|
Benefits |
73,393.67 |
69,703.48 |
|
Travel & Conference |
500.56 |
200.47 |
|
Association Dues |
10,938.01 |
9,676.59 |
|
Office Occupancy |
43,371.99 |
45,364.38 |
|
Office Operations |
139,617.76 |
146,572.72 |
|
Education & Promotion |
44,612.38 |
44,803.60 |
|
Loan Servicing |
11,640.48 |
9,163.09 |
|
Outside Services |
94,986.01 |
87,627.99 |
|
Member Insurance |
45,366.04 |
24,422.70 |
|
Provision for Loan Loss |
32,850.00 |
40,000.00 |
|
Operating Fee |
5,910.48 |
4,423.16 |
|
Annual Meeting |
3.800.82 |
5,100.93 |
|
Interest on Borrowed Money |
1.16 |
83.75 |
|
Miscellaneous Operating Exp |
134,961.87 |
131,793.87 |
|
|
|
|
|
Total Operating Expense |
953,290.90 |
918,830.90 |
| |
|
|
|
Income (Loss) Operations |
308,545.30 |
431,844.27 |
| |
|
|
|
Non-Operating Gain (Loss) |
(84,795.33) |
(54,978.73) |
| |
|
|
|
Dividends |
257,959.51 |
333,339.81 |
| |
|
|
|
Net Income (Loss) |
(34,209.54) |
43,525.67 |
|
Statement of Financial Condition |
| |
|
|
| |
|
|
|
Assets |
2010 |
2009 |
| |
|
|
|
Member Loans |
8,115,024.09 |
7,751,473.76 |
|
MasterCard |
319,241.23 |
205,655.04 |
|
Allowance for Loan Losses |
(38,660.85) |
(24,775.53) |
|
Cash |
386,053.96 |
371,367.83 |
|
Investments |
12,585,232.07 |
12,639,632.16 |
|
Land & Building |
263,709.88 |
268,727.90 |
|
Fixed Assets |
18,224.00 |
13,465.00 |
|
Other Assets |
150,364.00 |
137,025.64 |
| |
|
|
|
Total Assets |
21,799,188.38 |
21,362,571.80 |
| |
|
|
|
Liabilities |
|
|
| |
|
|
|
Accounts Payable |
72,886.64 |
147,749.78 |
|
Dividends Payable |
26,275.85 |
35,232.47 |
|
Other Liabilities |
59,934.07 |
31,816.59 |
| |
|
|
|
Total Liabilities |
159,096.56 |
214,798.84 |
| |
|
|
|
Member Equity |
|
|
| |
|
|
|
Member Shares |
18,725,134.29 |
18,198,605.89 |
|
Regular Reserves |
469,857.30 |
469,857.30 |
|
Undivided Earnings |
2,445,100.23 |
2,479,309.77 |
| |
|
|
|
Total Equity |
21,640,091.82 |
21,147,772.96 |
| |
|
|
|
Total Liabilities & Equity |
21,799,188.38 |
21,362,571.80 |
|
