Annual Meeting Information

Statement of Income

Income 2017 2018
Interest Income from Loans 493,450.69 533,850.89
Investment Income 195,550.06 294,261.42
Fee Income 670,281.71 709,828.39
Miscellaneous Income 63,172.19 41,109.57
Total Operating Income 1,422,454.65 1,579,050.27
Expense 2017 2018
Salaries 358,224.38 372,433.13
Benefits 101,397.09 93,752.53
Travel & Conference 5,400.00 3,700.00
Association Dues 1,524.38 1,571.40
Office Occupancy 88,757.83 97,917.60
Office Operations 141,664.74 141,714.98
Education & Promotion 57,637.73 53,604.34
Loan Servicing 23,905.21 25,753.72
Outside Services 119,655.58 129,576.62
Member Insurance - -
Provision for Loan Loss 35,500.00 21,500.00
Operating Fee 6,406.00 6,697.00
Cash Over and Short -100.52 854.21
Annual Meeting 6,200.96 5,550.52
Miscellaneous Operating Exp 215,968.20 243,032.57
Total Operating Expense 1,162,342.62 1,195,950.20
Income (Loss) Operations 260,112.03 383,100.07
Non-Operating Gain (Loss) - -
Dividends 181,406.71 178,015.88
Interest on Borrowed Money 532.84 74.24
Net Income (Loss) 78,172.48 205,009.95

Statement of Financial Condition

Assets 2017 2018
Member Loans 10,697,671.56 11,265,459.75
MasterCard 663,259.33 662,321.45
Allowance for Loan Losses 63,609.30 61,591.15
Cash 632,395.56 952,135.12
Investments 17,164,157.54 14,215,716.97
Land & Building 1,166,186.46 1,212,230.10
Fixed Assets 34,229.00 28,653.00
Other Assets 177,211.07 185,484.53
Total Assets 30,471,501.22 28,460,409.77
Liabilities 2017 2018
Accounts Payable 192,097.38 148,214.85
Dividends Payable 20,377.67 19,708.50
Other Liabilities 80,567.20 77,684.28
Total Liabilities 293,042.25 245,607.63
Member Equity 2017 2018
Member Shares 26,969,188.28 24,800,521.50
Regular Reserves 469,857.30 469,857.30
Undivided Earnings 2,739,413.39 2,944,423.34
Total Equity 30,178,458.97 28,214,802.14
Total Liabilities & Equity 30,471,501.22 28,460,409.77