|
|
 |
2008 Financial Statement
| Years Ended December 31 |
2008 |
2007 |
2006 |
2005 |
Assets
|
|
|
|
|
| Loans to Members |
25,149,686 |
21,990,474 |
21,665,364 |
17,738,552 |
| Cash |
720,354 |
306,298 |
910,221 |
467,216 |
| Investments |
57,113,678 |
55,759,548 |
50,921,551 |
55,187,451 |
| Accrued Income |
413,769 |
448,949 |
422,444 |
389,926 |
| Prepaid & Deferred Expenses |
58,275 |
77,593 |
51,728 |
55,926 |
| Other Assets |
628,066 |
621,115 |
663,595 |
645,700 |
|
Total Assets
|
84,083,828 |
79,203,977 |
74,634,903 |
74,483,973 |
Liabilities & Equity
|
|
|
|
|
| Accounts Payable |
7,779 |
4,924 |
8,136 |
3,622 |
| Notes & Interest Payable |
0 |
0 |
0
|
0 |
| Dividends Payable |
0 |
0 |
0 |
0 |
| Other Liabilities |
165,891 |
247,122 |
179,734 |
138,691 |
| Shares |
70,997,823 |
66,749,777 |
63,166,885
|
63,391,971 |
| Regular Reserve |
1,222,311 |
1,222,311 |
1,222,311
|
1,222,311 |
| Undivided Earnings |
11,622,961 |
10,965,942 |
10,475,917 |
10,191,671 |
| Acum Unrlzd Gain/(loss) AFS Securities |
67,063 |
13,901 |
(418,080) |
(464,293) |
|
Total Liabilities & Equity
|
$84,083,828 |
$79,203,977
|
$74,634,903 |
$74,483.973 |
Summary Statement of Income and Expenses
| Years Ended December 31 |
2008 |
2007 |
2006 |
2005 |
Operating Income
|
|
|
|
|
| Income from Loans |
1,506,241 |
1,420,229 |
1,197,269 |
1,152,591 |
| Investment Income |
2,505,749 |
2,754,945 |
2,398,112 |
2,087,495 |
| Other Operating Income |
273,989 |
235,440 |
224,359 |
219,138 |
|
Total Operating Income
|
4,285,979 |
4,410,614 |
3,819,740 |
3,459,225 |
Operating Expenses
|
|
|
|
|
| Compensation |
1,039,193 |
937,990 |
944,274 |
972,255 |
| Travel & Conferences |
6,505 |
7,793 |
4,487 |
7,969 |
| Association Dues |
6,627 |
6,450 |
6,472 |
5,935 |
| Office Occupancy |
142,456 |
140,678 |
133,481 |
128,918 |
| Office Operation |
456,174 |
479,241 |
486,744 |
464,805 |
| Educational & Promotional |
95,645 |
89,620 |
96,331 |
62,124 |
| Loan Servicing |
34,683 |
34,089 |
27,152 |
28,087 |
| Professional & Outside Services |
61,766 |
51,187 |
50,566 |
56,358 |
| Provision for Loan Losses |
85,288 |
-75,000 |
13,000 |
43,000 |
| Member Insurance |
0 |
0 |
0
|
0 |
| Federal Operating Fee |
17,032 |
15,201 |
15,344 |
13,008 |
| Miscellaneous |
4,443 |
4,711 |
5,705 |
2,558 |
|
Total Operating Expenses
|
1,949,812 |
1,691,960 |
1,783,556 |
1,785,017 |
| Net Operating Income |
2,336,167 |
2,718,654 |
2,036,184 |
1,674,208 |
| Non-Operating Gains (Losses) |
68,778 |
100 |
0 |
0 |
| Dividends |
$1,747,926 |
$2,228,730 |
$1,751,937 |
$1,195,421 |
| Net Income |
$657,019 |
$490,024 |
$284,247 |
$478,787 |
|
|
|
|
