|
|
 |
2010 Financial Statement
| Years Ended December 31 |
2010 |
2009 |
2008 |
2007 |
Assets
|
|
|
|
|
| Loans to Members |
15,177,301 |
19,474,053
|
25,149,686 |
21,990,474 |
| Cash |
469,745 |
604,032 |
720,354 |
306,298 |
| Investments |
73,172,537 |
66,573,989 |
57,113,678 |
55,759,548 |
| Accrued Income |
277,926 |
302,936 |
413,769 |
448,949 |
| Prepaid & Deferred Expenses |
52,524 |
50,332 |
58,275 |
77,593 |
| Other Assets |
928,915 |
787,392 |
628,066 |
621,115 |
|
Total Assets
|
90,078,948 |
87,792,734 |
84,083,828 |
79,203,977 |
Liabilities & Equity
|
|
|
|
|
| Accounts Payable |
4,174 |
6,389 |
7,779 |
4,924 |
| Notes & Interest Payable |
0 |
0 |
0
|
0 |
| Dividends Payable |
0 |
0 |
0 |
0 |
| Other Liabilities |
280,032 |
237,436 |
165,891 |
247.122 |
| Shares |
77,940,152 |
75,279,461 |
70,997,823
|
66,749,777 |
| Regular Reserve |
1,222,310 |
1,222,311 |
1,222,31
|
1,222,311 |
| Undivided Earnings |
11,202,996 |
11,397,610 |
11,622,961 |
10,965,942 |
| Acum Unrlzd Gain/(loss) AFS Securities |
(570,716) |
(350,473) |
67,063 |
13,901 |
|
Total Liabilities & Equity
|
$90,078,948 |
$87,792,734
|
$84,083,828 |
$79,203,977 |
Summary Statement of Income and Expenses
| Years Ended December 31 |
2010 |
2009 |
2008 |
2007 |
Operating Income
|
|
|
|
|
| Income from Loans |
1,140,477 |
1,4213,086 |
1,506,241 |
1,420,229 |
| Investment Income |
1,665,513 |
2,017,730 |
2,505,749 |
2,754,945 |
| Other Operating Income |
229,824 |
254,429 |
273,989 |
235,440 |
|
Total Operating Income
|
3,035,814 |
3,685,245 |
4,285,979 |
4,410,614 |
Operating Expenses
|
|
|
|
|
| Compensation |
1,178,492 |
1,103,890 |
1,039,193 |
937,930 |
| Travel & Conferences |
31,714 |
14,145 |
6,505 |
7,793 |
| Association Dues |
16,788 |
6,807 |
6,472 |
6,450 |
| Office Occupancy |
206,593 |
149,551 |
142,456 |
140,678 |
| Office Operation |
472,541 |
455,092 |
456,174 |
479,241 |
| Educational & Promotional |
78,052 |
70,925 |
95,645 |
89,620 |
| Loan Servicing |
34,829 |
24,452 |
34,683 |
34,,089 |
| Professional & Outside Services |
79,026 |
67,815 |
61,766 |
51,187 |
| Provision for Loan Losses |
102,000 |
117,435 |
85,288 |
(75,000) |
| Member Insurance |
191,559 |
542,897 |
0
|
0 |
| Federal Operating Fee |
20,432 |
19,428 |
17,032 |
15,201 |
| Miscellaneous |
8,180 |
1,809 |
4,443 |
4,711 |
|
Total Operating Expenses
|
2,420,206 |
2,574,246 |
1,949,812 |
1,691,960 |
| Net Operating Income |
615,608 |
1,110,999 |
2,336,167 |
2,718,654 |
| Non-Operating Gains (Losses) |
0 |
(94,755) |
68,778 |
100 |
| Dividends |
$1,992,769 |
$1,241,594 |
$1,747,926 |
$2,228,730 |
| Net Income |
($194,614) |
($225,350) |
$657,019 |
$490,024 |
|
|
|
|
