|
 |
2005 Financial Statement
| Years Ended December 31 |
2005 |
2004 |
2003 |
2002 |
Assets |
|
|
|
|
| Loans to Members |
17,738,552 |
17,871,349 |
17,750,677 |
17,258,741 |
| Cash |
467,216 |
447,532 |
524,720 |
237,528 |
| Investments |
55,187,451 |
53,434,300 |
52,766,908 |
48,242,345 |
| Accrued Income |
389,926 |
376,647 |
405,969 |
433,547 |
| Prepaid & Deferred Expenses |
55,128 |
36,037 |
67,711 |
118,899 |
| Other Assets |
645,700 |
655,155 |
653,245 |
633,323 |
|
Total Assets |
74,483,973 |
72,821,020 |
72,169,230 |
66,924.383 |
Liabilities & Equity |
|
|
|
|
| Accounts Payable |
3,622 |
4,130 |
5,109 |
5,522 |
| Notes & Interest Payable |
0 |
0 |
0 |
0 |
| Dividends Payable |
0 |
0 |
0 |
0 |
| Other Liabilities |
138,691 |
148,963 |
138,206 |
128,706 |
| Shares |
63,391,971 |
61,960,726 |
62,125,962 |
57,332,614 |
| Regular Reserve |
1,222,311 |
1,222,311 |
1,222,311 |
1,222,311 |
| Undivided Earnings |
10,191,671 |
9,712,884 |
8,918,958 |
8,015,022 |
| Acum Unrlzd Gain/(loss) AFS Securities |
(464,293) |
(227,994) |
(241,316) |
220,208 |
|
Total Liabilities & Equity |
$74,483,973 |
$72,821,020 |
$72,169,230 |
$66,924.383 |
Summary Statement of Income and Expenses
| Years Ended December 31 |
2005 |
2004 |
2003 |
2002 |
Operating Income |
|
|
|
|
| Income from Loans |
1,152,591 |
1,261,864 |
1,322,195 |
1,457,518 |
| Investment Income |
2,087,495 |
1,940,138 |
2,088,876 |
2,332,811 |
| Other Operating Income |
219,139 |
225,981 |
217,915 |
237,779 |
|
Total Operating Income |
3,459,225 |
3,427,983 |
3,628,986 |
4,028,108 |
Operating Expenses |
|
|
|
|
| Compensation |
972,255 |
916,702 |
904,143 |
834,461 |
| Travel & Conferences |
7,969 |
7,935 |
11,080 |
9,141 |
| Association Dues |
5,935 |
23,349 |
20,804 |
19,653 |
| Office Occupancy |
128,918 |
120,983 |
119,503 |
116,689 |
| Office Operation |
464,805 |
459,209 |
437,919 |
410,711 |
| Educational & Promotional |
62,124 |
76,027 |
94,538 |
64,384 |
| Loan Servicing |
28,087 |
33,610 |
39,113 |
42,791 |
| Professional & Outside Services |
56,358 |
45,568 |
55,700 |
42,857 |
| Provision for Loan Losses |
43,000 |
69,252 |
57,500 |
0 |
| Member Insurance |
0 |
0 |
0 |
0 |
| Federal Operating Fee |
13,008 |
15,344 |
15,309 |
14,749 |
| Miscellaneous |
2,558 |
3,981 |
3,777 |
4,694 |
|
Total Operating Expenses |
1,785,017 |
1,771,960 |
1,759,396 |
1,560,130 |
| Net Operating Income |
1,674,208 |
1,656,023 |
1,869,600 |
2,467,978 |
| Non-Operating Gains (Losses) |
0 |
0 |
0 |
0 |
| Dividends |
$1,195,421 |
$862,097 |
$965,665 |
$1,327,475 |
| Net Income |
$478,787 |
$793,926 |
$903,935 |
$1,140,503 |
|
|
|
|
