|
|
Balance Sheets |
STATEMENTS OF INCOME AND EXPENSE FOR YEARS ENDED |
||
| DECEMBER 31, 2010 and 2009 | ||
| INCOME | 2010 | 2009 |
Interest on Loans |
$28,206,526 | $27,573,368 |
Interest on Investments1 |
5,317,590 | 5,152,400 |
Other income |
423,087 | 439,290 |
| TOTAL INCOME | $33,947,203 | $32,165,058 |
EXPENSES |
2010 | 2009 |
Employee Compensation |
$2,612,372 | $2,515,064 |
Employee Benefits1 |
1,435,750 | 1,286,937 |
Travel and Conference |
85,067 | 33,825 |
Association Dues |
47,273 | 54,083 |
Office Occupancy |
569,911 | 616,858 |
|
Office Operations |
1,154,415 | 1,206,751 |
Education & Community and Promotional |
1,166,962 | 1,111,324 |
| Professional Services | 142,963 | 163,281 |
Loan Servicing Expense |
182,732 | 204,022 |
Provision for Loan Losses |
2,377,729 | 958,514 |
Members Insurance |
150,917 | 188,144 |
Federal Supervision & Exam. |
170,356 | 151,352 |
Annual & Other Meetings |
24,434 | 30,310 |
Other Expense |
114,040 | 156,196 |
TOTAL EXPENSES |
10,234,921 | 8,676,661 |
Net Income Before Dividends |
$23,712,282 | $24,488,397 |
Dividends Paid |
14,200,277 | 16,635,673 |
Net Income before Extraordinary Items |
9,512,005 | 7,852,724 |
| NCUA Assessment | (1,394,264) | (738,688) |
| Corporate Credit Union Membership Write Down | (446,706) | (1,053,294) |
| NET INCOME | $7,671,035 | $6,060,742 |
|
Your
savings federally insured to at least $250,000 and backed by the full faith
and credit of the United States Government National Credit Union Administration, a U.S. Government Agency |
