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

 

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  National Credit Union Administration, a U.S. Government Agency