Statements of Income

STATEMENTS OF INCOME AND EXPENSE FOR YEARS ENDED
DECEMBER 31, 2007 and 2006
INCOME	2007	2006
Interest on Loans	$21,757,672	$19,882,774
Interest on Investments¹	8,802,404	8,495,748
Other income	507,602	494,423
TOTAL INCOME	$31,067,678	$28,872,945
EXPENSES
Employee Compensation	$2,341,645	$2,266,281
Employee Benefits¹	1,401,409	1,109,185
Travel and Conference	127,773	40,742
Association Dues	38,155	40,239
Office Occupancy	540,456	525,065
Office Operations	758,082	826,605
Education & Community and Promotional	883,924	896,094
Professional Services	80,726	59,493
Loan Servicing Expense	143,951	155,699
Provision for Loan Losses	181,367	352,569
Members Insurance	187,939	193,390
Federal Supervision & Exam.	114,124	111,255
Annual & Other Meetings	40,090	25,188
Other Expense	92,749	135,388
TOTAL EXPENSES	$6,932,390	$6,737,193
Net Income Before Dividends	$24,135,288	$22,135,752
Dividends Paid	18,589,408	15,254,071
NET INCOME²	$5,545,880	$6,881,681
1. Includes payments to the CUNA Defined Contribution Plan of $170,431 & 401K plan of $110,401 for 2006 and $163,734 and $106,063 respectively for 2007.
2. Transferred to undivided earnings.