Balance Sheets

 

STATEMENTS OF INCOME AND EXPENSE FOR YEARS ENDED

DECEMBER 31, 2009 and 2008

INCOME

2009

2008

Interest on Loans

$27,573,368

$24,326,362

Interest on Investments1

5,152,400

7,325,038

Other income

439,290

609,522

TOTAL INCOME

$33,165,058

$32,260,922

EXPENSES

2009 2008

Employee Compensation

$2,515,064 $2,625,653

Employee Benefits1

1,286,937 1,346,071

Travel and Conference 

33,825 92,342

Association Dues

54,083 50,681

Office Occupancy

616,858 587,638

Office Operations

1,206,751 865,638

Education & Community and Promotional 

1,111,324 1,084,412
Professional Services 163,281 121,425

Loan Servicing Expense

204,022 149,658

Provision for Loan Losses

958,514 365,055

Members Insurance

188,144 146,996

Federal Supervision & Exam.

151,352 132,273

Annual & Other Meetings

30,310 35,074

Other Expense

156,196 94,947

TOTAL  EXPENSES

8,676,661 7,697,863

Net Income Before Dividends

$24,488,397 $24,563,059

Dividends Paid

16,635,673 17,487,121

Net Income before Extraordinary Items

7,852,724

7,075,938

NCUA Assessment

(738,688)

-
Corporate Credit Union Membership Write Down

(1,053,294)

-
NET INCOME

$6,060,742

$7,075,938

 

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