Balance Sheets

 

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.

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