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ANNUAL FINANCIAL REPORT

 
INTEREST INCOME:                                                         2008                                              2009 
  Interest on Loans
      $ 513,601.15      $ 506,705.62 
  Income on Investments
       $ 333,088.91      $ 264,055.54 
  Misc. Operating
       $ 39,740.93       $ 69,679.71
   TOTAL
       $ 886,430.99      $ 840,440.87
NON-OPERATING INCOME/EXPENSE: 
  NCUA Impairment Refund
                $ 0.00       $ 93,577.53 
  Membership Capital
  Depletion
                $ 0.00     $ (82,048.91)
   TOTAL
                $ 0.00       $ 11,528.62
TOTAL INCOME     $ 886,430.99    $ 851,969.49
 
DIVIDENDS    $ 439,805.64   $ 310,878.52
 
OPERATING EXPENSES: 
   Employee Compensation
       $ 132,327.81      $ 158,864.28 
   Employee Benefits
        $ 38,765.46       $ 51,021.37 
   Association Dues
         $ 8,125.42         $ 7,527.25 
   Office Operations
       $ 73,146.26       $ 84,285.04 
   Travel/Conference Expense
                $ 0.00        $ 3,921.36 
   Rent
          $ 4,692.00         $ 4,692.00 
   Educational/Promotional
          $ 6,726.06         $ 4,557.81 
   Member Insurance
       $ 119,723.63       $ 26,271.77 
   Provisions for Loan Loss
        $ 16,500.00       $ 58,000.00 
   Operating Fees
   (Exam & Supervisory)
          $ 3,251.88       $ 30,878.72 
   Loan Servicing
          $ 4,458.55        $ 9,543.58 
   Furniture/Equipment
   Depreciation
          $ 8,999.64       $ 10,720.00 
   Share Draft Expense
             $ 790.04        $ 1,225.84 
   Misc. Operating
          $ 3,871.83          $ 369.44 
   Professional & Outside
   Service
          $ 6,600.00       $ 6,210.00 
   Insurance Expense
         $ 12,100.77       $ 9,149.92 
   Property Taxes (Personal)
            $ 148.58          $ 141.17 
   Cash Over & Short
            $ (30.09)           $ (5.00)

    TOTAL EXPENSES

     $ 440,197.84   $ 467,374.55
 
NET INCOME         $ 6,427.51     $ 73,716.42
 
TOTAL NUMBERS:
     
   Members
                  2425                2497 
   Debit Cards
                   223                 272 
   Loans Processed for Year
                   765                 775
     
TOTAL DOLLARS:
     
   Loans
    $ 6,900,744.49  $ 6,902,232.53 
   Shares
    $ 5,371,749.27  $ 6,103,070.58 
   Certificates of Deposit
    $ 7,761,548.39  $ 8,594,797.78 
   Share Drafts
       $ 428,596.13    $ 475,897.48
     
REGULAR RESERVE       $ 205,938.49     $ 184,938.49
UNDIVIDED EARNINGS         $ 2,303,639.63  $ 2,398,356.05
 
TOTAL ASSETS  $ 16,166,288.51 $17,832,004.00
 
CAPITAL RATIO
                 15.52%            14.75%
 
CHARGE OFFS          $ 16,698.00    $ 45,884.92
CHARGE OFF RECOVERY           $ 3,934.00     $ 6,299.57