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ANNUAL FINANCIAL REPORT

 
INTEREST INCOME:                                                                             2010                                                              2011 
  Interest on Loans
      $ 506,404.30      $ 514,735.33 
  Income on Investments
       $ 210,864.44      $ 136,970.56 
  Misc. Operating
        $ 61,003.61       $ 69,452.04
   TOTAL
       $ 778,272.35      $ 721,157.93
NON-OPERATING INCOME/EXPENSE: 
  NCUA Impairment Refund
                 $ 0.00               $ 0.00 
  Membership Capital
  Depletion
       ( $38,880.62)     ( $38,235.74)
   TOTAL
       ( $38,880.62)     ( $38,235.74)
TOTAL INCOME       $ 739,391.73     $ 682,922.19
 
DIVIDENDS       $ 216,295.47     $ 158,896.20
 
OPERATING EXPENSES: 
   Employee Compensation
      $ 162,573.93     $ 168,565.24 
   Employee Benefits
        $ 56,625.71       $ 56,486.53 
   Association Dues
        $ 9,903.73       $ 10,703.00 
   Office Operations
       $ 90,183.59       $ 95,275.29 
   Travel/Conference Expense
          $ 1,273.00         $ 1,528.10 
   Rent
          $ 4,692.00         $ 4,692.00 
   Educational/Promotional
          $ 4,473.70         $ 5,343.36 
   Member Insurance
        $ 45,815.14       $ 29,289.37 
   Provisions for Loan Loss
        $ 16,000.00       $ 13,000.00 
   Operating Fees
   (Exam & Supervisory)
          $ 4,101.95        $ 5,235.82 
   Loan Servicing
          $ 5,781.02        $ 5,684.88 
   Furniture/Equipment
   Depreciation
        $ 13,105.54          $ 868.79 
   Share Draft Expense
          $ 1,010.90          $ 535.18 
   Misc. Operating
            $ 699.50          $ 513.32 
   Professional & Outside
   Service
          $ 6,050.00       $ 8,037.50 
   Insurance Expense
          $ 9,302.00      $ 10,152.00 
   Property Taxes (Personal)
            $ 134.14          $ 253.25 
   Cash Over & Short
              $ 98.75             $ 9.98

    TOTAL EXPENSES

     $ 431,824.60   $ 416,173.61
 
NET INCOME       $ 91,271.66   $ 107,852.38
 
TOTAL NUMBERS:
     
   Members
                  2542                2542 
   Debit Cards
                   323                 335 
   Loans Processed for Year
                   872                 912
     
TOTAL DOLLARS:
     
   Loans
    $ 7,000,480.48  $ 6,990,833.15 
   Shares
    $ 6,868,482.94  $ 7,338,002.23 
   Certificates of Deposit
    $ 8,256,649.87  $ 8,199,701.39 
   Share Drafts
       $ 570,138.10    $ 607,511.61
     
REGULAR RESERVE       $ 184,938.49     $ 184,938.49
UNDIVIDED EARNINGS         $ 2,489,627.71  $ 2,597,480.09
 
TOTAL ASSETS $ 18,416,510.64 $18,966,203.77
 
CAPITAL RATIO
               14.68%            14.87%
 
CHARGE OFFS          $ 43,111.31     $ 11,522.18
CHARGE OFF RECOVERY          $ 12,321.80       $ 6,102.00