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