Annual Report 2006
Consolidated Statements Of Operations
Years Ended December 31, 2006 and 2005
| |
2006 |
2005 |
|
Interest Income |
|
Interest on loans |
$1,874,838 |
$1,665,580 |
|
Interest on investments |
1,019,344 |
905,951 |
| Total Interest Income |
2,894,182 |
2,571,531 |
|
Interest Expense |
|
Dividends on members' share accounts |
1,055,429 |
750,263 |
|
Borrowed funds |
2,522 |
28 |
| Total Interest Expenses |
1,057,951 |
1,821,240 |
|
Net interest income after provision for loan losses |
1,648,231 |
1,605,240 |
|
|
|
Non-interest Income |
576,620 |
680,238 |
|
Non-interest Expenses |
|
Office operations |
881,933 |
842,069 |
|
Compensation and benefits |
701,659 |
832,820 |
|
Travel and conference |
32,500 |
61,274 |
|
Professional fees |
54,940 |
56,034 |
|
Publicity and promotion |
46,045 |
59,144 |
|
Loan servicing |
31,810 |
33,926 |
|
Other |
250,506 |
108,059 |
| Total Non-interest Expenses |
$1,999,393 |
$1,993,326 |
|
Net Income |
$225,458 |
$292,152 |
Consolidated Statements Of Financial Condition
December 31, 2006 and 2005
|
ASSETS |
2006 |
2005 |
|
Cash and cash equivalents |
$4,578,971 |
$2,918,919 |
|
Certificates of deposit |
8,974,634 |
9,521,295 |
|
Available-for-sale securities |
560,056 |
534,719 |
|
Held-to-maturity securities |
12,896,071 |
14,295,645 |
|
Investments in credit union service organizations |
87,563 |
71,960 |
|
Loans receivable, net |
23,258,023 |
24,101,110 |
|
Accrued interest receivable |
249,376 |
208,744 |
|
Prepaid expenses and other assets |
123,689 |
269,414 |
|
Property and equipment, net |
845,308 |
822,832 |
|
NCUSIF deposit |
395,400 |
400,400 |
| Total Assets |
$51,969,091 |
$53,145,038 |
|
LIABILITIES AND MEMBER'S EQUITY |
|
Liabilities |
|
Members' shares |
$45,934,129 |
$47,335,681 |
|
Accrued expenses and other liabilities |
369,133 |
369,587 |
|
Total liabilities |
$46,303,262 |
$47,705,268 |
|
Member's Equity, substantially restricted |
$5,665,829 |
$5,439,770 |
|
Total liabilities and members equity |
$51,969,091 |
$53,145,038 |
|
