SUMMARY
STATEMENT OF FINANCIAL CONDITION
| Years
ended December 31 |
ASSETS |
2005 |
2004 |
| Loans
to Members |
33,537,967 |
28,008,653 |
Less:
Allowance for
Loan Loss |
(90,000) |
(90,000) |
| Cash |
417,938 |
446,182 |
| Investments |
202,438,432 |
217,305,016 |
| Accrued
Interest Receivable |
1,667,866 |
1,572,931 |
| Property
and Equipment |
95,851 |
53,056 |
| NCUSIF
Deposit |
1,768,261 |
1,763,728 |
| Other
Assets |
535,443
|
466,303
|
TOTAL ASSETS |
240,371,758 |
249,525,869 |
| |
 |
| LIABILITIES
& EQUITY |
| Member
Shares |
220,090,832 |
229,306,958 |
| Accounts
Payable & Accrued Liabilities |
290,478 |
236,722 |
| Regular
Reserve |
1,580,557 |
1,580,557 |
| Retained
Earnings |
18,823,501 |
18,091,017 |
| Appropriated
Retained Earnings |
500,000 |
500,000 |
| Accumulated
Unrealized Gains/Loss on Investments |
(913,610) |
(189,385) |
TOTAL LIABILITIES
& EQUITY |
240,371,758 |
249,525,869 |
| |
|
SUMMARY
STATEMENT OF INCOME & EXPENSE
| Years
ended December 31 |
INTEREST INCOME |
2005 |
2004 |
| Loans
to Members |
1,676,478 |
1,572,072 |
| Investments |
7,044,548 |
6,476,421 |
| Total
Interest Income |
8,721,026 |
8,048,493 |
| Less:
Dividend on Member Shares |
5,644,804 |
4,403,240 |
| Net
Interest Income |
3,076,222 |
3,645,253 |
| Other
Operating Income |
178,552 |
145,247 |
| Total
Operating Income |
3,254,774 |
3,790,500
|
| |
|
| |
|
|
| OPERATING
EXPENSE |
| Salaries
& Benefits |
1,354,455 |
1,298,217 |
| Data Processing |
192,540 |
183,996 |
| Communications |
67,879 |
78,143 |
| Auditing
Fees |
37,436 |
24,269 |
| Stationery
& Supplies |
40,816 |
32,249 |
| Education
& Promotion |
48,849 |
45,251 |
| Depreciation
& Amortization |
34,942 |
38,111 |
| General
Expenses |
745,372 |
639,006 |
| Total
Operating Expense |
2,522,289 |
2,339,242 |
NET INCOME |
732,485 |
1,451,258 |
| |
|
|