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Financial Condition and Operating Results
Statement of Income and Expenses 12/31/2009 |
Gross Income | $ | 2,377,332 |
Operating Expenses | $ | (2,058,032) |
Total Dividends Paid on Shares | $ | (263,551) |
Operating Income | $ | 55,750 |
Loan Loss Provision | $ | (61,000) |
SW Corp. Capital Losses | $ | (159,269) |
NCUA Stabilization Costs | $ | (56,240) |
Net Earnings | $ | (220,759) |
Disposition of Fixed Assets | $ | - |
Transfer to Reserves | $ | - |
Increase in Undivided Earnings | $ | (220,759) |
Balance Sheet 12/31/2009 |
Assets |
Loans | $ | 16,833,722.45 |
Allowance for Loan Loss | $ | (116,118.06) |
Receivables | $ | 2,524.72 |
Cash | $ | 1,368,609.10 |
Investments | $ | 28,467,922.03 |
Prepaid Expenses | $ | 78,159.34 |
Fixed Assets | $ | 1,364,372.28 |
Accrued Income | $ | 90,851.46 |
Deposit with NCUSIF | $ | 353,009.77 | Other Assets | $ | 940.00 |
Total Assets | $ | 48,443,993.09 |
Liabilities |
Accrurals and Payables | $ | 301,879.41 |
Member Equity |
Regular Shares | $ | 29,250,475.83 |
Share Drafts | $ | 8,579,905.75 |
IRA's | $ | 962,520.70 |
Share Certificates | $ | 3,761,440.21 |
Other Shares | $ | 1,227.61 |
Reserves and Earnings | $ | 5,586,543.58 |
Total Liability and Equity | $ | 48,443,993.09 |
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