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Financial Condition and Operating Results
Statement of Income and Expenses 12/31/2010 |
Gross Income | $ | 2,135,983 |
Operating Expenses | $ |
(2,110,818) |
Total Dividends Paid on Shares | $ |
(150,980) |
Operating Income | $ |
(125,815) |
Loan Loss Provision | $ | (112,000) |
SW Corp. Capital Losses | $ |
(245,645) |
NCUA Stabilization Costs | $ |
(110,012) |
Net Earnings | $ |
(593,472) |
Disposition of Fixed Assets | $ | - |
Transfer to Reserves | $ | - |
Increase in Undivided Earnings | $ |
(593,472) |
Balance Sheet 12/31/2010 |
Assets |
Loans | $ |
14,855,945.25 |
Allowance for Loan Loss | $ |
(126,763.42) |
Receivables | $ |
3,883.89 |
Cash | $ |
1,561,594.97 |
Investments | $ |
29,759,701.85 |
Prepaid Expenses | $ |
84,243.14 |
Fixed Assets | $ |
1,246,610.43 |
Accrued Income | $ |
74,749.08 |
Deposit with NCUSIF | $ |
422,207.75 | Other Assets | $ |
50.00 |
Total Assets | $ | 47,882,222.94 |
Liabilities |
Accrurals and Payables | $ |
542,489.72 |
Member Equity |
Regular Shares | $ |
30,096,209.79 |
Share Drafts | $ |
8,013,894.29 |
IRA's | $ |
880,868.04 |
Share Certificates | $ |
3,340,201.24 |
Other Shares | $ |
1,019.00 |
Reserves and Earnings | $ | 5,007,540.85 |
Total Liability and Equity | $ | 47,882,222.94 |
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