Financial Statements
STATEMENT OF FINANCIAL CONDITION
As of December 31, 2023
| ASSETS | |
|
Cash |
$2,827,481.00 |
|
Investments |
$13,525,000.00 |
|
Loans to Members |
$29,891,835.00 |
|
Less: Allowance for Loan Loss |
($126,582.00) |
|
Land & Building |
$1,179,396.00 |
|
Furniture and Equipment |
$130,108.00 |
|
NCUSIF |
$451,758.00 |
|
Other Assets |
$1,842,151.00 |
| Total Assets | $49,721,147.00 |
| LIABILITIES, SHARES & EQUITY | |
|
Liabilities |
$329,292.00 |
|
Member Shares |
$22,305,456.00 |
|
Member Share Drafts |
$8,389,286.00 |
|
Other Member Deposits |
$14,051,532.00 |
|
Undivided Earnings |
$2,012,231.00 |
|
Regular Reserves |
$2,633,350.00 |
| Total Liabilities, Shares & Equity | $49,721,147.00 |
INCOME STATEMENT
January 1, 2023 to December 31, 2023
| INCOME | |
|
Interest on Loans |
$1,049,818.00 |
|
Income from Investments |
$366,087.00 |
|
Fee Income |
$233,479.00 |
|
Other Operating Income |
$164,206.00 |
|
Gain (Loss) of Disposition of Assets |
$0.00 |
|
Non Operating Income |
$74,863.00 |
| Total Income | $1,888,453.00 |
| EXPENSES | |
|
Dividends on Shares |
$231,182.00 |
|
Provision for Loan Loss |
($21,579.00) |
|
Employee Compensation & Benefits |
$791,494.00 |
|
Travel & Conference |
$4,400.00 |
|
Office Occupancy |
$176,414.00 |
|
Office Operations |
$240,021.00 |
|
Education & Promotion |
$8,269.00 |
|
Loan Servicing |
$57,096.00 |
|
Professional & Outside Services |
$212,979.00 |
|
Operating Fees |
$9,092.00 |
|
Miscellaneous Operating Expense |
$21,766.00 |
| Total Expense | $1,713,103.00 |
|
Net Income (Loss) |
$157,349.00 |
