Financial Statements


STATEMENT OF FINANCIAL CONDITION

As of December 31, 2020

ASSETS

Cash

$3,572,443.00

Investments

$15,482,000.00

Loans to Members

$24,448,451.00

Less: Allowance for Loan Loss

($136,304.00)

Land & Building

$1,214,207.00

Furniture and Equipment

$86,577.00

NCUSIF

$335,671.00

Other Assets

$1,429,327.00

Total Assets $46,432,372.00

 

LIABILITIES, SHARES & EQUITY

Liabilities

$539,449.00

Member Shares

$18,983,751.00

Member Share Drafts

$7,428,032.00

Other Member Deposits

$15,081,403.00

Undivided Earnings

$1,766,387.00

Regular Reserves

$2,633,350.00

Total Liabilities, Shares & Equity​ $46,432,372.00

 

INCOME STATEMENT

January 1, 2020 to December 31, 2020

INCOME

Interest on Loans

$1,027,688.00

Income from Investments

$177,403.00

Fee Income

$208,073.00

Other Operating Income

$18,378.00

Gain (Loss) of Disposition of Assets

($144.00)

Non Operating Income

$47,668.00

Total Income $1,479,067.00

 

EXPENSES

Dividends on Shares

$141,216.00

Provision for Loan Loss

$0.00

Employee Compensation & Benefits

$700,626.00

Travel & Conference

$3,290.00

Office Occupancy

$118,529.00

Office Operations

$215,550.00

Education & Promotion

$8,765.00

Loan Servicing

$33,450.00

Professional & Outside Services

$161,296.00

Operating Fees

$7,253.00

Miscellaneous Operating Expense

$12,942.00

Total Expense $1,402,916.00

 

Net Income (Loss)

$76,151.00