Financial Statements

STATEMENT OF FINANCIAL CONDITION

As of December 31, 2021

ASSETS

Cash

$6,935,281.00

Investments

$17,017,000.00

Loans to Members

$25,679,993.00

Less: Allowance for Loan Loss

($65,192.00)

Land & Building

$1,272,941.00

Furniture and Equipment

$64,896.00

NCUSIF

$439,521.00

Other Assets

$1,664,955.00

Total Assets $53,009,395.00

 

LIABILITIES, SHARES & EQUITY

Liabilities

$523,716.00

Member Shares

$22,926,273.00

Member Share Drafts

$8,122,627.00

Other Member Deposits

$16,985,958.00

Undivided Earnings

$1,817,471.00

Regular Reserves

$2,633,350.00

Total Liabilities, Shares & Equity​ $53,009,395.00

 

INCOME STATEMENT

January 1, 2021 to December 31, 2021

INCOME

Interest on Loans

$1,004,296.00

Income from Investments

$70,867.00

Fee Income

$226,250.00

Other Operating Income

$6,856.00

Gain (Loss) of Disposition of Assets

$0.00

Non Operating Income

$28,680.00

Total Income $1,336,950.00

 

EXPENSES

Dividends on Shares

$93,216.00

Provision for Loan Loss

($69,855.00)

Employee Compensation & Benefits

$679,486.00

Travel & Conference

$3,600.00

Office Occupancy

$122,311.00

Office Operations

$221,015.00

Education & Promotion

$6,029.00

Loan Servicing

$28,246.00

Professional & Outside Services

$182,617.00

Operating Fees

$7,459.00

Miscellaneous Operating Expense

$11,218.00

Total Expense $1,285,866.00

 

Net Income (Loss)

$51,084.00