| |
|
Comparative Financial Report
| ASSETS: |
Consolidated
12/31/2007 |
Consolidated
12/31/2006 |
|
Home Equity Loans |
$12,410,627 |
$13,319,741 |
|
First & Second
Mortgages |
18,891,409 |
18,078,965 |
|
Student Loans |
- |
20,311 |
|
VISA |
12,380,419 |
10,560,500 |
|
Motor Vehicle
Loans |
24,380,282 |
24,071,372 |
|
Shared Secured
& Personal Loans |
439,014 |
452,120 |
|
Other Unsecured
Loans |
997,907 |
855,852 |
|
Less Allowance for
Loan Loss |
(195,413) |
(208,848) |
|
Subtotal Loans: |
69,304,245 |
$67,150,013 |
|
 |
|
|
|
Cash |
11,128,301 |
10,717,341 |
|
Investments |
27,655,987 |
21,745,053 |
|
Share Insurance
Deposits |
968,064 |
894,392 |
|
Accrued Interest
Receivable |
566,424 |
377,568 |
|
Other Assets |
533,428 |
582,528 |
|
Land & Buildings
(Net) |
1,875,026 |
1,901,022 |
|
Furniture &
Fixtures (Net) |
281,434 |
48,386 |
|
Subtotal Other Assets: |
$43,008,664 |
$36,266,290 |
| |
TOTAL ASSETS: |
$112,312,909 |
$103,416,303 |
|
|
| LIABILITIES: |
#
of accounts
|
12/31/2007 |
12/31/2006 |
|
Shares |
12,539 |
|
$12,105,830 |
$12,603,759 |
|
IRA |
750 |
|
11,509,447 |
10,550,465 |
|
Certificates |
2,767 |
|
36,037,819 |
30,902,524 |
|
MMIAs |
2,353 |
|
29,611,902 |
24,845,976 |
|
Share Drafts |
4,904 |
|
10,187,809 |
9,806,472 |
|
Other Share Accounts |
1,795 |
|
1,030,975 |
1,034,442 |
|
Other Liabilities. |
|
|
(1,830,576) |
248,394 |
|
Net Worth |
|
|
13,659,703 |
13,424,271 |
|
TOTAL LIABILITIES
& Net Worth |
$112,312,909 |
$103,416,303 |
|
|
| INCOME: |
12/31/2007 |
12/31/2006 |
|
Income on Loans |
$3,716,817 |
$3,696,215 |
|
Income on Investments |
1,737,650 |
1,084,190 |
|
VISA Interest Income |
858,863 |
820,993 |
|
Fee & Other
Operating Income |
703,589 |
595,010 |
|
TOTAL INCOME |
$7,016,919 |
$6,196,408 |
|
|
|
|
|
EXPENSES: |
12/31/2007 |
12/31/2006 |
|
Administration & Operation |
$1,816,764 |
$1,683,420 |
|
Occupancy |
494,665 |
476,016 |
|
Loan Servicing |
500,095 |
463,197 |
|
Professional &
outside Services |
433,063 |
346,302 |
|
Provision for Loan
Losses |
176,036 |
158,680 |
|
TOTAL EXPENSES BEFORE DIVIDENDS |
$3,420,623 |
$3,127,615 |
|
|
|
|
| DISTRIBUTION OF
2007 INCOME |
|
|
Dividends |
$3,360,865 |
|
Operating Expenses |
3,420,623 |
|
Undivided Earnings |
235,431 |
|
TOTAL: |
$7,016,919 |
|
|
