Annual Meeting Information
Statement of Income
| Income | 2023 | 2022 |
|---|---|---|
| Interest Income from Loans | 530,175.26 | 459,520.95 |
| Investment Income | 474,005.35 | 142,124.26 |
| Fee Income | 607,466.26 | 611,750.00 |
| Miscellaneous Income | 39,911.60 | 60,457.37 |
| Total Operating Income | 1,651,558.47 | 1,273,852.58 |
| Expense | 2023 | 2022 |
|---|---|---|
| Salaries | (336,019.31) | (364,965.95) |
| Benefits | (92,722.90) | (93,827.95) |
| Travel & Conference | (6,000.00) | (5,745.00) |
| Association Dues | (2,968.00) | (3,144.00) |
| Office Occupancy | (113,871.44) | (116,193.07) |
| Office Operations | (121,786.96) | (119,296.81) |
| Education & Promotion | (50,993.30) | (76,378.76) |
| Loan Servicing | (37,659.15) | (33,704.39) |
| Outside Services | (131,188.08) | (125,013.24) |
| Member Insurance | - | - |
| Provision for Loan Loss | 14,616.00 | (26,477.00) |
| Operating Fee | (6,357.00) | (6,637.00) |
| Cash Over and Short | (626.86) | (605.16) |
| Annual Meeting | (6,000.00) | (6,000.00) |
| Miscellaneous Operating Exp | (218,424.62) | (208,503.83) |
| Total Operating Expense | (1,110,001.62) | (1,186,492.16) |
| Income (Loss) Operations | 541,556.85 | 87,360.42 |
| Non-Operating Gain (Loss) | - | - |
| Dividends | (155,570.70) | (125,091.49) |
| Interest on Borrowed Money | - | - |
| Net Income (Loss) | 385,986.15 | (37,731.07)) |
Statement of Financial Condition
| Assets | 2023 | 2022 |
|---|---|---|
| Member Loans | 11,731,423.77 | 11,167,362.85 |
| MasterCard | 630,826.64 | 586,759.27 |
| Allowance for Loan Losses | (66,141.01) | (35,115.74) |
| Cash | 1,038,697.20 | 993,770.72 |
| Investments | 17,569,309.34 | 17,922,170.53 |
| Land & Building | 1,019,871.04 | 1,052,977.75 |
| Fixed Assets | 12,382.00 | 18,534.00 |
| Other Assets | 146,729.57 | 94,009.14 |
| Total Assets | 32,083,098.55 | 31,800,468.52 |
| Liabilities | 2023 | 2022 |
|---|---|---|
| Accounts Payable | 138,268.29 | 213,797.91 |
| Dividends Payable | 19,992.15 | 15,697.33 |
| Other Liabilities | 81,546.30 | 73,267.26 |
| Total Liabilities | 239,806.74 | 302,762.50 |
| Member Equity | 2023 | 2022 |
|---|---|---|
| Member Shares | 27,734,293.06 | 27,734,238.42 |
| Regular Reserves | 469,857.30 | 469,857.30 |
| Undivided Earnings | 3,639,141.45 | 3,293,610.30 |
| Total Equity | 31,843,291.81 | 31,497,706.02 |
| Total Liabilities & Equity | 32,083,098.55 | 31,800,468.52 |