Annual Meeting Information
Statement of Income
| Income | 2024 | 2023 |
|---|---|---|
| Interest Income from Loans | 632,387.80 | 530,175.26 |
| Investment Income | 757,316.95 | 474,005.35 |
| Fee Income | 585,812.86 | 607,466.26 |
| Miscellaneous Income | 43,580.17 | 39,911.60 |
| Total Operating Income | 2,019,097.78 | 1,651,558.47 |
| Expense | 2024 | 2023 |
|---|---|---|
| Salaries | (380,947.26) | (336,019.31) |
| Benefits | (102,317.42) | (92,722.90) |
| Travel & Conference | (6,000.00) | (6,000.00) |
| Association Dues | (3,137.00) | (2,968.00) |
| Office Occupancy | (118,346.95) | (113,871.44) |
| Office Operations | (126,225.29) | (121,786.96) |
| Education & Promotion | (43,410.17) | (50,993.30) |
| Loan Servicing | (42,345.39) | (37,659.15) |
| Outside Services | (137,064.29) | (131,188.08) |
| Member Insurance | - | - |
| Provision for Loan Loss | (4,582.00) | 14,616.00 |
| Operating Fee | (6,835.00) | (6,357.00) |
| Cash Over and Short | (924.21) | (626.86) |
| Annual Meeting | (7,000.00) | (6,000.00) |
| Miscellaneous Operating Exp | (244,499.34) | (218,424.62) |
| Total Operating Expense | (1,223,634.32) | (1,110,001.62) |
| Income (Loss) Operations | 795,463.46 | 541,556.85 |
| Non-Operating Gain (Loss) | - | - |
| Dividends | (224,589.61) | (155,570.70) |
| Interest on Borrowed Money | - | - |
| Net Income (Loss) | 570,873.85 | 385,986.15 |
Statement of Financial Condition
| Assets | 2024 | 2023 |
|---|---|---|
| Member Loans | 12,267,225.40 | 11,731,423.77 |
| MasterCard | 571,083.91 | 630,826.64 |
| Allowance for Loan Losses | (67,006.98) | (66,141.01) |
| Cash | 303,934.50 | 1,038,697.20 |
| Investments | 16,834,188.35 | 17,569,309.34 |
| Land & Building | 984,891.04 | 1,019,871.04 |
| Fixed Assets | 15,179.00 | 12,382.00 |
| Other Assets | 165,277.40 | 146,729.57 |
| Total Assets | 31,074,772.62 | 32,083,098.55 |
| Liabilities | 2024 | 2023 |
|---|---|---|
| Accounts Payable | 100,192.54 | 138,268.29 |
| Dividends Payable | 28,461.01 | 19,992.15 |
| Other Liabilities | 86,291.99 | 81,546.30 |
| Total Liabilities | 214,945.54 | 239,806.74 |
| Member Equity | 2024 | 2023 |
|---|---|---|
| Member Shares | 26,179,954.46 | 27,734,293.06 |
| Regular Reserves | 469,857.30 | 469,857.30 |
| Undivided Earnings | 4,210,015.32 | 3,639,141.45 |
| Total Equity | 30,859,827.08 | 31,843,291.81 |
| Total Liabilities & Equity | 31,074,772.62 | 32,083,098.55 |