Financials

Audited Statements of Financial Condition
December 31, 2018 and 2017
Assets 2018 2017
Cash and cash equivalents 2,315,404 3,432,555
Investments 16,189,070 16,016,070
Loans, net 41,427,683 34,533,256
Property and equipment, net  123,362 50,928
Other real estate owned - -
NCUSIF deposit 530,738 512,978
Accrued interest receivable 143,235 123,448
Other assets 3,601,578 3,487,964
Total Assets 64,331,070 58,157,199
Liabilities and Members' Equity 2018 2017
Members' shares 55,588,457 50,660,697
Accrued expenses and other liabilities 1,905,307 752,001
Members' equity 6,837,306 6,744,501
Total liabilities and members' equity 64,331,070 58,157,199
     
Audited Statements of Income
December 31, 2018 and 2017
Interest Income 2018 2017
Loans 2,215,274 2,061,984
Cash, cash equivalents and certificates of deposit 364,065 236,818
Total interest income 2,579,339 2,298,802
Interest Expense 2018 2017
Members' shares 180,229 114,892
Net interest income 2,373,202 2,183,908
Provision for Loan Losses 165,500 166,684
Net interest income after provision for loan losses 2,207,702 2,017,224
Non-interest Income 2018 2017
Fees and charges 394,538 408,554
Other non-interest income 212,102 137,559
Total non-interest income 606,640 546,113
Non-interest Expense 2018 2017
Compensation and benefits 1,341,078 1,184,614
Other 1,330,508 1,171,423
Total non-interest expense 2,671,586 2,356,037
Net income $142,756 $207,330