2000 Financial Performance

Statement of Financial Condition

Statement of Income and Expense

ASSETS

2000

1999

INCOME

2001

1999

Cash and cash equivalents

$581,658

$1,155,932

Interest on loans to members

$304,720

$207,423

Investment

2,258,254

2,082,503

Interest on investment

186,311

109,669

Loans to members LESS of the allowance

3,993,949

2,668,632

Non-interest income

20,293

42,634

Fixed Assets

17,566

13,029

Federal share insurance fund deposit

49,906

34,911

TOTAL INCOME

$511,324

$359,726

Other Assets

69,980

58,084

TOTAL ASSETS

$6,971,313

$6,013,091

EXPENSES

Dividends on member's shares

$172,873

$131,581

LIABILITIES

Interest on borrowed funds

12,500

Member's shares

$5,952,109

$5,141,584

Provision for loan losses

23,500

19,700

Accrued expenses and other liabilities

17,971

3,207

Salaries and benefits

111,405

100,917

Borrowed Funds

250,000

Operations

93,460

53,267

Occupancy

12,150

9,771

TOTAL LIABILITIES

$6,220,080

$5,394,791

TOTAL EXPENSES

$425,888

$327,736

EQUITY

Retained Earnings, substantially restricted

$751,233

$618,300

NET INCOME

$85,436

$31,990

TOTAL LIABILITIES AND EQUITY

$6,971,313

$6,013,091