2002 Financial Performance
Statement of Financial Condition				Statement of Income and Expense
ASSETS	2002	2001		INCOME	2002	2001
Cash and cash equivalents	$1,558,710	$1,220,562		Interest on loans to members	$413,354	$407,955
Investment	1,607,556	1,924,492		Interest on investment	72,801	124,517
Loans to members LESS of the allowance	5,240,586	4,594,454		Non-interest income	243,624	69,801
Fixed Assets	6,875	11,443
Federal share insurance fund deposit	59,961	54,762		TOTAL INCOME	$729,779	$602,273
Other Assets	54,838	58,857
TOTAL ASSETS	$8,528,526	$7,864,570		EXPENSES
				Dividends on member's shares	$122,784	$194,927
LIABILITIES				Interest on borrowed funds	13,551	12,500
Member's shares	$7,099,106	$6,721,457		Provision for loan losses	43,500	25,000
Accrued expenses and other liabilities	60,589	29,113		Salaries and benefits	257,966	157,855
Borrowed Funds	350,000	250,000		Operations	160,233	92,832
				Occupancy	37,887	16,392
TOTAL LIABILITIES	$7,509,695	$7,000,570
				TOTAL EXPENSES	$635,921	$499,506
EQUITY
Retained Earnings, substantially restricted	$1,018,831	$864,000		NET INCOME	$93,858	$102,767
TOTAL LIABILITIES AND EQUITY	$8,528,526	$7,864,570