2003 Financial Performance
Statement of Financial Condition				Statement of Income and Expense
ASSETS	2003	2002		INCOME	2003	2002
Cash and cash equivalents	$2,331,176	$1,558,710		Interest on loans to members	$382,095	$413,354
Investment	1,969,073	1,607,556		Interest on investment	59,273	72,801
Loans to members LESS of the allowance	3,407,837	5,240,586		Non-interest income	312,359	243,624
Fixed Assets	21,787	6,875
Federal share insurance fund deposit	64,781	59,961		TOTAL INCOME	$753,727	$729,779
Other Assets	62,548	54,838
TOTAL ASSETS	$7,857,202	$8,528,526		EXPENSES
				Dividends on member's shares	$71,235	$122,784
LIABILITIES				Interest on borrowed funds	12,180	13,551
Member's shares	$6,203,927	$7,099,106		Provision for loan losses	-76,158	43,500
Accrued expenses and other liabilities	71,798	60,589		Salaries and benefits	262,460	257,966
Borrowed Funds	330,200	350,000		Operations	166,385	160,233
				Occupancy	42,608	37,887
TOTAL LIABILITIES	$6,605,925	$7,509,695
				TOTAL EXPENSES	$478,710	$635,921
EQUITY
Retained Earnings, substantially restricted	$1,251,277	$1,018,831		NET INCOME	$275,017	$93,858
TOTAL LIABILITIES AND EQUITY	$7,857,202	$8,528,526