SESLOC Federal Credit Union - Financial Focus Annual Report

Financial Report

Financial Condition	2006	2007

Assets
Loans to Members	$ 305,705,583	$ 337,271,574
Allowance for Loan Losses	(628,869)	(681,476)
Cash	6,907,571	8,063,162
Investments	93,865,049	96,545,832
Fixed Assets	4,017,247	4,473,900
NCUSIF Share Insurance Fund	3,050,896	3,296,387
Other Assets	3,591,377	4,125,226
Total Assets	$ 416,508,854	$ 453,094,605

Liabilities and Members' Equity
Other Liabilities	2,282,374	3,332,558
Shares of Members	370,300,100	401,312,688
Restricted Reserves	8,200,685	8,200,685
Undivided Earnings	35,725,695	40,248,674
Total Liabilities and Equity	$ 416,508,854	$ 453,094,605

Income
Interest on Member Loans	16,935,732	20,075,328
Income from Investments	4,097,625	4,538,214
Fees and Other Charges	1,511,022	1,670,880
Other Income	52,591	64,660
Total Gross Income	$ 22,596,970	$ 26,349,082

Operating Expenses
Compensation and Benefits	4,255,075	4,648,775
Travel and Conference Expenses	35,167	40,064
Association Dues	56,908	59,206
Office Occupancy	362,150	339,202
Office Operations	1,071,431	1,081,914
Education and Promotion	269,671	253,212
Loan Services Expenses	117,200	142,056
Professional and Outside Services	868,363	1,164,299
Provision for Loan Loss	314,000	660,000
Federal Operating Fee	75,815	84,543
Cash Over and Short	1,889	2,697
Miscellaneous Expenses	61,421	142,634
Total Expenses	$ 7,489,090	$ 8,618,602

Dividends to Members	$ 10,165,942	$ 13,207,501
Net Income from Operations	$ 4,941,938	4,522,979

Distributions of Net Earnings Summary
Reserve Transfers	0	0
Allowance for Loan Losses	314,000	660,000
Dividend Expenses	10,165,942	13,207,501
Undivided Earnings	4,627,938	3,862,979
Total Net Earnings	$ 15,107,880	$ 17,730,480

Reserves
Regular Reserves	8,200,685	8,200,685
Building Reserves	5,000,000	5,000,000
Undivided Earnings	30,725,695	35,248,674
Total Reserves	$ 43,926,380	$ 48,449,359

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