SESLOC Federal Credit Union - Financial Focus

Financial Condition

Liabilities and Members Equity
Other Liabilities	3,332,558	2,917,235
Shares of Members	401,312,688	414,935,280
Regular Reserves	8,200,685	8,200,685
Undivided Earnings	40,248,674	41,734,627
Total Liabilities and Equity	$ 453,094,605	$ 467,787,827

Operating Expenses
Compensation and Benefits	4,648,775	5,147,688
Travel and Conference Expenses	40,064	21,937
Association Dues	59,206	64,043
Office Occupancy	339,202	399,693
Office Operations	1,081,914	1,102,867
Education and Promotion	253,212	245,070
Loan Services Expense	142,056	136,418
Professional / Outside Services	1,164,299	1,078,500
Provision for Loan Losses	660,000	2,310,000
Federal Operating Fee	84,543	101,027
Cash Over and Short	2,697	1,167
Miscellaneous Expenses	142,634	111,444
Total Expenses	$ 8,618,602	$ 10,719,854

Dividends to Members	13,207,501	13,915,780
Net Income from Operations	$ 4,522,979	$ 1,485,953

Distributions of Net Earning Summary
Reserve Transfers	0	0
Provision for Loan Losses	660,000	2,310,000
Dividend Expenses	13,207,501	13,915,780
Undivided Earnings	3,862,979	(824,047)
Total Net Earnings	$ 17,730,480	$ 15,401,733