UMCU Financial Highlights

University of Michigan Credit Union
Consolidated Statement of Income and Expense
December 31, 2007

Interest income
     Loans Receivable $13,384,678
     Investment Securities            4,549,062
       Total Interest Income 17,933,740
Interest Expense
     Members' Shares 7,751,231
     Borrowed Funds               519,864
       Total Interest Expense            8,271,095
       Net Interest Income 9,662,645
Provision for Loan Losses               914,282
Net Interest Income after Provision for Loan Losses            8,748,363
Non-Interest Income
     Gain on Sale of Securities 0
     Gain (Loss) on Sale of Property and Equipment (44,966)
     Fees 4,397,877
     Other                  84,308
     Total Non-Interest Income 4,437,219
Non-Interest Expense
     Compensation and Benefits 6,030,083
     Occupancy 1,081,840
     Operations 1,321,456
     Loan Servicing 202,581
     Professional Services 580,514
     Other            2,747,197
     Total Non-Interest Expense 11,963,671
                              
Net Income          $1,221,911
                              

 

 
NCUAYour savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government
National Credit Union Administration, a U.S. Government Agency
Equal Housing Lender We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.