UMCU Financial Highlights

University of Michigan Credit Union
 Statement of Income and Expense
December 31, 2008

Interest income
   Loans $13,312,335
   Securities, Interest-bearing Balances with Other Financial
   Institutions and Time Deposits        3,772,230
      17,084,565
Interest Expense
   Members' Deposits 4,897,269
   Borrowed Funds               4,744
              4,902,013
Net Interest Income 12,182,552
Provision for Loan Losses        2,242,207
Net Interest Income after Provision for Loan Losses          9,940,345
Other Income 5,021,870
Other Expense
  Salaries and Employee Benefits 6,513,602
  Office Operations 1,416,225
  Occupancy 1,137,832
  Loan Servicing 1,243,612
  Other        2,663,179
12,974,450
Net Income      $1,987,765
                     

 

 
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.