UMCU Financial Highlights

University of Michigan Credit Union
 Statement of Income and Expense (Unaudited)
March 31, 2009

Interest income
   Loans $3,318,502
   Securities, Interest-bearing Balances with Other Financial
   Institutions and Time Deposits        699,148
      4,017,650
Interest Expense
   Members' Deposits 683,179
   Borrowed Funds          29,822
              713,001
Net Interest Income 3,304,649
Provision for Loan Losses        617,388
Net Interest Income after Provision for Loan Losses          2,687,261
Other Income 1,083,119
Other Expense
  Salaries and Employee Benefits 1,662,422
  Office Operations 803,975
  Occupancy 303,108
  Loan Servicing 325,344
  Other        179,340
3,274,189
Net Income before NCUSIF Stabilization Expense 496,191
NCUSIF Stabilization Expense      2,990,620 What is this?
Net Income (Loss)    (2,494,429)
                   

 

 
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.