UMCU Financial Highlights

University of Michigan Credit Union
 Statement of Income and Expense (Unaudited)
June 30, 2009

Interest income
   Loans $6,758,565
   Securities, Interest-bearing Balances with Other Financial
   Institutions and Time Deposits     1,282,135
      8,040,700
Interest Expense
   Members' Deposits 1,324,888
   Borrowed Funds          60,487
            1,385,375
Net Interest Income 6,655,325
Provision for Loan Losses     1,186,056
Net Interest Income after Provision for Loan Losses          5,469,269
Other Income 2,296,923
Other Expense
  Salaries and Employee Benefits 3,360,879
  Office Operations 1,601,710
  Occupancy 592,022
  Loan Servicing 663,302
  Other        350,914
    6,568,827
Net Income before NCUSIF Stabilization Expense 1,197,365
NCUSIF Stabilization Expense      496,448 What is this?
Net Income (Loss)      700,917
                 

 

 
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.