UMCU Financial Highlights

University of Michigan Credit Union
Consolidated Statement of Income and Expense (Unaudited)
September 30, 2008

Interest income
     Loans $      8,920,241
     Securities, interest-bearing balances with other  
     financial institutions and time deposits		         2,601,877
     Total interest income 11,522,118
Interest expense
     Members' deposits 3,601,850
     Borrowed funds                       -
     Total interest income         3,601,850
Net interest income 7,920,268
Provision for loan losses         1,247,267
Net interest income after provision for loan losses         6,673,001
Other income 3,351,331
Other expense
     Salary and employee benefits 4,279,750
     Office operations 2,208,002
     Occupancy 758,758
     Loan servicing 804,653
     Other            524,124
             8,575,287
Net Income $      1,449,045
                         

 

 
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.