2010-2011 Annual Report - SAC Federal Credit Union
2010-2011 Annual Report - SAC Federal Credit Union
2010-2011 Annual Report - SAC Federal Credit Union
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FINANCIAL REPORT<br />
Total Assets<br />
Consolidated Statement of Financial Condition<br />
Statement of Operations<br />
$318,071<br />
in thousands<br />
$452,846<br />
$372,350<br />
$516,767<br />
As of June 30, <strong>2011</strong><br />
(prepared from the accounts without audit)<br />
(In Thousands)<br />
As of June 30, <strong>2011</strong><br />
(prepared from the accounts without audit)<br />
(In Thousands)<br />
2008 2009 <strong>2010</strong> <strong>2011</strong><br />
Number of Members<br />
51,987<br />
2008 2009 <strong>2010</strong> <strong>2011</strong><br />
$281,099<br />
55,158<br />
59,312<br />
Loans to Members<br />
in thousands<br />
$332,932<br />
$382,012<br />
64,623<br />
$449,694<br />
2008 2009 <strong>2010</strong> <strong>2011</strong><br />
ASSETS<br />
Loans to Members<br />
Less-Allowance for Loan Loss<br />
Net Loans<br />
Other Receivables<br />
Cash<br />
Investment (Government Securities)<br />
Investments (Other)<br />
Accrued Income<br />
Land & Building (Net)<br />
Furniture & Equipment (Net)<br />
Leasehold Improvements (Net)<br />
Other Assets<br />
TOTAL ASSETS<br />
Liabilities & Equity<br />
Accounts Payable<br />
Notes & Interest Payable<br />
Dividends Payable<br />
Other Liabilities<br />
Regular Shares<br />
Share Drafts<br />
Strategic Investment Accounts<br />
Individual Retirement Accounts<br />
Other Shares<br />
Regular Reserves<br />
Undivided Earnings<br />
Reserve for Losses on Investments<br />
Total Liabilities & Equity<br />
JUNE <strong>2011</strong> JUNE <strong>2010</strong><br />
449,694<br />
(3,007)<br />
446,687<br />
83<br />
6,164<br />
3<br />
36,832<br />
1,668<br />
9,798<br />
2,331<br />
2,617<br />
10,584<br />
516,767<br />
1,573<br />
25,339<br />
238<br />
4,554<br />
119,412<br />
126,352<br />
37,567<br />
32,425<br />
123,751<br />
13,982<br />
31,574<br />
0<br />
516,767<br />
382,012<br />
(2,913)<br />
379,099<br />
79<br />
7,323<br />
5,004<br />
36,401<br />
1,531<br />
9,620<br />
2,287<br />
2,104<br />
9,398<br />
452,846<br />
1,370<br />
27,647<br />
296<br />
3,745<br />
108,087<br />
86,263<br />
33,274<br />
31,128<br />
118,104<br />
13,982<br />
28,951<br />
0<br />
452,846<br />
INCOME<br />
Income from Loans<br />
Investment Income<br />
Other Income<br />
Total Income<br />
EXPENSES<br />
Compensation<br />
Employee Benefits<br />
Travel & Conference<br />
Association Dues<br />
Office Occupancy<br />
Office Operations<br />
Education & Promotion<br />
Loan Servicing<br />
Professional & Outside Services<br />
Provision for Loan Losses<br />
Members’ Insurance<br />
<strong>Federal</strong> Supervision & Exam<br />
Interest On Borrowed Money<br />
Other Expenses<br />
Total Operating Expenses<br />
Income from Operations<br />
Non-Operating Gains/Losses<br />
Net Income Before Dividends<br />
Dividends<br />
Increase in Equity Before NCUSIF Stabilization<br />
NCUSIF Stabilization Expense<br />
Increase in Equity After NCUSIF Stabilization<br />
JUNE <strong>2011</strong> JUNE <strong>2010</strong><br />
23,268<br />
403<br />
6,984<br />
30,655<br />
7,774<br />
1,666<br />
295<br />
119<br />
2,130<br />
2,775<br />
1,379<br />
156<br />
1,877<br />
2,254<br />
453<br />
103<br />
1,235<br />
120<br />
22,336<br />
8,319<br />
(544)<br />
7,775<br />
(5,156)<br />
2,619<br />
3<br />
2,622<br />
21,656<br />
164<br />
6,651<br />
28,471<br />
6,575<br />
1,417<br />
240<br />
94<br />
1,784<br />
2,354<br />
1,072<br />
149<br />
1,532<br />
2,321<br />
0<br />
89<br />
1,412<br />
89<br />
19,128<br />
9,342<br />
(109)<br />
9,233<br />
(4,847)<br />
4,386<br />
(468)<br />
3,918<br />
4
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