7 6 5 4 3 2 1 8 - Elevations Credit Union
7 6 5 4 3 2 1 8 - Elevations Credit Union
7 6 5 4 3 2 1 8 - Elevations Credit Union
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<strong>Elevations</strong> <strong>Credit</strong> <strong>Union</strong><br />
Statements of Operations<br />
For the Years Ended December 31, 2008 and 2007<br />
ELEVATIONS <strong>Credit</strong> <strong>Union</strong> 2008 annual report 25<br />
2008 2007<br />
Interest Income<br />
Interest on loans to members $ 33,212,013 $ 34,414,382<br />
Interest on investments and cash equivalents 9,163,716 6,809,392<br />
42,375,729 41,223,774<br />
Interest Expense<br />
Dividends on members’ shares 18,239,347 17,926,875<br />
Interest on borrowed funds 393,599 0<br />
18,632,946 17,926,875<br />
Net Interest Income 23,742,783 23,296,899<br />
Provision for Loan Losses 3,535,800 4,616,998<br />
Net Interest Income After Provision for Loan Losses 20,206,983 18,679,901<br />
Non-Interest Income<br />
Service charges and other fees 4,638,867 5,110,440<br />
Impairment of corporate credit union capital (7,241,194) -<br />
Other than temporary impairment (OTTI) (2,225,890) -<br />
Interchange income 6,467,737 6,111,388<br />
Gain on Visa stock 930,599 0<br />
Loan servicing income 516,165 455,380<br />
Gain on sale of loans 402,560 90,824<br />
Other non-interest income 975,862 1,118,213<br />
4,464,706 12,886,245<br />
24,671,689 31,566,146<br />
General and Administrative Expenses<br />
Salaries and benefits 14,610,943 14,022,761<br />
Operations 13,274,102 12,201,595<br />
Occupancy 2,173,010 1,873,931<br />
30,058,055 28,098,287<br />
Net (Loss) Income $ (5,386,366) $ 3,467,859<br />
The accompanying notes are an integral part of these statements. 3
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