2005 Financial Highlights
Reports:
Click here to read the reports presented at Heartland Credit Union's 2005 Annual
Meeting by our Board of Directors, President and Supervisory Committee.
Assets: The credit union ended the year with $70.6 million
in assets, an increase of 2.09 percent since December 31, 2004.
Members: Heartland's staff opened 708 new
accounts; we now serve 9790 members.
Deposits: Total deposits increased by 2.04
percent or $1.24 million.
Loans: Total loans increased by 7.13 percent or
$3.8 million; staff approved 1,875 new loans totaling $26.9
million.
Income: Net income for the year, after operating
expenses and dividends, was $328,117.
Click
here to download our full 2005 Financial Highlights Report in PDF
format (1MB).
STATEMENT
OF INCOME
December 31, 2005 and 2005
| Income |
2005 |
2004 |
| Interest from Loans |
$3,339,122 |
$2,923,432 |
| Interest from Investments |
386,608 |
517,620 |
| Total Interest Income |
$3,725,730 |
$3,441,052 |
|
|
|
|
| Interest and Dividend Expense |
|
|
| Paid on Member Deposits |
$1,059,082 |
$854,760 |
| Interest on Borrowed Money |
27,312 |
1,609 |
| Total Interest Expense |
$1,086,394 |
$856,369 |
|
|
|
|
| Net Interest Income |
$2,639,336 |
$2,584,683 |
| Provision for Loan Losses |
$137,581 |
$87,213 |
|
|
|
|
Net Interest Income
(After Provision for Loan Losses) |
$2.501,755 |
$2,497,470 |
| Non-Interest Income |
|
|
| Fee Income |
$480,855 |
$373,506 |
| Other Income |
$170,493 |
$147,719 |
| Gain (Loss) Investments |
$ .00 |
$ .00 |
| Total Non-Interest Income |
$651,348 |
$521,225 |
|
|
|
|
| Non-Interest Expense |
|
|
| General and Administrative |
|
|
| Compensation and Benefits |
$1,318,316 |
$1,206,964 |
| Office Occupancy |
198,182 |
130,787 |
| Office Operations |
582,715 |
542,487 |
| Marketing and Promotional |
181,773 |
146,698 |
| Loan Servicing |
200,833 |
178,886 |
| Professional and Outside Services |
310,944 |
243,085 |
| Other Expense |
32,223 |
28,120 |
| Total Non-Interest Expense |
$2,824,986 |
$2,477,027 |
|
|
|
| Net Income |
$328,117 |
$541,668 |
|
|
|
STATEMENT OF FINANCIAL
CONDITION
December 31, 2005 and 2004 |
| Assets |
2005 |
2004 |
Loans Receivable, Net of
Allowance for Loan Losses |
$57,954,982 |
$54,061,384 |
| Cash |
725,488 |
1,023,692 |
| Investments |
10,586,381 |
12,974,548 |
| Other Assets |
1,391,997 |
1,153,102 |
| Total Assets |
$70,658,848 |
$69,212,726 |
| Liabilities and Members' Equity |
|
|
| Member Shares and Deposits |
$62,609,450 |
$61,360,746 |
| Borrowed Funds |
|
|
| Accrued Interest Payable |
21,506 |
72,748 |
| Accounts Payable and Accrued Expenses |
195,012 |
252,076 |
| Total Liabilities |
$62,825,968 |
$61,685,570 |
| Members' Equity |
$7,832,880 |
$7,527,156 |
| Total Liabilities and Equity |
$70,658,848 |
$69,212,726 |
|
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2005 Highlights (PDF)
|
