UMCU Financial Highlights

University of Michigan Credit Union
 Consolidated Statement of Income and Expense (Audited)
December 31, 2010

Interest Income
   Loans $14,095,951
   Securities, Interest-Bearing Balances With Other
   Financial Institutions and Time Deposits    1,599,104
       Total Interest Income     15,695,055
Interest Expense
   Members' Deposits 1,872,321
   Borrowed Funds          85,895
       Total Interest Expense     1,958,216
Net Interest Income 13,736,839
Provision for Loan Losses     1,943,731
Net Interest Income after Provision for Loan Losses    11,793,108
Other Income 4,846,600
Other Expense
    Salaries and Employee Benefits 7,269,582
    Office Operations 2,202,699
    Occupancy 2,085,158
    Loan Servicing 1,472,610
    Other       1,493,103
    14,523,212
Net Income Before NCUSIF Stabilization Expense 2,116,496
NCUSIF Stabilization Expense          908,652
Net Income (Loss)      $1,207,844
                     

 

 
NCUAFederally
Insured
by NCUA
Equal Housing Lender We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. Mortgage loan services provided by MemberFirst Mortgage LLC (NMLS #149532) and UMCU (NMLS #712343)