UMCU Financial Highlights

University of Michigan Credit Union
 Consolidated Statement of Income and Expense (Unaudited)
September 30, 2011

Interest Income
     Loans $9,838,052
     Securities, Interest-bearing Balances with Other
     Financial Institutions and Time Deposits       1,138,776
          Total Interest Income     10,976,828
Interest Expense
     Members' Deposits 1,156,423
     Borrowed Funds                  0
          Total Interest Expense        1,156,423
Net Interest Income 9,820,405
Provision for Loan Losses        987,471
Net Interest Income after Provision for Loan Losses    8,832,934
Other Income 3,867,752
Other Expense
     Salaries and Employee Benefits 5,467,218
     Office Operations 2,516,622
     Occupancy 1,381,219
     Loan Servicing 1,025,319
    Other        710,248
          Total Other Expenses     11,100,626
Net Income before NCUSIF Stabilization Expense 1,600,060
NCUSIF Stabilization Expense 964,243
Net Income (Loss)    $635,817
                   

 

 
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)