2006 Financial Highlights
Click here to read Heartland's Report from the Chairman and the President.
Assets: The credit union ended the year with $73.6 million
in assets, an increase
of 4.2 percent since December 31, 2005.
Members: Heartland's staff opened 585 new
accounts; we now serve 9588 members.
Deposits: Total deposits increased by 4.11
percent or $2.5 million.
Loans: Total loans increased by 4.58 percent or
$2.6 million; staff approved 1,882 new
loans totaling $23.8
million.
Income: Net income for the year, after operating
expenses and dividends, was $335,139.
Click
here to read our 2006 Annual Report in PDF
format* (156 KB).
STATEMENT
OF INCOME
December 31, 2006 and 2005
| Income |
2006 |
2005 |
| Interest from Loans |
$3,840,622 |
$3,339,122 |
| Interest from Investments |
367,791 |
386,608 |
| Total Interest Income |
$4,208,412 |
$3,725,730 |
|
|
|
|
| Interest and Dividend Expense |
|
|
| Paid on Member Deposits |
$1,522,426 |
$1,059,082 |
| Interest on Borrowed Money |
26,414 |
27,312 |
| Total Interest Expense |
$1,548,839 |
$1,086,394 |
|
|
|
|
| Net Interest Income |
$2,659,573 |
$2,639,336 |
| Provision for Loan Losses |
$84,476 |
$137,581 |
|
|
|
|
Net Interest Income
(After Provision for Loan Losses) |
$2,575,098 |
$2,501,755 |
| Non-Interest Income |
|
|
| Fee Income |
$565,748 |
$480,855 |
| Other Income |
$167,486 |
$170,493 |
| Gain (Loss) Investments |
$ .00 |
$ .00 |
| Total Non-Interest Income |
$733,234 |
$651,348 |
|
|
|
|
| Non-Interest Expense |
|
|
| General and Administrative |
|
|
| Compensation and Benefits |
$1,404,426 |
$1,318,316 |
| Office Occupancy |
214,441 |
198,182 |
| Office Operations |
614,247 |
582,715 |
| Marketing and Promotional |
177,317 |
181,773 |
| Loan Servicing |
229,175 |
200,833 |
| Professional and Outside Services |
290,862 |
310,944 |
| Other Expense |
42,722 |
32,223 |
| Total Non-Interest Expense |
$2,973,192 |
$2,824,986 |
|
|
|
| Net Income |
$335,139 |
$328,117 |
|
|
|
|
STATEMENT OF FINANCIAL
CONDITION
December 31, 2006 and
2005 |
| Assets |
2006 |
2005 |
Loans Receivable, Net of
Allowance for Loan Losses |
$60,626,817 |
$57,954,982 |
| Cash |
1,075,901 |
725,488 |
| Investments |
9,054,201 |
10,586,381 |
| Other Assets |
1,969,023 |
1,391,997 |
| Total Assets |
$73,625,943 |
$70,658,848 |
| Liabilities and Members' Equity |
|
|
| Member Shares and Deposits |
$65,183,917 |
$62,609,450 |
| Borrowed Funds |
0 |
0 |
| Accrued Interest Payable |
23,238 |
21,506 |
| Accounts Payable and Accrued Expenses |
242,549 |
195,012 |
| Total Liabilities |
$65,449,704 |
$62,825,968 |
| Members' Equity |
$8,176,239 |
$7,832,880 |
| Total Liabilities and Equity |
$73,625,943 |
$70,658,848 |
|
More Links
Annual Meeting Reports
Our History
2006 Annual
Report(156 KB PDF*).
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