2012 Annual Report - Truliant Federal Credit Union

ABOUT
TRULIANT FEDERAL CREDIT UNION
Truliant Federal Credit Union is a not-for-profit financial cooperative that provides affordable financial services to over
180,000 member-owners and nearly 1,000 employers and their employees. These include people who live, work or worship
in the communities we serve and our Business Partners’ employees and their families. Our 22 Member Financial Centers
provide services in North Carolina, South Carolina, Virginia and Ohio. Truliant’s members are owners of the Credit
Union and the benefits they receive are a result of their ownership.
For 60 years, Truliant has been an important contributor to the local economy and is dedicated to making a difference
to our member-owners and the communities we serve by supporting worthy causes and organizations, providing adult
educational seminars on a variety of financial topics, and partnering with our local school systems to provide financial
literacy courses to their students.
Truliant’s philosophy begins and ends with understanding and meeting member needs. Member-owners are at the
forefront of every decision made. As a result, Truliant offers a full array of financial services, including low-rate consumer
loans, high-yield savings programs, systematic savings and investments, financial planning and counseling, free checking
and debit options, online and mobile services and numerous ATMs.
Truliant’s goal is to connect with and do what is best for each and every member, every time. We work with our members
to match the most appropriate product to their personal needs and help them find affordable financial solutions that they
can comfortably manage. We’re here to help our member-owners make the best decisions to enhance their financial lives,
just as we have for 60 years and will for 60 more.
“The mission of Truliant Federal Credit Union is
to enhance the quality of life of our members
and to become their preferred financial institution.”
THANK YOU TO
OUR BUSINESS PARTNERS
Truliant Federal Credit Union is happy to serve nearly 1,000 Business Partners in the communities we serve. It is
through our partnerships with these companies that we are able to enhance the financial lives of thousands of their
employees and family members. A Truliant membership is a high-value addition to employers’ benefit packages without
any administrative burden or cost, and research has shown that productivity increases when employees are no longer
worrying about their finances. We appreciate your partnership, and thank you for allowing us to help your employees
improve their financial well-being. Below is a list of our Business Partners with 200 or more employees:
Acme-McCrary/Sapona Corporation
ACS, Inc. - Cary
ACS, Inc. - Raleigh
Actavis
AdminHR, LLC
Advance Auto Parts
Advanced Home Care
Aerial Machine & Tool Corporation
AGV Products, Inc.
AKG of America, Inc.
Alamance County
Allen Industries
Allied Waste - Concord
Amphenol TCS
APEX Analytix
Armacell
Atrium Windows & Doors
Banner Pharmacaps, Inc.
Biscuitville, Inc.
Blue Ridge Nursing Center, Inc.
Bobcats Basketball, LLC
Bonsal American
Brenntag Southeast, Inc.
BSN Jobst, Inc.
BSN Medical, Inc.
Cadmus Communications
Calvary Baptist Temple
Canopy Partners
CarMax
Carmel Country Club
Carolina IT Professionals Group
Center for Creative Leadership
Chandler Concrete Co.
Charlotte Country Day School
Charlotte Eye Ear Nose & Throat
ChemTreat, Inc.
Chiquita Brands International, Inc.
Choice USA Beverage, Inc.
Cigna Healthcare of VA, Inc.
Cingular
CITPG Indirect
Coca-Cola Bottling Co. Consolidated
Cogentrix Energy, Inc.
Collins & Aikman
Columbia Beauty Supply
Community Alternative of NC
Compleat Rehab & Sports Therapy Center
CompuLink Network Installation Services
ComputerNet Resource Group
Convatec/Bristol Myers Squibb Co.
Convergys
Cook Medical, Inc.
Cornerstone Health Care, PA
Danaher Tool Group
Dart Container Corporation
Daymark Recovery Services
Denny’s Group
Dewberry
Draper Aden Associates
Duke Energy
ECPI College of Technology
Elon University
Energizer, Inc.
Engineered Controls International, Inc.
Europa Sports Products, Inc.
Faith Bible Church
Family First Mortgage Corp.
Furnitureland South, Inc.
Gaston County Family YMCA
General Dynamics Advanced Technology
General Electric
General Injectables & Vaccines, Inc.
Gilbarco, Inc.
GKN Automotive
Global Knowledge Network, Inc.
GMAC - Winston-Salem
Greensboro College Students
Guardian Industries
Guilford College
Gulistan Carpet
Hamilton Beach Brands, Inc.
Hanes Brands
Hauni Richmond
Hearst Service Center
Hendrick Honda
HHHunt
Stabilus
National Gypsum
High Point Regional Health System
Staff Management
National Textiles
Hilco Transport, Inc.
SteelFab, Inc.
Nautica
Hilton Charlotte University Place
SunCom Wireless, Inc.
NC Jr. Chamber of Commerce
Holy Angels
Syngenta Biotechnology, Inc.
NC Pest Control Association
Honda Aircraft Company, Inc.
Syngenta Crop Protection
NCO Customer Management
Honeywell Fasco
SYSCO Charlotte, LLC
Nello L. Teer Company/Larco
Hospice and Palliative Care of Greensboro
Technimark, LLC
North Carolina Association of REALTORS
Hughes Furniture
Teleflex Medical (Arrow), Inc.
Oliver Rubber Company
In-Flight Crew Connections, LLC
The Arc of North Carolina
Peak 10, Inc.
Infor
The Budd Group
PEM Fastening Systems
Inmar Enterprises, Inc.
The Hispanic League
Pepsi Bottling Group
Institution Food House (IFH)
The Shaw Group, Inc.
Pepsi Cola Bottling Co. of Charlotte, Inc.
InterAct Public Safety Systems
Thomas & Betts Power Solutions
Pharr Yarns
Int’l Home Furnishings Reps Association
TIMCO
Piedmont Plastics, Inc.
International Textile Group, Inc.
Time Warner Cable
Pine Hall Brick Company
Jesus Christ Outreach Ministries, Inc.
The Timken Company
Plastic Omnium Auto Exterior, LLC
Joe Gibbs Racing, Inc.
Timmons Group
PPG Industries, Inc. - Lexington
JPS Industries
Total Care, Inc.
Premier, Inc.
Kernodle Clinic, Inc.
Transamerica Reinsurance
Procter & Gamble, Inc.
Key Risk Management Services, Inc.
Twin County Regional Healthcare, Inc.
Pulaski Community Hospital
KGB USA
Ultra Machine and Fabrication, Inc.
R. H. Barringer Distributing Co, Inc.
Kingsdown, Inc.
United Network Organ Sharing (UNOS)
R.R. Donnelley Financial
Klaussner Home Furnishings
Unity Moravian Church
Radford Worship Center
Krispy Kreme Doughnuts, Inc.
Univar USA, Inc.
Radiator Specialty Company
Lees-McRae College, Inc.
US Foodservice
Ralph Lauren
Leonard Buildings & Truck Accessories
VA Pharmaceutical Assoc.
RCR Enterprises, LLC
Liberty Embroidery, Inc.
VA Trial Lawyers Assoc.
Renfro Corporation
Life Center of Galax
ValueOptions, Inc.
Replacements, LTD
LifeSpan, Inc.
Virginia Physicians, Inc.
RFMD
Liggett Group, Inc./Liggett Vector Brands
Vita Medical Staffing
Safety Components International
Lincoln Financial Media Group
Volvo Truck New River Valley
Salem Academy & College
Little Diversified Architectural Consulting
Westminster Company
Sanders Bros., Inc.
Longwood Elastomers
Wilkinson and Associates
ScanSource, Inc.
Lowes Foods, Inc.
Winston-Salem Industries of the Blind
Scott Technologies
Malt-O-Meal Company
Wythe County Community Hospital
Sharp Business Systems
Matcor Company
YMCA of Greater Charlotte - Siskey Family
Shelba D. Johnson Trucking, Inc.
Mayflower Vehicle Systems
YMCA of Greensboro
Siemens Medical Solutions, Inc.
McKesson Corporation
YWCA of Winston-Salem
Smith Moore Leatherwood, LLP
Mead Westvaco
Somic America, Inc.
Microsoft Corporation - Charlotte
Southeast Industrial Equipment, Inc.
Mid Carolina Cardiology PA
SPFilms, Inc.
Moore & Van Allen, PLLC
Sports Endeavors, Inc.
Mt. Rogers Community Services Board
MESSAGE FROM THE
PRESIDENT
AND
CEO
Change and Choices from Member-Owner Voices
It’s impossible to escape the rapid change occurring all around us; you may or may
not want to. I wrote in our winter newsletter that we want to help you travel at the
speed of life—your life. Whether you are embracing all of the new tools that deliver
convenience and exciting features/functions or the more traditional service through
meaningful human interaction, we’ll be here for you.
It remains to be seen how our member-owners and consumers will pick up their
Marc Schaefer, President and CEO
financial lives after the Great Recession. Will we continue to hold our financial
service partners responsible for helping us make good financial choices, or will we
go back to caveat emptor—buyer beware? Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection
Act supposedly with the goal to protect consumers from the abuses of the past; most notably making mortgage loans to
consumers who could not repay them and then shuffling the paper around in a sophisticated game of musical chairs where
the loser picks up the tab. The U.S. taxpayer ended up without a seat. In the process, and as fallout from the lack of oversight,
our members made choices based on how they saw the world and on expected values of their assets that proved to be
unwarranted. Most members are now climbing back into a place of financial security that they hope will be permanently
bolstered by the lessons they’ve learned. The slow, but seemingly sustained improvement in real estate values and the
dramatic increase in equity markets (at least as I write this message), give us confidence that we’re on a path to reaching
individual and household financial objectives.
Perhaps we will remember the lessons from 2007-2009 and recognize, for example, that home prices are not guaranteed to
always rise and can, in fact, move the other way. We may recall that financial institutions don’t always operate in our best
interest and are capable of making big mistakes like other businesses. It was heartbreaking to see the disappointment and
sense of loss, financial and emotional, of so many North Carolina members who believed Wachovia stock would always
retain value. Middle-aged and older members don’t have much time to make up for any long-term losses. According to a
recent study by the Employee Benefit Research Group, almost half of Americans and more than one-third of retirees lack
confidence that they will have enough money to live comfortably in retirement.
Truliant is structured and staffed to actually focus on improving members’ financial lives. We are proud that we’ve
helped our members weather many economic storms over the past 60 years. In 2012, through completing nearly 165,000
TruFinancial Checkups and 24,350 No-Cost Credit Reviews, we met nearly 114,000 member needs. That translated into
over 6,000 new savings and investment accounts for members to build or rebuild their financial foundations. We financed
or refinanced over 740 homes for our members and provided access to real estate equity for close to 1,500 more. We
provided financing at historically low loan rates on nearly 18,000 new and used vehicles. The total savings in finance costs
to our members is substantial. It has been typical to save a member several hundred to over one thousand dollars a month
in payment costs while retaining or reducing the term of their loans. This is providing the boost that many households need
to restore their long-term financial health and reach their goals. It’s no wonder that, in a recent survey, over 94% of our
members indicate that they believe Truliant “has their best interests at heart.”
We are extremely proud of the Truliant Federal Credit Union team that is approaching financial services as we believe it
should be. We believe that your financial partner should be here to engage with you to improve your financial life, not sell
you products you may not need so that the institution can meet a profit objective for other investors. Truliant has proven over
the past six decades that we can operate a financially safe and sound member-owned credit union while returning the lion’s
share to our members in the form of lower loan rates, higher savings rates and low fees. In addition, we can invest in our
people as they continue to develop the skill sets to help you make the best financial decisions for you and your family.
As we recognize your Credit Union’s 60th anniversary and look to the future, the management of Truliant will remain
member focused and forward thinking to continue to meet your needs over the next 60 years. On behalf of the management
of Truliant, we thank you for choosing us to meet your financial needs and to help you build your financial foundations.
Marc Schaefer
President and CEO
“Truliant’s breadth of services was the same as any financial
institution, but the customer service was exceptional... They
enabled me to move my retirement up a year...”
- Richard, Truliant member-owner for seven years
“As a member-owner, I truly feel as if I’m a part of
Truliant, I feel like my input matters and that they are
here to help me.”
- Freda, Truliant member-owner for one year
MESSAGE FROM THE
CHAIRMAN OF THE BOARD
As we commemorate our 60th anniversary and reflect on our accomplishments
throughout the years, we are celebrating you, our member-owners, and your
choice to partner with Truliant Federal Credit Union as your trusted financial
advisor. It is because of you and all our member-owners that we have grown
to $1.6 billion in assets and over 180,000 members with 22 Member Financial
Centers. However, our true success is reflected in the thousands of lives we have
helped to improve.
It is your trust in Truliant to always have your best interests at heart, which
Greg Thrush, Chairman of the Board
enables us to help guide you to make well-informed financial decisions to build
strong financial futures and reach your goals. You, our member-owners, are the
reason we continue to hold steadfast to our mission of enhancing the quality of your lives through our focus on
understanding and meeting our members’ financial needs and future goals.
Our outcomes in life are reflected in the choices we make throughout the years. We all have made choices at different
points in our lives where hindsight would have led us in a different direction, but choosing Truliant is not one of them.
Although Americans now have some sense of optimism, the economic turmoil and continued uncertainty of recent years
have caused many Americans to question their past choices to have relationships with for-profit financial institutions.
They are seeking out trusted resources before purchasing or refinancing their homes, and for other financial decisions.
Consumers are much more aware of the pitfalls and unsound lending practices others have made, and as a result, are
looking for financial partners who will look out for their best interests. Many are choosing to switch to a not-for-profit
financial cooperative. Many have and will continue to choose Truliant.
The past financial crisis continues to highlight the poor choices made by many large banks that did everything in their
power to maximize their quarterly earnings, even in the face of many customers who were pinching every penny to pay
for necessities. Fees increased, including monthly charges to use a debit card or step inside a branch. Customer service
became a casualty of the recession and customers noticed.
As the economy shows signs of righting itself, banks are taking a step back to re-engage consumers and rekindle
relationships. Truliant, on the other hand, never shifted its focus from connecting with its members and acting in their
best interest, and continues to be forward thinking to further enhance this practice. Truliant has stayed member focused
for 60 years and will continue to stand by our driving principle of enhancing our members’ financial lives. This strategy
has led us to consistently make the best possible choices for you, our member-owners, and for the Credit Union you own.
We know that you have a choice in selecting your financial institution, and we are grateful you have chosen Truliant as
your preferred financial partner. On behalf of the Board of Directors of Truliant Federal Credit Union, I would like to
sincerely thank you for being a part of Truliant and a member-owner. I hope that you continue to see how much you
mean to us every time you call, visit us online or step into one of our Member Financial Centers. As we build upon our
first 60 years, we will continue to be forward thinking and member focused for each of you.
Greg Thrush
Chairman of the Board
“Truliant cares more about the individuals... You’re not
just a number, you’re a person.”
- Michael, Truliant member-owner for 13 years
“We’ve been banking all our lives, and we’ve never had
a relationship like we do with the people of Truliant...
They changed our lives... That’s why we love Truliant!”
- Jennifer & Van, Truliant member-owners for 11 years
TRULIANT FEDERAL CREDIT UNION CELEBRATES
1952 • Radio Shops Credit Union is chartered.
1962 • Name is changed to North Carolina Works Federal Credit Union.
1973 • New Member Financial Center at AT&T facility in Richmond, VA is opened.
1981 • Checking accounts are now offered.
1983 • Name is changed to AT&T Family Federal Credit Union.
• Visa® Credit Cards are now offered.
1985 • New Member Financial Center in New River, VA is opened.
1986 • First Mortgage Loans are now offered.
1987 • New Member Financial Centers in Charlotte and Greensboro, NC are opened.
• First Business Partner, Pharr Yarns of McAdenville, joined.
1988 • New Member Financial Center in McAdenville, NC is opened.
• Membership has grown to 46,000 member-owners with assets totaling $200 million.
1990 • Express Loan™ Department is added.
• Financial Advisors at Truliances (FAAT) now offer member-owners free financial and
account management advice.
1992 • Burlington, NC Member Financial Center is relocated.
• New Member Financial Center in Shelby, NC is opened.
• Debit Cards are now offered.
• Credit Union Auto Buying Service (CUABS)® is now available.
1993 • New Member Financial Centers in Charlotte, NC, Greenville, SC and Canton, OH are opened.
• New administrative offices in Winston-Salem, NC are opened.
1996 • First website is launched.
60 YEARS OF OUTSTANDING MEMBER SERVICE
1997 • Online Banking services are introduced.
1998 • Credit Union Membership Access Act (HR 1151) is signed after significant grassroots
efforts by Truliant member-owners, employees and the volunteer Board of Directors.
1999 • Name is changed to Truliant Federal Credit Union.
2000 • Membership has grown to over 163,000 member-owners, 370 Business Partners with
assets of nearly $750 million.
2004 • Community charter is granted for a 50-mile radius around headquarters in Winston-Salem, NC.
2005 • New administrative offices located at Truliant Way in Winston-Salem, NC are opened.
• Truliant surpasses $1 billion in assets.
• Business checking accounts are now offered.
2006 • The TruFinancial Checkup is introduced.
2007 • New Member Financial Center in Kernersville, NC is opened.
• New Member Financial Center in downtown Winston-Salem, NC is opened as a part of a
merger with Victory Masonic Credit Union.
2010 • No-Cost Credit Review is introduced.
• Small Business Administration (SBA) micro loans are offered.
• Student-run credit union at East Forsyth High School in Kernersville, NC is opened.
2011 • Truliant opens North Carolina’s first middle-school, student-run credit union at Wiley
Middle School in Winston-Salem, NC.
2012 • The 60th anniversary is celebrated.
• Membership has grown to over 180,000 member-owners, nearly 1,000 Business Partners,
22 Member Financial Centers in NC, SC, VA and OH, and assets of over $1.61 billion.
SIX DECADES OF
SERVING THE COMMUNITY
While many things in the world have changed over the past 60 years, Truliant’s commitment to supporting our
communities remains strong. We continue to make a difference through our outreach initiatives, volunteer efforts,
financial contributions and through the development of products and services to meet the economic needs of the
communities we serve. Truliant is committed to enhancing the lives of our member-owners and the individuals in the
community through our service efforts, including:
• Supporting local initiatives to increase the awareness of financial literacy;
• Volunteering our time and talents to work with nonprofit organizations;
• Providing financial and business education classes;
• Raising funds for the most vulnerable;
• Giving to individuals and organizations through our philanthropic efforts; and
• Sponsoring organizations and events that align with our mission.
Truliant received national recognition from the Credit Union National Association (CUNA) Marketing & Business
Development Council for our REAL Entrepreneurship education community outreach initiative. Additionally, the North
Carolina Credit Union League honored Truliant for our tax preparation services for members of modest means in the
statewide Dora Maxwell Social Responsibility Award category, which recognizes and promotes credit unions’ social
responsibility efforts within the communities they serve.
We continue to reach the next generation of leaders with our student-run credit unions that are thriving on the campuses
of Wiley Middle and East Forsyth High Schools. The National Academy Foundation (NAF) in Washington, DC also
recognized Truliant for our work with the Academy of Finance Program in our local schools. The Academy of Finance
provides students with classroom instruction and project-based, hands-on learning in the area of finance.
In 2012, Truliant also contributed, through our volunteer efforts, to many worthwhile causes:
• Joined the movement for less cancer and more birthdays by serving as the host site for the American Cancer
Society cancer prevention study.
• Filled shoe boxes with toys for Operation Christmas Child to provide hundreds of children with Christmas
gifts who would not have received one.
• Volunteered countless hours of time to the boards of various chambers, Jaycees, Habitat for Humanity,
Hispanic League, Second Harvest Food Bank, Enrichment Center, Children’s Museum of Winston-Salem,
VITA tax services and many, many more nonprofit agencies that impact the communities we serve.
• Gave back to hundreds of organizations that serve the communities where we operate by providing charitable
donations and sponsorships that helped strengthen their service capacity.
• Provided financial support for operational expense funding to 29 community agencies.
• Continued to break records for United Way by giving in excess of $27,000 to enable nonprofit agencies to deliver
more services to their clients.
• Helped more people in our local communities have better health care through our fundraising efforts for the
American Cancer Society’s Relay for Life, Samaritan Ministries Pennies for Hope Campaign and the
March of Dimes.
• Participated with credit unions from both North and South Carolina to make the Levine Children’s Hospital
outdoor garden area a reality.
• Funded over $15,000 in college scholarships to deserving student member-owners.
In addition, our focus on the development of products and services to meet the economic needs of our member-owners
has enabled us to improve the financial well-being of thousands of people who depend on our TruService philosophy of
putting member needs first to enhance their financial lives. We completed over 20,000 credit reviews that enabled us to
assess our members’ financial standing and educate them. In many cases, we consolidated their debt, put them into new
loans or credit cards with lower rates and changed their financial outlook.
As we continue to volunteer our time and talents, contribute to worthy causes and develop products and services to meet
our members’ needs, it will always be our primary focus to enhance the lives of our member-owners. Truliant has been
an integral part of the communities in which we live and operate by improving the economic and social well-being of our
member-owners. Our mission reflects our ongoing commitment to the “people helping people” philosophy that we have
held since our inception. It is you, our member-owners, that keep us strong and vital. We appreciate your trust and that
you find value in doing business with us.
Cristen Fletcher, PR & Online Marketing
Specialist, discusses marketing strategy with
students enrolled in the Academy of Finance.
Truliant’s Chief Planning Team
participates in building a house for
Habitat for Humanity, Inc.
Marjorie Rorie, Director of Community
Services, discusses concepts with students in
Truliant’s REAL Entrepreneurship class.
MESSAGE FROM THE
SUPERVISORY COMMITTEE
Primary responsibility for the Credit Union’s financial reporting and internal operating controls is vested in the Board
of Directors and in senior operating management as overseen by the Board. The Supervisory Committee, composed of a
chairperson and up to four committee members, is a standing Committee of the Board established to assist the Board in
fulfilling its statutory and fiduciary responsibilities.
The role of the Supervisory Committee is to assist the Board of Directors in fulfilling its oversight responsibilities for
(1) the integrity of the Credit Union’s financial statements; (2) the Credit Union’s compliance with legal and regulatory
requirements; (3) the independent auditor’s qualifications and independence; and (4) the performance of the Credit
Union’s internal audit function and independent auditors.
To that end, the Supervisory Committee contracted with CliftonLarsonAllen LLP to conduct the Credit Union’s 2012
annual audit. Results of the audit indicate that the financial statements present fairly the results of the operations and
financial position for the period, and no material weaknesses in internal control were reported. To obtain a complete set
of audited financial statements, please contact Jeff Herrington, Chief Audit Executive, at 336-293-2075 or
[email protected].
In addition to its external audits and regulatory examinations, the Credit Union also employs a full-time Internal Audit
department which reports directly to the Supervisory Committee.
Thomas G. Harding
Chairman, Supervisory Committee
TRULIANT
2012 FINANCIAL RESULTS
TOTAL ASSETS
MEMBERS’ SAVINGS
$1,500
$1,800
$1,400
$1,600
$1,300
$1,200
$1,400
$1,100
$1,200
$1,000
$900
$800
$800
$600
Millions
Millions
$1,000
2007
2008
2009
2010
2011
2012
$700
$600
2007
$1,300
$150
$1,200
$140
$1,100
$130
$1,000
$120
$900
$110
$800
$100
$700
$90
$600
2007
2008
2009
2010
2011
2009
2010
2011
2012
2011
2012
NET WORTH
Millions
Millions
LOANS TO MEMBERS
2008
2012
$80
2007
2008
2009
2010
TRULIANT
2012 FINANCIAL RESULTS
Consolidated Statements of
FINANCIAL CONDITION
ASSETS
Cash and cash equivalents
Investments
Loans to members, net of allowance for loan losses
Premises and equipment
National Credit Union Share Insurance Fund (NCUIF) deposit
Other assets
As of December 31
2012
2011
$133,570,600
131,774,900
1,252,952,200
47,342,100
13,588,000
33,216,200
$102,455,400
114,194,100
1,181,277,600
47,573,300
12,383,000
37,304,500
$1,612,444,000
$1,495,187,900
LIABILITIES AND MEMBERS’ EQUITY
Members’ savings accounts
Borrowed funds
Other liabilities
$1,435,951,900
7,750,000
33,502,400
$1,318,316,600
21,250,000
31,461,500
$1,477,204,300
$1,371,028,100
Total assets
Total liabilities
Members’ equity, substantially restricted
Accumulated other comprehensive income
Total liabilities and members’ equity
$143,256,300
(8,016,600)
$1,612,444,000
$131,294,500
(7,134,700)
$1,495,187,900
Consolidated Statements of
INCOME
As of December 31
2012
2011
Interest income
Interest on loans
Interest on investments & cash equivalents
$61,207,500
2,045,100
$62,501,200
1,442,300
$63,252,600
$63,943,500
$9,426,300
759,800
$11,603,000
820,200
Total interest expense
$10,186,100
$12,423,200
Net interest income
$53,066,500
$51,520,300
$8,596,700
$9,030,200
Net interest income after provision
for loan losses
$44,469,800
$42,490,100
Non-interest income
$26,560,600
$23,928,300
Non-interest expense
59,242,700
55,165,300
$11,787,700
$11,253,100
Total interest income
Interest expense
Interest on savings accounts
Interest on borrowed funds
Provision for loan losses
Net
income