|
2009 Budget |
|
| Interest Income: | |
| Loans | $292,911 |
| Amortization of loan discounts | 567 |
| Investments | 700 |
| 294,178 | |
| Interest Expense: | |
| Debt | 259,125 |
| Commission fees | 19,950 |
| Amortization of net discounts on debt | 22,078 |
| 301,153 | |
| Net interest expense | (6,975) |
| Other Income: | |
| Loan prepayment fees | 0 |
| Net interest expense and other income | (6,975) |
| Non-Interest Expense: | |
| Administration and office expenses | 789 |
| Net loss | (7,764) |
| Retained earnings, beginning of year | 36,823 |
| Retained earnings, end of year | $ 29,059 |
| Retained earnings - percentage of assets | 0.38% |
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