ACFA - Business Plan Budget Projection
2009 to 2012
(thousands of dollars)
  2008
Projected		 2008
Budget  		2009
Budget		 2010
Budget		 2011
Budget		 2012
Budget
Interest Income:            
Loans $304,323 $330,002 $292,911 $313,677 $333,154 $342,029
Amortization of loan discounts 1,085 1,085 567 0 0 0
Investments       1,231       3,000         700         300         400         500
    306,639   334,087   294,178   313,977   333,554   342,529
             
Interest Expense:            
Debt 269,859 320,805 259,125 307,147 326,754 330,980
Commission fees 0        5,100        19,950       5,888        4,387        5,100
Amortization of net discounts on debt     14,041       2,443     22,078         982         783       1,225
    283,900   328,348   301,153   314,317   331,924   337,305
             
Net interest income    22, 739      5,739    (6,975)       (340)      1,630      5,224
             
Other Income:            
Loan prepayment fees           56            0            0            0            0           0
Net interest income and other income    22, 795      5,739    (6,975)       (340)      1,630      5,224
             
Non-Interest Expense:            
Administration and office expenses         848         754         789        788         817        886
Net income 21,947 4,985 (7,764) (1,128) 813 4,338
Retained earnings, beginning of year       14,876   18,6771    36,823    29,059    27,931   28,744
Retained earnings, end of year $  36,823 $   23,622 $   29,059 $   27,931 $   28,744 $  33,082
Retained earnings, percentage of assets 0.55% 0.36% 0.38% 0.34% 0.34% 0.38%

Assumptions:

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