Letter from Treasurer
2010 has been a very eventful year for Newrizons. All year, many members took advantage of Newrizons' free credit counseling and debt consolidation loans. In the spring, the new Money Market Savings account with a higher interest rate was added and several members opened accounts. In the fall, the Department of the Treasury awarded Newrizons FCU a $195,345 grant. The grant allows Newrizons to expand products and services for small businesses and low income members within Grays Harbor County.
As a member-owner in Newrizons FCU, we hope you'll spread the word about Newrizons' special member service and invite others to join us and for you to come to Newrizons first for any new or used auto loan.
Judy Burns,
Secretary/Treasurer, Board of Directors
Your money is safe and secure with Newrizons Federal Credit Union and is fully insured up to $250,000.
|
ASSET/LIABILITIES |
2008 |
2009 |
2010 |
|
INVESTMENTS/CASH |
$996,451 |
$914,649 |
$543,275 |
|
TOTAL LOANS |
$5,604,083 |
$6,380,117 |
$5,796,095 |
|
ALLOWANCE FOR LOAN LOSS |
($20,000) |
($48,482) |
$(53,985) |
|
LAND, BUILDING & OT FIXED ASSETS |
$153,826 |
$151,436 |
$132,103 |
|
NCUA SHARE INS DEPOSIT |
$54,431 |
$56,280 |
$69,326 |
|
TOTAL ASSETS |
$6,822,369 |
$7,453,706 |
$6,835,541 |
|
TOTAL DEPOSITS |
$6,162,215 |
$6,932,793 |
$6,145,950 |
|
OTHER LIABILITIES |
$23,887 |
$43,129 |
$28,271 |
|
UNDIVIDED EARNINGS |
$479,245 |
$320,763 |
$472,312 |
|
REGULAR RESERVES |
$157,022 |
$157,022 |
$164,008 |
|
TOTAL LIABILITIES & RESERVES |
$6,822,369 |
$7,453,706 |
$6,835,541 |
|
|
|
|
|
|
INCOME/EXPENSE |
2008 |
2009 |
2010 |
|
LOAN INCOME |
$380,639 |
$458,371 |
$473,220 |
|
INVESTMENT INCOME |
$46,665 |
$14,176 |
$5,183 |
|
FEE & OTHER INCOME |
$78,373 |
$73,913 |
$18,409 |
|
TOTAL GROSS INCOME |
$505,677 |
$546,460 |
$459,994 |
|
TOTAL OPERATING EXPENSES |
$374,839 |
$418,108 |
$460,127 |
|
DIVIDENDS/INTEREST |
$141,640 |
$112,976 |
$104,992 |
|
INT. ON BORROWED MONEY |
$402 |
$64 |
$133 |
|
PROVISION FOR LOAN LOSS |
$19,031 |
$67,800 |
$46,746 |
|
NCUSIF STABLIZTN & CORP RT/DWN |
$0 |
$98,943 |
$17,283 |
|
NET INCOME (LOSS) |
($30,235) |
($151,491) |
$33,536 |
