JM Associates Federal Credit Union
Statement of Income
September 30, 2017 September 30, 2016
Interest Income
Interest on loans receivable $ 2,504,065 $ 2,443,345
Interest on investments 1,358,019 1,215,716
Interest income 3,862,084 3,659,061
Interest Expense
Dividends on members' share and savings accounts 431,836 412,339
Interest expense 431,836 412,339
Net Interest Income 3,430,248 3,246,722
Provision for Loan Losses 224,000 535,000
Net Interest Income After Provision for Loan Losses 3,206,248 2,711,722
Non-Interest Income
Other non-interest income 1,818,854 1,691,297
Fees and service charges 278,786 291,434
Gain on sale of investments, net 33,833 46,371
Other gains and losses, net 336 17,560
Non-interest income 2,131,809 2,046,662
5,338,057 4,758,384
Non-Interest Expense
Compensation and employee benefits 1,798,997 1,689,904
Loan servicing 773,626 594,195
Professional and outside services 710,786 726,691
Operations 416,926 400,814
Travel and conference 100,139 135,591
Education and promotion 43,565 62,370
Non-interest expense 3,844,039 3,609,565
Net Income $ 1,494,018 $ 1,148,819
9 The Way We Do Things Has Changed. Who We Are Has Not! • 2017 Annual Report
