
STATEMENT OF FINANCIAL CONDITION AS OF JUNE 30, 2007


	2006			2007
ASSETS (FULL-USD)

Loans to Members(net of allowance)	$ 11,086,170			$ 9,550,524
Interclearing with Sponsor	$ (430)			$ 106,646
Federal Share Insurance Fund	$ 520,063			$ 521,034
Cash Deposits in Banks	$ 1,829,041			$ 4,099,596
U.S.Govt.Securities and CD's	$ 53,679,637			$ 57,268,543
Accrued Interest & Other Assets	$ 378,388			$ 590,330
	$ 67,492,869			$ 72,136,673

LIABILITIES AND SHARHOLDERS EQUITY
Unearned Interest on Loans	$ 117,399			$ 118,675
Other Liabilities	$ 10,000			$ 31,917
Accrued Expenses	$ 7,100			$ 4,100
SHAREHOLDERS DEPOSITS
Member Deposits	$ 58,731,496			$ 63,290,157
Regular Reserves	$ 8,450,000			$ 8,600,000
Reserves for Contingencies	$ 46,259			$ 5,165
Unrealized Gain/(Losses)	$ -			$ -
Undivided Earnings	$ 130,615			$ 86,659
	$ 67,492,869			$ 72,136,673
PROFIT AND LOSS STATEMENT
INCOME
Interest Income from Loans	$ 299,760			$ 303,751
Earnings from Investments	$ 1,137,644			$ 1,455,320
Gains or (Losses) on Sale of Securities	$ 7,300			$ 3,301
Fees and Other income	$ 28,269			$ 18,281
	$ 1,472,973			$ 1,780,653
EXPENSES
Cost of Operation,including Provision for Loan Losses	$ 182,514			$ 171,449
Allowance for Investment Fluctuations	$ -			$ -
TOTAL EXPENSES	$ 182,514			$ 171,449

GROSS SURPLUS	$ 1,290,459			$ 1,609,204

DISTRIBUTION OF SURPLUS
Dividends to members	$ 1,191,531			$ 1,472,545
Reserves	-			$ 50,000
Voluntary Reserves for Contingencies	$ -			$ -
Undivided Earnings	$ 98,928			$ 86,659
	$ 1,290,459			$ 1,609,204
East Meadow, July2, 2007



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