STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2007
	2006			2007
ASSETS   (FULL-USD)
Loans to Members(net of allowance)	$   10,307,329			$   10,543,829
Federal Share Insurance Fund	$       534,712			$       578,705
Cash Deposits in Banks	$    5,572,080			$    6,599,261
U.S.Govt.Securities,incl.short term deposits	$   51,975,118			$   56,584,907
Other Assets	$       468,374			$       565,881
	$   68,857,613			$   74,872,583
LIABILITIES AND SHAREHOLDERS EQUITY
Unearned Interest on Loans	$       120,594			$       115,064
Other Liabilities	$         12,699			$           9,182
Accrued Expenses	$           7,200			$         14,500
SHAREHOLDERS DEPOSITS
Member Deposits	$   60,098,151			$   65,916,585
Regular Reserves	$    8,500,000			$    8,700,000
Reserves for Contingencies,incl.Bal.fwd.	$         65,297			$         50,000
Undivided Earnings	$         53,672			$         67,252
	$   68,857,613			$   74,872,583
PROFIT AND LOSS STATEMENT
INCOME
Interest Income from Loans	$       634,714			$       638,808
Earnings from Investments	$    2,367,052			$    2,986,835
Gains or (Losses) on Securities	$         10,144			$        (17,180)
Other Income	$         46,280			$         43,448
	$    3,058,190			$    3,651,911
EXPENSES
Employee's Compensation & Related Costs	$       224,158			$       222,782
Office Operation	$         16,270			$         16,720
Loan service and Promotion	$           7,742			$           4,345
Professional & Outside EDP- Services	$         12,638			$         17,526
Credit Card Processing Expenses	$         37,975			$         38,130
Member Loan Protection Ins.	$           4,446			$           7,167
Surety Bond&Federal Supv.Fees	$         23,696			$         24,210
Depreciation	$                  -			$           4,364
Provisions for Loan Losses	$           3,500			$           4,000
Misc. Expenses	$           2,881			$           2,425
TOTAL EXPENSES	$       333,306			$       341,669
GROSS SURPLUS	$    2,724,884			$    3,310,242
DISTRIBUTION OF SURPLUS
Dividends to members	$    2,621,212			$    3,042,990
Reserves, Reg&Special	$         50,000			$       200,000
Undivided Earnings	$         53,672			$         67,252
	$    2,724,884			$    3,310,242
East Meadow, Jan 06 2008
*OUR SERVICE IS THE PRODUCT OF YOUR EXPECTATIONS*
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