2020 Annual Report - 79th Annual Report

STATEMENT OF CASH FLOWS CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 813,055 Adjustments to Net Income for Cash Provided By Operating Activities Depreciation $ 312,872 Provision for Loan Losses 200,000 Unrealized (gain) loss on retirement plans (25,567) Increase/(Decrease) in Dividends Payable (30,279) (Increase)/Decrease in Accounts Receivable & Prepaid Expenses (140,976) Increase/(Decrease) in Accounts Payable 62,968 Net Cash Provided(Used) By Operating Activities $ 379,017 CASH FLOWS FROM INVESTMENT ACTIVITIES Sale/(Purchase) of Investment Securities 1,930,052 Sale/(Purchase) of Deposits in Financial Institutions Proceeds from sale of other real estate owned Loans Made to Members & Principal Collections, Net (18,657,221) Capital Expenditures (160,090) Other Investment Cash Flow [FHLB Stock Redemption] 26,871 NCUSIF Capitalization Deposit (173,783) Net Cash Provided(Used) By Investment Activities (17,034,172) CASH FLOWS FROM FINANCING ACTIVITIES Net Increase/(Decrease) in Share Accounts $ 19,781,328 Net Increase/(Decrease) in Share Draft Accounts 8,780,800 Net Increase/(Decrease) in Money Market Accounts 3,914,151 Net Increase/(Decrease) in Certificates (including IRA’s) (4,362,783) Net Increase/(Decrease) in Short-term borrowings Proceeds from Issuance of Long-term Debt Repayment of Long-term Debt Net Cash Provided/(Used) By Financing Activities $ 28,113,497 Net Increase/(Decrease) in Cash & Cash Equivalents $ 12,271,397 Cash & Cash Equivalents at Beginning of Year $ 15,015,865 Cash & Cash Equivalents at End of Year $ 27,287,262 For the Period Jan. 1, 2020 through Dec. 31, 2020