Here's what we do know: UARK Federal's June 30 call report filed with the NCUA shows a net loss of $1.25 million. And that's big money, especially for a credit union with $37 million in assets and net income last year of only $178,629.
UARK's mid-year report lists income during the first six months of the year of $1.54 million. That income was offset by $1.05 million in "other operating expenses," of which there were only $792,000 in all of 2000; and a loan loss provision of $798,000, almost five times the loan loss provision at mid-2000.
Subtract another $950,000 for the cost of funds and salaries, and you have a really deep hole.
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|Title Annotation:||UARK Federal Creidt Union|
|Article Type:||Brief Article|
|Date:||Sep 24, 2001|
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