Community Bankers Association of Illinois

Robin Loftus, CBAI Treasurer
Sound Financial Performance

(Report given during CBAI's 33rd annual convention on September 28, 2007)

     Thank you, ladies and gentlemen. As Henry VIII said to each of his wives, "I won't keep you long." As your Treasurer, I am pleased to report that the Finance Committee worked closely with senior management and our talented comptroller, Lisa Lippert, to direct the finances of the Association's corporate family for the fiscal year ending June 30, 2007.

     The Committee also prepared the budget for the fiscal year commencing July 1, 2007, which was adopted by our leadership in June. Financial highlights for the fiscal year ending June 30, 2007, are as follows:

    1) Consolidated net income after taxes was $193,000, ahead of budget by $191,000 (based on total income of $5,116,000 and total expenses of $4,923,000). As you can see on the screen and the chart provided in your meeting materials, net assets totaled $2,160,000.

    2) Other than equipment leases, the association is debt-free, and our 13,200 square foot building has an at-cost appraised value of $1,600,000.

    3) Reserves for each corporation are based on reserve formulas that rely primarily on liquid assets. In keeping with our historical policy, our funds are invested in member institutions. With laddered maturities, the investments program provides liquidity and safety for the operation.

    4) The consolidated operating budget for the 2007-2008 fiscal year, which commenced on July 1, projects a surplus budget of $5,073,000 in revenues and $5,057,000 in expenses, or $16,000 in net income for the CBAI corporate family.

     This solid financial performance is the result of allocating resources prudently, the addition of some popular new services, and increasing member participation in the association's educational programs.

     I extend my sincere appreciation to the Finance Committee members for their fine work, and I thank you for the opportunity to serve as your Treasurer.

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