SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

FORM 10-KSB

 

(Mark One)

 

[ X ] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE

 

SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2006

 

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

 

OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number: 333-4028LA

 

MINISTRY PARTNERS INVESTMENT CORPORATION

 

(Name of smallbusiness issuer in its charter)

 

| California
33-0489154
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification Number
  955 West Imperial Highway, Brea, California, 92821

   

  (Address of principal executive offices) (Zip code)

   

  (714) 671-5720

   

  (Issuer's telephone number)

   

  Securities registered under Section 12(b) of the Exchange Act: None

   

  Securities registered under Section 12(g) of the Exchange Act: None

   

Check whether the issuer (1) has  filed all reports required to be filed by Section 13 or 15(d) of the Exchange  Act during the preceding 12 months (or for such shorter period that the  registrant was required to file such reports), and (2) has been subject to  such filing requirements for the past 90 days.

 
YES [ X ]
NO [   ]
 

Check if there is no disclosure of delinquent filers inresponse to Item 405 of Regulation S-B  contained in this form, and nodisclosure will be contained, to the best of the registrant's knowledge indefinitive proxy or information statements incorporated by reference in Part IIIof this Form 10-KSB or any amendment to this Form 10-KSB. [ X ]

 

State issuer'srevenues for its most recent fiscal year: $3,365,884

 

State the aggregate market value of the voting andnon-voting common equity held by non-affiliates computed by reference to theprice at which the common equity was sold, or the average bid and asked price ofsuch common equity, as of a specified date within the past 60 days: None.

 

State the number of shares outstanding of each of theissuer's classes of common equity, as of the latest practicable date:

 

At December 31, 2006, registrant had issued and outstanding146,522 shares of its no par value common stock. No market exists for the CommonStock. Registrant estimates the aggregate market value of such shares to be notgreater than $1,809,572.

 

DOCUMENTS INCORPORATED BY REFERENCE

If the following documents are incorporated by reference, briefly describethem and identify the part of the Form 10-KSB (e.g., Part I, Part II, etc.) intowhich the document is incorporated: (1) any annual report to security holders;(2) any proxy or information statement; and (3) any prospectus filed pursuant toRule 424(b) or of the Securities Act of 1933 ("Securities Act). The listdocuments should be clearly described for identification purposes (e.g., annualreport to security holders for the fiscal year ended December 24, 1990).

 
      Transitional Small Business Disclosure Format (check one):      YES [ X ]      NO [   ]
 

MINISTRY PARTNERS INVESTMENT CORPORATION

FORM10KSB

 

INDEX

 
   **Page****Part I**    **Item 1.**Description of Business4 **Item 2.**Description of Property5 **Item 3.**Legal Proceedings5 **Item 4.**Submission of Matters to a Vote of Security Holders5     **Item 5.**Market for Common Equity and Related Shareholder Matters5 **Item 6.**Management's Discussion and Analysis or Plan of Operation6 **Item 7.**Financial Statements9 **Item 8.**Changes in and Disagreements with Accountants on      Accounting and Financial Disclosure9 **Item 8A.**Controls and Procedures9 **Item 8B.**Other Information10**Part III**    **Item 9.**Directors, Executive Officers, Promoters, Control Persons      and Corporate Governance; Compliance with Section 16(a) of the Exchange      Act10 **Item 10.**Executive Compensation13 **Item 11.**Security Ownership of Certain Beneficial Owners and      Management and Related Shareholder Matters14 **Item 12.**Certain Relationships and Related Transactions, and      Director Independence15 **Item 13.**Exhibits16 **Item 14.**Principal Accountant Fees and Services16**Signatures**  17
 

**PART I**

 

**Item 1.Description of Business**

 

The Company:

 

The Company,Ministry Partners Investment Corporation, is a California corporation, formed inOctober 1991. The Company is a taxable organization under both federal andCalifornia state law. The Company is a privately held corporation owned by asmall number of federal or state chartered credit unions, each of which ownsless than a majority of the Company's stock.  None of the shareholders has anylong-term contractual obligations to the Company, the Company's business, or theCompany's creditors, other than with respect to their capital contributions tothe Company.  

 

The Company was organized for the purpose of providingfunds for real property secured loans for the benefit of evangelical Christianchurches, ministries, and related organizations through funding provided to theCompany by members of and persons associated with such churches andorganizations.  The Company's primary goal will be to continue to provideaffordable secured loans to Evangelical churches and church organizations on acost effective basis both for the Company and such borrowers.  All of theCompany's loans are participation interests in loans originated by ECCU.

 

The Company is one of the few institutions or agencieswithin the western United States organized to assist local evangelical Christianchurches and organizations to provide financing for the acquisition, developmentand/or renovation of churches or church-related properties. To date, the Companyhas suffered no defaults under any of its mortgage loans nor has the Companydefaulted on or been delinquent in the payment of any interest or principal onthe notes it has sold to investors.

 

The Company'sinvestments are financed by the sale of investor notes and through shareholders'investment in the Company's common stock.

 

The Companycurrently employs four full-time persons. ECCU provides the Company with certainservices for which ECCU charges the Company on a current basis.  ECCU alsoprovides the Company with a $5.0 million dollar credit facility.  ECCU hasagreed to subordinate this loan to the payment of its Alpha Class Notes payable.There is no assurance that ECCU will be able to continue to provide this creditline to the Company in the future.

 

Reports:

 

The Company is not required to and does not deliver annualreports to its security holders.

 

The Company is required to file such reportswith the Securities and Exchange Commission (the "Commission") as it may berequired to file pursuant to the Exchange Act by reason of Section 15(d)thereof.  The Company is not otherwise subject to the information requirementsof the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and inaccordance therewith does not otherwise file reports, proxy statements and otherinformation with the Commission. Any reports, proxy statements, and otherinformation filed by the Company in accordance with the Exchange Act can beinspected and copied at the public reference maintained by the Commission atRoom 1204, Judiciary Plaza, 450 Fifth Street NW, Washington, D.C. 20549 andSuite 1400, 5670 Wilshire Boulevard, 11th Floor, Los Angeles, California, 90036.Copies of such material can be obtained at prescribed rates from the publicreference section of the Commission at 450 Fifth Street NW, Washington, D.C.20549. Copies of such reports, proxy statements and other information concerningthe Company may also be obtained from the Commission's website.

 

**Item 2. Description of Property**

 

The Company's business offices are located at 955 WestImperial Highway, Brea, California 92821. The Company's telephone number is800-753-6742.

 

The Company currently rents its offices (approximately 600square feet) from ECCU on a month-to-month basis for $1,080 per month. ECCU provides theCompany with certain services and the use of certain facilities for which ECCUcharges the Company on a current basis. Presently, the amounts ECCU charges theCompany in this regard are at the market rate for similar services andfacilities charged by unrelated persons.

 

**Item 3. Legal Proceedings**

 

None

 

**Item 4. Submission of Matters to a Vote of Security Holders**

 

None

 

**PART II**

 

**Item 5. Market for Registrant's Common Equity, RelatedStockholder Matters and Issuer Purchase of Equity Securities.**

 

The Company's common stock is not traded in any publicmarket.

 

On December 31, 2006 the Company had 11 holders of record of its common stock,14 holders of record of its Class I Preferred stock, and one holder of record ofits Class II Preferred Stock.

 

In November, 2006 the Company completed arecapitalization whereby ownership of the Company's voting common stock by ECCUdecreased from 100% to 42.31%. Pursuant to this recapitalization, $559,572 ofnew equity capital was raised through the sale of 21,522 shares of the Company'svoting common stock. In addition, the Company issued 90,022 shares of nonvoting Class IPreferred Stock, and 19,000 shares of nonvoting Class II Preferred Stock.  Thesesecurities were issued for cash, except that 5,500 shares of the Company's ClassI Preferred Stock were issued in exchange for all 550 shares of our outstandingSeries A Preferred Stock. The securities were sold to existing shareholders oraccredited investors. Proceeds from the issuance of Class I and Class IIPreferred Stock totaled $10,352,200.

 

**Item 6. Management's Discussion and Analysis of Operations**

 

The financial information included herein should be read inconjunction with the Financial Statements, including the notes thereto. TheCompany's plan of business consists of the offer and sale of debt obligations toinvestors on a continuous basis to provide funds for the Company's mortgage loaninvestments. Management believes that its strategy for maintaining liquiditywill enable it to timely service and retire the notes regardless of the maturitymix of the notes outstanding.

 

Management intends to continue the Company's currentliquidity plan which relies primarily on funds from operations, cash reservesand borrowings under an operating line of credit to pay interest and principalon its debt securities on a timely basis.  Historically, the Company hasexperienced significant rates of reinvestment or renewal by its debt securityinvestors upon maturity of their investments. These sources may not continue toprovide sufficient funds from the operating line and/or the sale orhypothecation of its mortgage loan investments, should additional funds benecessary to repay the Company's debt securities as they mature. Managementbases this belief on the size and quality of the Company's mortgage loaninvestments, the availability of purchasers of those assets on a timely basisand a historic price (at or near par) paid for secured loans comparable to theCompany's mortgage loan investments.

 

Management believes that it can continue to achieveprofitable margins between interest revenues and interest expenses irrespectiveof fluctuating interest rates or inflation based on the adjustment of interestrates the Company pays to its note investors to reflect increases or decreases,in the blended index rate (as defined in the prospectus). In addition, asignificant percentage of the Company's mortgage loan investments have variableinterest rates and reflect interest rate fluctuations due to inflation or otherfactors over the term of the investment.

 

**Results ofOperations**

 

Twelve MonthsEnded December 31, 2006 vs. Twelve Months Ended December 31, 2005

 

The Company earned$98,306 for the year ended December 31, 2006 compared to $19,999 for the yearended December 31, 2005, an increase of $78,307 or 392%.  The increase wasdue to an increase in net interest income of $75,717, decrease in provision forloan losses of $12,000, and increase in non-interest income of $230,445, whichwas offset by an increase in non-interest expense of $199,579 and an increase inincome tax provision of $40,276.

 

The Company earnednon-interest income by providing consulting service to ECCU for $130,000 andcollecting loan commitment fees of $97,198.

 

The Company's operating expenses for the twelve monthsended December 31, 2006 increased to $831,662 from $632,083 for the same periodending December 31, 2005, an increase of 32%. This is attributable to increasesin Salaries and Benefits and Legal and Accounting expenses over the same periodin 2005.

 

NetInterest Income and Net Interest Margin

 

TheCompany's earnings depend largely upon the difference between the income wereceive from interest-earning assets, which are principally our loan portfolioand investment securities; and the interest paid on our interest-bearingliabilities, which consist of deposits and borrowings. This difference is netinterest income. Net interest margin is net interest income expressed as apercentage of average total interest-earning assets. Net interest spread is thedifference between the rate earned on interest-earning assets and the rate paidon interest-bearing liabilities.

 

The following tables provideinformation, for the periods indicated, on the average amounts outstanding forthe major categories of interest-earning assets and interest-bearingliabilities, the amount of interest earned or paid, the yields and rates onmajor categories of interest-earning assets and interest-bearing liabilities,and the net interest margin and net interest spread:

 
**Distribution, Rate and Yield Analysis of Net Interest      Income**             **For the Years Ended December 31,**   **2006**     **2005**   **Average Balance** **Interest Income/ Expense** **Average Yield/ Rate** **Average Balance** **Interest Income/ Expense** **Average Yield/ Rate**        **Assets:**       Interest-bearing accounts      1,490,878       90,544       6.07%       953,314       27,581       2.89%       Total Loans [1]51,649,726 3,041,895 5.89% 47,995,858 2,537,168 5.29%         Total interest-earning assets53,140,603 3,132,439 5.89% 48,949,172 2,564,749 5.24%            **Liabilities and shareholders' equity:**                  Public offering notes - Class A-1      47,782       3,767       7.88%       680,638       47,976       7.05%       Public offering notes - Alpha Class      19,980,539       961,755       4.81%       17,688,090       713,416       4.03%       Special offering notes      29,502,380       1,402,302       4.75%       29,257,347       1,116,065       3.81%       International notes358,017 17,353 4.85% 305,805 12,996 4.25% Other-- -- -- -- 2,752 --       Total interest-bearing liabilities      49,888,717       2,385,178       4.78%       $47,931,880       1,893,205       3.95%                  Net interest income        $747,261           $671,544        Net interest margin [2]          1.40%           1.37%            [1] Loans are gross of deferred loan fees and the allowance      for loan losses[2] Net interest margin is equal to net interest income as      a percentage of average interest-earning assets.       
 

Average interest-earning assets increased to $53.1 million during the year endedDecember 31, 2006, from $48.9 million, an increase of $4.2 million or 9%. Theaverage yield on these assets increased to 5.89% for the year ended December 31,2006 from 5.24% for 2005. This average yield increase was related to theincreased rate on the interest-earning accounts with other financialinstitutions and higher rates on new loan volume. Average interest-bearingliabilities, consisting primarily of notes payable, increased to $49.9 millionduring the year ended December 31, 2006, from $47.9 million during 2005. Theaverage rate paid on these deposits increased to 4.78% for the year endedDecember 31, 2006, from 3.95% for 2005. The increase in the rate paid oninterest-bearing liabilities was primarily the result of the rate increasesexperienced within the market.

 

Net interest incomefor the year ended December 31, 2006, was $747,261, which was an increase of$75,717, of 11% over the prior year.  Net interest margin increased 3 basispoints to 1.41% for the year ended December 31, 2006, compared to 1.37% for2005.  The increase in net interest margin was the result of higher rateson new loan volume and increased rates on other interest-earning accounts withother financial institutions.

 

The following table sets forth, forthe periods indicated, the dollar amount of changes in interest earned and paidfor interest-earning assets and interest-bearing liabilities, the amount ofchange attributable to changes in average daily balances (volume), changes ininterest rates (rate), and changes attributable to both the volume and rate(rate/volume):

 
**Rate/Volume      Analysis of Net Interest Income**       
**Year Ended December 31, 2006 vs. 2005** 
**Increase (Decrease) Due to Change in** **Volume** **Rate** **Total****Increase (Decrease) in Interest Income**21,350 41,613 62,963Interest-earning account with other      financial institutions201,973 302,754 504,727Total loans223,323 344,367 567,690      **Increase (Decrease) in Interest Expense:**     Public offering notes - Class A-1(49,300) 5,092 (44,208)Public offering notes - Alpha Class99,638 148,701 248,339Special offering notes9,423 276,814 286,237International notes2,390 1,967 4,357Other(2,752) -- (2,752) 59,399 432,754 491,973Change in net interest income163,924 (88,207) 75,717
 

**Loans**

 

All loans are to evangelical churches and related organizations, and most aresecured by real property owned by these organizations. All loans areparticipation interests in loans originated by ECCU. The Company has noexperience of loan loss. As of December 31, 2006 and 2005, none of the loans areimpaired, on nonaccrual status, or 90 days or more past due.

 

**Liquidity and Capital Resources**

 

Twelve MonthsEnded December 31, 2006 vs. Twelve Months Ended December 31, 2005

 

Net increase in cash during the twelve months endedDecember 31, 2006 was $4,587,483, compared to a net decrease of $3,144,625 forthe twelve months ended December 31, 2005. This increase of $7,732,108 was dueto an increase in net cash provided by financing activities. Net cash providedby operating activities totaled $203,486 for the twelve months ended December31, 2006, an increase of $152,885 from $50,601 provided by operating activitiesduring the twelve months ended December 31, 2005.

 

Net cash used by investing activities totaled $13,802,365during the twelve months ended December 31, 2006, compared to $3,921,724 usedduring the twelve months ended December 31, 2005, an increase in cash used of$9,880,641. This difference is primarily attributable to an increase in cashused by net loans receivable (the difference between the purchase of loansreceivable and principal payments received on loans receivable) during thetwelve months ended December 31, 2006 as compared to the same period in 2005.

 

Net cash provided by financing activities totaled$18,186,362 for this twelve-month period in 2006, an increase of $17,459,864from $726,498 provided by financing activities during the twelve months endedDecember 31, 2005. This difference is primarily attributable to an increase inproceeds from sale of common and preferred stock over the same period in 2005.

 

At December 31, 2006, the Company's cash, which includescash reserves and cash available for investment in the mortgage loans, was$7,632,759, up from $3,045,276 at December 31, 2005, an increase of $4,587,483.

 

**Item 7. Financial Statements**

 

The Balance Sheets, Statements of Income, Statements ofStockholders' Equity and Statements of Cash Flows for the twelve months endedDecember 31, 2006 and 2005 of Registrant (the "Company") are included followingthe Report of Independent Registered Public Accounting Firm below.

 

**Item 8. Changes In and Disagreements With Accountants onAccounting and Financial Disclosure**

 

None

 

**Item 8A.Controls and Procedures**

 

*Evaluation of Disclosure Controls and Procedures*.  Based on theirevaluation as of a date within 90 days of the filing date of this Annual reporton Form 10-K, the Principal executive officer and principal financial officer ofthe Company have concluded that the Company's disclosure controls and procedures(as defined in Rules 13a-14(c) and 15(d)-14(c) under the Securities Exchange Actof 1934) are effective to ensure that the information required to be disclosedby the Company in reports that it files or submits under the Securities ExchangeAct of 1934 is recorded, processed, summarized and reported within the timeperiods specified in SEC rules and forms.

 

*Changes inInternal Controls*.There were no significant changes in the Company's internal controls or in otherfactors that could significantly affect those controls subsequent to the date oftheir most recent evaluation

 

**Item 8B. OtherInformation**

 

None.

 

**PART III**

 

**Item 9. Directors, Executive Officers, Promoters andControl Persons; Compliance With Section 16(a) of the Exchange Act set forthbelow are the Directors and Executive officers of the Company:**
**Name****Age****Position(s) Held**Mark G.      Holbrook54Chairman      of the Board, Chief Executive OfficerBilly M.      Dodson46PresidentMark A.      Johnson48Chief      Financial officer, Treasurer, DirectorVan C.      Elliott68DirectorArthur G.      Black*67DirectorScott T.      Vandeventer49DirectorShirley      M. Bracken*53DirectorJuli A.      Callis*53DirectorJeffrey      Lauridsen*57DirectorJohn      Bommarito*49Director* Denotes      Independent Director  
 

The following is a summary of the business experience ofthe officers and directors of the Company during the past five years.

 

MARK G. HOLBROOK has served as our chairman since ourinception. Mr. Holbrook also serves as president and chief executive officer ofECCU. He began his career with ECCU in 1975 and has served as its presidentsince 1984. ECCU currently has assets under management of over $1.5 billion andmore than 10,000 members in 50 states and 100 foreign countries. Mr. Holbrookhas served as Board Chairman of Christian Management Association. He receivedhis Bachelor of Arts degree from Biola University in 1973 and has completedpost‐graduate studies at Chapman College.

 

BILLY (BILL) M. DODSON became our president on May 8,2006.  Before joining us, he served as Vice President of Sales for CaliforniaPlan of Church Finance, Inc., a registered broker-dealer starting in August,2000. While at that company, he managed all aspects of brokerage operation,which annually distributed to investors between $125and $175 million dollars of Church Mortgage Bonds. Prior to joiningCalifornia Plan of Church Finance, Inc., Mr. Dodson served as Pastor for theWest Valley Church in Sherwood, Oregon. Mr. Dodson received his Bachelor ofJournalism degree from the University of Texas and a Master of Divinity degreefrom Southwestern Baptist Theological Seminary.  Mr. Dodson also holds numeroussecurities and insurance licenses, and is a graduate of the Securities IndustryInstitute at the Wharton School, University of Pennsylvania.

 

MARK A. JOHNSON has served as chief financial officer,treasurer, and a director since our inception. Mr. Johnson also serves asexecutive vice president of ECCU, a position he has held since June, 1993. Priorto joining ECCU, Mr. Johnson served as vice president of a multi‐companycommercial warehousing/distribution organization and for six years served aspresident and chief executive officer of a subsidiary of that company. Prior tothat, Mr. Johnson served as vice president/branch manager of a SouthernCalifornia independent bank. Mr. Johnson has a Bachelor of Science degree inBusiness Administration from Biola University.

 

VAN C. ELLIOTT has served as a director since 1991.  He hasserved as director for ECCU, from April, 1991 until the present (except fromMarch, 1997 to March, 1998 and March, 2004 to March, 2005).  Mr. Elliott servedas associate director of the Conservative Baptist Association of southernCalifornia from 1980 to 1994 where he was responsible for the generaladministrative oversight of the association's activities. Since that time, hehas been self-employed as a consultant.  He received his Bachelor's and Master'sdegrees in mathematics and speech from Purdue University and spent seven yearsin the computer industry.  Mr. Elliott holds a Master of Divinity from DenverSeminary and has spent fourteen years in local church ministries serving in thearea of Christian education and administration.  He has completed post-graduateinstruction at the College for Financial Planning.  Mr. Elliott is a member ofthe Financial Planning Association and holds the professional designation ofCertified Financial Planner.(R)

 

ARTHUR G. BLACK has served as a director since 1997. Mr.Black is currently Director of Ministry Support for Ambassador AdvertisingAgency. Prior to joining that firm in 1998, he had served as a ministrydevelopment officer at ECCU. Mr. Black was previously executive vice presidentof Truth For Life (1994‐1996), a nationally‐syndicated radio Bible teachingministry. He held similar positions with the Biola Hour (1981‐1991) and SolidRock Radio (1991‐1993), and he served as director of U.S. broadcasting forInsight For Living from 1993 to 1994. Mr. Black has been in Christian ministrymanagement since 1974. Prior to that, he held several corporate sales andmarketing management positions and six years as owner/President of two consumerproduct/service companies. He is a General Partner for Rancho Sierra Acres,Christian Investors, P/L Properties and Ocean View Investors. Mr. Black waselected to the Board of Directors to replace the seat previously held by Paul A.Kienel.

 

SCOTT T. VANDEVENTER has served as a director since 1992.Mr. Vandeventer has been employed by ECCU since 1988 and is currently executivevice president and chief operating officer of ECCU. Prior to that time, Mr.Vandeventer provided consulting services to ECCU and others through AM BusinessCommunications, Inc., a marketing communication company he has managed since hefounded the company in 1980. Mr. Vandeventer is also currently associated withNYE Partners, a business consulting firm whose clients may include firms doingbusiness with us and/or ECCU. Mr. Vandeventer received his Bachelors Degree fromBiola University and has completed graduate work in finance and marketing atCalifornia State University Fullerton School of Business Administration.

 

SHIRLEY M. BRACKEN has served as a director since June,2003. Ms. Bracken has since 1997 owned and operated Shirley Bracken ConsultingServices, a consulting firm providing services in the areas of communications,funding, development and marketing for non-profit organizations, includingschools. Until she resigned to start her consulting business, Ms. Bracken workedfor Carl Karcher Enterprises, Inc. of Anaheim, California, which she firstjoined in 1983. At the time she left, Ms. Bracken served as that company'sVice-President, Communications/Human Resources. Ms. Bracken holds a BA inSociology from California State University, Fullerton, and has completedcoursework towards an MBA at the Claremont Graduate School..

 

JULI A. CALLIS has served as a director of MPIC since 2007.She is currently Executive Vice President and Chief Operating Officer ofKeyPoint Credit Union and the President of its subsidiary, KeyPoint FinancialServices. Prior to her current assignment, Ms. Cullis served as Vice Presidentfor Business Development, Marketing and Legislative Affairs from 1988-1995 atLangley Federal Credit Union. Prior to joining the credit union industry, Ms.Cullis served as the Director of Sales for the US Navy Mid Atlantic Region toinclude the direct responsibility for public relations and sales for all NavyExchange and Commissary Operations in the Mid Atlantic States, Europe, Icelandand Bermuda. Ms. Cullis received her Bachelor of Science degree in CommunityHealth and Education from East Carolina University and received a Master'sdegree in Organizational Development from the University of San Francisco, whereshe is pursuing a Ph.D. She also serves as Chair for the Executive Committee ofthe Open Solutions, Inc. Client Association, and as a Trustee of theInternational Mission Board of the Southern Baptist Convention.

 

JEFFREY T. LAURIDSEN has served as a director of MPIC since2007.  He is an attorney in private practice in Tustin, California. Beforeestablishing his current practice, Mr. Lauridsen served with several other lawfirms in the Orange County area, as partner and senior associate. Mr.Lauridsen's 17 years of law practice have focused on corporate law, andencompassed both trial and appellate work in diverse areas of law, includingBusiness Litigation, Construction Defect, General Liability, Premises Liability,Products, Medical Mal-Practice, ERISA, Insurance Coverage, Automobile Liability,Insurance Bad Faith, Employment and Labor Law, Sexual Harassment, SexualMolestation and others. Prior to entering into the practice of law, Mr.Lauridsen worked as a claim representative in the insurance industry for 19years. Mr. Lauridsen received his Associate of Arts degree in Political Sciencefrom Fullerton College. He received his Bachelor of Science in Law and JurisDoctorate degrees from California Southern Law School. He has served as Elder atGrace Church in Orange, California for 18 years.

 

JOHN A. BOMMARITO has served as a director of MPIC since2007. Mr. Bommarito is currently the Chief Executive Officer of Western FederalCredit Union. Prior to assuming this position in 2003 after the merger of TRWSystems Federal Credit Union and Western Federal Credit Union, Mr. Bommarito wasthe President and Chief Executive Officer of TRW Systems Federal Credit Union.Mr. Bommarito received his B.A. degree in Accounting from California StateUniversity, Dominguez Hills. He also received a Master of BusinessAdministration degree from Loyola Marymount University, and a Juris Doctoratedegree from Loyola Law School. He holds licenses as a Certified PublicAccountant and Attorney at Law in the State of California.

 

The Company has no class of equity securities registeredpursuant to Section 12 of the Exchange Act.

 

Item 10. Executive Compensation

 

Except for Mr. Dodson, none of the Company's officers ordirectors currently receives compensation from the Company. Each, however, isentitled to be reimbursed for expenses incurred in performing duties on behalfof the Company.

 

The following table sets forth certain informationregarding compensation paid by the Company for services rendered to the Companyduring its fiscal year ended December 31, 2006, its fiscal year ended December31, 2005 and its fiscal year ended December 31, 2004 by its Chief ExecutiveOfficer, and President. Mr. Dodson was appointed President of the Company by theBoard of Directors effective May 8, 2006.

 

Except for Mr. Dodson, none of the Company's executiveofficers (the named Executive Officers) had total salary, plus bonus, exceeding$100,000 during this period.

 

Option/Warrant Grants in Current Fiscal Year:

 

No options, warrants or other rights to purchase securitiesof the Company have been issued.

 

SummaryCompensation Table

AnnualCompensation
**Name and Principal Position****Year Ended****Salary(s)****Bonus (2)****Other Annual Compensation****All Other Compensation (3)**Mark G. Holbrook, Chairman, Chief Executive      Officer2006(1)-0--0--0-2005(1)-0--0--0-2004(1)-0--0--0-Billy M. Dodson, President2006$99,077$65,000-0-$8,265Stephen A. Ballas, President (2005)2005$93,674$21,058$2,962$24,648 2004$90,204$22,385$10,476$23,907
 

(1) Mr. Holbrook is a full-time employee of ECCU. SinceDecember 1, 1994, Mr. Holbrook has expended, on the average, approximately 2% ofhis time as an officer and director of the Company. The Company reimburses ECCUfor that portion of Mr. Holbrook's time devoted to service to the Company as anofficer (but not director). Mr. Holbrook currently devotes less than 1% of histime serving the Company as an officer.

 

(2) An aggregate bonus amount of $65,500 was paid to Mr.Dodson for the Fiscal year 2006.  An aggregate bonus amount of $21,058 and$22,385 was paid to Mr. Ballas for the Fiscal years 2005 and 2004, respectively.

 

(3) The Company contributed an aggregate amount of $1,337for Mr. Dodson's retirement plan, $6,005 for medical benefits and $923 forlife and disability insurance.  Includes amounts the Company contributedfor Mr. Ballas' 401(k) retirement plan, medical benefits, and life anddisability insurance.

 

 

**Item 11. Security Ownership of Certain Beneficial Ownersand Management**

 

The followingtable sets forth the amount of our common stock owned by each of our executiveofficers and directors, and by our directors and executive officers as a group,and by each person who is known to us to be the beneficial owner of more than5.0% of our common stock as of December 31, 2006.

 
**Name****Beneficial Ownership****Percentage Owned (1)**
 

Billy M. Dodson

955 W. Imperial Hwy.

Brea, CA 92821
----%
 

Mark G. Holbrook

955 W. Imperial Hwy.

Brea, CA 92821----%
 

Mark A. Johnson

955 W. Imperial Hwy.

Brea, CA 92821----%
 

Van C. Elliott

955 W. Imperial Hwy.

Brea, CA 92821----%
 

Arthur G. Black

955 W. Imperial Hwy.

Brea, CA 92821----%
 

John A. Bommarito

955 W. Imperial Hwy.

Brea, CA 92821
--
--%
 

Shirley M. Bracken

955 W. Imperial Hwy.

Brea, CA 92821----%
 

Juli A. Callis

955 W. Imperial Hwy.

Brea, CA 92821----%
 

Jeffrey T. Lauridsen

955 W. Imperial Hwy.

Brea, CA 92821----%
 

Scott T. Vandeventer

955 W. Imperial Hwy.

Brea, CA 92821----%
 

All officers and directors as a      group----%
 

**Other 5% or greater      beneficial owners (seven)**  
 

Evangelical Christian Credit      Union----%
 

Financial Partners Credit Union----%
 

USA Federal Credit Union----%
 

Western Federal Credit Union----%
 

Wescom Credit Union----%
 

Credit Union of Southern      California----%
 

Keypoint Credit Union----%
 

Notes to table

       (1)    Based on 146,000 shares of common stock outstanding.

 

 

**Item 12. Certain Relationships and Related Transactions**

 

ECCU has provided the Company with a line of credit which,under its March 28, 2005 loan agreement, is currently a $5.0 million revolvingcredit line loan. The terms and conditions of this credit line, including theinterest rates charged thereon, are the same as those charged by ECCU to itsother commercial borrower. Pursuant to the Subordination Agreement, ECCU hasagreed to subordinate repayment of its loans to us to certain classes of ourdebt securities. There is no assurance that in the future ECCU will not modify,reduce or terminate this credit line.

 

The Company maintains cash at ECCU.  Total funds held withECCU at December 31, 2006 and 2005 were $1,855,725 and $2,993,943,respectively.  Interest earned on these funds for the years ended December 31,2006 and 2005 were $23,601 and $6,210.

 

The Companypurchases participation interests in loans offered for sale by ECCU. During the years ended December 31, 2006 and 2005, the Company purchased$46,258,925 and $22,519,682, respectively, of loans from ECCU.

 

The Companyreceived $130,000 in consulting fee income and $97,198 in loan commitment feeincome from ECCU during the year ended December 31, 2006.  The Companyrecognized interest income on loans purchased from ECCU of $3,041,895 and$2,357,168 during the years ended December 31, 2006 and 2005, respectively.

 

The Company pays support charges for professional servicesand rent to ECCU on a month-to-month basis. Charges of $151,573 and $150,012were paid for these services for the years ended December 31, 2006 and 2005,respectively. The method used to arrive at the periodic charge is based on thefair market value of services provided. Management believes that such method isreasonable.

 

The Company reimburses ECCU for salaries and benefits ofemployees. The amounts reimbursed for the years ended December 31, 2005 and 2004were $404,302 and $233,175, respectively.

 

The Company had $21,354 and $63,868 due to ECCU at December31, 2006 and 2005, respectively.

 

 

**Item 13. Exhibits and Reports on Form 8-K**

 

Exhibits:

 

27 Financial Data Schedule (included)

 

Reports on Form 8-K:

 

None

 

 

**Item 14.Principal Accountant Fees and Services**

 

The aggregate fees billed by our accounting firm,Hutchinson & Bloodgood, LLP, for the year ended December 31, 2005 were asfollows:

 
Audit      fees      $31,000Tax fees      5,600Review of      10QSB/ 10KSB      19,500Total      56,100
 

 

 

SIGNATURES

 

In accordance withSection 13 or 15(d) of the Exchange Act, the Registrant caused this report to besigned on its behalf by the undersigned, thereunto duly authorized.

 

Dated: March 29,2007 MINISTRY PARTNERS INVESTMENT CORPORATION

(Registrant)

 

By: /s/ Billy M. Dodson

Billy M. Dodson,

President

 

By: /s/ Mark A. Johnson

Mark A. Johnson,

Chief Financial Officer

 

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND

PRINCIPALFINANCIAL OFFICER PURSUANT TO SECTION 302

OF THESARBANES-OXLEY ACT OF 2002

 

I,Billy M. Dodson, certify that:

 

     1.        I have reviewed this Annual Report on Form 10-KSB of MinistryPartners Investment Corporation,

 

     2.        Based on my knowledge, this report does not contain any untruestatement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered by this report;

 

     3.        Based on my knowledge, the financial statements and otherfinancial information included in this report, fairly present in all materialrespects the financial condition, results of operations and cash flows of theissuer as of, and for, the periods presented in this report;

 

     4.        The registrant's other certifying officer and I are responsiblefor establishing and maintaining disclosure controls and procedures (as definedin Exchange Act Rules 13a-15(e) and 15d-15(e) for the registrant and we have:

                (a)     Designed such disclosure controls and procedures, orcaused such disclosure controls and procedures to be designed under oursupervision, to ensure that material information relating to the registrant,including its consolidated subsidiaries, is made known to us by others withinthose entities, particularly during the period in which this report is beingprepared.

                (b)     Intentionally omitted;

                (c)     Evaluated the effectiveness of the registrant'sdisclosure controls and procedures and presented in this report our conclusionsabout the effectiveness of the disclosure controls and procedures, as of the endof the period covered by this report based on such evaluation;

                (d)     Disclosed in this report any change in the registrant'sinternal control over financial reporting that occurred during the registrant'smost recent fiscal quarter (the registrant's forth fiscal quarter in the case ofan annual report) that has material affected, or is reasonably likely tomaterially effect, the registrant's internal control over financial reporting;and

 

     5.        The registrant's other certifying officer and I have disclosed,based on our most recent evaluation of internal control over financialreporting, to the registrant's auditors and the audit committee of theregistrant's board of directors (or persons performing the equivalentfunctions):

                (a)     All significant deficiencies and material weaknesses inthe design or operation of internal control over financial reporting which arereasonably likely to adversely affect the registrant's ability to record,process, summarize and report financial information; and

                (b)     Any fraud, whether or not material, that involvesmanagement or other employees who have a significant role in the registrant'sinternal control over financial reporting.

 

 

Date: March 29, 2007                                     By: /s/ Billy M.Dodson

Billy M. Dodson

President

 

  

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND

PRINCIPALFINANCIAL OFFICER PURSUANT TO SECTION 302

OF THESARBANES-OXLEY ACT OF 2002

 

I,Mark A. Johnson, certify that:

 

        1.        I have reviewed this Annual Report on Form 10-KSB of MinistryPartners Investment Corporation, 

        

        2.        Based on my knowledge, this report does not contain any untruestatement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered by this report;

 

        3.        Based on my knowledge, the financial statements and otherfinancial information included in this report, fairly present in all materialrespects the financial condition, results of operations and cash flows of theissuer as of, and for, the periods presented in this report;

 

        4.        The registrant's other certifying officer and I areresponsible for establishing and maintaining disclosure controls and procedures(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) for the registrant andwe have:

                (a)       Designed such disclosure controls and procedures, orcaused such disclosure controls and procedures to be designed under oursupervision, to ensure that material information relating to the registrant,including its consolidated subsidiaries, is made known to us by others withinthose entities, particularly during the period in which this report is beingprepared.

                (b)           Intentionally omitted;

                (c)           Evaluated the effectiveness of the registrant'sdisclosure controls and procedures and presented in this report our conclusionsabout the effectiveness of the disclosure controls and procedures, as of the endof the period covered by this report based on such evaluation;

                (d)           Disclosed in this report any change in theregistrant's internal control over financial reporting that occurred during theregistrant's most recent fiscal quarter (the registrant's forth fiscal quarterin the case of an annual report) that has material affected, or is reasonablylikely to materially effect, the registrant's internal control over financialreporting; and

 

        5.     The registrant's other certifying officer and I have disclosed,based on our most recent evaluation of internal control over financialreporting, to the registrant's auditors and the audit committee of theregistrant's board of directors (or persons performing the equivalentfunctions):

                (a)           All significant deficiencies and materialweaknesses in the design or operation of internal control over financialreporting which are reasonably likely to adversely affect the registrant'sability to record, process, summarize and report financial information; and

                (b)           Any fraud, whether or not material, that involvesmanagement or other employees who have a significant role in the registrant'sinternal control over financial reporting.

 

 

Date: March 29, 2007                                                 By: /s/Mark A. Johnson

Mark A. Johnson,

Chief Financial Officer

 

  

 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

ASADOPTED PURSUANT TO SECTION 906

OF THESARBANES-OXLEY ACT OF 2002

 

 

                Each of the undersigned hereby certifies, pursuant to 18 U.S.C.Section 1350, in his capacity as an officer of Ministry Partners InvestmentCorporation, (the "Company") that, to his knowledge, this Annual Report on Form10-KSB for the period ended December 31, 2006 (the "Report") fully complies withthe requirements of Section 13(a) of the Securities Exchange Act of 1934 andthat the information contained in the Report fairly presents, in all materialrespects, the financial condition of the Company at the end of such period and theresults of operations of the Company for such period.

 

 

Date: March 29, 2007                                     By: /s/ Billy M.Dodson

Billy M. Dodson,

President

 

Date: March 29, 2007                                   By: /s/ Mark A. Johnson

Mark A. Johnson,

Chief Financial Officer

 

 

 

**Ministry PartnersInvestment Corporation**

 

**Financial Report**

 

**December 31, 2006and 2005**

 

**Table of Contents**

 

 
**Page**
**Report of Independent      Registered Public Accounting Firm**
1
 
 
**Financial Statements**
 
 
 
          Balance sheets
2
          Statements of income
3
          Statements of stockholders' equity
4
          Statements of cash flows
5
     Notes      to financial statements
6-16
 

**Report of Independent Registered Public Accounting Firm**

 

 

Board of Directors

Ministry PartnersInvestment Corporation

Brea, California

 

 

We have audited theaccompanying balance sheets of Ministry Partners Investment Corporation as ofDecember 31, 2006 and 2005 and the related statements of income, stockholders'equity and cash flows for the years then ended. These financial statements arethe responsibility of the Company's management. Our responsibility is to expressan opinion on these financial statements based on our audits. 

 

We conducted ouraudits in accordance with the standards of the Public Company AccountingOversight Board (United States). Those standards require that we plan andperform the audits to obtain reasonable assurance about whether the financialstatements are free of material misstatement. The Company is not required tohave, nor were we engaged to perform, an audit of its internal control overfinancial reporting. Our audits included consideration of internal control overfinancial reporting as a basis for designing audit procedures that areappropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the Company's internal control over financialreporting. Accordingly, we express no such opinion. An audit also includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements, assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all material respects,the financial position of Ministry Partners Investment Corporation as ofDecember 31, 2006 and 2005 and the results of its operations and its cash flowsfor the years then ended in conformity with accounting principles generallyaccepted in the United States of America.

 

 

/s/ Hutchinson &Bloodgood, LLP 

Glendale,California

January 19, 2007

1

 

**Ministry Partners Investment      Corporation**
**Balance Sheets**
**December 31, 2006 and 2005**

               **Assets**

**2006**

**2005**

  Cash

$
7,632,759

$
3,045,276
  Loans, net of allowance      for loan losses of $126,000 in 2006 and 2005
 
 
59,713,567
 
 
45,931,178
  Accrued interest      receivable

275,106

163,506
  Property and equipment,      net

9,450

10,040
  Other assets

17,825

83,992

               Total assets

$
67,648,707

$
49,233,992

               Liabilities and Stockholders' Equity

Liabilities

  Notes payable

$
54,330,889

$
46,917,963
  Other liabilities

257,309

127,262

               Total liabilities

54,588,198

47,045,225

Commitments and Contingencies      (Note 5)

Stockholders' Equity

  Series A preferred      stock, 5,000 shares authorized, 550 shares issued and outstanding at      December 31, 2005, no par value (liquidation preference value of $1,000      per share)
 
 
--
 
 
550,000
  Class I preferred stock,      100,000 shares authorized, 90,022 shares issued and outstanding at December      31, 2006, no par value (liquidation preference value of $100 per share)
 
 
9,002,200
 
 
--
 Class II preferred stock,      75,000 shares authorized, 19,000 shares issued and outstanding at December      31, 2006, no par value (liquidation preference value of $100 per share)
 
 
1,900,000
 
 
--
  Common stock, 10,000,000      shares authorized; 146,522 and 125,000 shares issued and outstanding at      December 31, 2006 and 2005, respectively; no par value
 
 
1,809,572
 
 
1,250,000
  Retained earnings

357,571

388,767

               Total stockholders' equity

13,060,509

2,188,767
               Total liabilities and stockholders' equity

$
67,648,707

$
49,233,992

 
 

 
 

The Notes to      Financial Statements are an integral part of these statements.
 

2

 
**Ministry Partners Investment Corporation****Statements of Income****Years Ended December 31, 2006 and 2005**          
**2006**  
**2005**      Interest income             Interest on loans       $      3,041,895       $      2,537,168       Interest on interest-bearing accounts        90,544        27,581                 Total interest income      3,132,439      2,564,749             Interest expense        2,385,178        1,893,205                 Net interest income        747,261        671,544             Provision for loan losses        --        12,000                 Net interest income after provision for loan losses        747,261        659,544             Non-interest income             Consulting fees        135,350        --       Loan commitment fees        97,198        --       Other        896        3,000         233,445        3,000             Non-interest expenses             Salaries and benefits        411,475        261,207       Marketing and promotion        47,205        94,747       Office occupancy        15,993        16,594       Office operations        183,056        171,818       Legal and accounting        158,979        46,717       Ministry support        17,500        41,000                 Total non-interest expenses        831,662        632,083                 Income before provision for income taxes        169,044        30,461                 Provision for income taxes      50,738      10,462                 Net income       $      98,306       $      19,999       
The Notes to Financial Statements are an integral part      of these statements.
 

3

 
**Ministry Partners Investment Corporation****Statements of Stockholders' Equity****Years Ended December 31, 2006 and 2005**                 
**Preferred Stock** 
**Common Stock**                       **Number of Shares**  **Amount** **Number of Shares**  **Amount**  **Retained Earnings**  **Total**                **Balance,    December 31, 2004**    550     $    550,000     125,000     $    1,250,000     $    398,776     $    2,198,776                  Net    income    --      --     --      --      19,999      19,999     Dividends on preferred stock    --      --     --      --      (30,008)      (30,008)                **Balance,    December 31, 2005**    550      550,000     125,000      1,250,000      388,767      2,188,767                     Issuance of Class I preferred stock    84,522      8,452,200     --      --      --      8,452,200     Issuance of Class II preferred stock    19,000      1,900,000     --      --      --      1,900,000     Exchange of Series A preferred stock for Class I preferred stock in exchange    for Series A preferred stock    (550)      --     --      --      --      --     Issuance of common stock    5,500      --     21,522      559,572      --      559,572  Net    income    --      --     --      --      98,306      98,306     Dividends on preferred stock    --      --     --      --      (138,336)      (138,336)                **Balance,    December 31, 2006**    109,022     $    10,902,200     146,522     $    1,809,572     $    357,571     $    13,069,343                
The Notes to Financial Statements are an integral part of    these statements.
 

4

 
**Ministry Partners Investment Corporation****Statement of Cash Flows****Years Ended December 31, 2006 and 2005**          
**2006**  
**2005****Cash Flows from Operating Activities**       $      98,306       $      19,999       Net income             Adjustments to reconcile net income to net cash provided by operating      activities               Depreciation        590        3,329         Provision for loan losses        --        12,000         Amortization of deferred loan fees        19,976        --         Change in:                 Interest receivable        (111,600)        (38,009)           Other assets        66,167        (16,467)           Other liabilities        130,047        69,749                    Net cash provided by operating activities        203,486        50,601       **Cash Flows from Investing Activities**              Loan purchases        (46,258,925)        (22,519,682)       Loan principal collections, net        32,456,560        18,598,087       Purchase of property and equipment        --        (129)                    Net cash used in investing activities        (13,802,365)        (3,921,724)       **Cash Flows from Financing Activities**             Advances made on line of credit        --        5,000,000       Amounts paid on line of credit        --        (5,000,000)       Net change in notes payable        7,412,926        756,506       Proceeds from issuance of preferred stock        10,352,200        --       Proceeds from issuance of common stock        559,572        --       Dividends paid on preferred stock        (138,336)        (30,008)             Net cash provided by financing activities        18,186,362        726,498             Net increase (decrease) in cash        4,587,483        (3,144,625)       **Cash at beginning of year**        3,045,276        6,189,901       **Cash at end of year**       $      7,632,759       $      3,045,276              **Supplemental Disclosures of Cash Flow Information**             Cash paid during the year for:               Interest       $      2,385,178       $      1,893,205         Income taxes        --        57,990       
The Notes to Financial Statements are an integral part      of these statements.
 

5

 

**Ministry PartnersInvestment Corporation**

**Notes to FinancialStatements**

**December 31, 2006and 2005**

 

**Note 1.      Summary of Significant Accounting Policies**

 

***                  Nature of Business***

 

                  Ministry Partners Investment Corporation (the Company) wasincorporated in California in 1991 and is an affiliate of Evangelical ChristianCredit Union (ECCU). The Company provides funds for real property secured loansfor the benefit of evangelical churches and church organizations through fundingprovided by members of and persons associated with such churches andorganizations. All of the Company's loans are purchased from ECCU through anongoing participation arrangement. The offices of the Company and ECCU arelocated in Brea, California. Nearly all of the business and operations of theCompany currently are conducted in California and its mortgage loan investmentsare concentrated in California.

 

                  In 2006, the Company issued 21,522 shares of common stock tothird party investors. In addition, ECCU sold 63,000 of its common shares in theCompany to third party investors. As a result, ECCU's ownership of the votingstock of the Company decreased from 100% to 42.13%

 

***                  Use of Estimates***

 

                  The preparation of financial statements in conformity withaccounting principles generally accepted by the United States of Americarequires management to make estimates and assumptions that affect the reportedamounts of assets and liabilities and disclosures of contingent assets andliabilities as of the date of the financial statements and the reported amountsof revenues and expenses during the reporting period. Actual results coulddiffer from those estimates. The allowance for loan losses represents asignificant estimate by management.

 

***                  Loans***

 

                  Loans are reported at their outstanding unpaid principalbalance less an allowance for loan losses. Interest income on loans is accruedon a daily basis using the interest method. Loan origination fees are deferredand recognized as an adjustment to the related loan yield using thestraight-line method, which results in an amortization that is materially thesame as the interest method.

 

***Allowance for Loan Losses***

 

The allowance for loan losses is increased through a provision for loan lossescharged to earnings. Loan losses, if any, are charged against the allowance whenmanagement believes the collectibility of loan principal becomes unlikely. Subsequent recoveries, if any, are credited to the allowance.

 

6

 

**Ministry PartnersInvestment Corporation**

**Notes to FinancialStatements**

**December 31, 2006and 2005**

 

 

**Note 1.      Summary of Significant Accounting Policies  (Continued)**

*** ***

***Allowance for Loan Losses  (continued)***

 

The allowance for loan losses is evaluated on an ongoing basis by management andis based upon management's periodic review of the collectibility of the loans inlight of historical experience, the nature and volume of the loan portfolio,adverse situations that may affect a borrower's ability to repay, changes in theestimated value of any underlying collateral and prevailing economic conditions.This evaluation is inherently subjective, as it requires estimates that aresusceptible to significant revision as conditions change.

** **

The allowance consists of general and unallocated components. The generalcomponent covers non-classified loans and is based on historical loss experienceadjusted for qualitative factors. An unallocated component is maintained tocover uncertainties that could affect management's estimate of probable losses.The unallocated component of the allowance reflects the margin of imprecisioninherent in the underlying assumptions used in the methodologies for estimatinggeneral losses in the portfolio.

 

A loan is considered impaired when, based on current information and events, itis probable that the Company will be unable to collect the scheduled payments ofprincipal and interest when due according to the contractual terms of the loanagreement.  Factors considered by management in determining impairment includepayment status, collateral value, and the probability of collecting futurescheduled principal and interest payments when due.  Loans that experienceinsignificant payment delays and payment shortfalls generally are not classifiedas impaired.  Management determines the significance of payment delays andpayment shortfalls on a case-by-case basis, taking into consideration all of thecircumstances surrounding the loan and the borrower, including the length of thedelay, the reasons for the delay, the borrower's prior payment record, and theamount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by either the present value ofexpected future cash flows discounted at the loan's effective interest rate, theobtainable market price, or the fair value of the collateral if the loan iscollateral dependent.

 

***                  Property and Equipment***

 

                  Furniture, fixtures, and equipment are stated at cost, lessaccumulated depreciation. Depreciation is computed on a straight-line basis overthe estimated useful lives of the assets, which range from three to five years.

 

***                  Debt Issuance Costs***

 

                  Debt issuance costs, included in other assets on the balancesheets, are related to a public offering of unsecured notes, and are amortizedover a two-year period. 

 

 

7

 

**Ministry PartnersInvestment Corporation**

**Notes to FinancialStatements**

**December 31, 2006and 2005**

 

**Note 1.      Summary of Significant Accounting Policies  (Continued)**

 

                  ***Income Taxes***

                  

                  The provision for income taxes is recorded under the liabilitymethod. Deferred tax assets and liabilities are reflected at currently enactedincome tax rates applicable to the period in which the deferred tax assets andliabilities are expected to be realized or settled. As changes in tax laws orrates are enacted, deferred tax assets and liabilities are adjusted through theprovision for income taxes. Deferred taxes result from temporary differences inthe recognition of certain income and expense amounts between income tax andfinancial statement purposes. The principal items giving rise to thesedifferences include the allowance for the loan losses, depreciation on propertyand equipment, and contributions made to charitable organizations.

 

***                  Employee Benefit Plan***

 

                  Contributions to the qualified employee retirement plan arerecorded as compensation cost in the period incurred.

 

***                  Reclassifications***

 

                  Certain account reclassifications have been made to thefinancial statements of the prior year in order to conform to classificationsused in the current year.

 

***                  Recent Accounting Pronouncements***

 

In June 2006, the FASB issued FASB Interpretation No. 48 *"Accounting forUncertainty in Income Taxes (an interpretation of FASB Statement No. 109")*which is effective for fiscal years beginning after December 15, 2006 withearlier adoption encouraged. This interpretation was issued to clarify theaccounting for uncertainty in income taxes recognized in the financialstatements by prescribing a recognition threshold and measurement attribute forthe financial statement recognition and measurement of a tax position taken orexpected to be taken in a tax return.  The Company is currently evaluating thepotential impact of this interpretation.           

 

 

8

 

**Ministry PartnersInvestment Corporation**

**Notes to FinancialStatements**

**December 31, 2006and 2005**

 

 

**Note 2.      Related Party Transactions**

 

                  The Company maintains most of its cash at ECCU. Total fundsheld with ECCU at December 31, 2006 and 2005 were $1,855,725 and $2,993,943,respectively. Interest earned on these funds for the years ended December 31,2006 and 2005 were $23,601 and $6,210, respectively.

 

                  The Company purchases participation interests in loans offeredfor sale by ECCU. During the years ended December 31, 2006 and 2005, the Companypurchased approximately $32 million and $21 million, respectively, of loans fromECCU. Interest income on loans purchased from ECCU totaled $3,018,920 and$2,354,381 during the years ended December 31, 2006 and 2005, respectively.

 

                  The Company earned consulting fee income of $130,000 andcommitment fee income of $97,198 from ECCU during the year ended December 31,2006. 

 

                  The Company pays support charges for management services andrent to ECCU on a month-to-month basis. Charges of $151,573 and $150,012 werepaid for these services for the years ended December 31, 2006 and 2005,respectively. The method used to arrive at the periodic charge is based on thefair market value of services provided. Management believes that such method isreasonable.

 

                  The Company reimburses ECCU for salaries and benefits ofemployees. The amounts reimbursed for the years ended December 31, 2006 and 2005were $404,302 and $233,175, respectively.

 

                  The Company had $21,354 and $63,868 due to ECCU at December31, 2006 and 2005, respectively.

 

9

 

**Ministry PartnersInvestment Corporation**

**Notes to FinancialStatements**

**December 31, 2006and 2005**

 

**Note 3.      Loans**

 

                  A summary of loans as of December 31 follows:

 

     
2006
2005
    Loans to evangelical churches and related organizations,
     
     
       real estate secured
    $ 59,944,861
    $ 46,057,178
     
     
     
    Deferred loan fees
    (105,294)
    - -
    Allowance for loan losses
(126,000)
(126,000)
        Loans, net
$ 59,713,567
$ 45,931,178
 

                  The loans are backed by participation agreements secured byloans originated by ECCU to various evangelical churches and relatedorganizations to finance facilities. Loan maturities extend through 2011. Theloans earn interest at rates between 5% and 9.75%, with a weighted average yieldof 6.56% as of December 31, 2006.

 

                  The Company had an allowance for loan losses of $126,000 as ofDecember 31, 2006 and 2005. The Company has no experience of loan loss and, asof December 31, 2006 and 2005, none of the loans are impaired. Managementbelieves all of the loans are adequately secured and the allowance isreasonable.

 

 

**Note 4.      Line of Credit**

 

                  The Company has an unsecured $5,000,000 line of credit withECCU that expires March 31, 2007. There were no outstanding borrowings as ofDecember 31, 2006 and 2005. The interest rate at December 31, 2006 was 8.25%.The interest rate on this line varies based on changes in an independent indexwhich is the Prime Rate published by The Wall Street Journal. No interest wasincurred in 2006, but interest of $2,753 was paid to ECCU in 2005. The line ofcredit is subordinate to Alpha Class notes payable.

 

10

 

**Ministry PartnersInvestment Corporation**

**Notes to FinancialStatements**

**December 31, 2006and 2005**

 

**Note 5.      Commitments and Contingencies**

** **

**                  *Unfunded Commitments***

 

                  Unfunded commitments are commitments for possible futureextensions of credit to existing customers of ECCU. Unfunded commitments totaled$13,045,690 and $22,209,709 at December 31, 2006 and 2005, respectively.

 

***                  Standby Letters of Credit***

 

                  Standby letters of credit, as discussed below, are conditionallending commitments issued by the Company to guarantee the performance of acustomer to a third party. Standby letters of credit are primarily issued tosupport borrowing arrangements. The risk involved in issuing letters of creditis essentially the same as that involved in extending loans to customers. Theletters of credit, if drawn upon, will be secured by first lien deeds of truston real property. The liability related to the letters of credit recorded atDecember 31, 2006 and 2005 was $45,484.

 

                  The Company entered into a non-recourse Letter of CreditParticipation Agreement with ECCU on September 8, 2005, which expires onSeptember 7, 2007. The Company is committed to 27.72% of a $65,623,288 letter ofcredit for a Christian university in Riverside, California. As of December 31,2006, the Company had an outstanding commitment of $18,193,400.

 

 

**Note 6.      Notes Payable**

 

                  A summary of notes payable at December 31 is as follows:

                                                                                                                                                                                                                                                                                       Weighted

                                                                                                                                                         Average

                                                                                                                                                      Interest Rate

                                                                                                                                                          During

                                                                                             2006                      2005                        2006

 

                        Public offering notes - Class A-1         $                  - -      $         373,584                  

                        Public offering notes - Alpha Class            21,078,656            18,410,124                  5.34%

                        Special offering notes                                 32,829,251            27,820,336                  5.51%

                        International notes                                            422,982                 313,919                  5.43%

 

                                                                                   $    54,330,889      $    46,917,963

 

                  The following are maturities of notes payable for each of thenext five years:

 

                        Year Ending December 31,

 

                                     2007                                                                    $   39,483,784

                                     2008                                                                           5,186,204

                                     2009                                                                           3,485,329

                                     2010                                                                           3,801,275

                                      2011                                                                           2,374,297

                        

                                                                                                                 $    54,330,889

 

 

11

 

**Ministry PartnersInvestment Corporation**

**Notes to FinancialStatements**

**December 31, 2006and 2005**

 

                  Notes are payable primarily to members of ECCU. All notespayable are unsecured. Notes pay interest at stated spreads over a blended indexrate for financial institutions that is adjusted every month. Interest can bereinvested or paid at the investor's option. The Company may repurchase all or aportion of notes at any time at its sole discretion, and may allow investors toredeem their notes prior to maturity at its sole discretion.

 

                  The Alpha Class Notes contain covenants pertaining to aminimum fixed charge coverage ratio, maintenance of a tangible net worth,limitation on issuance of additional notes, and limitations on certaintransactions. The Alpha Class Note offering requires that the Company maintain aminimum tangible adjusted net worth, as defined in the Loan and Standby TrustAgreement, of not less than $4,000,000. The Company is not permitted to issueany Alpha Class Notes if, after giving effect to such issuance, the Alpha ClassNotes then outstanding would have an aggregate unpaid balance exceeding$100,000,000. The Company's other indebtedness, as defined in the Loan andStandby Agreement, is not to exceed $10,000,000 outstanding at any time whileany Alpha Class Note is outstanding. The Company was in compliance with thesecovenants as of December 31, 2006.

 

                  Historically, most notes payable have been renewed byinvestors upon maturity. For matured notes not renewed, the Company funds theredemption in part through proceeds from the repayment of loans, as well as byissuing new notes payable and drawing on its $5,000,000 line of credit withECCU. In certain instances, the Company has sold loan participations back toECCU to fund redemptions.

 

 

**Note 7.      Public Offerings**

 

                  In July 2001, the Company received approval from the SEC tooffer $50,000,000 of Alpha Class unsecured promissory notes nationwide.By April 2005, the Company registered all $50,000,000 ofthe Alpha Class notes. At December 31, 2006 and 2005, $21,078,656 and$18,410,124 of these notes was outstanding, respectively.

 

 

**Note 8.      Preferred Stock**

 

Prior to November 16, 2006, the Company had 5,000 shares of Series A non-voting,non-transferable cumulative preferred stock authorized and 550 such sharesoutstanding. The liquidation preference of the Series A Preferred Stock was$1,000 per share. Each share was entitled to receive a quarterly cash dividendequal to a percentage of the liquidation preference which percentage equals thegreater of 5% per annum or 150 basis points higher than the London BankInter-Bank Offer Rate (LIBOR) for six months in effect on the last day of thecalendar quarter for which the dividend is to be declared.

 

On November 16, 2006, the Company completed the sale of 84,522 shares of itsClass I Preferred Stock and 19,000 shares of its Class II Preferred Stock.  Allof the securities were sold for cash. In addition, 5,500 shares of the Class IPreferred Stock were issued in exchange for 550 shares of the Company'soutstanding Series A Preferred Stock.  The Company incurred no sales commissionsor other underwriting costs.

 

The Class I Preferred Stock is entitled to annual cumulative dividends, payablequarterly, equal to the liquidation preference times a dividend rate of 190basis points over the 1-year Libor rate in effect on the last day of thecalendar month in which the dividend is declared.  The Class I Preferred Stockhas a liquidation preference of $100 per share; has no other voting rights,except as required under California law; and is subject to redemption for anamount equal to the liquidation preference of each share, plus any accrued andunpaid dividends on such shares, in whole or in part, at the Company's electionafter December 31, 2007. The resale of our common stock and preferred stock issubject to the Company's first right of refusal to purchase shares proposed tobe transferred.  

 

The Class II Preferred Stock has right preferences and privileges identical tothe Class I Preferred Stock, except it is entitled to dividends equal to theliquidation preference of $100 per share times a dividend rate of one percent(1%) per annum, and the holders of the Class I Preferred Stock do not have theright to appoint directors upon the Company's failure to pay dividends.

 

12

 

**Ministry PartnersInvestment Corporation**

**Notes to FinancialStatements**

**December 31, 2006and 2005**

 

 

**Note 9.      Income Taxes**

** **

                  The components of the provision for income taxes at December31 are as follows:

 
 2006 2005Current          Federal      $38,620       $6,279       State      14,655       8,303           53,275       14,582Deferred          Federal      (2,182)       (4,368)       State      (355)       248       (2,537)       (4,120)Provision      for income taxes      $53,082       $10,462
 

13

 

**Ministry PartnersInvestment Corporation**

**Notes to FinancialStatements**

**December 31, 2006and 2005**

 

 

                   The tax effects of the temporary differences in income and expense items thatgive rise to deferred taxes at December 31 are as follows:

 
 2006 2005Deferred      tax assets:          Allowance for loan losses      $45,278       $51,855       Contribution carryforward due to tax limitation      25,449       28,134       Other      4,907       --       75,634       79,989    Valuation      allowance      (45,278)       (51,855)       30,356       28,134Deferred      tax liabilities:          Depreciation      (501)       (816)    Net      deferred tax asset      $29,855       $27,318
  

                  The reason for the differences between the statutory federalincome tax rate and the effective tax rates are summarized as follows:

 
 2006 2005Statutory      tax rate      27.2%       15.0%Increase      (decrease) resulting from:                      State taxes, net of federal tax benefit      8.0%       9.0%       Valuation allowance      (4.5%)       7.9%       Other, net      (3.3%)       2.4%           Effective tax rate      34.0%       34.3%
 

14

 

**Ministry PartnersInvestment Corporation**

**Notes to FinancialStatements**

**December 31, 2006and 2005**

 

**Note 10.    Retirement Plans**

 

                  Employees of the Company participate in ECCU's definedcontribution plan that includes two components: a 401(k) plan and a profitsharing plan.

 

***                  401(k)***

 

                  Employees who are at least 21 years of age are eligible toparticipate in the 401(k) plan upon the hire date. No minimum service isrequired and the minimum age is 21. Each employee may elect voluntarycontributions not to exceed 60% of salary, subject to certain limits based onFederal tax law. The plan has a matching program, the percent of which isannually determined by the Board of Directors. Matching contributions for theplan years ended December 31, 2006 and 2005 were $4,574 and $7,828,respectively.

 

 

***                  Profit Sharing***

 

                  The profit sharing plan is for all employees who, at the endof the calendar year, are at least 21 years old, still employed, and have atleast 1,000 hours of service during the plan year. The amount annuallycontributed on behalf of each qualified employee is determined by the Board ofDirectors, and is calculated as a percentage of the eligible employee's annualearnings. Plan forfeitures are used to reduce the Company's annual contribution.Contributions for the plan years ended December 31, 2006 and 2005 were $11,985and $8,450, respectively.

 

**Note 11.    Fair Value of Financial Instruments**

 

                  Statement of Financial Accounting Standards No. 107,Disclosures about Fair Value of Financial Instruments, requires disclosure offair value information about financial instruments, whether or not recognized onthe balance sheet. In cases where quoted market prices are not available, fairvalues are based on estimates using present value or other valuation techniques.Those techniques are significantly affected by the assumptions used, includingthe discount rate and estimates of future cash flows. In that regard, thederived fair value estimates cannot be substantiated by comparison toindependent markets and, in many cases, could not be realized in immediatesettlement of the instruments. Statement No. 107 excludes certain financialinstruments and all non-financial instruments from its disclosure requirements.Accordingly, the aggregate fair value amounts presented do not represent theunderlying value of the Company.

 

15

 

**Ministry PartnersInvestment Corporation**

**Notes to FinancialStatements**

**December 31, 2006and 2005**

 

 

 

                  The following methods and assumptions were used to estimatethe fair value of each class of financial instruments for which it ispracticable to estimate fair value.

 

***                  Cash, Accrued Interest Receivable, Dividends Payable***

 

                  The carrying amounts are a reasonable estimates of fair value.

 

***                  Loans***

 

                  Fair value is estimated by discounting the future cash flowsusing the current average rates at which similar loans would be made toborrowers with similar credit ratings and for the same remaining maturities.

 

***                  Notes Payable***

 

                  The fair value of fixed maturity notes is estimated bydiscounting the future cash flows using the rates currently offered for notespayable of similar remaining maturities.

*** ***

***                  Off-Balance Sheet Instruments***

 

                  The fair value for the Company's loan commitments is based onfees currently charged to enter into similar agreements, taking into account theremaining terms of the agreements and the counterparties' credit standing.

 

                        The fairvalue of the Company's financial instruments at December 31, are as follows:

 
 
2006 
2005       Carrying Amount       Fair Value       Carrying Amount       Fair Value      Financial assets:                      Cash      $7,632,759       $7,632,759       $3,045,276       $3,045,276       Loans      59,713,567       61,227,882       45,931,178       46,574,000       Accrued interest receivable      275,106       275,106       163,506       163,506              Financial liabilities                      Notes payable      54,330,889       54,171,110       46,917,963       47,008,000       Dividends payable      97,997       97,997       4,840       4,840              Unrecognized financial instruments:                     Commitment to extend credit      45,484       45,484       45,484       45,484
16

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