The Wilmington morning star., 1946-01-29
Cooperative Stockholders
Approue Annual Reports


Dollars. The Officers, Directors
and Employees were most active
in War work of different kinds ir
addition to the fact that severa,
of its employees did their part il
the actual fighting. We are proud
and happy to state that these mer
are gradually returning to their
duties at home.
It is with the same vigor and
enthusiasm that we now enter into
the second phase; that of recon-
struction and post war business
planning. Your Association unquali-
fiedly ends the year 1915 in the
best financial condition that it has
ever known. Tremendous Re
serves have been built up; meth
DDS of loaning have been so stream
lined and modernized. as to offer
prospective borrowers a service
unexcelled by any corporation or
Individual.
Safeguards have been placed
around the Investors so as to guar
antee them every degree Of safety,
to the point where such a thing as
an anticipated loss to them, even
under extreme conditions would be
practically impossible. Through
the Federal Savings and Loan In
surance Corporation, an 1nstru-
mentality of the United States
Government, each account in this
Institution is insured up to and IN
GLIDING 100000. In addition to the
fact, that whereas ten years ago,
Reserves were unheard of, we
have now built up our Reserves
to the point where they are more
than 10 percent of our outstanding
detail of which will be
given later.
In turning back the pages for a
few years, it is interesting to find
that the Cooperative Building &
Loan Association over period Of
eleven years has increased its as
sets as follows: On December 81,
1884 total assets were $3.50, 983. 80,
in 1887 of the same month assets
totaled $612,717.63, the year ending
December 81, 1910 showed assets
of S1,016, 1854, then at the end of
December 1943 assets increased to
81, 468, 1918, and at the close OF
business December 1915 our total
assets amounted to S1,804 1882, or
an increase from 1884 to 1945 Of ap-
proximately 500 percent. Notwith-
standing this tremendous growth,
it must be understood that in re-
cent years through necessity, de-
posts were limited, particularly
those offered from out of town, be-
cause the Association did not care
to build up it's cash Reserves I'm
til such times as it could see an
opportunity to loan out investing
funds and felt and still feels that
as service to our local investors,
we should at all times accept
reasonable amounts from them. We
are exceedingly happy to state
now that We are in position, due
to our tremendous loan volume to
accept all funds offered.
This brings me to the point OF
the loans made during
the year 1915. First, in comparison
with 1914, during which year our
Ioan volume amounted to $500, $780,
10 consisting of total of 205 loans
and which year exceeded any pre-
vious loan mark. as compared with
L945 of 246 loans amounting to
s765, 10000, or an increase over
he previous year Of 1884, 10000. AS
ar as I can ascertain from the
.ecords of Associations through
,ut the State, our loan volume
Turing 1915 will exceed in proper
ion to assets that Of any other
Institution of its kind in North Caro-
ina.
An analysis Of our loan port
tolio reveals the loan term aver
age to be a period of seven years.
Notwithstanding the fact that
borrowers throughout the year
nave in many cases paid off their
oans at a very rapid pace, we
ind that our total loan portfolio
at the end Of 1945 amounted to
8, 443, 93259 against a total at the
End of 1914 of 81, 305, 07735. This in
crease in our loan portfolio is
particularly gratifying, since gov
eminent restrictions have prohibit
ed practically all building, and
iue to the rapid influx of money
being paid in by our borrowers.
This might be the opportune time
10 discuss the condition of the
loan accounts. We all
must realize that the collection
department. is one Of the most i'm
oortant functions of every insti-
luton. The mater of lending funds
is one thing and the question of
collection is another. At the close
Of business December 81. 1945
there were only two delinquent &C
counts on the books Of the associa-
lion, and both of these accounts
are in the process of foreclosure.
Dur interest uncollected on more
han 81 ,443, 100000 in loans amounted
to only $110.18. This is an all time
record for the collection depart
ment, and reflects not only on the
of the Institution and
The Collection department, but also
on the borrowers for their splendid
with us. 1 might also
add, it shows a decided stabilized
condition Of the Community.
With regard to the Assets of the
Assimilation &C yravi01Ic1 Stat