THE HOME FRONT
IS VITAL TO |
VICTORY! |
JBONDS |
* STAMPS H
1
31' ANNUAL STATEMENT
I I ft ill J
1942
ACHIEVEMENTS
Made Loans Totaling
$927,673.28
Increased Total Assets
$79,026.98
Paid Dividends to Shareholders
$114,795.37
(Largest In Our History)
Paid Maturities
$341,001.75
(Largest In Our History)
Increased Total Shares
1,669
Shares Sold During Year
20,415
Bought & Sold War Bonds Totaling
$389,450.00 L
Shares In Force
57,230
. ..- ' 1 1 1 ■" ' ,”11 1 ' -!
TWO
THE / MILLION DOLLAR
Carolina Building & Loan Association
FOR PERIOD ENDING DECEMBER 31. 1942
LIABILITIES
The Association Owns: 1942
Cash in Banks and on Hand---$ 261,338.04
Stock—Federal Home Loan Bank —---—- 17,500.00.
Bonds—U. S. Treasury and Defense Bonds ..... 308,844.00
First Mortgages _ 2,327,893.03
Loans on improved real estate.
Collateral Notes ----- 13,015.05
Loans on shares of the Association, not exceeding 90 per cent of amount paid in.
Advances _ 639.19
For taxes and insurance in proteotlon of borrowers and recoverable under terms
of mortgages.
Furniture and Fixtures—Net----- 2,572.97
Real Estate Owned-- None
Real Estate Sold under Contract ---- 3,886.72
Other Assets__— 1,829.26
Accrued interest on loans and investments.
_TOTAL _2,937,518.26
AN ASSET WE INCLUDE—THE GOOD WILL OF THE PUBLIC
1941
$ 122,917.44
15,000.00
65,180.00
2,587,060.60
38,689.27
1,477.30
3,213.36
17,237.92
4,705.65
3,009.74
S2858.491.28
ASSETS
The Association Holds in Trust for:
Its Shareholders_$2,727,434.69
Under the financial plan of the Association, Interest and principal repayments ma
ture and are collected weekly or monthly. Independent, therefore, of growth and
surplus, the Association always has a steady income to meet the demands of
withdrawal many times over.
Bills Payable and Advances Federal Home Loan Bank- None
Amounts due banks and others with definite due dates.
Accounts Payable_ 597.40
First Mortgage Loans in Process of Closing--— 2,242.88
Other Liabilities _ 2,941.27
Interest paid in advance and windstorm insurance reserve.
$2,733,216.24
Surplus _ 98,909.51
Profits earned and to the credit of the shareholders receive at maturity series
or dividend period.
Reserve: For Contingencies.--- 105,392.51
..TOTAL _2,937,518.26
V
Earning Rale .086774
$2,636,828.80
None
446.25
24,242.56
4,672.66
$2,666,190.27
111,219.53
81,081.48
$2,858,491.28
YVe have examined the books and records of the CAROLINA BUILDING AND LOAN ASSOCIATION of Wilmington, North Carolina, and pre
narpri therefrom the above Balance Sheet as of December 31, 1942. Proper verification was made of all Assets and Liabilities as shown by the
books and records with the exception of examining the collateral supporting the first mortgage loans. In our opinion, based upon such exam
ination, the above Balance Sheet correctly presents the financial condition of the Association at December j41’ ^ 94AIeC ABE & COMPANY
Certified Public Accountants.
January 10. 1943 _By: W. C. NICHOLS, C. P. A. (K. C.)
OUR DIRECT
REDUCTION LOANS
Economy, safety, convenience—
these are the by-words of the plan.
Suppose you need a home loan—
you borrow through our low - cost
Direct Reduction Loan Plan and re
pay as though you were paying
rent. Month by month, without bur
dening your budget, the principal is
reduced, until at the end of a defi
nite period the loan is completely
repaid. And best of all—as the prin
cipal reduces monthly, so does the
interest.
Friendly, Courteous Loan
Service
Two
The A Million Dollar
Carolina Building & Loan Association
C. M. BUTLER, Pres. ROGER MOORE, Vice-Pres. W. R. FONVIELLE, Sec.-Treas. W. D. JONES, Asst. Sec.Treas. J. 0. CARR, Atty.
DIRECTORS:
D. B. BRANCH
C. M. BUTLER
J. 0. CARR
B. B. CAMERON
W. R. FONVIELLE
JNO. R. HANBY
H. JAFFE 8
MURRAY G. JAMES i
W. D. JONES
DIRECTORS:
FRED E. LITTLE
LLOYD W. MOORE, Jr.
ROGER MOORE
J F POST
SOL STERNBERGER
HOWARD A. HANBY
J. D, CARR
B. B. CAMERON, Jr.
J. E. STERNBERGER