Dec, 31, 2023 — MUTUAL SAVINGS CREDIT UNION is a federally insured state chartered credit union headquartered in HOOVER, AL with 8 branch locations and about $228.05 million in total assets. Opened 88 years ago in 1936, MUTUAL SAVINGS CREDIT UNION has about 20,859 members and employs 75 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MUTUAL SAVINGS CREDIT UNION |
|---|---|
| Address: (Main Office) | 2040 Valleydale Rd HOOVER, AL 35244-2006 |
| Phone: | (205) 682-1100 |
| Fax: | (205) 682-1189 |
| Website: | https://www.mutualsavings.org |
| Branches: | 8 branch locations |
| Members: | 20,859 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 60501 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1936 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $228,049,254 |
| CEO/Manager: | Kendall L Speed |
| Chairperson: |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 18,211,537 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 102,531,249 |
| Unsecured Loans | 5,790,657 |
| Other Loans | 39,070,576 |
| TOTAL LOANS | 147,392,482 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,194,255 |
| Land And Building | 3,940,982 |
| Other Fixed Assets | 274,456 |
| NCUSIF Deposit | 1,988,333 |
| All Other Assets | 698,537 |
| TOTAL ASSETS | 228,049,254 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 336,122 |
| Notes & Interest Payable | 11,500,000 |
| Accounts Payable & Other Liabilities | 1,105,240 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 41,399,407 |
| Regular shares | 84,868,709 |
| All Other Shares & Deposits | 80,447,914 |
| TOTAL SHARES & DEPOSITS | 206,716,030 |
| TOTAL LIABILITIES | 219,657,392 |
| Regular Reserve | 0 |
| Other Reserves | -5,734,622 |
| Undivided Earnings | 14,126,484 |
| TOTAL EQUITY | 8,391,862 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 228,049,254 |
| INCOME & EXPENSE | |
| Loan Income | 6,946,857 |
| Investment Income | 1,902,872 |
| Other Income | 2,234,544 |
| Total Employee Compensation & Benefits | 5,799,608 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 5,109,900 |
| Non-operating Income & (Expense) | 172,593 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 380,000 |
| Cost of Funds | 2,177,452 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 564,960 |
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