Dec, 31, 2023 — SOUTHERNMOST FEDERAL CREDIT UNION is a federal credit union headquartered in KEY WEST, FL with 1 branch location and about $17.57 million in total assets. Opened 70 years ago in 1954, SOUTHERNMOST FEDERAL CREDIT UNION has about 1,178 members and employs 4 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SOUTHERNMOST FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1004 Kennedy Dr KEY WEST, FL 33040-4019 |
| Phone: | (305) 296-6568 |
| Fax: | |
| Website: | https://www.smfcu.net |
| Branches: | 1 branch locations |
| Members: | 1,178 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 9105 |
|---|---|
| Membership Type: | Multiple common bond - Primarily federal, state, local government |
| Corporate Credit Union: | No |
| Year Opened: | 1954 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $17,569,583 |
| CEO/Manager: | Gladys C Bethel |
| Chairperson: | Bruce T Winegarden |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,722,146 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 0 |
| Unsecured Loans | 2,379,125 |
| Other Loans | 7,570,194 |
| TOTAL LOANS | 9,949,320 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -54,296 |
| Land And Building | 563,293 |
| Other Fixed Assets | 65,420 |
| NCUSIF Deposit | 155,336 |
| All Other Assets | 0 |
| TOTAL ASSETS | 17,569,583 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 231,186 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 1,327,966 |
| Regular shares | 12,025,680 |
| All Other Shares & Deposits | 1,083,526 |
| TOTAL SHARES & DEPOSITS | 14,437,172 |
| TOTAL LIABILITIES | 14,668,358 |
| Regular Reserve | 0 |
| Other Reserves | 462,715 |
| Undivided Earnings | 2,438,510 |
| TOTAL EQUITY | 2,901,225 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 17,569,583 |
| INCOME & EXPENSE | |
| Loan Income | 502,016 |
| Investment Income | 278,644 |
| Other Income | 155,272 |
| Total Employee Compensation & Benefits | 445,880 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 347,461 |
| Non-operating Income & (Expense) | -15 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 6,000 |
| Cost of Funds | 6,796 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 148,108 |
| ↑ Back to Top | |