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National Credit Union Service Organization

1ST GATEWAY CREDIT UNION

Dec, 31, 2023 — 1ST GATEWAY CREDIT UNION is a federally insured state chartered credit union headquartered in CAMANCHE, IA with 7 branch locations and about $159.09 million in total assets. Opened 71 years ago in 1953, 1ST GATEWAY CREDIT UNION has about 10,598 members and employs 47 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:1ST GATEWAY CREDIT UNION
Address:
(Main Office)
2603 Camanche Industrial Park Dr
CAMANCHE, IA 52730-9500
Phone:(563) 243-4121
Fax:
Website:https://www.1stgateway.org
Branches:7 branch locations
Members:10,598
Credit Union Type:Federally Insured State Chartered Credit Union
Charter Number:63124
Membership Type:State chartered natural person
Corporate Credit Union:No
Year Opened:1953
Last Audited:Aug 01, 2023
FHLB Member:Yes
Low Income Designation:No
Assets:$159,091,993
CEO/Manager:Pat Drennen
Chairperson:Kerry Kennedy

Call Report

  • First Time Homebuyer Program
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 18,617,887
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 77,829,955
 Unsecured Loans 3,504,500
 Other Loans 51,929,846
 TOTAL LOANS 133,759,043
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -621,137
 Land And Building 2,798,808
 Other Fixed Assets 305,664
 NCUSIF Deposit 1,322,092
 All Other Assets 93,197
  TOTAL ASSETS 159,091,993
LIABILITIES & CAPITAL:  
 Dividends Payable 165,887
 Notes & Interest Payable 3,000,000
 Accounts Payable & Other Liabilities 719,430
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 24,344,787
 Regular shares 43,437,310
 All Other Shares & Deposits 65,447,170
  TOTAL SHARES & DEPOSITS 133,229,267
  TOTAL LIABILITIES 137,114,584
 Regular Reserve 0
 Other Reserves 11,870,594
 Undivided Earnings 10,106,815
  TOTAL EQUITY 21,977,409
  TOTAL LIABILITIES, SHARES, & EQUITY 159,091,993
INCOME & EXPENSE  
 Loan Income 7,090,664
 Investment Income 933,274
 Other Income 764,237
 Total Employee Compensation & Benefits 3,191,224
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 2,892,932
 Non-operating Income & (Expense) -7,314
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 335,441
 Cost of Funds 1,733,360
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 1,245,000
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