Dec, 31, 2023 — FIRST FEDERAL CREDIT UNION is a federal credit union headquartered in HIAWATHA, IA with 6 branch locations and about $205.05 million in total assets. Opened 98 years ago in 1926, FIRST FEDERAL CREDIT UNION has about 11,461 members and employs 33 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | FIRST FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1035 N Center Point Rd HIAWATHA, IA 52233 |
| Phone: | (319) 743-7806 |
| Fax: | (319) 743-7810 |
| Website: | https://www.firstfedcu.com |
| Branches: | 6 branch locations |
| Members: | 11,461 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24673 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1926 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $205,051,286 |
| CEO/Manager: | C. Thomas Chalstrom |
| Chairperson: | Mike Pickering |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 11,117,291 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 122,732,721 |
| Unsecured Loans | 5,819,254 |
| Other Loans | 39,748,331 |
| TOTAL LOANS | 168,300,307 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,070,314 |
| Land And Building | 8,518,205 |
| Other Fixed Assets | 943,726 |
| NCUSIF Deposit | 1,450,581 |
| All Other Assets | 0 |
| TOTAL ASSETS | 205,051,286 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 118,195 |
| Notes & Interest Payable | 33,600,000 |
| Accounts Payable & Other Liabilities | 1,412,969 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 22,385,843 |
| Regular shares | 17,982,899 |
| All Other Shares & Deposits | 114,734,315 |
| TOTAL SHARES & DEPOSITS | 155,103,057 |
| TOTAL LIABILITIES | 190,234,221 |
| Regular Reserve | 0 |
| Other Reserves | 1,792,262 |
| Undivided Earnings | 13,024,803 |
| TOTAL EQUITY | 14,817,065 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 205,051,286 |
| INCOME & EXPENSE | |
| Loan Income | 8,056,269 |
| Investment Income | 564,030 |
| Other Income | 666,310 |
| Total Employee Compensation & Benefits | 3,031,911 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,575,623 |
| Non-operating Income & (Expense) | 29,048 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 471,751 |
| Cost of Funds | 4,263,318 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -262,710 |
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