Dec, 31, 2023 — COVE FEDERAL CREDIT UNION is a federal credit union headquartered in EDGEWOOD, KY with 1 branch location and about $77.47 million in total assets. Opened 54 years ago in 1970, COVE FEDERAL CREDIT UNION has about 6,772 members and employs 17 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | COVE FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 577 DUDLEY PIKE EDGEWOOD, KY 41017 |
| Phone: | (859) 292-9000 |
| Fax: | (859) 426-5610 |
| Website: | https://www.covefcu.com |
| Branches: | 1 branch locations |
| Members: | 6,772 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 19879 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1970 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $77,467,747 |
| CEO/Manager: | Tom Burns |
| Chairperson: | SANDRA K DELANEY |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 8,117,625 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 37,662,895 |
| Unsecured Loans | 5,821,562 |
| Other Loans | 14,418,188 |
| TOTAL LOANS | 57,902,645 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -704,343 |
| Land And Building | 0 |
| Other Fixed Assets | 913,301 |
| NCUSIF Deposit | 632,468 |
| All Other Assets | 0 |
| TOTAL ASSETS | 77,467,747 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 1,000,000 |
| Accounts Payable & Other Liabilities | 1,665,210 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 7,680,144 |
| Regular shares | 19,502,657 |
| All Other Shares & Deposits | 36,357,673 |
| TOTAL SHARES & DEPOSITS | 63,540,474 |
| TOTAL LIABILITIES | 66,206,340 |
| Regular Reserve | 0 |
| Other Reserves | -378,934 |
| Undivided Earnings | 11,640,341 |
| TOTAL EQUITY | 11,261,407 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 77,467,747 |
| INCOME & EXPENSE | |
| Loan Income | 2,590,180 |
| Investment Income | 421,564 |
| Other Income | 470,574 |
| Total Employee Compensation & Benefits | 1,422,865 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 1,319,441 |
| Non-operating Income & (Expense) | 3,473 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 61,553 |
| Cost of Funds | 604,384 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 506,065 |
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