Dec, 31, 2023 — SOMERVILLE MUNICIPAL FEDERAL CREDIT UNION is a federal credit union headquartered in SOMERVILLE, MA with 1 branch location and about $48.49 million in total assets. Opened 83 years ago in 1941, SOMERVILLE MUNICIPAL FEDERAL CREDIT UNION has about 2,194 members and employs 6 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | SOMERVILLE MUNICIPAL FEDERAL CREDIT UNION |
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Address: (Main Office) | 236 Holland St SOMERVILLE, MA 02144 |
Phone: | (617) 625-0898 |
Fax: | (617) 625-0364 |
Website: | https://www.sommfcu.com |
Branches: | 1 branch locations |
Members: | 2,194 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 4524 |
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Membership Type: | Multiple common bond - Primarily federal, state, local government |
Corporate Credit Union: | No |
Year Opened: | 1941 |
Last Audited: | Sep 01, 2023 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $48,489,686 |
CEO/Manager: | Roland J Draper |
Chairperson: | Stephen Burgess |
ASSETS: | $ Amount |
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Cash & Equivalents | 4,505,474 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 20,395,461 |
Unsecured Loans | 3,634,311 |
Other Loans | 3,057,828 |
TOTAL LOANS | 27,087,600 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -315,234 |
Land And Building | 397,057 |
Other Fixed Assets | 47,841 |
NCUSIF Deposit | 413,057 |
All Other Assets | 0 |
TOTAL ASSETS | 48,489,686 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 194,490 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 5,876,648 |
Regular shares | 15,063,733 |
All Other Shares & Deposits | 19,467,538 |
TOTAL SHARES & DEPOSITS | 40,407,918 |
TOTAL LIABILITIES | 40,602,408 |
Regular Reserve | 0 |
Other Reserves | 788,437 |
Undivided Earnings | 7,098,841 |
TOTAL EQUITY | 7,887,278 |
TOTAL LIABILITIES, SHARES, & EQUITY | 48,489,686 |
INCOME & EXPENSE | |
Loan Income | 1,213,790 |
Investment Income | 605,269 |
Other Income | 105,468 |
Total Employee Compensation & Benefits | 679,371 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 550,281 |
Non-operating Income & (Expense) | 42,964 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 751 |
Cost of Funds | 170,772 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 582,529 |
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