Dec, 31, 2023 — HARBORLIGHT CREDIT UNION is a federally insured state chartered credit union headquartered in WHITEHALL, MI with 2 branch locations and about $154.94 million in total assets. Opened 70 years ago in 1954, HARBORLIGHT CREDIT UNION has about 11,505 members and employs 38 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | HARBORLIGHT CREDIT UNION |
|---|---|
| Address: (Main Office) | 2151 Cogswell Dr WHITEHALL, MI 49461 |
| Phone: | (231) 894-5608 |
| Fax: | (231) 894-5530 |
| Website: | https://www.harborlightcu.org |
| Branches: | 2 branch locations |
| Members: | 11,505 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62066 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1954 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $154,942,422 |
| CEO/Manager: | Justin Bamford |
| Chairperson: | Lee Andrews |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 3,705,611 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 45,067,317 |
| Unsecured Loans | 10,688,927 |
| Other Loans | 41,051,077 |
| TOTAL LOANS | 97,838,573 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -763,246 |
| Land And Building | 2,233,230 |
| Other Fixed Assets | 57,718 |
| NCUSIF Deposit | 1,425,935 |
| All Other Assets | 0 |
| TOTAL ASSETS | 154,942,422 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 6,905 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 2,546,868 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 24,007,069 |
| Regular shares | 49,897,796 |
| All Other Shares & Deposits | 63,888,928 |
| TOTAL SHARES & DEPOSITS | 137,793,793 |
| TOTAL LIABILITIES | 140,347,566 |
| Regular Reserve | 0 |
| Other Reserves | -286,335 |
| Undivided Earnings | 14,881,191 |
| TOTAL EQUITY | 14,594,856 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 154,942,422 |
| INCOME & EXPENSE | |
| Loan Income | 4,817,990 |
| Investment Income | 1,123,226 |
| Other Income | 918,292 |
| Total Employee Compensation & Benefits | 2,693,895 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 3,529,172 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 322,047 |
| Cost of Funds | 854,812 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,249,265 |
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