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National Credit Union Service Organization

LAKE TRUST CREDIT UNION

Dec, 31, 2023 — LAKE TRUST CREDIT UNION is a federally insured state chartered credit union headquartered in BRIGHTON, MI with 23 branch locations and about $2.60 billion in total assets. Opened 80 years ago in 1944, LAKE TRUST CREDIT UNION has about 179,751 members and employs 466 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


ABA Routing Number: 272078268
Name:LAKE TRUST CREDIT UNION
Address:
(Main Office)
4605 S Old US Highway 23
BRIGHTON, MI 48114-7521
Phone:(888) 267-7200
Fax:
Website:https://www.laketrust.org
Branches:23 branch locations
Members:179,751
Credit Union Type:Federally Insured State Chartered Credit Union
Charter Number:62047
Membership Type:State chartered natural person
Corporate Credit Union:No
Year Opened:1944
Last Audited:Dec 01, 2022
FHLB Member:Yes
Low Income Designation:No
Assets:$2,596,794,892
CEO/Manager:David A Snodgrass
Chairperson:Rick Laber

Call Report

  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 164,899,574
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 1,058,032,793
 Unsecured Loans 127,541,258
 Other Loans 735,297,015
 TOTAL LOANS 1,921,143,229
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -21,740,221
 Land And Building 53,206,425
 Other Fixed Assets 10,679,139
 NCUSIF Deposit 20,118,393
 All Other Assets 42,105
  TOTAL ASSETS 2,596,794,892
LIABILITIES & CAPITAL:  
 Dividends Payable 789,125
 Notes & Interest Payable 60,000,000
 Accounts Payable & Other Liabilities 14,256,615
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 23,047,000
 Share Drafts 565,068,303
 Regular shares 786,365,757
 All Other Shares & Deposits 927,513,832
  TOTAL SHARES & DEPOSITS 2,278,947,892
  TOTAL LIABILITIES 2,377,179,028
 Regular Reserve 0
 Other Reserves 36,690,347
 Undivided Earnings 182,925,517
  TOTAL EQUITY 219,615,864
  TOTAL LIABILITIES, SHARES, & EQUITY 2,596,794,892
INCOME & EXPENSE  
 Loan Income 83,337,889
 Investment Income 11,290,846
 Other Income 9,776,087
 Total Employee Compensation & Benefits 43,465,144
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 41,541,489
 Non-operating Income & (Expense) 69,710
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 6,616,581
 Cost of Funds 20,258,939
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 10,126,593
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