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LATVIAN HERITAGE FEDERAL CREDIT UNION

Dec, 31, 2023 — LATVIAN HERITAGE FEDERAL CREDIT UNION is a federal credit union headquartered in GRAND RAPIDS, MI with 2 branch locations and about $3.19 million in total assets. Opened 61 years ago in 1963, LATVIAN HERITAGE FEDERAL CREDIT UNION has about 390 members and employs 8 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:LATVIAN HERITAGE FEDERAL CREDIT UNION
Address:
(Main Office)
PO Box 152125
GRAND RAPIDS, MI 49515-2125
Phone:(616) 454-8012
Fax:
Website:https://www.latvianheritage.org
Branches:2 branch locations
Members:390
Credit Union Type:Federal Credit Union
Charter Number:15779
Membership Type:Multiple common bond - other
Corporate Credit Union:No
Year Opened:1963
Last Audited:Oct 01, 2023
FHLB Member:No
Low Income Designation:No
Assets:$3,189,160
CEO/Manager:Ivars Petrovskis
Chairperson:Tracy Wood

Call Report

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Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 70,658
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 2,862,721
 Unsecured Loans 85,612
 Other Loans 55,083
 TOTAL LOANS 3,003,416
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -24,660
 Land And Building 0
 Other Fixed Assets 0
 NCUSIF Deposit 29,080
 All Other Assets 0
  TOTAL ASSETS 3,189,160
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 1,151
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 0
 Regular shares 2,635,159
 All Other Shares & Deposits 0
  TOTAL SHARES & DEPOSITS 2,635,159
  TOTAL LIABILITIES 2,636,310
 Regular Reserve 0
 Other Reserves 0
 Undivided Earnings 552,850
  TOTAL EQUITY 552,850
  TOTAL LIABILITIES, SHARES, & EQUITY 3,189,160
INCOME & EXPENSE  
 Loan Income 126,651
 Investment Income 5,431
 Other Income 3,774
 Total Employee Compensation & Benefits 74,708
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 47,680
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 0
 Cost of Funds 1,836
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 13,922
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