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NORTH SHORE FEDERAL CREDIT UNION

Dec, 31, 2023 — NORTH SHORE FEDERAL CREDIT UNION is a federal credit union headquartered in SILVER BAY, MN with 7 branch locations and about $266.39 million in total assets. Opened 57 years ago in 1967, NORTH SHORE FEDERAL CREDIT UNION has about 12,972 members and employs 63 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:NORTH SHORE FEDERAL CREDIT UNION
Address:
(Main Office)
85 Outer Dr
SILVER BAY, MN 55614-1132
Phone:(218) 226-4401
Fax:(218) 226-4553
Website:https://www.northshorefcu.org
Branches:7 branch locations
Members:12,972
Credit Union Type:Federal Credit Union
Charter Number:18473
Membership Type:Community - Rural District
Corporate Credit Union:No
Year Opened:1967
Last Audited:Jun 01, 2023
FHLB Member:Yes
Low Income Designation:No
Assets:$266,393,814
CEO/Manager:Cassie L Ernest
Chairperson:James L Lukken

Call Report

  • First Time Homebuyer Program
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 55,643,033
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 119,689,851
 Unsecured Loans 2,493,167
 Other Loans 71,273,974
 TOTAL LOANS 193,456,992
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -239,862
 Land And Building 3,189,287
 Other Fixed Assets 724,509
 NCUSIF Deposit 2,127,549
 All Other Assets 48,500
  TOTAL ASSETS 266,393,814
LIABILITIES & CAPITAL:  
 Dividends Payable 199,815
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 1,210,198
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 56,506,072
 Regular shares 63,980,569
 All Other Shares & Deposits 112,282,176
  TOTAL SHARES & DEPOSITS 232,768,816
  TOTAL LIABILITIES 234,178,829
 Regular Reserve 0
 Other Reserves 173,225
 Undivided Earnings 32,041,760
  TOTAL EQUITY 32,214,985
  TOTAL LIABILITIES, SHARES, & EQUITY 266,393,814
INCOME & EXPENSE  
 Loan Income 8,682,382
 Investment Income 2,174,679
 Other Income 712,989
 Total Employee Compensation & Benefits 4,461,416
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 3,948,021
 Non-operating Income & (Expense) -26,003
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense -11,961
 Cost of Funds 2,716,730
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 1,604,914
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