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National Credit Union Service Organization

CORNING FEDERAL CREDIT UNION

Dec, 31, 2023 — CORNING FEDERAL CREDIT UNION is a federal credit union headquartered in CORNING, NY with 22 branch locations and about $2.35 billion in total assets. Opened 88 years ago in 1936, CORNING FEDERAL CREDIT UNION has about 160,608 members and employs 419 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: 222380359
Name:CORNING FEDERAL CREDIT UNION
Address:
(Main Office)
1 Credit Union Plz
CORNING, NY 14830-2857
Phone:(607) 962-3144
Fax:
Website:https://www.corningcu.org
Branches:22 branch locations
Members:160,608
Credit Union Type:Federal Credit Union
Charter Number:1644
Membership Type:Multiple common bond - Primarily other manufacturing
Corporate Credit Union:No
Year Opened:1936
Last Audited:Dec 01, 2023
FHLB Member:Yes
Low Income Designation:No
Assets:$2,350,748,517
CEO/Manager:Gary Grinnell
Chairperson:Kurt R Fischer

Call Report

  • First Time Homebuyer Program
  • International Remittances

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 205,246,883
TOTAL INVESTMENTS 0
Loans Held for Sale 2,696,250
 
 Real Estate Loans 817,845,037
 Unsecured Loans 174,427,513
 Other Loans 1,087,126,267
 TOTAL LOANS 2,091,474,104
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -22,991,643
 Land And Building 30,205,477
 Other Fixed Assets 5,750,752
 NCUSIF Deposit 18,202,694
 All Other Assets 23,030
  TOTAL ASSETS 2,350,748,517
LIABILITIES & CAPITAL:  
 Dividends Payable 19,946
 Notes & Interest Payable 80,000,000
 Accounts Payable & Other Liabilities 35,446,246
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 511,395,106
 Regular shares 656,170,973
 All Other Shares & Deposits 827,107,854
  TOTAL SHARES & DEPOSITS 1,994,673,933
  TOTAL LIABILITIES 2,110,140,125
 Regular Reserve 0
 Other Reserves -10,998,158
 Undivided Earnings 251,606,550
  TOTAL EQUITY 240,608,392
  TOTAL LIABILITIES, SHARES, & EQUITY 2,350,748,517
INCOME & EXPENSE  
 Loan Income 89,089,418
 Investment Income 10,677,043
 Other Income 5,247,757
 Total Employee Compensation & Benefits 37,652,550
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 35,773,391
 Non-operating Income & (Expense) -5,622
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 6,320,231
 Cost of Funds 32,641,467
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 19,533,191
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