Dec, 31, 2023 — GULF SHORE FEDERAL CREDIT UNION is a federal credit union headquartered in TEXAS CITY, TX with 1 branch location and about $27.63 million in total assets. Opened 87 years ago in 1937, GULF SHORE FEDERAL CREDIT UNION has about 3,248 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: | GULF SHORE FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1306 N Logan St TEXAS CITY, TX 77590-5046 |
| Phone: | (409) 945-2318 |
| Fax: | (409) 948-0612 |
| Website: | https://www.gulfshorefcu.org |
| Branches: | 1 branch locations |
| Members: | 3,248 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 2442 |
|---|---|
| Membership Type: | Multiple common bond - Primarily petroleum refining |
| Corporate Credit Union: | No |
| Year Opened: | 1937 |
| Last Audited: | Oct 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $27,627,469 |
| CEO/Manager: | Susan M Herring |
| Chairperson: | Clifton R Snodgrass |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,419,425 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 0 |
| Unsecured Loans | 1,325,915 |
| Other Loans | 13,018,289 |
| TOTAL LOANS | 14,344,204 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -164,454 |
| Land And Building | 186,251 |
| Other Fixed Assets | 5,201 |
| NCUSIF Deposit | 250,750 |
| All Other Assets | 0 |
| TOTAL ASSETS | 27,627,469 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 28,072 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 142,767 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 4,499,342 |
| Regular shares | 13,377,693 |
| All Other Shares & Deposits | 5,900,738 |
| TOTAL SHARES & DEPOSITS | 23,777,773 |
| TOTAL LIABILITIES | 23,948,612 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 3,678,857 |
| TOTAL EQUITY | 3,678,857 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 27,627,469 |
| INCOME & EXPENSE | |
| Loan Income | 696,449 |
| Investment Income | 250,208 |
| Other Income | 64,228 |
| Total Employee Compensation & Benefits | 457,802 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 410,011 |
| Non-operating Income & (Expense) | 732,319 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 20,000 |
| Cost of Funds | 88,483 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 868,782 |
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