Dec, 31, 2023 — NEWPORT NEWS SHIPBUILDING EMPLOYEES CREDIT UNION is a federally insured state chartered credit union headquartered in NEWPORT NEWS, VA with 28 branch locations and about $2.44 billion in total assets. Opened 96 years ago in 1928, NEWPORT NEWS SHIPBUILDING EMPLOYEES CREDIT UNION has about 152,263 members and employs 493 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | NEWPORT NEWS SHIPBUILDING EMPLOYEES CREDIT UNION |
|---|---|
| Address: (Main Office) | 1 BayPort Way Ste 350 NEWPORT NEWS, VA 23606-4571 |
| Phone: | (757) 928-8850 |
| Fax: | |
| Website: | https://www.bayportcu.org |
| Branches: | 28 branch locations |
| Members: | 152,263 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 61330 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1928 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $2,435,294,400 |
| CEO/Manager: | James B Mears |
| Chairperson: | Maureen H Davis |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 46,977,448 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 879,483,116 |
| Unsecured Loans | 214,511,655 |
| Other Loans | 719,818,268 |
| TOTAL LOANS | 1,813,984,135 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -40,998,269 |
| Land And Building | 49,016,216 |
| Other Fixed Assets | 8,237,471 |
| NCUSIF Deposit | 18,490,961 |
| All Other Assets | 2,503,548 |
| TOTAL ASSETS | 2,435,294,400 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 115,000,000 |
| Accounts Payable & Other Liabilities | 20,970,973 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 383,177,734 |
| Regular shares | 503,235,551 |
| All Other Shares & Deposits | 1,185,140,573 |
| TOTAL SHARES & DEPOSITS | 2,071,553,857 |
| TOTAL LIABILITIES | 2,207,524,830 |
| Regular Reserve | 0 |
| Other Reserves | 80,787,041 |
| Undivided Earnings | 146,982,529 |
| TOTAL EQUITY | 227,769,570 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 2,435,294,400 |
| INCOME & EXPENSE | |
| Loan Income | 99,329,787 |
| Investment Income | 15,638,449 |
| Other Income | 13,204,129 |
| Total Employee Compensation & Benefits | 43,231,083 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 46,736,074 |
| Non-operating Income & (Expense) | 416,056 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 4,273,400 |
| Cost of Funds | 33,192,219 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 25,323,892 |
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