Dec, 31, 2023 — LANGLEY FEDERAL CREDIT UNION is a federal credit union headquartered in NEWPORT NEWS, VA with 25 branch locations and about $5.45 billion in total assets. Opened 88 years ago in 1936, LANGLEY FEDERAL CREDIT UNION has about 373,860 members and employs 714 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | LANGLEY FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 721 Lakefront Cmns NEWPORT NEWS, VA 23606 |
| Phone: | (757) 827-5328 |
| Fax: | (757) 596-1684 |
| Website: | https://www.langleyfcu.org |
| Branches: | 25 branch locations |
| Members: | 373,860 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 1261 |
|---|---|
| Membership Type: | Multiple common bond - Primarily military |
| Corporate Credit Union: | No |
| Year Opened: | 1936 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $5,450,250,843 |
| CEO/Manager: | Thomas K Ryan |
| Chairperson: | Edward G Henifin |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 358,150,668 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 240,000 |
| Real Estate Loans | 2,029,200,827 |
| Unsecured Loans | 286,941,300 |
| Other Loans | 2,345,498,956 |
| TOTAL LOANS | 4,661,641,082 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -54,000,000 |
| Land And Building | 40,417,468 |
| Other Fixed Assets | 14,607,059 |
| NCUSIF Deposit | 39,914,918 |
| All Other Assets | 4,048,345 |
| TOTAL ASSETS | 5,450,250,843 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 350,000,000 |
| Accounts Payable & Other Liabilities | 73,376,698 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 658,808,405 |
| Regular shares | 715,305,163 |
| All Other Shares & Deposits | 3,223,625,888 |
| TOTAL SHARES & DEPOSITS | 4,597,739,456 |
| TOTAL LIABILITIES | 5,021,116,154 |
| Regular Reserve | 0 |
| Other Reserves | -8,189,261 |
| Undivided Earnings | 437,323,950 |
| TOTAL EQUITY | 429,134,689 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 5,450,250,843 |
| INCOME & EXPENSE | |
| Loan Income | 220,184,224 |
| Investment Income | 22,100,444 |
| Other Income | 27,505,589 |
| Total Employee Compensation & Benefits | 63,266,689 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 78,649,482 |
| Non-operating Income & (Expense) | 52,018 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 49,234,101 |
| Cost of Funds | 99,537,945 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 26,799,788 |
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