Dec, 31, 2023 — SOLUTIONS FIRST FEDERAL CREDIT UNION is a federal credit union headquartered in ENTERPRISE, AL with 2 branch locations and about $47.21 million in total assets. Opened 60 years ago in 1964, SOLUTIONS FIRST FEDERAL CREDIT UNION has about 4,926 members and employs 10 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | SOLUTIONS FIRST FEDERAL CREDIT UNION |
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Address: (Main Office) | 1108 Boll Weevil Cir ENTERPRISE, AL 36330-1388 |
Phone: | (334) 347-9000 |
Fax: | (334) 347-1074 |
Website: | https://www.solutionsfirstcu.com |
Branches: | 2 branch locations |
Members: | 4,926 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 16556 |
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Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
Corporate Credit Union: | No |
Year Opened: | 1964 |
Last Audited: | Mar 01, 2023 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $47,206,593 |
CEO/Manager: | Frank Garrett |
Chairperson: | Chester Nolin |
ASSETS: | $ Amount |
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Cash & Equivalents | 1,417,267 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 2,632,176 |
Unsecured Loans | 3,165,221 |
Other Loans | 24,357,575 |
TOTAL LOANS | 30,154,972 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -365,008 |
Land And Building | 1,895,474 |
Other Fixed Assets | 276,382 |
NCUSIF Deposit | 473,217 |
All Other Assets | 0 |
TOTAL ASSETS | 47,206,593 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 1,900,000 |
Accounts Payable & Other Liabilities | 179,689 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 6,066,989 |
Regular shares | 12,910,955 |
All Other Shares & Deposits | 23,807,684 |
TOTAL SHARES & DEPOSITS | 42,785,627 |
TOTAL LIABILITIES | 44,865,316 |
Regular Reserve | 0 |
Other Reserves | -614,349 |
Undivided Earnings | 2,955,626 |
TOTAL EQUITY | 2,341,277 |
TOTAL LIABILITIES, SHARES, & EQUITY | 47,206,593 |
INCOME & EXPENSE | |
Loan Income | 1,967,425 |
Investment Income | 306,817 |
Other Income | 545,260 |
Total Employee Compensation & Benefits | 803,760 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 1,294,574 |
Non-operating Income & (Expense) | -21,859 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 325,795 |
Cost of Funds | 773,851 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | -123,874 |
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