Dec, 31, 2023 — MODESTO'S FIRST FEDERAL CREDIT UNION is a federal credit union headquartered in MODESTO, CA with 1 branch location and about $52.55 million in total assets. Opened 84 years ago in 1940, MODESTO'S FIRST FEDERAL CREDIT UNION has about 3,007 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: | MODESTO'S FIRST FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 430 12th St MODESTO, CA 95354-2423 |
| Phone: | (209) 521-2020 |
| Fax: | (209) 521-4570 |
| Website: | https://m1fcu.org |
| Branches: | 1 branch locations |
| Members: | 3,007 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 4022 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1940 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $52,548,144 |
| CEO/Manager: | Leslie A Ramirez |
| Chairperson: | Adam Boudreaux |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,549,901 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 17,389,966 |
| Unsecured Loans | 2,663,693 |
| Other Loans | 20,368,054 |
| TOTAL LOANS | 40,421,713 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -153,610 |
| Land And Building | 248,094 |
| Other Fixed Assets | 44,667 |
| NCUSIF Deposit | 410,368 |
| All Other Assets | 0 |
| TOTAL ASSETS | 52,548,144 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 228,188 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 4,532,126 |
| Regular shares | 24,286,805 |
| All Other Shares & Deposits | 18,012,113 |
| TOTAL SHARES & DEPOSITS | 46,831,044 |
| TOTAL LIABILITIES | 47,059,232 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 5,488,912 |
| TOTAL EQUITY | 5,488,912 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 52,548,144 |
| INCOME & EXPENSE | |
| Loan Income | 2,112,039 |
| Investment Income | 106,187 |
| Other Income | 166,513 |
| Total Employee Compensation & Benefits | 528,845 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 736,608 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 281,748 |
| Cost of Funds | 722,863 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 150,654 |
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