Dec, 31, 2023 — PROVIDENT CREDIT UNION is a federally insured state chartered credit union headquartered in REDWOOD CITY, CA with 23 branch locations and about $3.50 billion in total assets. Opened 74 years ago in 1950, PROVIDENT CREDIT UNION has about 135,664 members and employs 324 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | PROVIDENT CREDIT UNION |
|---|---|
| Address: (Main Office) | 303 Twin Dolphin Dr REDWOOD CITY, CA 94065-1497 |
| Phone: | (650) 508-0300 |
| Fax: | (650) 508-7284 |
| Website: | https://providentcu.org |
| Branches: | 23 branch locations |
| Members: | 135,664 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 66343 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1950 |
| Last Audited: | Dec 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $3,497,380,170 |
| CEO/Manager: | James Ernest |
| Chairperson: | June Rothe |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 110,391,749 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 2,094,593,770 |
| Unsecured Loans | 53,494,667 |
| Other Loans | 337,918,625 |
| TOTAL LOANS | 2,486,007,062 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -11,596,166 |
| Land And Building | 21,815,407 |
| Other Fixed Assets | 7,630,247 |
| NCUSIF Deposit | 26,504,310 |
| All Other Assets | 72,069 |
| TOTAL ASSETS | 3,497,380,170 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 127,768 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 43,907,820 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 183,876,684 |
| Regular shares | 1,340,943,465 |
| All Other Shares & Deposits | 1,590,889,192 |
| TOTAL SHARES & DEPOSITS | 3,115,709,342 |
| TOTAL LIABILITIES | 3,160,218,947 |
| Regular Reserve | 0 |
| Other Reserves | 10,611,657 |
| Undivided Earnings | 326,549,566 |
| TOTAL EQUITY | 337,161,223 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 3,497,380,170 |
| INCOME & EXPENSE | |
| Loan Income | 90,290,511 |
| Investment Income | 19,588,217 |
| Other Income | 6,509,349 |
| Total Employee Compensation & Benefits | 44,404,150 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 45,353,824 |
| Non-operating Income & (Expense) | 3,383,747 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 857,688 |
| Cost of Funds | 47,203,208 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 7,330,285 |
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