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ISLAND FEDERAL CREDIT UNION

Jun, 30, 2021 — ISLAND FEDERAL CREDIT UNION is a federal credit union headquartered in HAUPPAUGE, NY with 11 branch locations and about $1.56 billion in total assets. Opened 66 years ago in 1955, ISLAND FEDERAL CREDIT UNION has about 45,227 members and employs 162 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


ABA Routing Number: 221475896
Name:ISLAND FEDERAL CREDIT UNION
Address:
(Main Office)
120 MOTOR PKWY
HAUPPAUGE, NY 11788-5107
Phone:(631) 851-1100
Fax:(631) 851-1112
Website:http://www.islandfcu.com
Branches:11 branch locations
Members:45,227
Credit Union Type:Federal Credit Union
Charter Number:10023
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1955
Last Audited:Dec 01, 2020
FHLB Member:Yes
Low Income Designation:No
Assets:$1,560,012,048
CEO/Manager:Bret W Sears
Chairperson:John F Adragna

Call Report

  • First Time Homebuyer Program
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 57,524,327
TOTAL INVESTMENTS 447,537,647
Loans Held for Sale 5,028,131
 
 Real Estate Loans 795,331,627
 Unsecured Loans 34,859,135
 Other Loans 134,218,749
 TOTAL LOANS 967,415,178
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -6,352,114
 Land And Building 14,865,211
 Other Fixed Assets 3,964,049
 NCUSIF Deposit 10,095,681
 All Other Assets 59,933,938
  TOTAL ASSETS 1,560,012,048
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 188,600,000
 Accounts Payable & Other Liabilities 18,849,456
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 133,561,872
 Regular shares 334,164,674
 All Other Shares & Deposits 772,864,001
  TOTAL SHARES & DEPOSITS 1,240,590,547
  TOTAL LIABILITIES 1,448,040,003
 Regular Reserve 7,551,186
 Other Reserves -15,236,266
 Undivided Earnings 119,657,125
  TOTAL EQUITY 111,972,045
  TOTAL LIABILITIES, SHARES, & EQUITY 1,560,012,048
INCOME & EXPENSE  
 Loan Income 16,395,749
 Investment Income 2,263,245
 Other Income 3,352,565
 Total Employee Compensation & Benefits 8,182,119
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 8,299,168
 Non-operating Income & (Expense) 489,666
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 0
 Cost of Funds 5,399,675
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 1,414,528
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