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ISLAND FEDERAL CREDIT UNION

Mar, 31, 2021 — ISLAND FEDERAL CREDIT UNION is a federal credit union headquartered in HAUPPAUGE, NY with 11 branch locations and about $1.54 billion in total assets. Opened 66 years ago in 1955, ISLAND FEDERAL CREDIT UNION has about 44,850 members and employs 156 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:44,850
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:$1,541,715,073
CEO/Manager:Bret W Sears
Chairperson:John F Adragna

Call Report

  • Commercial Loans
  • Indirect Consumer Loans
  • Interest Only or Payment Option 1st Mortgage Loans
  • Overdraft Lines of Credit
  • Participation Loans
  • Real Estate Loans
  • Risk Based Loans
  • Share Secured Credit Cards
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Check Cashing
  • First Time Homebuyer Program
  • In-School Branches
  • Insurance/Investment Sales
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 52,925,742
TOTAL INVESTMENTS 426,425,877
Loans Held for Sale 3,657,022
 
 Real Estate Loans 806,587,954
 Unsecured Loans 35,111,964
 Other Loans 134,939,694
 TOTAL LOANS 979,786,780
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -6,821,244
 Land And Building 16,024,950
 Other Fixed Assets 3,100,421
 NCUSIF Deposit 9,891,010
 All Other Assets 56,724,515
  TOTAL ASSETS 1,541,715,073
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 188,600,000
 Accounts Payable & Other Liabilities 19,175,414
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 129,987,574
 Regular shares 316,608,066
 All Other Shares & Deposits 775,051,894
  TOTAL SHARES & DEPOSITS 1,221,647,534
  TOTAL LIABILITIES 1,429,422,948
 Regular Reserve 7,551,186
 Other Reserves -13,972,006
 Undivided Earnings 118,712,945
  TOTAL EQUITY 112,292,125
  TOTAL LIABILITIES, SHARES, & EQUITY 1,541,715,073
INCOME & EXPENSE  
 Loan Income 8,230,211
 Investment Income 1,171,500
 Other Income 1,538,582
 Total Employee Compensation & Benefits 4,099,710
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 4,035,173
 Non-operating Income & (Expense) 244,833
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 0
 Cost of Funds 3,012,460
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 470,347
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