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ISLAND FEDERAL CREDIT UNION

Dec, 31, 2020 — ISLAND FEDERAL CREDIT UNION is a federal credit union headquartered in HAUPPAUGE, NY with 11 branch locations and about $1.62 billion in total assets. Opened 66 years ago in 1955, ISLAND FEDERAL CREDIT UNION has about 44,734 members and employs 153 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:44,734
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, 2019
FHLB Member:Yes
Low Income Designation:No
Assets:$1,623,200,006
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 29,713,554
TOTAL INVESTMENTS 546,135,292
Loans Held for Sale 5,358,525
 
 Real Estate Loans 781,605,757
 Unsecured Loans 36,971,651
 Other Loans 140,984,131
 TOTAL LOANS 962,611,997
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -7,020,171
 Land And Building 16,223,976
 Other Fixed Assets 2,722,649
 NCUSIF Deposit 9,891,009
 All Other Assets 57,563,175
  TOTAL ASSETS 1,623,200,006
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 303,600,000
 Accounts Payable & Other Liabilities 21,847,974
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 124,752,118
 Regular shares 298,310,247
 All Other Shares & Deposits 756,505,800
  TOTAL SHARES & DEPOSITS 1,179,568,165
  TOTAL LIABILITIES 1,505,016,139
 Regular Reserve 7,551,186
 Other Reserves -7,609,916
 Undivided Earnings 118,242,597
  TOTAL EQUITY 118,183,867
  TOTAL LIABILITIES, SHARES, & EQUITY 1,623,200,006
INCOME & EXPENSE  
 Loan Income 31,957,302
 Investment Income 7,112,900
 Other Income 5,581,681
 Total Employee Compensation & Benefits 13,025,772
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 14,688,308
 Non-operating Income & (Expense) 5,515,814
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 7,928,802
 Cost of Funds 23,928,717
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -9,403,902
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