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TORCH LAKE FEDERAL CREDIT UNION

Mar, 31, 2021 — TORCH LAKE FEDERAL CREDIT UNION is a federal credit union headquartered in LAURIUM, MI with 2 branch locations and about $11.06 million in total assets. Opened 66 years ago in 1955, TORCH LAKE FEDERAL CREDIT UNION has about 1,833 members and employs 6 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:TORCH LAKE FEDERAL CREDIT UNION
Address:
(Main Office)
50 3RD ST
LAURIUM, MI 49913
Phone:(906) 337-5565
Fax:(906) 337-0385
Website:http://torchlakefederal.com
Branches:2 branch locations
Members:1,833
Credit Union Type:Federal Credit Union
Charter Number:10099
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1955
Last Audited:Nov 01, 2020
FHLB Member:No
Low Income Designation:No
Assets:$11,061,019
CEO/Manager:Connie J Mikkola
Chairperson:Peter Mace

Call Report

  • Real Estate Loans
  • Risk Based Loans
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 3,100,620
TOTAL INVESTMENTS 3,241,600
Loans Held for Sale 0
 
 Real Estate Loans 153,837
 Unsecured Loans 186,745
 Other Loans 4,302,835
 TOTAL LOANS 4,643,417
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -43,330
 Land And Building 0
 Other Fixed Assets 25,117
 NCUSIF Deposit 73,220
 All Other Assets 20,375
  TOTAL ASSETS 11,061,019
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 40,717
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 2,865,155
 Regular shares 7,086,103
 All Other Shares & Deposits 192,626
  TOTAL SHARES & DEPOSITS 10,143,884
  TOTAL LIABILITIES 10,184,601
 Regular Reserve 291,664
 Other Reserves 0
 Undivided Earnings 584,754
  TOTAL EQUITY 876,418
  TOTAL LIABILITIES, SHARES, & EQUITY 11,061,019
INCOME & EXPENSE  
 Loan Income 63,557
 Investment Income 15,204
 Other Income 17,544
 Total Employee Compensation & Benefits 49,249
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 40,190
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 0
 Cost of Funds 969
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 10,099
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