Dec, 31, 2023 — TORCH LAKE FEDERAL CREDIT UNION is a federal credit union headquartered in LAURIUM, MI with 2 branch locations and about $12.13 million in total assets. Opened 69 years ago in 1955, TORCH LAKE FEDERAL CREDIT UNION has about 1,696 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) | 400 Hecla St LAURIUM, MI 49913 |
| Phone: | (906) 337-5565 |
| Fax: | (906) 337-0385 |
| Website: | https://www.torchlakefederal.com |
| Branches: | 2 branch locations |
| Members: | 1,696 |
| 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: | Oct 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $12,126,663 |
| CEO/Manager: | Connie J Mikkola |
| Chairperson: | Alisha M Kocjan |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,824,056 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 66,111 |
| Unsecured Loans | 134,573 |
| Other Loans | 4,298,872 |
| TOTAL LOANS | 4,499,556 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -13,872 |
| Land And Building | 0 |
| Other Fixed Assets | 18,407 |
| NCUSIF Deposit | 113,381 |
| All Other Assets | 0 |
| TOTAL ASSETS | 12,126,663 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 111,631 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 3,114,603 |
| Regular shares | 7,663,607 |
| All Other Shares & Deposits | 146,236 |
| TOTAL SHARES & DEPOSITS | 10,924,446 |
| TOTAL LIABILITIES | 11,036,077 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 1,090,586 |
| TOTAL EQUITY | 1,090,586 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 12,126,663 |
| INCOME & EXPENSE | |
| Loan Income | 278,448 |
| Investment Income | 164,298 |
| Other Income | 65,754 |
| Total Employee Compensation & Benefits | 214,398 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 225,309 |
| Non-operating Income & (Expense) | 15,366 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 14,500 |
| Cost of Funds | 4,264 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 65,395 |
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