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TORCH LAKE FEDERAL CREDIT UNION

Dec, 31, 2020 — TORCH LAKE FEDERAL CREDIT UNION is a federal credit union headquartered in LAURIUM, MI with 2 branch locations and about $10.14 million in total assets. Opened 66 years ago in 1955, TORCH LAKE FEDERAL CREDIT UNION has about 1,832 members and employs 7 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:1,832
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:$10,139,123
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 2,403,830
TOTAL INVESTMENTS 3,041,600
Loans Held for Sale 0
 
 Real Estate Loans 156,496
 Unsecured Loans 230,206
 Other Loans 4,225,712
 TOTAL LOANS 4,612,414
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -40,771
 Land And Building 0
 Other Fixed Assets 26,354
 NCUSIF Deposit 73,220
 All Other Assets 22,476
  TOTAL ASSETS 10,139,123
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 37,339
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 2,605,844
 Regular shares 6,438,991
 All Other Shares & Deposits 192,486
  TOTAL SHARES & DEPOSITS 9,237,321
  TOTAL LIABILITIES 9,274,660
 Regular Reserve 291,664
 Other Reserves 0
 Undivided Earnings 572,799
  TOTAL EQUITY 864,463
  TOTAL LIABILITIES, SHARES, & EQUITY 10,139,123
INCOME & EXPENSE  
 Loan Income 278,983
 Investment Income 64,711
 Other Income 83,896
 Total Employee Compensation & Benefits 197,288
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 184,466
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 0
 Cost of Funds 3,780
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 42,056
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