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LAKES FEDERAL CREDIT UNION

Dec, 31, 2023 — LAKES FEDERAL CREDIT UNION is a federal credit union headquartered in MONTICELLO, IN with 1 branch location and about $24.92 million in total assets. Opened 68 years ago in 1956, LAKES FEDERAL CREDIT UNION has about 2,972 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:LAKES FEDERAL CREDIT UNION
Address:
(Main Office)
106 Rickey Rd
MONTICELLO, IN 47960-1537
Phone:(574) 583-5556
Fax:(574) 583-9056
Website:https://www.lakesfcu.com
Branches:1 branch locations
Members:2,972
Credit Union Type:Federal Credit Union
Charter Number:10772
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1956
Last Audited:Dec 01, 2021
FHLB Member:No
Low Income Designation:No
Assets:$24,924,587
CEO/Manager:Alicia G Pifer
Chairperson:Gregory L Onken

Call Report

  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 2,570,174
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 846,318
 Unsecured Loans 554,860
 Other Loans 10,859,470
 TOTAL LOANS 12,260,649
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -58,159
 Land And Building 440,552
 Other Fixed Assets 31,997
 NCUSIF Deposit 239,058
 All Other Assets 0
  TOTAL ASSETS 24,924,587
LIABILITIES & CAPITAL:  
 Dividends Payable 100
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 109,133
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 4,951,973
 Regular shares 14,772,544
 All Other Shares & Deposits 2,045,493
  TOTAL SHARES & DEPOSITS 21,770,012
  TOTAL LIABILITIES 21,879,245
 Regular Reserve 0
 Other Reserves 606,873
 Undivided Earnings 2,438,469
  TOTAL EQUITY 3,045,342
  TOTAL LIABILITIES, SHARES, & EQUITY 24,924,587
INCOME & EXPENSE  
 Loan Income 565,807
 Investment Income 420,922
 Other Income 111,328
 Total Employee Compensation & Benefits 287,520
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 582,017
 Non-operating Income & (Expense) 27,183
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 49,400
 Cost of Funds 78,849
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 281,365
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