Dec, 31, 2020 — NORTHLAND AREA FEDERAL CREDIT UNION is a federal credit union headquartered in OSCODA, MI with 15 branch locations and about $538.95 million in total assets. Opened 64 years ago in 1957, NORTHLAND AREA FEDERAL CREDIT UNION has about 49,105 members and employs 152 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | NORTHLAND AREA FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | PO BOX 519 OSCODA, MI 48750 |
| Phone: | (989) 739-1401 |
| Fax: | |
| Website: | http://www.northlandcu.com |
| Branches: | 15 branch locations |
| Members: | 49,105 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 11979 |
|---|---|
| Membership Type: | Community - Rural District |
| Corporate Credit Union: | No |
| Year Opened: | 1957 |
| Last Audited: | Dec 01, 2019 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $538,946,792 |
| CEO/Manager: | Pete Dzuris |
| Chairperson: | Mike Palumbo |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 63,427,270 |
| TOTAL INVESTMENTS | 75,713,852 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 222,013,819 |
| Unsecured Loans | 23,972,840 |
| Other Loans | 122,653,476 |
| TOTAL LOANS | 370,647,758 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -5,532,069 |
| Land And Building | 20,905,728 |
| Other Fixed Assets | 1,058,342 |
| NCUSIF Deposit | 4,147,492 |
| All Other Assets | 8,578,419 |
| TOTAL ASSETS | 538,946,792 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 342,010 |
| Notes & Interest Payable | 12,000,000 |
| Accounts Payable & Other Liabilities | 7,593,411 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 103,192,174 |
| Regular shares | 184,014,264 |
| All Other Shares & Deposits | 181,463,751 |
| TOTAL SHARES & DEPOSITS | 468,670,189 |
| TOTAL LIABILITIES | 488,605,610 |
| Regular Reserve | 4,955,610 |
| Other Reserves | 5,876,753 |
| Undivided Earnings | 39,508,819 |
| TOTAL EQUITY | 50,341,182 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 538,946,792 |
| INCOME & EXPENSE | |
| Loan Income | 16,732,437 |
| Investment Income | 1,039,100 |
| Other Income | 6,094,836 |
| Total Employee Compensation & Benefits | 9,772,976 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 6,888,785 |
| Non-operating Income & (Expense) | 813,387 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,690,000 |
| Cost of Funds | 2,767,237 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,560,762 |
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