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NORTHLAND AREA FEDERAL CREDIT UNION

Mar, 31, 2021 — NORTHLAND AREA FEDERAL CREDIT UNION is a federal credit union headquartered in Alpena, MI with 15 branch locations and about $571.65 million in total assets. Opened 64 years ago in 1957, NORTHLAND AREA FEDERAL CREDIT UNION has about 49,109 members and employs 145 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)
1161 N Bagley St
Alpena, MI 49707-8101
Phone:(989) 739-1401
Fax:
Website:http://www.northlandcu.com
Branches:15 branch locations
Members:49,109
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, 2020
FHLB Member:Yes
Low Income Designation:No
Assets:$571,650,504
CEO/Manager:Pete Dzuris
Chairperson:Mike Palumbo

Call Report

  • Commercial Loans
  • Indirect Consumer Loans
  • Interest Only or Payment Option 1st Mortgage Loans
  • Micro Business Loans
  • Micro Consumer Loans
  • Overdraft Lines of Credit
  • Overdraft Protection
  • Participation Loans
  • Real Estate Loans
  • Risk Based Loans
  • Share Secured Credit Cards
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Check Cashing
  • First Time Homebuyer Program
  • Insurance/Investment Sales
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 38,980,534
TOTAL INVESTMENTS 131,376,623
Loans Held for Sale 0
 
 Real Estate Loans 223,111,140
 Unsecured Loans 23,473,917
 Other Loans 123,929,703
 TOTAL LOANS 372,392,506
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -5,716,837
 Land And Building 20,167,501
 Other Fixed Assets 1,608,730
 NCUSIF Deposit 4,147,493
 All Other Assets 8,693,954
  TOTAL ASSETS 571,650,504
LIABILITIES & CAPITAL:  
 Dividends Payable 254,287
 Notes & Interest Payable 12,000,000
 Accounts Payable & Other Liabilities 7,118,911
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 113,889,403
 Regular shares 204,938,236
 All Other Shares & Deposits 184,811,888
  TOTAL SHARES & DEPOSITS 503,639,527
  TOTAL LIABILITIES 523,012,725
 Regular Reserve 4,955,610
 Other Reserves 3,066,044
 Undivided Earnings 40,616,125
  TOTAL EQUITY 48,637,779
  TOTAL LIABILITIES, SHARES, & EQUITY 571,650,504
INCOME & EXPENSE  
 Loan Income 4,089,869
 Investment Income 348,321
 Other Income 1,589,053
 Total Employee Compensation & Benefits 2,492,514
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 1,790,283
 Non-operating Income & (Expense) 75,315
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 300,000
 Cost of Funds 543,733
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 1,107,303
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