Dec, 31, 2023 — NORTHLAND AREA FEDERAL CREDIT UNION is a federal credit union headquartered in ALPENA, MI with 18 branch locations and about $690.89 million in total assets. Opened 67 years ago in 1957, NORTHLAND AREA FEDERAL CREDIT UNION has about 44,812 members and employs 149 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 49707-8221 |
| Phone: | (989) 739-1401 |
| Fax: | |
| Website: | https://www.northlandcu.com |
| Branches: | 18 branch locations |
| Members: | 44,812 |
| 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, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $690,889,661 |
| CEO/Manager: | Pete Dzuris |
| Chairperson: | Mike Palumbo |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 68,469,120 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 290,346,629 |
| Unsecured Loans | 12,675,044 |
| Other Loans | 126,707,086 |
| TOTAL LOANS | 431,311,237 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -4,368,498 |
| Land And Building | 21,117,067 |
| Other Fixed Assets | 2,174,309 |
| NCUSIF Deposit | 5,944,679 |
| All Other Assets | 496,444 |
| TOTAL ASSETS | 690,889,661 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 1,324,525 |
| Notes & Interest Payable | 35,000,000 |
| Accounts Payable & Other Liabilities | 11,193,590 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 123,272,605 |
| Regular shares | 183,267,529 |
| All Other Shares & Deposits | 302,860,999 |
| TOTAL SHARES & DEPOSITS | 609,401,133 |
| TOTAL LIABILITIES | 656,919,248 |
| Regular Reserve | 0 |
| Other Reserves | -25,079,449 |
| Undivided Earnings | 59,049,862 |
| TOTAL EQUITY | 33,970,413 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 690,889,661 |
| INCOME & EXPENSE | |
| Loan Income | 21,069,740 |
| Investment Income | 5,706,985 |
| Other Income | 5,709,944 |
| Total Employee Compensation & Benefits | 11,892,975 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 9,665,854 |
| Non-operating Income & (Expense) | 253,978 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | -1,396,131 |
| Cost of Funds | 9,897,273 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,499,006 |
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