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 |
| 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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