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NORTHLAND AREA FEDERAL CREDIT UNION

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

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 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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