Dec, 31, 2023 — TORRANCE COMMUNITY FEDERAL CREDIT UNION is a federal credit union headquartered in TORRANCE, CA with 1 branch location and about $169.67 million in total assets. Opened 66 years ago in 1958, TORRANCE COMMUNITY FEDERAL CREDIT UNION has about 7,645 members and employs 16 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | TORRANCE COMMUNITY FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1511 Cravens Ave TORRANCE, CA 90501-2706 |
| Phone: | (310) 618-9111 |
| Fax: | (310) 782-1732 |
| Website: | https://www.torranceccu.org |
| Branches: | 1 branch locations |
| Members: | 7,645 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 12543 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1958 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $169,666,705 |
| CEO/Manager: | Michael S Wilkins |
| Chairperson: | Jane Isomoto |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 16,152,375 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 26,774,291 |
| Unsecured Loans | 3,768,435 |
| Other Loans | 21,161,094 |
| TOTAL LOANS | 51,703,820 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -280,774 |
| Land And Building | 4,360,930 |
| Other Fixed Assets | 108,786 |
| NCUSIF Deposit | 1,436,860 |
| All Other Assets | 0 |
| TOTAL ASSETS | 169,666,705 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 81,862 |
| Notes & Interest Payable | 15,000,000 |
| Accounts Payable & Other Liabilities | 830,074 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 37,741,794 |
| Regular shares | 66,660,436 |
| All Other Shares & Deposits | 44,766,472 |
| TOTAL SHARES & DEPOSITS | 149,168,702 |
| TOTAL LIABILITIES | 165,080,638 |
| Regular Reserve | 0 |
| Other Reserves | -8,905,290 |
| Undivided Earnings | 13,491,357 |
| TOTAL EQUITY | 4,586,067 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 169,666,705 |
| INCOME & EXPENSE | |
| Loan Income | 2,231,961 |
| Investment Income | 2,012,995 |
| Other Income | 252,259 |
| Total Employee Compensation & Benefits | 1,345,748 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,034,504 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 55,396 |
| Cost of Funds | 882,439 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 799,949 |
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