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INSPIRE FEDERAL CREDIT UNION

Dec, 31, 2023 — INSPIRE FEDERAL CREDIT UNION is a federal credit union headquartered in NEWTOWN, PA with 4 branch locations and about $334.59 million in total assets. Opened 88 years ago in 1936, INSPIRE FEDERAL CREDIT UNION has about 15,438 members and employs 38 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


ABA Routing Number: 231379775
Name:INSPIRE FEDERAL CREDIT UNION
Address:
(Main Office)
3 Friends Ln
NEWTOWN, PA 18940
Phone:(267) 548-7023
Fax:(267) 545-0142
Website:https://www.inspirefcu.org
Branches:4 branch locations
Members:15,438
Credit Union Type:Federal Credit Union
Charter Number:1759
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1936
Last Audited:Dec 01, 2022
FHLB Member:Yes
Low Income Designation:No
Assets:$334,591,114
CEO/Manager:James M Merrill
Chairperson:Marc Diretto

Call Report

  • Credit Builder
  • First Time Homebuyer Program
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 34,075,287
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 138,950,970
 Unsecured Loans 48,338,151
 Other Loans 64,110,137
 TOTAL LOANS 251,399,258
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -1,691,740
 Land And Building 7,191,973
 Other Fixed Assets 672,411
 NCUSIF Deposit 2,415,312
 All Other Assets 35,100
  TOTAL ASSETS 334,591,114
LIABILITIES & CAPITAL:  
 Dividends Payable 306,863
 Notes & Interest Payable 40,500,000
 Accounts Payable & Other Liabilities 6,069,219
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 6,600,000
 Share Drafts 59,441,096
 Regular shares 47,244,863
 All Other Shares & Deposits 155,816,507
  TOTAL SHARES & DEPOSITS 262,502,465
  TOTAL LIABILITIES 315,978,547
 Regular Reserve 0
 Other Reserves -620,271
 Undivided Earnings 19,232,838
  TOTAL EQUITY 18,612,567
  TOTAL LIABILITIES, SHARES, & EQUITY 334,591,114
INCOME & EXPENSE  
 Loan Income 13,076,042
 Investment Income 1,624,855
 Other Income 720,581
 Total Employee Compensation & Benefits 4,026,926
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 5,551,692
 Non-operating Income & (Expense) 270,886
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 1,128,000
 Cost of Funds 4,838,127
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 1,921,443
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