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.
Name: | INSPIRE FEDERAL CREDIT UNION |
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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 |
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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 |
ASSETS: | $ Amount |
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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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