Dec, 31, 2022 — SECTION 705 FEDERAL CREDIT UNION is a federal credit union headquartered in LAFAYETTE, LA with 1 branch location and about $43.74 million in total assets. Opened 55 years ago in 1968, SECTION 705 FEDERAL CREDIT UNION has about 3,707 members and employs 15 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SECTION 705 FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1455 W Willow St LAFAYETTE, LA 70506-1026 |
| Phone: | (337) 232-8450 |
| Fax: | (337) 232-2786 |
| Website: | https://www.705fcu.com |
| Branches: | 1 branch locations |
| Members: | 3,707 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 18749 |
|---|---|
| Membership Type: | Multiple common bond - Primarily federal, state, local government |
| Corporate Credit Union: | No |
| Year Opened: | 1968 |
| Last Audited: | Aug 01, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $43,736,623 |
| CEO/Manager: | Cassie R Theriot |
| Chairperson: | Dennis Marks |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 2,669,613 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 9,632,547 |
| Unsecured Loans | 5,184,077 |
| Other Loans | 16,361,265 |
| TOTAL LOANS | 31,177,889 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -87,270 |
| Land And Building | 984,599 |
| Other Fixed Assets | 45,022 |
| NCUSIF Deposit | 352,390 |
| All Other Assets | 33,625 |
| TOTAL ASSETS | 43,736,623 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 3,622 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 576,077 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 4,934,922 |
| Regular shares | 19,639,453 |
| All Other Shares & Deposits | 14,631,090 |
| TOTAL SHARES & DEPOSITS | 39,205,465 |
| TOTAL LIABILITIES | 39,785,164 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 3,951,459 |
| TOTAL EQUITY | 3,951,459 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 43,736,623 |
| INCOME & EXPENSE | |
| Loan Income | 1,279,108 |
| Investment Income | 75,658 |
| Other Income | 394,737 |
| Total Employee Compensation & Benefits | 708,850 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 928,066 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 20,396 |
| Cost of Funds | 87,722 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 165,446 |
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