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SECTION 705 FEDERAL CREDIT UNION

Jun, 30, 2021 — SECTION 705 FEDERAL CREDIT UNION is a federal credit union headquartered in Lafayette, LA with 1 branch location and about $39.96 million in total assets. Opened 53 years ago in 1968, SECTION 705 FEDERAL CREDIT UNION has about 3,554 members and employs 13 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:http://www.705fcu.com
Branches:1 branch locations
Members:3,554
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:Jun 01, 2020
FHLB Member:No
Low Income Designation:No
Assets:$39,958,311
CEO/Manager:Melanie M Riedl
Chairperson:Dennis Marks

Call Report

  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 1,870,450
TOTAL INVESTMENTS 9,081,329
Loans Held for Sale 0
 
 Real Estate Loans 8,849,237
 Unsecured Loans 4,313,069
 Other Loans 14,342,644
 TOTAL LOANS 27,504,950
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -85,321
 Land And Building 967,481
 Other Fixed Assets 59,813
 NCUSIF Deposit 320,987
 All Other Assets 238,622
  TOTAL ASSETS 39,958,311
LIABILITIES & CAPITAL:  
 Dividends Payable 4,811
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 39,150
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 4,561,929
 Regular shares 17,718,297
 All Other Shares & Deposits 13,908,134
  TOTAL SHARES & DEPOSITS 36,188,360
  TOTAL LIABILITIES 36,232,321
 Regular Reserve 961,430
 Other Reserves 0
 Undivided Earnings 2,764,560
  TOTAL EQUITY 3,725,990
  TOTAL LIABILITIES, SHARES, & EQUITY 39,958,311
INCOME & EXPENSE  
 Loan Income 667,202
 Investment Income 32,489
 Other Income 231,868
 Total Employee Compensation & Benefits 385,940
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 477,970
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense -11,040
 Cost of Funds 60,375
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 146,136
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