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OCEAN FINANCIAL FEDERAL CREDIT UNION

Dec, 31, 2020 — OCEAN FINANCIAL FEDERAL CREDIT UNION is a federal credit union headquartered in OCEANSIDE, NY with 2 branch locations and about $357.87 million in total assets. Opened 52 years ago in 1969, OCEAN FINANCIAL FEDERAL CREDIT UNION has about 14,497 members and employs 39 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: 221478877
Name:OCEAN FINANCIAL FEDERAL CREDIT UNION
Address:
(Main Office)
45 ATLANTIC AVENUE
OCEANSIDE, NY 11572
Phone:(516) 620-8100
Fax:(516) 620-8080
Website:http://oceanfinancial.org
Branches:2 branch locations
Members:14,497
Credit Union Type:Federal Credit Union
Charter Number:19269
Membership Type:Multiple common bond - Primarily faith based
Corporate Credit Union:No
Year Opened:1969
Last Audited:Dec 01, 2019
FHLB Member:Yes
Low Income Designation:No
Assets:$357,868,806
CEO/Manager:Joseph A Tedesco
Chairperson:John K Timoney

Call Report

  • Commercial Loans
  • Indirect Consumer Loans
  • Interest Only or Payment Option 1st Mortgage Loans
  • Overdraft Lines of Credit
  • Overdraft Protection
  • Participation Loans
  • Real Estate Loans
  • Risk Based Loans
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Check Cashing
  • First Time Homebuyer Program
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 44,184,180
TOTAL INVESTMENTS 94,908,136
Loans Held for Sale 0
 
 Real Estate Loans 168,783,571
 Unsecured Loans 8,430,514
 Other Loans 31,529,227
 TOTAL LOANS 208,743,312
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -1,415,409
 Land And Building 4,221,090
 Other Fixed Assets 911,211
 NCUSIF Deposit 2,853,736
 All Other Assets 3,462,550
  TOTAL ASSETS 357,868,806
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 867,705
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 42,464,622
 Regular shares 65,820,986
 All Other Shares & Deposits 220,553,926
  TOTAL SHARES & DEPOSITS 328,839,534
  TOTAL LIABILITIES 329,707,239
 Regular Reserve 1,007,161
 Other Reserves 95,747
 Undivided Earnings 27,058,659
  TOTAL EQUITY 28,161,567
  TOTAL LIABILITIES, SHARES, & EQUITY 357,868,806
INCOME & EXPENSE  
 Loan Income 7,992,764
 Investment Income 2,086,949
 Other Income 1,164,179
 Total Employee Compensation & Benefits 3,672,728
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 3,608,310
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 293,467
 Cost of Funds 2,637,439
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 1,031,948
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