Dec, 31, 2023 — OCEAN FINANCIAL FEDERAL CREDIT UNION is a federal credit union headquartered in OCEANSIDE, NY with 2 branch locations and about $359.01 million in total assets. Opened 55 years ago in 1969, OCEAN FINANCIAL FEDERAL CREDIT UNION has about 14,202 members and employs 42 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | OCEAN FINANCIAL FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 45 Atlantic Ave OCEANSIDE, NY 11572-2035 |
| Phone: | (516) 620-8100 |
| Fax: | (516) 620-8080 |
| Website: | https://oceanfinancial.org |
| Branches: | 2 branch locations |
| Members: | 14,202 |
| 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, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $359,011,115 |
| CEO/Manager: | Joseph A Tedesco |
| Chairperson: | Lisa McGuinness |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 20,393,303 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 183,105,792 |
| Unsecured Loans | 5,679,250 |
| Other Loans | 49,100,100 |
| TOTAL LOANS | 237,918,608 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,712,702 |
| Land And Building | 2,900,070 |
| Other Fixed Assets | 497,985 |
| NCUSIF Deposit | 3,005,259 |
| All Other Assets | 0 |
| TOTAL ASSETS | 359,011,115 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 3,000,000 |
| Accounts Payable & Other Liabilities | 2,369,786 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 43,803,071 |
| Regular shares | 54,223,315 |
| All Other Shares & Deposits | 237,958,197 |
| TOTAL SHARES & DEPOSITS | 335,984,583 |
| TOTAL LIABILITIES | 341,354,369 |
| Regular Reserve | 0 |
| Other Reserves | -15,582,656 |
| Undivided Earnings | 33,239,402 |
| TOTAL EQUITY | 17,656,746 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 359,011,115 |
| INCOME & EXPENSE | |
| Loan Income | 10,520,894 |
| Investment Income | 2,633,247 |
| Other Income | 437,427 |
| Total Employee Compensation & Benefits | 4,529,030 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 4,625,482 |
| Non-operating Income & (Expense) | -66,582 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 177,000 |
| Cost of Funds | 4,678,325 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 365,299 |
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