Sep, 30, 2025 — MAGNOLIA FEDERAL CREDIT UNION is a federal credit union headquartered in JACKSON, MS with 5 branch locations and about $173.87 million in total assets. Opened 91 years ago in 1935, MAGNOLIA FEDERAL CREDIT UNION has about 21,438 members and employs 57 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MAGNOLIA FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 240 Briarwood Dr JACKSON, MS 39206 |
| Phone: | (601) 977-8300 |
| Fax: | (601) 977-8320 |
| Website: | https://www.magfedcu.org |
| Branches: | 5 branch locations |
| Members: | 21,438 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 224 |
|---|---|
| Membership Type: | Multiple common bond - other |
| Corporate Credit Union: | No |
| Year Opened: | 1935 |
| Last Audited: | Sep 01, 2025 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $173,872,773 |
| CEO/Manager: | Michael Waylett |
| Chairperson: | Mary E Barrett |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 24,385,258 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 10,436,491 |
| Unsecured Loans | 19,155,914 |
| Other Loans | 92,781,790 |
| TOTAL LOANS | 122,425,867 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -3,171,096 |
| Land And Building | 7,368,812 |
| Other Fixed Assets | 546,508 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 1,239,204 |
| All Other Assets | 197,487 |
| TOTAL ASSETS | 173,872,773 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | -504,518 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 28,750,497 |
| Regular shares | 71,782,423 |
| All Other Shares & Deposits | 33,576,216 |
| TOTAL SHARES & DEPOSITS | 134,109,136 |
| TOTAL LIABILITIES | 133,604,618 |
| Regular Reserve | 0 |
| Other Reserves | 3,362,645 |
| Undivided Earnings | 36,905,510 |
| TOTAL EQUITY | 40,268,155 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 173,872,773 |
| INCOME & EXPENSE | |
| Loan Income | 6,942,748 |
| Investment Income | 912,081 |
| Other Income | 1,770,679 |
| Total Employee Compensation & Benefits | 3,232,992 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 3,956,261 |
| Non-operating Income & (Expense) | 2,777,878 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 2,200,048 |
| Cost of Funds | 576,623 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,776,939 |
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