Dec, 31, 2022 — MAGNOLIA FEDERAL CREDIT UNION is a federal credit union headquartered in JACKSON, MS with 3 branch locations and about $169.21 million in total assets. Opened 88 years ago in 1935, MAGNOLIA FEDERAL CREDIT UNION has about 19,463 members and employs 47 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: | 3 branch locations |
| Members: | 19,463 |
| 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, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $169,209,537 |
| CEO/Manager: | Michael Waylett |
| Chairperson: | Mary E Barrett |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 23,196,799 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 8,002,804 |
| Unsecured Loans | 15,429,912 |
| Other Loans | 67,940,134 |
| TOTAL LOANS | 91,605,384 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -874,076 |
| Land And Building | 7,407,793 |
| Other Fixed Assets | 230,046 |
| NCUSIF Deposit | 1,361,149 |
| All Other Assets | 142,301 |
| TOTAL ASSETS | 169,209,537 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 2,322,730 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 30,691,770 |
| Regular shares | 76,800,433 |
| All Other Shares & Deposits | 33,740,161 |
| TOTAL SHARES & DEPOSITS | 141,232,364 |
| TOTAL LIABILITIES | 143,555,094 |
| Regular Reserve | 0 |
| Other Reserves | 750,706 |
| Undivided Earnings | 24,903,737 |
| TOTAL EQUITY | 25,654,443 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 169,209,537 |
| INCOME & EXPENSE | |
| Loan Income | 4,697,810 |
| Investment Income | 385,627 |
| Other Income | 1,595,353 |
| Total Employee Compensation & Benefits | 2,557,696 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,766,632 |
| Non-operating Income & (Expense) | 1,213,276 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 812,129 |
| Cost of Funds | 272,931 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,977,966 |
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