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MAGNOLIA FEDERAL CREDIT UNION

Mar, 31, 2022 — MAGNOLIA FEDERAL CREDIT UNION is a federal credit union headquartered in JACKSON, MS with 3 branch locations and about $170.48 million in total assets. Opened 87 years ago in 1935, MAGNOLIA FEDERAL CREDIT UNION has about 19,628 members and employs 46 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: 265377235
Name:MAGNOLIA FEDERAL CREDIT UNION
Address:
(Main Office)
240 Briarwood Dr
JACKSON, MS 39206
Phone:(601) 977-8300
Fax:(601) 977-8320
Website:http://www.magfedcu.org
Branches:3 branch locations
Members:19,628
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, 2021
FHLB Member:No
Low Income Designation:No
Assets:$170,482,856
CEO/Manager:Michael Waylett
Chairperson:Mary E Barrett

Call Report

  • Credit Builder
  • Payday Alternative Loans (PAL Loans)
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 32,180,117
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 8,646,025
 Unsecured Loans 14,619,103
 Other Loans 63,415,709
 TOTAL LOANS 86,867,781
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -730,289
 Land And Building 7,609,743
 Other Fixed Assets 238,239
 NCUSIF Deposit 1,329,472
 All Other Assets 8,750
  TOTAL ASSETS 170,482,856
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 3,680,610
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 30,919,253
 Regular shares 78,326,501
 All Other Shares & Deposits 34,101,358
  TOTAL SHARES & DEPOSITS 143,347,112
  TOTAL LIABILITIES 147,027,722
 Regular Reserve 0
 Other Reserves 808,518
 Undivided Earnings 22,646,616
  TOTAL EQUITY 23,455,134
  TOTAL LIABILITIES, SHARES, & EQUITY 170,482,856
INCOME & EXPENSE  
 Loan Income 1,457,353
 Investment Income 50,084
 Other Income 486,178
 Total Employee Compensation & Benefits 912,736
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 845,446
 Non-operating Income & (Expense) 199,402
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 62,772
 Cost of Funds 93,322
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 720,844
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