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MAGNOLIA FEDERAL CREDIT UNION

Dec, 31, 2020 — MAGNOLIA FEDERAL CREDIT UNION is a federal credit union headquartered in Jackson, MS with 3 branch locations and about $150.05 million in total assets. Opened 86 years ago in 1935, MAGNOLIA FEDERAL CREDIT UNION has about 19,375 members and employs 48 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:19,375
Credit Union Type:Federal Credit Union
Charter Number:224
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1935
Last Audited:Sep 01, 2020
FHLB Member:No
Low Income Designation:No
Assets:$150,045,365
CEO/Manager:Michael Waylett
Chairperson:Mary E Barrett

Call Report

  • Credit Builder
  • Indirect Consumer Loans
  • Overdraft Lines of Credit
  • Overdraft Protection
  • Participation Loans
  • Pay Day Loans
  • Real Estate Loans
  • Risk Based Loans
  • Share Secured Credit Cards
  • Payday Alternative Loans (PAL Loans)
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Check Cashing
  • Health Savings Accounts
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 41,726,021
TOTAL INVESTMENTS 24,126,928
Loans Held for Sale 0
 
 Real Estate Loans 5,414,471
 Unsecured Loans 15,221,851
 Other Loans 46,967,057
 TOTAL LOANS 67,603,379
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -1,329,882
 Land And Building 8,221,005
 Other Fixed Assets 376,080
 NCUSIF Deposit 1,174,305
 All Other Assets 8,147,529
  TOTAL ASSETS 150,045,365
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 1,570,312
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 28,698,615
 Regular shares 66,014,543
 All Other Shares & Deposits 32,571,960
  TOTAL SHARES & DEPOSITS 127,285,118
  TOTAL LIABILITIES 128,855,430
 Regular Reserve 2,041,070
 Other Reserves -1,156,882
 Undivided Earnings 20,305,747
  TOTAL EQUITY 21,189,935
  TOTAL LIABILITIES, SHARES, & EQUITY 150,045,365
INCOME & EXPENSE  
 Loan Income 5,209,908
 Investment Income 308,957
 Other Income 3,056,104
 Total Employee Compensation & Benefits 3,241,130
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 3,971,858
 Non-operating Income & (Expense) 703,072
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 648,113
 Cost of Funds 527,999
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 888,941
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