Mar, 31, 2021 — LOCAL GOVERNMENT FEDERAL CREDIT UNION is a federal credit union headquartered in RALEIGH, NC with 0 branch location and about $3.10 billion in total assets. Opened 38 years ago in 1983, LOCAL GOVERNMENT FEDERAL CREDIT UNION has about 375,520 members and employs 232 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | LOCAL GOVERNMENT FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 3600 WAKE FOREST RD RALEIGH, NC 27609-7309 |
| Phone: | (919) 755-0534 |
| Fax: | (919) 755-0193 |
| Website: | http://www.lgfcu.org |
| Branches: | 0 branch locations |
| Members: | 375,520 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24003 |
|---|---|
| Membership Type: | Multiple common bond - Primarily federal, state, local government |
| Corporate Credit Union: | No |
| Year Opened: | 1983 |
| Last Audited: | Jun 01, 2020 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $3,102,795,007 |
| CEO/Manager: | Mark Caverly |
| Chairperson: | Lin Jones |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 657,943,352 |
| TOTAL INVESTMENTS | 62,251,256 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 1,276,877,319 |
| Unsecured Loans | 353,042,096 |
| Other Loans | 584,684,724 |
| TOTAL LOANS | 2,214,688,288 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -24,127,874 |
| Land And Building | 57,012,598 |
| Other Fixed Assets | 4,784,583 |
| NCUSIF Deposit | 22,894,650 |
| All Other Assets | 107,348,154 |
| TOTAL ASSETS | 3,102,795,007 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 361,371 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 15,451,891 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 1,200,000 |
| Share Drafts | 619,377,961 |
| Regular shares | 805,124,569 |
| All Other Shares & Deposits | 1,413,007,007 |
| TOTAL SHARES & DEPOSITS | 2,837,509,537 |
| TOTAL LIABILITIES | 2,854,522,799 |
| Regular Reserve | 8,568,384 |
| Other Reserves | 1,341,637 |
| Undivided Earnings | 238,362,187 |
| TOTAL EQUITY | 248,272,208 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 3,102,795,007 |
| INCOME & EXPENSE | |
| Loan Income | 28,560,430 |
| Investment Income | 191,609 |
| Other Income | 1,996,353 |
| Total Employee Compensation & Benefits | 8,796,886 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 19,474,353 |
| Non-operating Income & (Expense) | 18,204 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 2,855,000 |
| Cost of Funds | 2,278,281 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 9,038,765 |
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