Dec, 31, 2022 — LOCAL GOVERNMENT FEDERAL CREDIT UNION is a federal credit union headquartered in RALEIGH, NC with 0 branch location and about $3.71 billion in total assets. Opened 40 years ago in 1983, LOCAL GOVERNMENT FEDERAL CREDIT UNION has about 399,585 members and employs 212 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: | https://www.lgfcu.org |
| Branches: | 0 branch locations |
| Members: | 399,585 |
| 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, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $3,707,620,199 |
| CEO/Manager: | Mark Caverly |
| Chairperson: | Ken Noland |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 135,910,971 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 2,152,597,117 |
| Unsecured Loans | 452,857,331 |
| Other Loans | 674,700,071 |
| TOTAL LOANS | 3,280,236,539 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -26,606,323 |
| Land And Building | 54,482,658 |
| Other Fixed Assets | 2,736,995 |
| NCUSIF Deposit | 30,826,070 |
| All Other Assets | 807,881 |
| TOTAL ASSETS | 3,707,620,199 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 352,640 |
| Notes & Interest Payable | 100,000,000 |
| Accounts Payable & Other Liabilities | 19,732,662 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 52,900,000 |
| Share Drafts | 628,073,425 |
| Regular shares | 974,935,289 |
| All Other Shares & Deposits | 1,619,457,496 |
| TOTAL SHARES & DEPOSITS | 3,222,466,210 |
| TOTAL LIABILITIES | 3,395,451,512 |
| Regular Reserve | 0 |
| Other Reserves | -14,995,071 |
| Undivided Earnings | 327,163,758 |
| TOTAL EQUITY | 312,168,687 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 3,707,620,199 |
| INCOME & EXPENSE | |
| Loan Income | 105,726,705 |
| Investment Income | 2,912,204 |
| Other Income | 8,253,202 |
| Total Employee Compensation & Benefits | 32,223,212 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 66,294,333 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 13,513,773 |
| Cost of Funds | 8,662,033 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 34,877,225 |
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