Dec, 31, 2023 — LOCAL GOVERNMENT FEDERAL CREDIT UNION is a federal credit union headquartered in RALEIGH, NC with 0 branch location and about $4.03 billion in total assets. Opened 41 years ago in 1983, LOCAL GOVERNMENT FEDERAL CREDIT UNION has about 403,764 members and employs 275 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: | 403,764 |
| 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, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $4,030,720,162 |
| CEO/Manager: | Dwayne Naylor |
| Chairperson: | Ken Noland |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 223,777,358 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 2,300,143,051 |
| Unsecured Loans | 543,389,163 |
| Other Loans | 720,494,882 |
| TOTAL LOANS | 3,564,091,589 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -44,213,255 |
| Land And Building | 52,804,224 |
| Other Fixed Assets | 4,508,144 |
| NCUSIF Deposit | 30,528,958 |
| All Other Assets | 1,273,615 |
| TOTAL ASSETS | 4,030,720,162 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 4,610,402 |
| Notes & Interest Payable | 295,000,000 |
| Accounts Payable & Other Liabilities | 21,002,434 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 52,500,000 |
| Share Drafts | 572,566,335 |
| Regular shares | 783,082,514 |
| All Other Shares & Deposits | 2,005,719,469 |
| TOTAL SHARES & DEPOSITS | 3,361,368,319 |
| TOTAL LIABILITIES | 3,734,481,155 |
| Regular Reserve | 0 |
| Other Reserves | -11,723,114 |
| Undivided Earnings | 307,962,121 |
| TOTAL EQUITY | 296,239,007 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 4,030,720,162 |
| INCOME & EXPENSE | |
| Loan Income | 189,394,776 |
| Investment Income | 13,412,173 |
| Other Income | 13,342,687 |
| Total Employee Compensation & Benefits | 45,497,946 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 109,831,290 |
| Non-operating Income & (Expense) | 59,000 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 45,727,310 |
| Cost of Funds | 75,800,016 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -16,296,904 |
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