Mar, 31, 2022 — LOCAL GOVERNMENT FEDERAL CREDIT UNION is a federal credit union headquartered in RALEIGH, NC with 0 branch location and about $3.50 billion in total assets. Opened 39 years ago in 1983, LOCAL GOVERNMENT FEDERAL CREDIT UNION has about 390,949 members and employs 216 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: | 390,949 |
| 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, 2021 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $3,496,308,195 |
| CEO/Manager: | Mark Caverly |
| Chairperson: | Ken Noland |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 329,305,273 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 1,814,381,187 |
| Unsecured Loans | 403,026,378 |
| Other Loans | 640,433,129 |
| TOTAL LOANS | 2,857,923,775 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -22,934,932 |
| Land And Building | 55,296,341 |
| Other Fixed Assets | 3,546,035 |
| NCUSIF Deposit | 27,480,771 |
| All Other Assets | 626,768 |
| TOTAL ASSETS | 3,496,308,195 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 292,698 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 16,902,713 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 800,000 |
| Share Drafts | 665,560,367 |
| Regular shares | 963,575,303 |
| All Other Shares & Deposits | 1,548,445,417 |
| TOTAL SHARES & DEPOSITS | 3,177,581,087 |
| TOTAL LIABILITIES | 3,195,576,498 |
| Regular Reserve | 0 |
| Other Reserves | -4,569,207 |
| Undivided Earnings | 305,300,904 |
| TOTAL EQUITY | 300,731,697 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 3,496,308,195 |
| INCOME & EXPENSE | |
| Loan Income | 32,582,385 |
| Investment Income | 508,085 |
| Other Income | 2,540,850 |
| Total Employee Compensation & Benefits | 9,066,925 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 20,912,029 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 2,840,000 |
| Cost of Funds | 1,858,819 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 13,014,371 |
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