Dec, 31, 2020 — LOCAL GOVERNMENT FEDERAL CREDIT UNION is a federal credit union headquartered in RALEIGH, NC with 0 branch location and about $2.85 billion in total assets. Opened 38 years ago in 1983, LOCAL GOVERNMENT FEDERAL CREDIT UNION has about 370,521 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: | 370,521 |
| 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: | $2,846,656,462 |
| CEO/Manager: | Mark Caverly |
| Chairperson: | Lin Jones |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 462,036,405 |
| TOTAL INVESTMENTS | 2,963,289 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 1,203,344,552 |
| Unsecured Loans | 361,160,220 |
| Other Loans | 580,504,489 |
| TOTAL LOANS | 2,145,057,747 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -24,515,068 |
| Land And Building | 57,248,924 |
| Other Fixed Assets | 5,310,069 |
| NCUSIF Deposit | 22,894,650 |
| All Other Assets | 175,660,446 |
| TOTAL ASSETS | 2,846,656,462 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 478,424 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 15,057,086 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 1,200,000 |
| Share Drafts | 566,724,751 |
| Regular shares | 669,405,386 |
| All Other Shares & Deposits | 1,353,822,527 |
| TOTAL SHARES & DEPOSITS | 2,589,952,664 |
| TOTAL LIABILITIES | 2,606,688,174 |
| Regular Reserve | 8,568,384 |
| Other Reserves | 2,076,482 |
| Undivided Earnings | 229,323,422 |
| TOTAL EQUITY | 239,968,288 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 2,846,656,462 |
| INCOME & EXPENSE | |
| Loan Income | 108,364,520 |
| Investment Income | 1,160,987 |
| Other Income | 48,335,374 |
| Total Employee Compensation & Benefits | 30,999,917 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 68,330,687 |
| Non-operating Income & (Expense) | 515,035 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 15,006,749 |
| Cost of Funds | 15,621,737 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 28,416,826 |
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