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LOCAL GOVERNMENT FEDERAL CREDIT UNION

Sep, 30, 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.


ABA Routing Number: 253184537
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

Call Report

  • First Time Homebuyer Program
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
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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