Dec, 31, 2021 — LOCAL GOVERNMENT FEDERAL CREDIT UNION is a federal credit union headquartered in RALEIGH, NC with 0 branch location and about $3.28 billion in total assets. Opened 39 years ago in 1983, LOCAL GOVERNMENT FEDERAL CREDIT UNION has about 386,503 members and employs 226 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: | 386,503 |
| 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: | $3,281,699,678 |
| CEO/Manager: | Mark Caverly |
| Chairperson: | Lin Jones |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 309,235,317 |
| TOTAL INVESTMENTS | 97,808,717 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 1,643,909,151 |
| Unsecured Loans | 396,014,626 |
| Other Loans | 628,029,022 |
| TOTAL LOANS | 2,667,997,935 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -23,167,551 |
| Land And Building | 55,697,229 |
| Other Fixed Assets | 4,022,045 |
| NCUSIF Deposit | 27,480,771 |
| All Other Assets | 142,625,215 |
| TOTAL ASSETS | 3,281,699,678 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 297,083 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 14,654,646 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 800,000 |
| Share Drafts | 586,435,555 |
| Regular shares | 878,981,783 |
| All Other Shares & Deposits | 1,506,712,797 |
| TOTAL SHARES & DEPOSITS | 2,972,130,135 |
| TOTAL LIABILITIES | 2,987,881,864 |
| Regular Reserve | 8,568,384 |
| Other Reserves | 1,531,282 |
| Undivided Earnings | 283,718,148 |
| TOTAL EQUITY | 293,817,814 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 3,281,699,678 |
| INCOME & EXPENSE | |
| Loan Income | 119,369,682 |
| Investment Income | 1,794,653 |
| Other Income | 8,859,299 |
| Total Employee Compensation & Benefits | 36,239,304 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 80,308,668 |
| Non-operating Income & (Expense) | 139,044 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 5,772,359 |
| Cost of Funds | 8,567,251 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 54,394,727 |
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