Dec, 31, 2023 — COMMUNITY FIRST FEDERAL CREDIT UNION is a federal credit union headquartered in LAKEVIEW, MI with 4 branch locations and about $125.61 million in total assets. Opened 39 years ago in 1985, COMMUNITY FIRST FEDERAL CREDIT UNION has about 12,715 members and employs 60 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | COMMUNITY FIRST FEDERAL CREDIT UNION |
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Address: (Main Office) | 9637 N Greenville Rd LAKEVIEW, MI 48850-9107 |
Phone: | (989) 352-6031 |
Fax: | (989) 352-6171 |
Website: | https://cffcu.biz |
Branches: | 4 branch locations |
Members: | 12,715 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 24199 |
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Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
Corporate Credit Union: | No |
Year Opened: | 1985 |
Last Audited: | Mar 01, 2023 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $125,608,613 |
CEO/Manager: | Timothy G Rasmussen |
Chairperson: | John Schwandt |
ASSETS: | $ Amount |
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Cash & Equivalents | 2,489,586 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 69,371,474 |
Unsecured Loans | 7,707,216 |
Other Loans | 37,475,205 |
TOTAL LOANS | 114,553,895 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -163,726 |
Land And Building | 439,780 |
Other Fixed Assets | 2,923,303 |
NCUSIF Deposit | 1,066,067 |
All Other Assets | 336,000 |
TOTAL ASSETS | 125,608,613 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 7 |
Notes & Interest Payable | 2,342,986 |
Accounts Payable & Other Liabilities | 1,273,646 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 31,794,654 |
Regular shares | 41,357,196 |
All Other Shares & Deposits | 39,301,417 |
TOTAL SHARES & DEPOSITS | 112,453,267 |
TOTAL LIABILITIES | 116,069,906 |
Regular Reserve | 0 |
Other Reserves | 0 |
Undivided Earnings | 9,538,707 |
TOTAL EQUITY | 9,538,707 |
TOTAL LIABILITIES, SHARES, & EQUITY | 125,608,613 |
INCOME & EXPENSE | |
Loan Income | 7,767,555 |
Investment Income | 101,239 |
Other Income | 1,937,023 |
Total Employee Compensation & Benefits | 4,430,842 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 2,880,754 |
Non-operating Income & (Expense) | 838,578 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 227,146 |
Cost of Funds | 1,213,807 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 1,956,096 |
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