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WAVE FEDERAL CREDIT UNION

Jun, 30, 2024 — WAVE FEDERAL CREDIT UNION is a federal credit union headquartered in WARWICK, RI with 2 branch locations and about $144.79 million in total assets. Opened 87 years ago in 1938, WAVE FEDERAL CREDIT UNION has about 6,971 members and employs 22 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:WAVE FEDERAL CREDIT UNION
Address:
(Main Office)
480 Greenwich Ave
WARWICK, RI 02886-1606
Phone:(401) 781-1020
Fax:(401) 562-1290
Website:https://www.wavefcu.org
Branches:2 branch locations
Members:6,971
Credit Union Type:Federal Credit Union
Charter Number:24501
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1938
Last Audited:Dec 01, 2021
FHLB Member:No
Low Income Designation:No
Assets:$144,787,399
CEO/Manager:David P Dupere
Chairperson:Kenneth M Mallette, Jr.

Call Report

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

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 23,644,475
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 57,335,599
 Unsecured Loans 2,494,202
 Other Loans 10,717,734
 TOTAL LOANS 70,547,535
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -380,029
 Land And Building 3,309,280
 Other Fixed Assets 319,222
 NCUSIF Deposit 1,240,958
 All Other Assets 0
  TOTAL ASSETS 144,787,399
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 640,919
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 29,790,433
 Regular shares 68,058,958
 All Other Shares & Deposits 30,287,562
  TOTAL SHARES & DEPOSITS 128,136,953
  TOTAL LIABILITIES 128,777,872
 Regular Reserve 0
 Other Reserves 4,182,472
 Undivided Earnings 11,827,055
  TOTAL EQUITY 16,009,527
  TOTAL LIABILITIES, SHARES, & EQUITY 144,787,399
INCOME & EXPENSE  
 Loan Income 2,040,605
 Investment Income 597,627
 Other Income 458,165
 Total Employee Compensation & Benefits 1,139,649
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 1,522,399
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 106,598
 Cost of Funds 177,746
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 369,460
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