Mar, 31, 2022 — WAVE FEDERAL CREDIT UNION is a federal credit union headquartered in WARWICK, RI with 2 branch locations and about $147.09 million in total assets. Opened 84 years ago in 1938, WAVE FEDERAL CREDIT UNION has about 6,912 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: | 6,912 |
| 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: | $147,090,034 |
| CEO/Manager: | David P Dupere |
| Chairperson: | Kenneth M Mallette, Jr. |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 28,984,874 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 53,510,652 |
| Unsecured Loans | 2,423,145 |
| Other Loans | 9,512,942 |
| TOTAL LOANS | 65,446,739 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -380,236 |
| Land And Building | 3,352,272 |
| Other Fixed Assets | 353,180 |
| NCUSIF Deposit | 1,191,099 |
| All Other Assets | 0 |
| TOTAL ASSETS | 147,090,034 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 694,332 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 31,338,214 |
| Regular shares | 68,277,395 |
| All Other Shares & Deposits | 30,587,108 |
| TOTAL SHARES & DEPOSITS | 130,202,717 |
| TOTAL LIABILITIES | 130,897,049 |
| Regular Reserve | 0 |
| Other Reserves | 4,498,712 |
| Undivided Earnings | 11,694,273 |
| TOTAL EQUITY | 16,192,985 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 147,090,034 |
| INCOME & EXPENSE | |
| Loan Income | 648,265 |
| Investment Income | 160,127 |
| Other Income | 174,514 |
| Total Employee Compensation & Benefits | 364,549 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 504,429 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 19,293 |
| Cost of Funds | 60,413 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 236,679 |
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