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WAVE FEDERAL CREDIT UNION

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.

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 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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