Mar, 31, 2021 — WAVE FEDERAL CREDIT UNION is a federal credit union headquartered in WARWICK, RI with 2 branch locations and about $136.29 million in total assets. Opened 83 years ago in 1938, WAVE FEDERAL CREDIT UNION has about 7,043 members and employs 21 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: | 7,043 |
| 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, 2020 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $136,285,794 |
| CEO/Manager: | Paul Archambault |
| Chairperson: | Kenneth M Mallette, Jr. |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 24,092,744 |
| TOTAL INVESTMENTS | 42,883,387 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 52,317,860 |
| Unsecured Loans | 2,599,174 |
| Other Loans | 9,502,708 |
| TOTAL LOANS | 64,419,742 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -331,664 |
| Land And Building | 3,438,254 |
| Other Fixed Assets | 393,350 |
| NCUSIF Deposit | 1,074,214 |
| All Other Assets | 315,767 |
| TOTAL ASSETS | 136,285,794 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 591,408 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 29,579,676 |
| Regular shares | 60,868,459 |
| All Other Shares & Deposits | 29,969,438 |
| TOTAL SHARES & DEPOSITS | 120,417,573 |
| TOTAL LIABILITIES | 121,008,981 |
| Regular Reserve | 4,537,165 |
| Other Reserves | 233,997 |
| Undivided Earnings | 10,505,651 |
| TOTAL EQUITY | 15,276,813 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 136,285,794 |
| INCOME & EXPENSE | |
| Loan Income | 687,923 |
| Investment Income | 189,628 |
| Other Income | 163,832 |
| Total Employee Compensation & Benefits | 372,736 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 511,151 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | -20,869 |
| Cost of Funds | 78,437 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 118,297 |
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