Dec, 31, 2023 — WAVE FEDERAL CREDIT UNION is a federal credit union headquartered in WARWICK, RI with 3 branch locations and about $138.49 million in total assets. Opened 86 years ago in 1938, WAVE FEDERAL CREDIT UNION has about 6,784 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 |
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Address: (Main Office) | 480 Greenwich Ave WARWICK, RI 02886-1606 |
Phone: | (401) 781-1020 |
Fax: | (401) 562-1290 |
Website: | https://www.wavefcu.org |
Branches: | 3 branch locations |
Members: | 6,784 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 24501 |
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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, 2022 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $138,494,013 |
CEO/Manager: | David P Dupere |
Chairperson: | Kenneth M Mallette, Jr. |
ASSETS: | $ Amount |
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Cash & Equivalents | 14,470,051 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 64,413,312 |
Unsecured Loans | 2,659,460 |
Other Loans | 11,676,454 |
TOTAL LOANS | 78,749,226 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -429,200 |
Land And Building | 3,211,878 |
Other Fixed Assets | 266,411 |
NCUSIF Deposit | 1,190,829 |
All Other Assets | 0 |
TOTAL ASSETS | 138,494,013 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 1,037,205 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 25,849,964 |
Regular shares | 57,374,159 |
All Other Shares & Deposits | 36,956,647 |
TOTAL SHARES & DEPOSITS | 120,180,770 |
TOTAL LIABILITIES | 121,217,975 |
Regular Reserve | 0 |
Other Reserves | 4,453,247 |
Undivided Earnings | 12,822,791 |
TOTAL EQUITY | 17,276,038 |
TOTAL LIABILITIES, SHARES, & EQUITY | 138,494,013 |
INCOME & EXPENSE | |
Loan Income | 3,592,335 |
Investment Income | 1,656,592 |
Other Income | 556,007 |
Total Employee Compensation & Benefits | 1,754,666 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 2,318,896 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 108,992 |
Cost of Funds | 913,925 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 800,814 |
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