Dec, 31, 2023 — LORMET COMMUNITY FEDERAL CREDIT UNION is a federal credit union headquartered in AMHERST, OH with 4 branch locations and about $246.27 million in total assets. Opened 88 years ago in 1936, LORMET COMMUNITY FEDERAL CREDIT UNION has about 19,759 members and employs 40 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | LORMET COMMUNITY FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 2051 Cooper Foster Park Rd AMHERST, OH 44001-1208 |
| Phone: | (440) 960-6600 |
| Fax: | (440) 960-6640 |
| Website: | https://lormet.com |
| Branches: | 4 branch locations |
| Members: | 19,759 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24637 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1936 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $246,266,592 |
| CEO/Manager: | Daniel R Cwalina |
| Chairperson: | Victoria Lesner |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 40,296,235 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 7,082,863 |
| Unsecured Loans | 3,909,905 |
| Other Loans | 133,262,049 |
| TOTAL LOANS | 144,254,817 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -538,755 |
| Land And Building | 5,578,940 |
| Other Fixed Assets | 458,295 |
| NCUSIF Deposit | 2,116,755 |
| All Other Assets | 16,398 |
| TOTAL ASSETS | 246,266,592 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 416,879 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,404,964 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 35,292,994 |
| Regular shares | 125,278,384 |
| All Other Shares & Deposits | 57,727,380 |
| TOTAL SHARES & DEPOSITS | 218,298,758 |
| TOTAL LIABILITIES | 220,120,601 |
| Regular Reserve | 0 |
| Other Reserves | -1,021,987 |
| Undivided Earnings | 27,167,978 |
| TOTAL EQUITY | 26,145,991 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 246,266,592 |
| INCOME & EXPENSE | |
| Loan Income | 4,732,165 |
| Investment Income | 3,298,386 |
| Other Income | 1,180,072 |
| Total Employee Compensation & Benefits | 2,965,803 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 3,013,814 |
| Non-operating Income & (Expense) | 816 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 46,592 |
| Cost of Funds | 1,179,566 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,020,299 |
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» See also Statement of Financial Condition