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SOUTHERN COASTAL FEDERAL CREDIT UNION

Jun, 30, 2021 — SOUTHERN COASTAL FEDERAL CREDIT UNION is a federal credit union headquartered in Biloxi, MS with 2 branch locations and about $11.58 million in total assets. Opened 48 years ago in 1973, SOUTHERN COASTAL FEDERAL CREDIT UNION has about 1,523 members and employs 5 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:SOUTHERN COASTAL FEDERAL CREDIT UNION
Address:
(Main Office)
P.O. Box 503
Biloxi, MS 39533
Phone:(228) 432-0284
Fax:(228) 435-6364
Website:http://www.socofcu.org
Branches:2 branch locations
Members:1,523
Credit Union Type:Federal Credit Union
Charter Number:24885
Membership Type:Multiple common bond - other
Corporate Credit Union:No
Year Opened:1973
Last Audited:Sep 01, 2020
FHLB Member:No
Low Income Designation:No
Assets:$11,584,991
CEO/Manager:Alison L Lynd
Chairperson:Harold Windom

Call Report

  • Payday Alternative Loans (PAL Loans)
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 3,085,249
TOTAL INVESTMENTS 263,809
Loans Held for Sale 0
 
 Real Estate Loans 22,136
 Unsecured Loans 1,171,251
 Other Loans 6,756,942
 TOTAL LOANS 7,950,329
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -29,408
 Land And Building 156,737
 Other Fixed Assets 15,501
 NCUSIF Deposit 87,466
 All Other Assets 55,308
  TOTAL ASSETS 11,584,991
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 63,802
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 649,130
 Regular shares 5,112,634
 All Other Shares & Deposits 3,638,900
  TOTAL SHARES & DEPOSITS 9,400,664
  TOTAL LIABILITIES 9,464,466
 Regular Reserve 164,792
 Other Reserves 0
 Undivided Earnings 1,955,733
  TOTAL EQUITY 2,120,525
  TOTAL LIABILITIES, SHARES, & EQUITY 11,584,991
INCOME & EXPENSE  
 Loan Income 255,132
 Investment Income 2,529
 Other Income 54,819
 Total Employee Compensation & Benefits 130,445
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 132,830
 Non-operating Income & (Expense) 855
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense -4,188
 Cost of Funds 41,726
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 56,363
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