Dec, 31, 2023 — NORTHERN LIGHTS COMMUNITY FEDERAL CREDIT UNION is a federal credit union headquartered in CHATHAM, MI with 3 branch locations and about $11.37 million in total assets. Opened 79 years ago in 1945, NORTHERN LIGHTS COMMUNITY FEDERAL CREDIT UNION has about 1,244 members and employs 6 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | NORTHERN LIGHTS COMMUNITY FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | PO Box 126 CHATHAM, MI 49816 |
| Phone: | (906) 439-5100 |
| Fax: | (906) 439-5822 |
| Website: | https://www.nlightsfcu.com |
| Branches: | 3 branch locations |
| Members: | 1,244 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 5272 |
|---|---|
| Membership Type: | Community - Rural District |
| Corporate Credit Union: | No |
| Year Opened: | 1945 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $11,372,244 |
| CEO/Manager: | Nicole Maki |
| Chairperson: | Patrick Donahue |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,676,674 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 0 |
| Unsecured Loans | 472,540 |
| Other Loans | 4,069,122 |
| TOTAL LOANS | 4,541,662 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -23,350 |
| Land And Building | 126,766 |
| Other Fixed Assets | 17,867 |
| NCUSIF Deposit | 108,583 |
| All Other Assets | 0 |
| TOTAL ASSETS | 11,372,244 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 45 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 78,360 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 2,658,448 |
| Regular shares | 6,674,374 |
| All Other Shares & Deposits | 1,114,906 |
| TOTAL SHARES & DEPOSITS | 10,447,729 |
| TOTAL LIABILITIES | 10,526,134 |
| Regular Reserve | 0 |
| Other Reserves | 136,878 |
| Undivided Earnings | 709,232 |
| TOTAL EQUITY | 846,110 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 11,372,244 |
| INCOME & EXPENSE | |
| Loan Income | 261,267 |
| Investment Income | 169,375 |
| Other Income | 60,815 |
| Total Employee Compensation & Benefits | 210,911 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 326,315 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 23,350 |
| Cost of Funds | 10,377 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -4,834 |
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» See also Statement of Financial Condition