Dec, 31, 2023 — TWO HARBORS FEDERAL CREDIT UNION is a federal credit union headquartered in TWO HARBORS, MN with 1 branch location and about $108.25 million in total assets. Opened 76 years ago in 1948, TWO HARBORS FEDERAL CREDIT UNION has about 4,350 members and employs 15 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | TWO HARBORS FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 801 11th St TWO HARBORS, MN 55616 |
| Phone: | (218) 834-2266 |
| Fax: | (218) 834-2250 |
| Website: | https://www.thfcu.org |
| Branches: | 1 branch locations |
| Members: | 4,350 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 5721 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1948 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $108,249,620 |
| CEO/Manager: | Randy D Willert |
| Chairperson: | Greg G Ruberg |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 6,644,609 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 40,386,651 |
| Unsecured Loans | 1,231,123 |
| Other Loans | 32,903,787 |
| TOTAL LOANS | 74,521,561 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -173,334 |
| Land And Building | 3,078,846 |
| Other Fixed Assets | 191,744 |
| NCUSIF Deposit | 822,018 |
| All Other Assets | 0 |
| TOTAL ASSETS | 108,249,620 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 139,991 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 728,326 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 16,016,433 |
| Regular shares | 26,332,061 |
| All Other Shares & Deposits | 50,243,896 |
| TOTAL SHARES & DEPOSITS | 92,592,391 |
| TOTAL LIABILITIES | 93,460,708 |
| Regular Reserve | 0 |
| Other Reserves | 1,266,578 |
| Undivided Earnings | 13,522,334 |
| TOTAL EQUITY | 14,788,912 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 108,249,620 |
| INCOME & EXPENSE | |
| Loan Income | 2,888,299 |
| Investment Income | 932,008 |
| Other Income | 256,796 |
| Total Employee Compensation & Benefits | 1,261,531 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 1,386,258 |
| Non-operating Income & (Expense) | 572 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 69,033 |
| Cost of Funds | 915,243 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 804,232 |
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