Dec, 31, 2023 — LOWLAND CREDIT UNION is a federally insured state chartered credit union headquartered in MORRISTOWN, TN with 3 branch locations and about $136.97 million in total assets. Opened 71 years ago in 1953, LOWLAND CREDIT UNION has about 10,413 members and employs 34 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | LOWLAND CREDIT UNION |
|---|---|
| Address: (Main Office) | 1216 E Main St MORRISTOWN, TN 37814 |
| Phone: | (423) 581-8345 |
| Fax: | (423) 581-9229 |
| Website: | https://lowlandcu.org |
| Branches: | 3 branch locations |
| Members: | 10,413 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 60527 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1953 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $136,967,195 |
| CEO/Manager: | Mark Creech |
| Chairperson: | Tommy A Musser |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 16,303,308 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 7,201,733 |
| Unsecured Loans | 4,998,328 |
| Other Loans | 56,062,259 |
| TOTAL LOANS | 68,262,320 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,262,411 |
| Land And Building | 5,861,229 |
| Other Fixed Assets | 902,735 |
| NCUSIF Deposit | 1,239,649 |
| All Other Assets | 80,662 |
| TOTAL ASSETS | 136,967,195 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 601,286 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 23,581,686 |
| Regular shares | 54,283,087 |
| All Other Shares & Deposits | 51,270,223 |
| TOTAL SHARES & DEPOSITS | 129,134,996 |
| TOTAL LIABILITIES | 129,736,282 |
| Regular Reserve | 0 |
| Other Reserves | -2,040,624 |
| Undivided Earnings | 9,271,537 |
| TOTAL EQUITY | 7,230,913 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 136,967,195 |
| INCOME & EXPENSE | |
| Loan Income | 4,191,532 |
| Investment Income | 1,586,925 |
| Other Income | 1,263,064 |
| Total Employee Compensation & Benefits | 2,773,914 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,736,030 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 870,000 |
| Cost of Funds | 1,228,992 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -306,832 |
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