Jun, 30, 2024 — NEWPORT NEWS SHIPBUILDING EMPLOYEES CREDIT UNION is a federally insured state chartered credit union headquartered in NEWPORT NEWS, VA with 28 branch locations and about $2.26 billion in total assets. Opened 96 years ago in 1928, NEWPORT NEWS SHIPBUILDING EMPLOYEES CREDIT UNION has about 150,443 members and employs 463 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | NEWPORT NEWS SHIPBUILDING EMPLOYEES CREDIT UNION |
|---|---|
| Address: (Main Office) | 1 BayPort Way Ste 350 NEWPORT NEWS, VA 23606-4571 |
| Phone: | (757) 928-8850 |
| Fax: | |
| Website: | https://www.bayportcu.org |
| Branches: | 28 branch locations |
| Members: | 150,443 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 61330 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1928 |
| Last Audited: | Sep 01, 2021 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $2,263,411,797 |
| CEO/Manager: | James B Mears |
| Chairperson: | Maureen H Davis |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 99,192,433 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 762,436,133 |
| Unsecured Loans | 182,172,781 |
| Other Loans | 686,399,321 |
| TOTAL LOANS | 1,631,327,017 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -26,514,575 |
| Land And Building | 51,268,620 |
| Other Fixed Assets | 8,745,968 |
| NCUSIF Deposit | 17,778,530 |
| All Other Assets | 874,249 |
| TOTAL ASSETS | 2,263,411,797 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 30,000,000 |
| Accounts Payable & Other Liabilities | 34,341,962 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 387,957,382 |
| Regular shares | 560,214,738 |
| All Other Shares & Deposits | 1,062,120,261 |
| TOTAL SHARES & DEPOSITS | 2,010,292,381 |
| TOTAL LIABILITIES | 2,074,634,343 |
| Regular Reserve | 0 |
| Other Reserves | 52,774,776 |
| Undivided Earnings | 136,002,678 |
| TOTAL EQUITY | 188,777,454 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 2,263,411,797 |
| INCOME & EXPENSE | |
| Loan Income | 54,639,665 |
| Investment Income | 5,368,670 |
| Other Income | 10,223,244 |
| Total Employee Compensation & Benefits | 29,623,175 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 30,435,268 |
| Non-operating Income & (Expense) | 45,588 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 5,625,000 |
| Cost of Funds | 7,474,935 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 8,521,043 |
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