Dec, 31, 2023 — MIDLAND CREDIT UNION is a federally insured state chartered credit union headquartered in URBANDALE, IA with 3 branch locations and about $80.98 million in total assets. Opened 91 years ago in 1933, MIDLAND CREDIT UNION has about 5,095 members and employs 17 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MIDLAND CREDIT UNION |
|---|---|
| Address: (Main Office) | 2891 106TH ST URBANDALE, IA 50322-3772 |
| Phone: | (515) 278-1994 |
| Fax: | (515) 278-0209 |
| Website: | https://www.midlandcu.org |
| Branches: | 3 branch locations |
| Members: | 5,095 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 61918 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1933 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $80,975,226 |
| CEO/Manager: | Randy Hass |
| Chairperson: | Frank Wimler |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 4,131,374 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 20,225,499 |
| Unsecured Loans | 4,944,099 |
| Other Loans | 30,004,804 |
| TOTAL LOANS | 55,288,605 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -283,918 |
| Land And Building | 1,726,484 |
| Other Fixed Assets | 306,655 |
| NCUSIF Deposit | 700,568 |
| All Other Assets | 0 |
| TOTAL ASSETS | 80,975,226 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 3,000,000 |
| Accounts Payable & Other Liabilities | 319,521 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 14,818,125 |
| Regular shares | 29,011,620 |
| All Other Shares & Deposits | 24,971,392 |
| TOTAL SHARES & DEPOSITS | 68,801,135 |
| TOTAL LIABILITIES | 72,120,656 |
| Regular Reserve | 0 |
| Other Reserves | 4,609,023 |
| Undivided Earnings | 4,245,547 |
| TOTAL EQUITY | 8,854,570 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 80,975,226 |
| INCOME & EXPENSE | |
| Loan Income | 3,219,026 |
| Investment Income | 576,583 |
| Other Income | 185,312 |
| Total Employee Compensation & Benefits | 1,316,733 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 1,806,817 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 492,692 |
| Cost of Funds | 839,154 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 204,527 |
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