Dec, 31, 2023 — NORTH CENTRAL AREA CREDIT UNION is a federally insured state chartered credit union headquartered in HOUGHTON LAKE, MI with 6 branch locations and about $223.68 million in total assets. Opened 68 years ago in 1956, NORTH CENTRAL AREA CREDIT UNION has about 19,838 members and employs 63 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | NORTH CENTRAL AREA CREDIT UNION |
|---|---|
| Address: (Main Office) | 2665 Reserve Rd HOUGHTON LAKE, MI 48629-7900 |
| Phone: | (989) 910-5135 |
| Fax: | (989) 919-5128 |
| Website: | https://www.ncacu.org |
| Branches: | 6 branch locations |
| Members: | 19,838 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 61953 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1956 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $223,678,189 |
| CEO/Manager: | Mark Richter |
| Chairperson: | Stephen Witt |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 9,595,275 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 44,262,861 |
| Unsecured Loans | 10,381,618 |
| Other Loans | 91,219,226 |
| TOTAL LOANS | 145,863,705 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,095,985 |
| Land And Building | 4,209,655 |
| Other Fixed Assets | 264,677 |
| NCUSIF Deposit | 2,059,823 |
| All Other Assets | 0 |
| TOTAL ASSETS | 223,678,189 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 114,519 |
| Notes & Interest Payable | 2,500,000 |
| Accounts Payable & Other Liabilities | 2,614,268 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 38,374,462 |
| Regular shares | 76,280,329 |
| All Other Shares & Deposits | 86,531,364 |
| TOTAL SHARES & DEPOSITS | 201,186,155 |
| TOTAL LIABILITIES | 206,414,942 |
| Regular Reserve | 0 |
| Other Reserves | 3,043,792 |
| Undivided Earnings | 14,219,455 |
| TOTAL EQUITY | 17,263,247 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 223,678,189 |
| INCOME & EXPENSE | |
| Loan Income | 8,038,857 |
| Investment Income | 1,795,277 |
| Other Income | 1,824,987 |
| Total Employee Compensation & Benefits | 4,135,489 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 4,484,597 |
| Non-operating Income & (Expense) | 430,125 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 596,591 |
| Cost of Funds | 2,194,413 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,812,811 |
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