Jun, 30, 2024 — NORTHWOODS CREDIT UNION is a federally insured state chartered credit union headquartered in CLOQUET, MN with 4 branch locations and about $164.50 million in total assets. Opened 88 years ago in 1936, NORTHWOODS CREDIT UNION has about 11,357 members and employs 55 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | NORTHWOODS CREDIT UNION |
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Address: (Main Office) | 1702 Avenue B CLOQUET, MN 55720 |
Phone: | (218) 879-4181 |
Fax: | (218) 879-0965 |
Website: | https://www.northwoodscu.org |
Branches: | 4 branch locations |
Members: | 11,357 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 62847 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1936 |
Last Audited: | Sep 01, 2022 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $164,497,324 |
CEO/Manager: | Douglas C Wolf |
Chairperson: | Jeffrey Kletscher |
ASSETS: | $ Amount |
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Cash & Equivalents | 5,491,427 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 103,716 |
Real Estate Loans | 47,833,363 |
Unsecured Loans | 14,360,833 |
Other Loans | 74,177,489 |
TOTAL LOANS | 136,371,685 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -680,797 |
Land And Building | 6,530,495 |
Other Fixed Assets | 588,996 |
NCUSIF Deposit | 1,405,669 |
All Other Assets | 0 |
TOTAL ASSETS | 164,497,324 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 23,846 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 641,027 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 32,539,885 |
Regular shares | 65,188,486 |
All Other Shares & Deposits | 52,413,814 |
TOTAL SHARES & DEPOSITS | 150,142,185 |
TOTAL LIABILITIES | 150,807,058 |
Regular Reserve | 0 |
Other Reserves | 0 |
Undivided Earnings | 13,690,266 |
TOTAL EQUITY | 13,690,266 |
TOTAL LIABILITIES, SHARES, & EQUITY | 164,497,324 |
INCOME & EXPENSE | |
Loan Income | 5,295,409 |
Investment Income | 107,201 |
Other Income | 467,583 |
Total Employee Compensation & Benefits | 3,348,836 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 3,346,897 |
Non-operating Income & (Expense) | 890,546 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 46,156 |
Cost of Funds | 271,691 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 1,604,661 |
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