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NORTHWOODS CREDIT UNION

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.


ABA Routing Number: 291973470
Name:NORTHWOODS CREDIT UNION
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
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

Call Report

  • First Time Homebuyer Program
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
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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