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National Credit Union Service Organization

HONOR CREDIT UNION

Dec, 31, 2023 — HONOR CREDIT UNION is a federally insured state chartered credit union headquartered in BERRIEN SPRINGS, MI with 29 branch locations and about $1.70 billion in total assets. Opened 90 years ago in 1934, HONOR CREDIT UNION has about 107,233 members and employs 443 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: 272484852
Name:HONOR CREDIT UNION
Address:
(Main Office)
8385 Edgewood Rd
BERRIEN SPRINGS, MI 49103-9004
Phone:(269) 983-6357
Fax:(269) 983-3445
Website:https://www.honorcu.com
Branches:29 branch locations
Members:107,233
Credit Union Type:Federally Insured State Chartered Credit Union
Charter Number:63004
Membership Type:State chartered natural person
Corporate Credit Union:No
Year Opened:1934
Last Audited:Dec 01, 2022
FHLB Member:Yes
Low Income Designation:No
Assets:$1,702,026,334
CEO/Manager:Scott M McFarland
Chairperson:Brian Brown

Call Report

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

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 37,235,930
TOTAL INVESTMENTS 0
Loans Held for Sale 1,383,839
 
 Real Estate Loans 782,647,364
 Unsecured Loans 85,819,546
 Other Loans 460,365,313
 TOTAL LOANS 1,340,812,409
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -12,388,883
 Land And Building 40,295,608
 Other Fixed Assets 14,383,555
 NCUSIF Deposit 12,846,597
 All Other Assets 88,179
  TOTAL ASSETS 1,702,026,334
LIABILITIES & CAPITAL:  
 Dividends Payable 450,073
 Notes & Interest Payable 170,000,000
 Accounts Payable & Other Liabilities 13,120,226
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 381,817,474
 Regular shares 255,872,934
 All Other Shares & Deposits 716,683,557
  TOTAL SHARES & DEPOSITS 1,354,373,964
  TOTAL LIABILITIES 1,537,944,263
 Regular Reserve 0
 Other Reserves -6,904,085
 Undivided Earnings 170,986,156
  TOTAL EQUITY 164,082,071
  TOTAL LIABILITIES, SHARES, & EQUITY 1,702,026,334
INCOME & EXPENSE  
 Loan Income 77,887,591
 Investment Income 5,438,473
 Other Income 14,307,454
 Total Employee Compensation & Benefits 38,441,709
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 29,188,685
 Non-operating Income & (Expense) 53,346
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 7,895,438
 Cost of Funds 18,176,700
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 19,486,094
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