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.
Name: | HONOR CREDIT UNION |
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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 |
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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 |
ASSETS: | $ Amount |
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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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