Dec, 31, 2021 — NOVA CREDIT UNION is a federally insured state chartered credit union headquartered in CHARLOTTE, NC with 5 branch locations and about $129.68 million in total assets. Opened 88 years ago in 1934, NOVA CREDIT UNION has about 12,103 members and employs 42 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | NOVA CREDIT UNION |
|---|---|
| Address: (Main Office) | 3601 Mulberry Church Rd CHARLOTTE, NC 28208 |
| Phone: | (704) 392-3418 |
| Fax: | (704) 409-2220 |
| Website: | https://www.novacu.com |
| Branches: | 5 branch locations |
| Members: | 12,103 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 63425 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1934 |
| Last Audited: | Sep 01, 2020 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $129,681,748 |
| CEO/Manager: | Joy Watts |
| Chairperson: | Phillip Kridel |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 17,561,458 |
| TOTAL INVESTMENTS | 34,173,223 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 38,974,665 |
| Unsecured Loans | 3,958,884 |
| Other Loans | 25,389,641 |
| TOTAL LOANS | 68,323,190 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -235,806 |
| Land And Building | 4,709,001 |
| Other Fixed Assets | 69,170 |
| NCUSIF Deposit | 1,061,636 |
| All Other Assets | 4,019,876 |
| TOTAL ASSETS | 129,681,748 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 50,136 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 2,132,519 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 20,930,832 |
| Regular shares | 51,244,117 |
| All Other Shares & Deposits | 36,149,212 |
| TOTAL SHARES & DEPOSITS | 108,324,161 |
| TOTAL LIABILITIES | 110,506,816 |
| Regular Reserve | 4,620,000 |
| Other Reserves | 6,308,293 |
| Undivided Earnings | 8,246,639 |
| TOTAL EQUITY | 19,174,932 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 129,681,748 |
| INCOME & EXPENSE | |
| Loan Income | 3,686,261 |
| Investment Income | 592,535 |
| Other Income | 1,492,323 |
| Total Employee Compensation & Benefits | 2,840,946 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 3,871,982 |
| Non-operating Income & (Expense) | 417,563 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | -578,292 |
| Cost of Funds | 175,173 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,194,641 |
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