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LINN AREA CREDIT UNION

Dec, 31, 2023 — LINN AREA CREDIT UNION is a federally insured state chartered credit union headquartered in CEDAR RAPIDS, IA with 5 branch locations and about $667.23 million in total assets. Opened 89 years ago in 1935, LINN AREA CREDIT UNION has about 25,865 members and employs 105 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: 273972897
Name:LINN AREA CREDIT UNION
Address:
(Main Office)
3015 Blairs Ferry Rd NE
CEDAR RAPIDS, IA 52402
Phone:(319) 378-0101
Fax:(319) 294-2545
Website:https://www.linnareacu.org
Branches:5 branch locations
Members:25,865
Credit Union Type:Federally Insured State Chartered Credit Union
Charter Number:63602
Membership Type:State chartered natural person
Corporate Credit Union:No
Year Opened:1935
Last Audited:Dec 01, 2022
FHLB Member:Yes
Low Income Designation:No
Assets:$667,232,539
CEO/Manager:Paula O'Rourke
Chairperson:Joyce Fowler

Call Report

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

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 21,952,915
TOTAL INVESTMENTS 0
Loans Held for Sale 268,750
 
 Real Estate Loans 256,507,260
 Unsecured Loans 22,223,127
 Other Loans 294,161,001
 TOTAL LOANS 573,093,330
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -2,192,491
 Land And Building 11,844,212
 Other Fixed Assets 2,842,176
 NCUSIF Deposit 4,409,794
 All Other Assets 178,766
  TOTAL ASSETS 667,232,539
LIABILITIES & CAPITAL:  
 Dividends Payable 168,898
 Notes & Interest Payable 89,395,000
 Accounts Payable & Other Liabilities 5,262,318
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 137,426,551
 Regular shares 118,621,159
 All Other Shares & Deposits 250,906,801
  TOTAL SHARES & DEPOSITS 506,954,511
  TOTAL LIABILITIES 601,780,727
 Regular Reserve 0
 Other Reserves 20,716,163
 Undivided Earnings 44,735,649
  TOTAL EQUITY 65,451,812
  TOTAL LIABILITIES, SHARES, & EQUITY 667,232,539
INCOME & EXPENSE  
 Loan Income 27,861,314
 Investment Income 1,965,301
 Other Income 1,610,968
 Total Employee Compensation & Benefits 8,537,608
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 8,865,885
 Non-operating Income & (Expense) -4,277
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 286,545
 Cost of Funds 11,510,308
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 6,680,365
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