Dec, 31, 2023 — SOUND CREDIT UNION is a federally insured state chartered credit union headquartered in TACOMA, WA with 26 branch locations and about $2.91 billion in total assets. Opened 84 years ago in 1940, SOUND CREDIT UNION has about 172,367 members and employs 424 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SOUND CREDIT UNION |
|---|---|
| Address: (Main Office) | 1331 Broadway TACOMA, WA 98402-3410 |
| Phone: | (253) 383-2016 |
| Fax: | (253) 597-7610 |
| Website: | https://www.soundcu.com |
| Branches: | 26 branch locations |
| Members: | 172,367 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 66331 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1940 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $2,910,185,208 |
| CEO/Manager: | Don Clark |
| Chairperson: | Shelley R Coleman |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 264,691,006 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 1,210,729,583 |
| Unsecured Loans | 98,124,190 |
| Other Loans | 916,554,711 |
| TOTAL LOANS | 2,225,508,509 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -19,048,248 |
| Land And Building | 49,687,580 |
| Other Fixed Assets | 5,705,667 |
| NCUSIF Deposit | 21,512,298 |
| All Other Assets | 1,431,040 |
| TOTAL ASSETS | 2,910,185,208 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 55,733 |
| Notes & Interest Payable | 141,519,490 |
| Accounts Payable & Other Liabilities | 40,571,207 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 550,577,940 |
| Regular shares | 713,359,159 |
| All Other Shares & Deposits | 1,175,573,468 |
| TOTAL SHARES & DEPOSITS | 2,439,510,566 |
| TOTAL LIABILITIES | 2,621,656,996 |
| Regular Reserve | 0 |
| Other Reserves | -1,613,073 |
| Undivided Earnings | 290,141,285 |
| TOTAL EQUITY | 288,528,212 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 2,910,185,208 |
| INCOME & EXPENSE | |
| Loan Income | 106,289,447 |
| Investment Income | 12,495,220 |
| Other Income | 12,270,814 |
| Total Employee Compensation & Benefits | 41,045,647 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 44,293,234 |
| Non-operating Income & (Expense) | 689,542 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 11,036,290 |
| Cost of Funds | 34,164,444 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 21,239,581 |
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