Dec, 31, 2023 — SALAL CREDIT UNION is a federally insured state chartered credit union headquartered in SEATTLE, WA with 4 branch locations and about $1.22 billion in total assets. Opened 76 years ago in 1948, SALAL CREDIT UNION has about 58,704 members and employs 239 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SALAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 9706 4th Ave NE Ste 400 SEATTLE, WA 98115-2199 |
| Phone: | (206) 298-9394 |
| Fax: | (206) 299-6000 |
| Website: | https://www.salalcu.org |
| Branches: | 4 branch locations |
| Members: | 58,704 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 66349 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1948 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,217,780,477 |
| CEO/Manager: | Russell E Rosendal |
| Chairperson: | Brian Luong |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 31,070,226 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 587,492,726 |
| Unsecured Loans | 30,660,713 |
| Other Loans | 382,592,389 |
| TOTAL LOANS | 1,000,745,827 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -10,032,969 |
| Land And Building | 23,290,946 |
| Other Fixed Assets | 4,787,985 |
| NCUSIF Deposit | 6,989,883 |
| All Other Assets | 0 |
| TOTAL ASSETS | 1,217,780,477 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 83 |
| Notes & Interest Payable | 63,825,187 |
| Accounts Payable & Other Liabilities | 25,894,983 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 425,409,396 |
| Regular shares | 116,347,352 |
| All Other Shares & Deposits | 497,898,819 |
| TOTAL SHARES & DEPOSITS | 1,039,655,568 |
| TOTAL LIABILITIES | 1,129,375,821 |
| Regular Reserve | 0 |
| Other Reserves | -12,092,393 |
| Undivided Earnings | 100,497,049 |
| TOTAL EQUITY | 88,404,656 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,217,780,477 |
| INCOME & EXPENSE | |
| Loan Income | 53,408,147 |
| Investment Income | 5,654,973 |
| Other Income | 10,946,610 |
| Total Employee Compensation & Benefits | 30,365,098 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 21,212,041 |
| Non-operating Income & (Expense) | 5,875 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 40,708 |
| Cost of Funds | 19,520,186 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 6,717,793 |
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