Dec, 31, 2023 — SOUTHERN LAKES CREDIT UNION is a federally insured state chartered credit union headquartered in KENOSHA, WI with 3 branch locations and about $106.53 million in total assets. Opened 89 years ago in 1935, SOUTHERN LAKES CREDIT UNION has about 9,885 members and employs 28 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SOUTHERN LAKES CREDIT UNION |
|---|---|
| Address: (Main Office) | 3000 80th St KENOSHA, WI 53142 |
| Phone: | (262) 694-1600 |
| Fax: | (262) 694-5546 |
| Website: | https://southernlakescu.org |
| Branches: | 3 branch locations |
| Members: | 9,885 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 66707 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1935 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $106,526,105 |
| CEO/Manager: | John Lyon |
| Chairperson: | John Morrissey |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 18,866,052 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 12,835,864 |
| Unsecured Loans | 2,771,973 |
| Other Loans | 50,118,286 |
| TOTAL LOANS | 65,726,122 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -445,526 |
| Land And Building | 634,006 |
| Other Fixed Assets | 51,020 |
| NCUSIF Deposit | 1,000,635 |
| All Other Assets | 0 |
| TOTAL ASSETS | 106,526,105 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 309 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,388,913 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 21,437,001 |
| Regular shares | 42,775,984 |
| All Other Shares & Deposits | 31,282,682 |
| TOTAL SHARES & DEPOSITS | 95,495,670 |
| TOTAL LIABILITIES | 96,884,892 |
| Regular Reserve | 0 |
| Other Reserves | -28,269 |
| Undivided Earnings | 9,669,482 |
| TOTAL EQUITY | 9,641,213 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 106,526,105 |
| INCOME & EXPENSE | |
| Loan Income | 2,656,483 |
| Investment Income | 1,736,919 |
| Other Income | 310,727 |
| Total Employee Compensation & Benefits | 1,743,988 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 1,884,602 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 256,536 |
| Cost of Funds | 178,180 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,117,503 |
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» See also Statement of Financial Condition