Dec, 31, 2022 — QUALSTAR CREDIT UNION is a federally insured state chartered credit union headquartered in BOTHELL, WA with 4 branch locations and about $790.67 million in total assets. Opened 71 years ago in 1952, QUALSTAR CREDIT UNION has about 71,695 members and employs 129 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | QUALSTAR CREDIT UNION |
|---|---|
| Address: (Main Office) | 24000 35th Ave SE # 200 BOTHELL, WA 98021-8990 |
| Phone: | (800) 848-0018 |
| Fax: | |
| Website: | https://www.qualstarcu.com |
| Branches: | 4 branch locations |
| Members: | 71,695 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68223 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1952 |
| Last Audited: | Sep 01, 2021 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $790,674,110 |
| CEO/Manager: | MICHAEL G ELFSTROM |
| Chairperson: | KIMBERLE A BROWN |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 37,840,889 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 179,297,978 |
| Unsecured Loans | 92,789,069 |
| Other Loans | 142,973,312 |
| TOTAL LOANS | 415,060,359 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -5,381,086 |
| Land And Building | 15,284,096 |
| Other Fixed Assets | 1,523,402 |
| NCUSIF Deposit | 6,484,545 |
| All Other Assets | 557,674 |
| TOTAL ASSETS | 790,674,110 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 256,694 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 12,357,975 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 170,193,660 |
| Regular shares | 130,182,957 |
| All Other Shares & Deposits | 391,928,806 |
| TOTAL SHARES & DEPOSITS | 692,305,423 |
| TOTAL LIABILITIES | 704,920,092 |
| Regular Reserve | 0 |
| Other Reserves | -21,183,245 |
| Undivided Earnings | 106,937,263 |
| TOTAL EQUITY | 85,754,018 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 790,674,110 |
| INCOME & EXPENSE | |
| Loan Income | 17,508,058 |
| Investment Income | 1,549,287 |
| Other Income | 2,988,163 |
| Total Employee Compensation & Benefits | 9,188,613 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 6,802,717 |
| Non-operating Income & (Expense) | 15,272 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,862,293 |
| Cost of Funds | 1,198,806 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 7,039,505 |
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