Dec, 31, 2023 — FRONTWAVE CREDIT UNION is a federally insured state chartered credit union headquartered in OCEANSIDE, CA with 13 branch locations and about $1.43 billion in total assets. Opened 72 years ago in 1952, FRONTWAVE CREDIT UNION has about 124,372 members and employs 268 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | FRONTWAVE CREDIT UNION |
|---|---|
| Address: (Main Office) | 1278 Rocky Point Dr OCEANSIDE, CA 92056 |
| Phone: | (800) 736-4500 |
| Fax: | (877) 789-7628 |
| Website: | https://www.frontwavecu.com |
| Branches: | 13 branch locations |
| Members: | 124,372 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68494 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1952 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,429,880,748 |
| CEO/Manager: | William E Birnie |
| Chairperson: | Brian Sutton |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 126,829,721 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 573,214,681 |
| Unsecured Loans | 72,972,189 |
| Other Loans | 298,018,522 |
| TOTAL LOANS | 944,205,393 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -7,707,017 |
| Land And Building | 22,199,085 |
| Other Fixed Assets | 4,074,741 |
| NCUSIF Deposit | 11,229,831 |
| All Other Assets | 14,184 |
| TOTAL ASSETS | 1,429,880,748 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 100,000,000 |
| Accounts Payable & Other Liabilities | 28,605,681 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 347,449,275 |
| Regular shares | 296,958,807 |
| All Other Shares & Deposits | 559,009,646 |
| TOTAL SHARES & DEPOSITS | 1,203,417,728 |
| TOTAL LIABILITIES | 1,332,023,409 |
| Regular Reserve | 0 |
| Other Reserves | -35,625,547 |
| Undivided Earnings | 133,482,886 |
| TOTAL EQUITY | 97,857,339 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,429,880,748 |
| INCOME & EXPENSE | |
| Loan Income | 41,974,964 |
| Investment Income | 7,614,687 |
| Other Income | 11,344,935 |
| Total Employee Compensation & Benefits | 25,834,523 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 28,689,199 |
| Non-operating Income & (Expense) | 4,432,612 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 6,239,478 |
| Cost of Funds | 16,714,419 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 4,240,267 |
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