Dec, 31, 2023 — LAFCU CREDIT UNION (LAFCU) is a federally insured state chartered credit union headquartered in LANSING, MI with 10 branch locations and about $1.03 billion in total assets. Opened 88 years ago in 1936, LAFCU CREDIT UNION (LAFCU) has about 74,774 members and employs 163 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | LAFCU CREDIT UNION |
|---|---|
| Address: (Main Office) | 106 N Marketplace Blvd LANSING, MI 48917-7753 |
| Phone: | (517) 622-6600 |
| Fax: | (517) 622-6909 |
| Website: | https://www.lafcu.com |
| Branches: | 10 branch locations |
| Members: | 74,774 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68632 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1936 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,029,826,144 |
| CEO/Manager: | Patrick Spyke |
| Chairperson: | Randall Freeman |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 63,956,338 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 217,474,037 |
| Unsecured Loans | 71,762,484 |
| Other Loans | 524,164,642 |
| TOTAL LOANS | 813,719,941 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -12,154,707 |
| Land And Building | 17,504,329 |
| Other Fixed Assets | 5,248,237 |
| NCUSIF Deposit | 8,044,723 |
| All Other Assets | 1,936,316 |
| TOTAL ASSETS | 1,029,826,144 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 30,000,000 |
| Accounts Payable & Other Liabilities | 12,709,952 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 134,482,668 |
| Regular shares | 247,185,289 |
| All Other Shares & Deposits | 500,143,997 |
| TOTAL SHARES & DEPOSITS | 881,811,953 |
| TOTAL LIABILITIES | 924,521,905 |
| Regular Reserve | 0 |
| Other Reserves | -6,344,234 |
| Undivided Earnings | 111,648,473 |
| TOTAL EQUITY | 105,304,239 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,029,826,144 |
| INCOME & EXPENSE | |
| Loan Income | 43,192,020 |
| Investment Income | 4,719,582 |
| Other Income | 7,164,868 |
| Total Employee Compensation & Benefits | 18,287,751 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 20,529,162 |
| Non-operating Income & (Expense) | 273,895 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 6,494,769 |
| Cost of Funds | 11,011,454 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 8,285,126 |
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