Dec, 31, 2023 — SOUTHPOINT FINANCIAL CREDIT UNION is a federally insured state chartered credit union headquartered in SLEEPY EYE, MN with 7 branch locations and about $523.91 million in total assets. Opened 88 years ago in 1936, SOUTHPOINT FINANCIAL CREDIT UNION has about 31,080 members and employs 108 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SOUTHPOINT FINANCIAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 924 Main St E SLEEPY EYE, MN 56085-4380 |
| Phone: | (877) 794-6712 |
| Fax: | (507) 794-5540 |
| Website: | https://www.southpointfinancial.com |
| Branches: | 7 branch locations |
| Members: | 31,080 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68667 |
|---|---|
| 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: | $523,912,187 |
| CEO/Manager: | Jay Gostonczik |
| Chairperson: | Matthew M Lux |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 12,447,090 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 717,940 |
| Real Estate Loans | 246,642,956 |
| Unsecured Loans | 8,701,204 |
| Other Loans | 139,702,908 |
| TOTAL LOANS | 396,521,945 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,180,409 |
| Land And Building | 11,829,290 |
| Other Fixed Assets | 3,948,091 |
| NCUSIF Deposit | 4,114,092 |
| All Other Assets | 485,766 |
| TOTAL ASSETS | 523,912,187 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 1,366,086 |
| Notes & Interest Payable | 10,000,000 |
| Accounts Payable & Other Liabilities | 5,324,558 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 96,715,622 |
| Regular shares | 75,541,123 |
| All Other Shares & Deposits | 278,817,217 |
| TOTAL SHARES & DEPOSITS | 451,073,961 |
| TOTAL LIABILITIES | 467,764,605 |
| Regular Reserve | 0 |
| Other Reserves | -736,140 |
| Undivided Earnings | 56,883,722 |
| TOTAL EQUITY | 56,147,582 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 523,912,187 |
| INCOME & EXPENSE | |
| Loan Income | 18,877,418 |
| Investment Income | 1,414,686 |
| Other Income | 2,216,448 |
| Total Employee Compensation & Benefits | 8,376,187 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 8,421,037 |
| Non-operating Income & (Expense) | 18,000 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 528,962 |
| Cost of Funds | 7,396,838 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,419,868 |
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