Dec, 31, 2023 — HERITAGE FINANCIAL CREDIT UNION is a federally insured state chartered credit union headquartered in MIDDLETOWN, NY with 12 branch locations and about $709.59 million in total assets. Opened 84 years ago in 1940, HERITAGE FINANCIAL CREDIT UNION has about 50,702 members and employs 138 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | HERITAGE FINANCIAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 25 Rykowski Ln MIDDLETOWN, NY 10941-4019 |
| Phone: | (845) 561-5607 |
| Fax: | (845) 326-1519 |
| Website: | https://heritagefcu.com |
| Branches: | 12 branch locations |
| Members: | 50,702 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68711 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1940 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $709,588,912 |
| CEO/Manager: | Michael Ciriello |
| Chairperson: | Kenneth Affeldt |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 30,976,144 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 180,000 |
| Real Estate Loans | 317,120,436 |
| Unsecured Loans | 35,102,809 |
| Other Loans | 230,575,308 |
| TOTAL LOANS | 587,123,717 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -4,428,931 |
| Land And Building | 9,576,862 |
| Other Fixed Assets | 10,259,306 |
| NCUSIF Deposit | 4,980,552 |
| All Other Assets | 985,400 |
| TOTAL ASSETS | 709,588,912 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 64,000,000 |
| Accounts Payable & Other Liabilities | 4,502,453 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 25,000,000 |
| Share Drafts | 98,071,592 |
| Regular shares | 211,237,721 |
| All Other Shares & Deposits | 256,283,080 |
| TOTAL SHARES & DEPOSITS | 565,592,393 |
| TOTAL LIABILITIES | 659,095,226 |
| Regular Reserve | 0 |
| Other Reserves | -1,549,247 |
| Undivided Earnings | 52,042,933 |
| TOTAL EQUITY | 50,493,686 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 709,588,912 |
| INCOME & EXPENSE | |
| Loan Income | 27,142,876 |
| Investment Income | 3,264,634 |
| Other Income | 2,889,703 |
| Total Employee Compensation & Benefits | 12,978,207 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 13,427,419 |
| Non-operating Income & (Expense) | 592,389 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 2,266,721 |
| Cost of Funds | 7,279,650 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,599,820 |
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