Dec, 31, 2023 — BRAGG MUTUAL FEDERAL CREDIT UNION is a federal credit union headquartered in FAYETTEVILLE, NC with 5 branch locations and about $110.48 million in total assets. Opened 72 years ago in 1952, BRAGG MUTUAL FEDERAL CREDIT UNION has about 9,931 members and employs 27 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | BRAGG MUTUAL FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 2917 Village Dr FAYETTEVILLE, NC 28304-3814 |
| Phone: | (910) 488-3515 |
| Fax: | (910) 486-6137 |
| Website: | https://www.braggmutual.org |
| Branches: | 5 branch locations |
| Members: | 9,931 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 7955 |
|---|---|
| Membership Type: | Multiple common bond - Primarily federal, state, local government |
| Corporate Credit Union: | No |
| Year Opened: | 1952 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $110,475,565 |
| CEO/Manager: | Stephen J Foley |
| Chairperson: | John D Szoka |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 13,522,826 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 30,892,129 |
| Unsecured Loans | 7,153,219 |
| Other Loans | 38,602,653 |
| TOTAL LOANS | 76,648,001 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,129,586 |
| Land And Building | 1,984,246 |
| Other Fixed Assets | 651,436 |
| NCUSIF Deposit | 922,025 |
| All Other Assets | 422,463 |
| TOTAL ASSETS | 110,475,565 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 2,006,590 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 25,612,318 |
| Regular shares | 29,343,037 |
| All Other Shares & Deposits | 43,352,846 |
| TOTAL SHARES & DEPOSITS | 98,308,201 |
| TOTAL LIABILITIES | 100,314,791 |
| Regular Reserve | 0 |
| Other Reserves | 2,244,712 |
| Undivided Earnings | 7,916,062 |
| TOTAL EQUITY | 10,160,774 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 110,475,565 |
| INCOME & EXPENSE | |
| Loan Income | 4,746,483 |
| Investment Income | 820,145 |
| Other Income | 1,469,636 |
| Total Employee Compensation & Benefits | 2,233,438 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,860,982 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 839,247 |
| Cost of Funds | 834,735 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,069,853 |
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