Dec, 31, 2021 — BRAGG MUTUAL FEDERAL CREDIT UNION is a federal credit union headquartered in FAYETTEVILLE, NC with 5 branch locations and about $95.04 million in total assets. Opened 70 years ago in 1952, BRAGG MUTUAL FEDERAL CREDIT UNION has about 9,435 members and employs 25 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: | http://www.braggmutual.org |
| Branches: | 5 branch locations |
| Members: | 9,435 |
| 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, 2020 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $95,035,534 |
| CEO/Manager: | Stephen J Foley |
| Chairperson: | John D Szoka |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 24,070,487 |
| TOTAL INVESTMENTS | 10,267,994 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 10,320,168 |
| Unsecured Loans | 8,448,005 |
| Other Loans | 34,981,294 |
| TOTAL LOANS | 53,749,467 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -418,028 |
| Land And Building | 2,117,907 |
| Other Fixed Assets | 1,189,212 |
| NCUSIF Deposit | 793,079 |
| All Other Assets | 3,265,416 |
| TOTAL ASSETS | 95,035,534 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,563,591 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 21,680,344 |
| Regular shares | 25,350,097 |
| All Other Shares & Deposits | 37,360,072 |
| TOTAL SHARES & DEPOSITS | 84,390,513 |
| TOTAL LIABILITIES | 85,954,104 |
| Regular Reserve | 241,003 |
| Other Reserves | 2,710,404 |
| Undivided Earnings | 6,130,023 |
| TOTAL EQUITY | 9,081,430 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 95,035,534 |
| INCOME & EXPENSE | |
| Loan Income | 3,055,879 |
| Investment Income | 113,869 |
| Other Income | 1,142,766 |
| Total Employee Compensation & Benefits | 1,761,837 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,195,352 |
| Non-operating Income & (Expense) | -2,675 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 21,710 |
| Cost of Funds | 225,364 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 964,854 |
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