Dec, 31, 2023 — FIRST FINANCIAL OF MARYLAND FEDERAL CREDIT UNION is a federal credit union headquartered in SPARKS, MD with 8 branch locations and about $1.25 billion in total assets. Opened 71 years ago in 1953, FIRST FINANCIAL OF MARYLAND FEDERAL CREDIT UNION has about 66,718 members and employs 176 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | FIRST FINANCIAL OF MARYLAND FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 72 Loveton Cir SPARKS, MD 21152-9202 |
| Phone: | (410) 321-6060 |
| Fax: | (410) 321-6352 |
| Website: | https://www.firstfinancial.org |
| Branches: | 8 branch locations |
| Members: | 66,718 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 8554 |
|---|---|
| Membership Type: | Multiple common bond - Primarily educational |
| Corporate Credit Union: | No |
| Year Opened: | 1953 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,253,113,754 |
| CEO/Manager: | Eric P Church |
| Chairperson: | Robert Brenneman |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 105,400,960 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 477,769,639 |
| Unsecured Loans | 89,411,308 |
| Other Loans | 157,136,228 |
| TOTAL LOANS | 724,317,175 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -4,747,864 |
| Land And Building | 13,637,331 |
| Other Fixed Assets | 1,354,889 |
| NCUSIF Deposit | 9,568,313 |
| All Other Assets | 0 |
| TOTAL ASSETS | 1,253,113,754 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 75,000,000 |
| Accounts Payable & Other Liabilities | 18,283,485 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 203,550,825 |
| Regular shares | 548,693,178 |
| All Other Shares & Deposits | 217,282,291 |
| TOTAL SHARES & DEPOSITS | 969,526,294 |
| TOTAL LIABILITIES | 1,062,809,779 |
| Regular Reserve | 0 |
| Other Reserves | -38,407,946 |
| Undivided Earnings | 228,711,921 |
| TOTAL EQUITY | 190,303,975 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,253,113,754 |
| INCOME & EXPENSE | |
| Loan Income | 33,044,826 |
| Investment Income | 12,664,841 |
| Other Income | 1,949,208 |
| Total Employee Compensation & Benefits | 20,112,324 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 15,788,447 |
| Non-operating Income & (Expense) | -23,678 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 4,137,000 |
| Cost of Funds | 9,979,998 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,919,494 |
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