Dec, 31, 2022 — DIRECT FEDERAL CREDIT UNION is a federal credit union headquartered in NEEDHAM, MA with 1 branch location and about $824.49 million in total assets. Opened 70 years ago in 1953, DIRECT FEDERAL CREDIT UNION has about 27,865 members and employs 80 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | DIRECT FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 50 Cabot St NEEDHAM, MA 02494 |
| Phone: | (781) 433-2900 |
| Fax: | (781) 455-9911 |
| Website: | https://www.direct.com |
| Branches: | 1 branch locations |
| Members: | 27,865 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 9071 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1953 |
| Last Audited: | Dec 01, 2021 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $824,491,828 |
| CEO/Manager: | Joseph A Walsh |
| Chairperson: | Joseph Capalbo, Jr. |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 36,539,973 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 11,006,834 |
| Real Estate Loans | 558,750,353 |
| Unsecured Loans | 23,472,760 |
| Other Loans | 128,946,934 |
| TOTAL LOANS | 711,170,047 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -3,744,107 |
| Land And Building | 0 |
| Other Fixed Assets | 2,329,464 |
| NCUSIF Deposit | 5,811,068 |
| All Other Assets | 396,597 |
| TOTAL ASSETS | 824,491,828 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 95,186,746 |
| Accounts Payable & Other Liabilities | 5,605,391 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 85,938,983 |
| Regular shares | 116,489,829 |
| All Other Shares & Deposits | 431,765,733 |
| TOTAL SHARES & DEPOSITS | 634,194,545 |
| TOTAL LIABILITIES | 734,986,682 |
| Regular Reserve | 0 |
| Other Reserves | 4,392,274 |
| Undivided Earnings | 85,112,872 |
| TOTAL EQUITY | 89,505,146 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 824,491,828 |
| INCOME & EXPENSE | |
| Loan Income | 16,634,135 |
| Investment Income | 594,078 |
| Other Income | 382,861 |
| Total Employee Compensation & Benefits | 8,546,124 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 4,870,325 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 496,478 |
| Cost of Funds | 3,138,277 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,436,434 |
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