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MORRISONS COVE 1ST FEDERAL CREDIT UNION

Sep, 30, 2021 — MORRISONS COVE 1ST FEDERAL CREDIT UNION is a federal credit union headquartered in ROARING SPRING, PA with 1 branch location and about $57.15 million in total assets. Opened 67 years ago in 1954, MORRISONS COVE 1ST FEDERAL CREDIT UNION has about 4,505 members and employs 7 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:MORRISONS COVE 1ST FEDERAL CREDIT UNION
Address:
(Main Office)
7533 WOODBURY PIKE
ROARING SPRING, PA 16673
Phone:(814) 224-2744
Fax:(814) 224-5080
Website:http://www.mcove1stfcu.com
Branches:1 branch locations
Members:4,505
Credit Union Type:Federal Credit Union
Charter Number:9681
Membership Type:Multiple common bond - Primarily other manufacturing
Corporate Credit Union:No
Year Opened:1954
Last Audited:Dec 01, 2020
FHLB Member:No
Low Income Designation:No
Assets:$57,153,198
CEO/Manager:Lynnette Hamm
Chairperson:Bethann L Frederick

Call Report

  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 15,645,514
TOTAL INVESTMENTS 24,654,825
Loans Held for Sale 0
 
 Real Estate Loans 4,398,806
 Unsecured Loans 2,632,567
 Other Loans 8,706,799
 TOTAL LOANS 15,738,172
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -138,101
 Land And Building 595,143
 Other Fixed Assets 68,579
 NCUSIF Deposit 469,638
 All Other Assets 119,428
  TOTAL ASSETS 57,153,198
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 86,377
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 8,678,528
 Regular shares 33,896,403
 All Other Shares & Deposits 10,089,343
  TOTAL SHARES & DEPOSITS 52,664,274
  TOTAL LIABILITIES 52,750,651
 Regular Reserve 512,279
 Other Reserves 0
 Undivided Earnings 3,890,268
  TOTAL EQUITY 4,402,547
  TOTAL LIABILITIES, SHARES, & EQUITY 57,153,198
INCOME & EXPENSE  
 Loan Income 418,815
 Investment Income 242,931
 Other Income 28,061
 Total Employee Compensation & Benefits 295,953
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 390,695
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense -157
 Cost of Funds 70,736
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 79,274
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