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MORRISONS COVE 1ST FEDERAL CREDIT UNION

Jun, 30, 2024 — MORRISONS COVE 1ST FEDERAL CREDIT UNION is a federal credit union headquartered in ROARING SPRING, PA with 1 branch location and about $57.31 million in total assets. Opened 70 years ago in 1954, MORRISONS COVE 1ST FEDERAL CREDIT UNION has about 4,455 members and employs 10 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:https://www.mcove1stfcu.com
Branches:1 branch locations
Members:4,455
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, 2021
FHLB Member:No
Low Income Designation:No
Assets:$57,314,954
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 10,550,011
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 5,651,904
 Unsecured Loans 2,818,871
 Other Loans 10,775,895
 TOTAL LOANS 19,246,670
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -128,015
 Land And Building 573,763
 Other Fixed Assets 44,196
 NCUSIF Deposit 511,669
 All Other Assets 0
  TOTAL ASSETS 57,314,954
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 110,204
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 9,237,578
 Regular shares 34,249,976
 All Other Shares & Deposits 9,286,973
  TOTAL SHARES & DEPOSITS 52,774,527
  TOTAL LIABILITIES 52,884,731
 Regular Reserve 0
 Other Reserves 0
 Undivided Earnings 4,430,223
  TOTAL EQUITY 4,430,223
  TOTAL LIABILITIES, SHARES, & EQUITY 57,314,954
INCOME & EXPENSE  
 Loan Income 443,624
 Investment Income 300,542
 Other Income 33,768
 Total Employee Compensation & Benefits 392,470
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 436,300
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 16,026
 Cost of Funds 29,711
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 23,125
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