Dec, 31, 2023 — LINN AREA CREDIT UNION is a federally insured state chartered credit union headquartered in CEDAR RAPIDS, IA with 5 branch locations and about $667.23 million in total assets. Opened 89 years ago in 1935, LINN AREA CREDIT UNION has about 25,865 members and employs 105 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | LINN AREA CREDIT UNION |
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Address: (Main Office) | 3015 Blairs Ferry Rd NE CEDAR RAPIDS, IA 52402 |
Phone: | (319) 378-0101 |
Fax: | (319) 294-2545 |
Website: | https://www.linnareacu.org |
Branches: | 5 branch locations |
Members: | 25,865 |
Credit Union Type: | Federally Insured State Chartered Credit Union |
Charter Number: | 63602 |
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Membership Type: | State chartered natural person |
Corporate Credit Union: | No |
Year Opened: | 1935 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $667,232,539 |
CEO/Manager: | Paula O'Rourke |
Chairperson: | Joyce Fowler |
ASSETS: | $ Amount |
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Cash & Equivalents | 21,952,915 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 268,750 |
Real Estate Loans | 256,507,260 |
Unsecured Loans | 22,223,127 |
Other Loans | 294,161,001 |
TOTAL LOANS | 573,093,330 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,192,491 |
Land And Building | 11,844,212 |
Other Fixed Assets | 2,842,176 |
NCUSIF Deposit | 4,409,794 |
All Other Assets | 178,766 |
TOTAL ASSETS | 667,232,539 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 168,898 |
Notes & Interest Payable | 89,395,000 |
Accounts Payable & Other Liabilities | 5,262,318 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 137,426,551 |
Regular shares | 118,621,159 |
All Other Shares & Deposits | 250,906,801 |
TOTAL SHARES & DEPOSITS | 506,954,511 |
TOTAL LIABILITIES | 601,780,727 |
Regular Reserve | 0 |
Other Reserves | 20,716,163 |
Undivided Earnings | 44,735,649 |
TOTAL EQUITY | 65,451,812 |
TOTAL LIABILITIES, SHARES, & EQUITY | 667,232,539 |
INCOME & EXPENSE | |
Loan Income | 27,861,314 |
Investment Income | 1,965,301 |
Other Income | 1,610,968 |
Total Employee Compensation & Benefits | 8,537,608 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 8,865,885 |
Non-operating Income & (Expense) | -4,277 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 286,545 |
Cost of Funds | 11,510,308 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 6,680,365 |
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