Dec, 31, 2023 — INOVA FEDERAL CREDIT UNION is a federal credit union headquartered in ELKHART, IN with 7 branch locations and about $716.10 million in total assets. Opened 82 years ago in 1942, INOVA FEDERAL CREDIT UNION has about 46,235 members and employs 137 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | INOVA FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 358 S Elkhart Ave ELKHART, IN 46516 |
| Phone: | (574) 294-6553 |
| Fax: | (574) 293-6119 |
| Website: | https://www.inovafederal.org |
| Branches: | 7 branch locations |
| Members: | 46,235 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 4968 |
|---|---|
| Membership Type: | Multiple common bond - Primarily chemical |
| Corporate Credit Union: | No |
| Year Opened: | 1942 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $716,096,506 |
| CEO/Manager: | Dallas Bergl |
| Chairperson: | Charles Walker |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 35,822,948 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 324,626,432 |
| Unsecured Loans | 30,633,691 |
| Other Loans | 285,370,803 |
| TOTAL LOANS | 642,207,261 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -8,670,809 |
| Land And Building | 14,393,243 |
| Other Fixed Assets | 2,772,182 |
| NCUSIF Deposit | 4,894,579 |
| All Other Assets | 781,020 |
| TOTAL ASSETS | 716,096,506 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 5,677 |
| Notes & Interest Payable | 75,000,000 |
| Accounts Payable & Other Liabilities | 8,157,163 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 105,497,846 |
| Regular shares | 80,499,876 |
| All Other Shares & Deposits | 393,720,691 |
| TOTAL SHARES & DEPOSITS | 579,718,413 |
| TOTAL LIABILITIES | 663,060,943 |
| Regular Reserve | 0 |
| Other Reserves | 3,583,507 |
| Undivided Earnings | 49,452,056 |
| TOTAL EQUITY | 53,035,563 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 716,096,506 |
| INCOME & EXPENSE | |
| Loan Income | 33,515,304 |
| Investment Income | 1,917,915 |
| Other Income | 2,789,313 |
| Total Employee Compensation & Benefits | 10,679,084 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 11,398,426 |
| Non-operating Income & (Expense) | 453,174 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 3,837,403 |
| Cost of Funds | 15,197,298 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,639,226 |
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