Dec, 31, 2023 — DOWAGIAC AREA FEDERAL CREDIT UNION is a federal credit union headquartered in DOWAGIAC, MI with 1 branch location and about $23.56 million in total assets. Opened 52 years ago in 1972, DOWAGIAC AREA FEDERAL CREDIT UNION has about 1,797 members and employs 4 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | DOWAGIAC AREA FEDERAL CREDIT UNION |
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Address: (Main Office) | 473 E Division St DOWAGIAC, MI 49047-1541 |
Phone: | (269) 782-2410 |
Fax: | (269) 782-9870 |
Website: | https://www.dafcu.net |
Branches: | 1 branch locations |
Members: | 1,797 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 21070 |
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Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
Corporate Credit Union: | No |
Year Opened: | 1972 |
Last Audited: | Jun 01, 2023 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $23,557,415 |
CEO/Manager: | Erik Tapia |
Chairperson: | Tim Dowsett |
ASSETS: | $ Amount |
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Cash & Equivalents | 2,069,977 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 1,624,898 |
Unsecured Loans | 1,833,631 |
Other Loans | 6,910,176 |
TOTAL LOANS | 10,413,428 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -51,503 |
Land And Building | 584,112 |
Other Fixed Assets | 17,628 |
NCUSIF Deposit | 219,911 |
All Other Assets | 0 |
TOTAL ASSETS | 23,557,415 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 41,888 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 3,795,657 |
Regular shares | 10,304,996 |
All Other Shares & Deposits | 7,392,545 |
TOTAL SHARES & DEPOSITS | 21,493,197 |
TOTAL LIABILITIES | 21,535,085 |
Regular Reserve | 0 |
Other Reserves | 0 |
Undivided Earnings | 2,022,330 |
TOTAL EQUITY | 2,022,330 |
TOTAL LIABILITIES, SHARES, & EQUITY | 23,557,415 |
INCOME & EXPENSE | |
Loan Income | 358,351 |
Investment Income | 480,858 |
Other Income | 83,314 |
Total Employee Compensation & Benefits | 213,337 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 406,960 |
Non-operating Income & (Expense) | 83,795 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 51,503 |
Cost of Funds | 15,460 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 398,257 |
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