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National Credit Union Service Organization

MICHIGAN FIRST CREDIT UNION

Dec, 31, 2023 — MICHIGAN FIRST CREDIT UNION is a federally insured state chartered credit union headquartered in LATHRUP VILLAGE, MI with 30 branch locations and about $1.51 billion in total assets. Opened 98 years ago in 1926, MICHIGAN FIRST CREDIT UNION has about 167,996 members and employs 486 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:MICHIGAN FIRST CREDIT UNION
Address:
(Main Office)
27000 Evergreen Rd
LATHRUP VILLAGE, MI 48076-3231
Phone:(248) 443-4600
Fax:
Website:https://www.michiganfirst.com
Branches:30 branch locations
Members:167,996
Credit Union Type:Federally Insured State Chartered Credit Union
Charter Number:60522
Membership Type:State chartered natural person
Corporate Credit Union:No
Year Opened:1926
Last Audited:Dec 01, 2022
FHLB Member:Yes
Low Income Designation:No
Assets:$1,505,941,681
CEO/Manager:Jennifer Borowy
Chairperson:Linda L Height

Call Report

  • Credit Builder
  • First Time Homebuyer Program
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 142,005,706
TOTAL INVESTMENTS 0
Loans Held for Sale 4,596,230
 
 Real Estate Loans 588,941,990
 Unsecured Loans 102,792,105
 Other Loans 379,343,660
 TOTAL LOANS 1,071,317,660
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -10,355,274
 Land And Building 55,287,331
 Other Fixed Assets 14,718,990
 NCUSIF Deposit 10,143,941
 All Other Assets 1,619,066
  TOTAL ASSETS 1,505,941,681
LIABILITIES & CAPITAL:  
 Dividends Payable 21
 Notes & Interest Payable 250,000,000
 Accounts Payable & Other Liabilities 29,049,499
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 254,156,683
 Regular shares 517,632,262
 All Other Shares & Deposits 277,324,558
  TOTAL SHARES & DEPOSITS 1,049,113,503
  TOTAL LIABILITIES 1,328,163,023
 Regular Reserve 0
 Other Reserves 16,683,121
 Undivided Earnings 161,095,537
  TOTAL EQUITY 177,778,658
  TOTAL LIABILITIES, SHARES, & EQUITY 1,505,941,681
INCOME & EXPENSE  
 Loan Income 62,374,698
 Investment Income 8,878,426
 Other Income 31,185,361
 Total Employee Compensation & Benefits 44,854,442
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 38,269,579
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 9,433,809
 Cost of Funds 13,645,223
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 17,427,123
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