Dec, 31, 2023 — NORTHWOODS CREDIT UNION is a federally insured state chartered credit union headquartered in CLOQUET, MN with 4 branch locations and about $172.71 million in total assets. Opened 88 years ago in 1936, NORTHWOODS CREDIT UNION has about 11,711 members and employs 53 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | NORTHWOODS CREDIT UNION |
|---|---|
| Address: (Main Office) | 1702 Avenue B CLOQUET, MN 55720 |
| Phone: | (218) 879-4181 |
| Fax: | (218) 879-0965 |
| Website: | https://www.northwoodscu.org |
| Branches: | 4 branch locations |
| Members: | 11,711 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62847 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1936 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $172,709,574 |
| CEO/Manager: | Douglas C Wolf |
| Chairperson: | Jeffrey Kletscher |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 16,606,809 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 1,038,961 |
| Real Estate Loans | 47,230,582 |
| Unsecured Loans | 18,021,649 |
| Other Loans | 70,499,833 |
| TOTAL LOANS | 135,752,064 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,114,503 |
| Land And Building | 7,843,878 |
| Other Fixed Assets | 554,654 |
| NCUSIF Deposit | 1,504,829 |
| All Other Assets | 0 |
| TOTAL ASSETS | 172,709,574 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,863,699 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 30,623,757 |
| Regular shares | 57,233,523 |
| All Other Shares & Deposits | 69,625,007 |
| TOTAL SHARES & DEPOSITS | 157,482,287 |
| TOTAL LIABILITIES | 159,345,986 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 13,363,588 |
| TOTAL EQUITY | 13,363,588 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 172,709,574 |
| INCOME & EXPENSE | |
| Loan Income | 8,494,108 |
| Investment Income | 512,538 |
| Other Income | 633,604 |
| Total Employee Compensation & Benefits | 4,624,479 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 5,681,673 |
| Non-operating Income & (Expense) | 272,125 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 265,335 |
| Cost of Funds | 1,359,173 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 29,342 |
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