Dec, 31, 2023 — MAGNOLIA FEDERAL CREDIT UNION is a federal credit union headquartered in JACKSON, MS with 3 branch locations and about $154.15 million in total assets. Opened 89 years ago in 1935, MAGNOLIA FEDERAL CREDIT UNION has about 19,621 members and employs 45 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MAGNOLIA FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 240 Briarwood Dr JACKSON, MS 39206 |
| Phone: | (601) 977-8300 |
| Fax: | (601) 977-8320 |
| Website: | https://www.magfedcu.org |
| Branches: | 3 branch locations |
| Members: | 19,621 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 224 |
|---|---|
| Membership Type: | Multiple common bond - other |
| Corporate Credit Union: | No |
| Year Opened: | 1935 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $154,153,012 |
| CEO/Manager: | Michael Waylett |
| Chairperson: | Mary E Barrett |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 17,983,332 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 8,585,847 |
| Unsecured Loans | 16,176,233 |
| Other Loans | 78,419,560 |
| TOTAL LOANS | 103,363,254 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,503,074 |
| Land And Building | 7,130,307 |
| Other Fixed Assets | 164,336 |
| NCUSIF Deposit | 1,259,533 |
| All Other Assets | 179,830 |
| TOTAL ASSETS | 154,153,012 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,656,466 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 26,211,606 |
| Regular shares | 68,397,594 |
| All Other Shares & Deposits | 26,822,617 |
| TOTAL SHARES & DEPOSITS | 121,431,817 |
| TOTAL LIABILITIES | 123,088,283 |
| Regular Reserve | 0 |
| Other Reserves | 1,167,768 |
| Undivided Earnings | 29,896,961 |
| TOTAL EQUITY | 31,064,729 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 154,153,012 |
| INCOME & EXPENSE | |
| Loan Income | 7,457,622 |
| Investment Income | 1,405,739 |
| Other Income | 2,107,961 |
| Total Employee Compensation & Benefits | 3,301,052 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 4,341,913 |
| Non-operating Income & (Expense) | 459,871 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,586,628 |
| Cost of Funds | 354,217 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 4,223,424 |
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