Dec, 31, 2023 — GARDEN SAVINGS FEDERAL CREDIT UNION is a federal credit union headquartered in PARSIPPANY, NJ with 4 branch locations and about $433.00 million in total assets. Opened 56 years ago in 1968, GARDEN SAVINGS FEDERAL CREDIT UNION has about 25,300 members and employs 69 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | GARDEN SAVINGS FEDERAL CREDIT UNION |
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Address: (Main Office) | 129 Littleton Rd PARSIPPANY, NJ 07054-1869 |
Phone: | (973) 576-2000 |
Fax: | (973) 402-0736 |
Website: | https://gardensavingsfcu.org |
Branches: | 4 branch locations |
Members: | 25,300 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 18710 |
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Membership Type: | Multiple common bond - Primarily communications and utilities |
Corporate Credit Union: | No |
Year Opened: | 1968 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $432,995,671 |
CEO/Manager: | Michael Powers |
Chairperson: | Paul Mercer |
ASSETS: | $ Amount |
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Cash & Equivalents | 10,924,514 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 172,085,439 |
Unsecured Loans | 32,926,462 |
Other Loans | 108,269,405 |
TOTAL LOANS | 313,281,306 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -5,106,813 |
Land And Building | 3,478,778 |
Other Fixed Assets | 719,746 |
NCUSIF Deposit | 3,476,846 |
All Other Assets | 1,236,250 |
TOTAL ASSETS | 432,995,671 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 78,439 |
Notes & Interest Payable | 30,000,000 |
Accounts Payable & Other Liabilities | 4,160,500 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 65,132,436 |
Regular shares | 104,738,410 |
All Other Shares & Deposits | 200,133,623 |
TOTAL SHARES & DEPOSITS | 370,004,468 |
TOTAL LIABILITIES | 404,287,043 |
Regular Reserve | 0 |
Other Reserves | -4,053,047 |
Undivided Earnings | 32,761,675 |
TOTAL EQUITY | 28,708,628 |
TOTAL LIABILITIES, SHARES, & EQUITY | 432,995,671 |
INCOME & EXPENSE | |
Loan Income | 19,576,671 |
Investment Income | 1,604,021 |
Other Income | 1,962,954 |
Total Employee Compensation & Benefits | 6,546,619 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 7,192,420 |
Non-operating Income & (Expense) | 1,395,596 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 2,446,080 |
Cost of Funds | 8,422,699 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 1,476,243 |
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