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GARDEN SAVINGS FEDERAL CREDIT UNION

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.


ABA Routing Number: 221278954
Name:GARDEN SAVINGS FEDERAL CREDIT UNION
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
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

Call Report

  • Credit Builder
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
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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