Dec, 31, 2023 — CORNING FEDERAL CREDIT UNION is a federal credit union headquartered in CORNING, NY with 22 branch locations and about $2.35 billion in total assets. Opened 88 years ago in 1936, CORNING FEDERAL CREDIT UNION has about 160,608 members and employs 419 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | CORNING FEDERAL CREDIT UNION |
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Address: (Main Office) | 1 Credit Union Plz CORNING, NY 14830-2857 |
Phone: | (607) 962-3144 |
Fax: | |
Website: | https://www.corningcu.org |
Branches: | 22 branch locations |
Members: | 160,608 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 1644 |
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Membership Type: | Multiple common bond - Primarily other manufacturing |
Corporate Credit Union: | No |
Year Opened: | 1936 |
Last Audited: | Dec 01, 2023 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $2,350,748,517 |
CEO/Manager: | Gary Grinnell |
Chairperson: | Kurt R Fischer |
ASSETS: | $ Amount |
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Cash & Equivalents | 205,246,883 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 2,696,250 |
Real Estate Loans | 817,845,037 |
Unsecured Loans | 174,427,513 |
Other Loans | 1,087,126,267 |
TOTAL LOANS | 2,091,474,104 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -22,991,643 |
Land And Building | 30,205,477 |
Other Fixed Assets | 5,750,752 |
NCUSIF Deposit | 18,202,694 |
All Other Assets | 23,030 |
TOTAL ASSETS | 2,350,748,517 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 19,946 |
Notes & Interest Payable | 80,000,000 |
Accounts Payable & Other Liabilities | 35,446,246 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 511,395,106 |
Regular shares | 656,170,973 |
All Other Shares & Deposits | 827,107,854 |
TOTAL SHARES & DEPOSITS | 1,994,673,933 |
TOTAL LIABILITIES | 2,110,140,125 |
Regular Reserve | 0 |
Other Reserves | -10,998,158 |
Undivided Earnings | 251,606,550 |
TOTAL EQUITY | 240,608,392 |
TOTAL LIABILITIES, SHARES, & EQUITY | 2,350,748,517 |
INCOME & EXPENSE | |
Loan Income | 89,089,418 |
Investment Income | 10,677,043 |
Other Income | 5,247,757 |
Total Employee Compensation & Benefits | 37,652,550 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 35,773,391 |
Non-operating Income & (Expense) | -5,622 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 6,320,231 |
Cost of Funds | 32,641,467 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 19,533,191 |
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