Dec, 31, 2023 — FIRST SOURCE FEDERAL CREDIT UNION is a federal credit union headquartered in NEW HARTFORD, NY with 8 branch locations and about $1.03 billion in total assets. Opened 86 years ago in 1938, FIRST SOURCE FEDERAL CREDIT UNION has about 60,641 members and employs 248 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | FIRST SOURCE FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 4451 Commercial Dr NEW HARTFORD, NY 13413-6207 |
| Phone: | (315) 735-8571 |
| Fax: | (315) 735-1552 |
| Website: | https://www.fsource.org |
| Branches: | 8 branch locations |
| Members: | 60,641 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 2658 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1938 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,028,957,311 |
| CEO/Manager: | Thomas Neumann |
| Chairperson: | Raymond L Philo |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 46,860,426 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 427,036,372 |
| Unsecured Loans | 102,979,463 |
| Other Loans | 424,493,775 |
| TOTAL LOANS | 969,732,484 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -20,362,387 |
| Land And Building | 8,092,240 |
| Other Fixed Assets | 573,763 |
| NCUSIF Deposit | 8,390,251 |
| All Other Assets | 303,739 |
| TOTAL ASSETS | 1,028,957,311 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 75,000,000 |
| Accounts Payable & Other Liabilities | 6,560,140 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 148,546,357 |
| Regular shares | 214,008,309 |
| All Other Shares & Deposits | 491,255,989 |
| TOTAL SHARES & DEPOSITS | 853,810,655 |
| TOTAL LIABILITIES | 935,370,795 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 93,586,516 |
| TOTAL EQUITY | 93,586,516 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,028,957,311 |
| INCOME & EXPENSE | |
| Loan Income | 49,184,633 |
| Investment Income | 1,981,294 |
| Other Income | 4,244,445 |
| Total Employee Compensation & Benefits | 19,098,815 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 17,253,755 |
| Non-operating Income & (Expense) | 1,222,246 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 5,900,000 |
| Cost of Funds | 15,004,198 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 6,984,870 |
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