Dec, 31, 2023 — ISLAND FEDERAL CREDIT UNION is a federal credit union headquartered in HAUPPAUGE, NY with 11 branch locations and about $1.50 billion in total assets. Opened 69 years ago in 1955, ISLAND FEDERAL CREDIT UNION has about 51,634 members and employs 166 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | ISLAND FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 120 Motor Pkwy HAUPPAUGE, NY 11788-5107 |
| Phone: | (631) 851-1100 |
| Fax: | (631) 851-1112 |
| Website: | https://www.islandfcu.com |
| Branches: | 11 branch locations |
| Members: | 51,634 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 10023 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1955 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,499,221,742 |
| CEO/Manager: | Craig A Booth |
| Chairperson: | John F Adragna |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 20,318,112 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 424,008 |
| Real Estate Loans | 797,983,591 |
| Unsecured Loans | 52,391,601 |
| Other Loans | 236,597,093 |
| TOTAL LOANS | 1,088,367,114 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -5,870,667 |
| Land And Building | 13,863,865 |
| Other Fixed Assets | 7,706,468 |
| NCUSIF Deposit | 10,313,644 |
| All Other Assets | 122,400 |
| TOTAL ASSETS | 1,499,221,742 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 2,391 |
| Notes & Interest Payable | 214,550,000 |
| Accounts Payable & Other Liabilities | 22,317,167 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 139,769,681 |
| Regular shares | 240,908,829 |
| All Other Shares & Deposits | 808,955,569 |
| TOTAL SHARES & DEPOSITS | 1,189,634,079 |
| TOTAL LIABILITIES | 1,426,503,637 |
| Regular Reserve | 0 |
| Other Reserves | -63,724,221 |
| Undivided Earnings | 136,442,326 |
| TOTAL EQUITY | 72,718,105 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,499,221,742 |
| INCOME & EXPENSE | |
| Loan Income | 47,934,272 |
| Investment Income | 6,788,268 |
| Other Income | 1,630,019 |
| Total Employee Compensation & Benefits | 18,525,311 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 15,730,105 |
| Non-operating Income & (Expense) | 1,039,799 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,170,399 |
| Cost of Funds | 25,489,350 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,970,712 |
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