Dec, 31, 2023 — OCEAN FINANCIAL FEDERAL CREDIT UNION is a federal credit union headquartered in OCEANSIDE, NY with 2 branch locations and about $359.01 million in total assets. Opened 55 years ago in 1969, OCEAN FINANCIAL FEDERAL CREDIT UNION has about 14,202 members and employs 42 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | OCEAN FINANCIAL FEDERAL CREDIT UNION |
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Address: (Main Office) | 45 Atlantic Ave OCEANSIDE, NY 11572-2035 |
Phone: | (516) 620-8100 |
Fax: | (516) 620-8080 |
Website: | https://oceanfinancial.org |
Branches: | 2 branch locations |
Members: | 14,202 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 19269 |
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Membership Type: | Multiple common bond - Primarily faith based |
Corporate Credit Union: | No |
Year Opened: | 1969 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $359,011,115 |
CEO/Manager: | Joseph A Tedesco |
Chairperson: | Lisa McGuinness |
ASSETS: | $ Amount |
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Cash & Equivalents | 20,393,303 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 183,105,792 |
Unsecured Loans | 5,679,250 |
Other Loans | 49,100,100 |
TOTAL LOANS | 237,918,608 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,712,702 |
Land And Building | 2,900,070 |
Other Fixed Assets | 497,985 |
NCUSIF Deposit | 3,005,259 |
All Other Assets | 0 |
TOTAL ASSETS | 359,011,115 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 3,000,000 |
Accounts Payable & Other Liabilities | 2,369,786 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 43,803,071 |
Regular shares | 54,223,315 |
All Other Shares & Deposits | 237,958,197 |
TOTAL SHARES & DEPOSITS | 335,984,583 |
TOTAL LIABILITIES | 341,354,369 |
Regular Reserve | 0 |
Other Reserves | -15,582,656 |
Undivided Earnings | 33,239,402 |
TOTAL EQUITY | 17,656,746 |
TOTAL LIABILITIES, SHARES, & EQUITY | 359,011,115 |
INCOME & EXPENSE | |
Loan Income | 10,520,894 |
Investment Income | 2,633,247 |
Other Income | 437,427 |
Total Employee Compensation & Benefits | 4,529,030 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 4,625,482 |
Non-operating Income & (Expense) | -66,582 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 177,000 |
Cost of Funds | 4,678,325 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 365,299 |
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