Dec, 31, 2023 — MORRISONS COVE 1ST FEDERAL CREDIT UNION is a federal credit union headquartered in ROARING SPRING, PA with 1 branch location and about $53.79 million in total assets. Opened 70 years ago in 1954, MORRISONS COVE 1ST FEDERAL CREDIT UNION has about 4,499 members and employs 10 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MORRISONS COVE 1ST FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 7533 Woodbury Pike ROARING SPRING, PA 16673 |
| Phone: | (814) 224-2744 |
| Fax: | (814) 224-5080 |
| Website: | https://www.mcove1stfcu.com |
| Branches: | 1 branch locations |
| Members: | 4,499 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 9681 |
|---|---|
| Membership Type: | Multiple common bond - Primarily other manufacturing |
| Corporate Credit Union: | No |
| Year Opened: | 1954 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $53,788,133 |
| CEO/Manager: | Lynnette Hamm |
| Chairperson: | Dianne Churbock |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,647,448 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 7,488,280 |
| Unsecured Loans | 3,762,508 |
| Other Loans | 12,067,798 |
| TOTAL LOANS | 23,318,586 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -160,886 |
| Land And Building | 558,881 |
| Other Fixed Assets | 33,815 |
| NCUSIF Deposit | 497,428 |
| All Other Assets | 0 |
| TOTAL ASSETS | 53,788,133 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 270,446 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 8,701,079 |
| Regular shares | 30,413,844 |
| All Other Shares & Deposits | 9,529,019 |
| TOTAL SHARES & DEPOSITS | 48,643,942 |
| TOTAL LIABILITIES | 48,914,388 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 4,873,745 |
| TOTAL EQUITY | 4,873,745 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 53,788,133 |
| INCOME & EXPENSE | |
| Loan Income | 869,096 |
| Investment Income | 660,599 |
| Other Income | 43,886 |
| Total Employee Compensation & Benefits | 579,932 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 611,052 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 62,127 |
| Cost of Funds | 104,404 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 352,484 |
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