Dec, 31, 2023 — WAVE FEDERAL CREDIT UNION is a federal credit union headquartered in WARWICK, RI with 3 branch locations and about $138.49 million in total assets. Opened 86 years ago in 1938, WAVE FEDERAL CREDIT UNION has about 6,784 members and employs 22 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | WAVE FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 480 Greenwich Ave WARWICK, RI 02886-1606 |
| Phone: | (401) 781-1020 |
| Fax: | (401) 562-1290 |
| Website: | https://www.wavefcu.org |
| Branches: | 3 branch locations |
| Members: | 6,784 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24501 |
|---|---|
| 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: | No |
| Low Income Designation: | No |
| Assets: | $138,494,013 |
| CEO/Manager: | David P Dupere |
| Chairperson: | Kenneth M Mallette, Jr. |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 14,470,051 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 64,413,312 |
| Unsecured Loans | 2,659,460 |
| Other Loans | 11,676,454 |
| TOTAL LOANS | 78,749,226 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -429,200 |
| Land And Building | 3,211,878 |
| Other Fixed Assets | 266,411 |
| NCUSIF Deposit | 1,190,829 |
| All Other Assets | 0 |
| TOTAL ASSETS | 138,494,013 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,037,205 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 25,849,964 |
| Regular shares | 57,374,159 |
| All Other Shares & Deposits | 36,956,647 |
| TOTAL SHARES & DEPOSITS | 120,180,770 |
| TOTAL LIABILITIES | 121,217,975 |
| Regular Reserve | 0 |
| Other Reserves | 4,453,247 |
| Undivided Earnings | 12,822,791 |
| TOTAL EQUITY | 17,276,038 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 138,494,013 |
| INCOME & EXPENSE | |
| Loan Income | 3,592,335 |
| Investment Income | 1,656,592 |
| Other Income | 556,007 |
| Total Employee Compensation & Benefits | 1,754,666 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,318,896 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 108,992 |
| Cost of Funds | 913,925 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 800,814 |
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