Dec, 31, 2023 — DESERET FIRST FEDERAL CREDIT UNION is a federal credit union headquartered in WEST VALLEY CITY, UT with 13 branch locations and about $1.06 billion in total assets. Opened 69 years ago in 1955, DESERET FIRST FEDERAL CREDIT UNION has about 77,086 members and employs 211 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | DESERET FIRST FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 3999 W Parkway Blvd WEST VALLEY CITY, UT 84120 |
| Phone: | (801) 456-7000 |
| Fax: | (801) 364-6747 |
| Website: | https://www.dfcu.com |
| Branches: | 13 branch locations |
| Members: | 77,086 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24708 |
|---|---|
| Membership Type: | Multiple common bond - Primarily faith based |
| Corporate Credit Union: | No |
| Year Opened: | 1955 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,062,759,564 |
| CEO/Manager: | Shane C London |
| Chairperson: | Vance K Huntley |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 66,607,357 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 1,163,000 |
| Real Estate Loans | 659,195,920 |
| Unsecured Loans | 34,723,965 |
| Other Loans | 222,606,467 |
| TOTAL LOANS | 916,526,352 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -4,142,147 |
| Land And Building | 33,053,393 |
| Other Fixed Assets | 3,781,535 |
| NCUSIF Deposit | 8,748,299 |
| All Other Assets | 0 |
| TOTAL ASSETS | 1,062,759,564 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 1,300,257 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 14,170,556 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 224,350,255 |
| Regular shares | 249,710,575 |
| All Other Shares & Deposits | 490,684,207 |
| TOTAL SHARES & DEPOSITS | 964,745,037 |
| TOTAL LIABILITIES | 980,215,850 |
| Regular Reserve | 0 |
| Other Reserves | 15,618,663 |
| Undivided Earnings | 66,925,051 |
| TOTAL EQUITY | 82,543,714 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,062,759,564 |
| INCOME & EXPENSE | |
| Loan Income | 44,821,491 |
| Investment Income | 2,897,848 |
| Other Income | 6,939,805 |
| Total Employee Compensation & Benefits | 19,143,745 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 15,941,740 |
| Non-operating Income & (Expense) | 6,081 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 2,420,547 |
| Cost of Funds | 15,348,149 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 8,284,655 |
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