GENFED FINANCIAL Financial Reports
Quarter Ended: 2024/12/31
Data Updated on: 2024/10/29
GENFED FINANCIAL is a NFICU, and supervised by the National Credit Union Administration (NCUA) located in Akron, OH. Established on 1937, the credit union is regulated by the NCUA and has 10 branches.
The bank has 7 employees and holds 316,167,976 in total assets. With a focus on Non-Federal Credit Union customers, the bank has been serving its customers since 1937.
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GENFED FINANCIAL Institution Profile
| Type of Membership | Non-Federal Credit Union |
| Number of Full-Time Employees | 83 |
| Date Established | 1937 |
| Number of Part-Time Employees | 7 |
| Type of Credit Union | NFICU |
| City | Akron |
| Number of Current Members | 25011 |
| ZIP Code | 44312 |
| State | OH |
| Street Address | 2492 Wedgewood Dr, Suite G |
| Official Website | http://www.genfed.com |
| Peer Group Category | 5 – $100,000,000 to less than $500,000,000 |
| President’s Name | Joyce R Jones |
| CEO Name | Michael W Doran |
| Join Number | 1158 |
| Net Worth Classification | Well Capitalized |
| Institution RSSDID | 884273 |
| Number Of Branches | 10 |
| Bond Provider | CUMIS |
Institution Profile Overview
The organization operates under the Membership Type of “Non-Federal Credit Union” and was Chartered on “1937”. It is classified as a NFICU, with Number of Members totaling “25011”. The institution is based in State: “OH”, within the City: “Akron”, and can be found at Street: “2492 Wedgewood Dr, Suite G”, ZIP Code: “44312”.
The institution employs “83” Full-time Employees and “7” Part-time Employees, ensuring smooth operations. It belongs to the Peer Group “5 – $100,000,000 to less than $500,000,000”, reflecting its size and scope of activities. The Net Worth Classification places it in the “Well Capitalized” category.
Leadership is guided by PRESIDENT: “Joyce R Jones” and CEO: “Michael W Doran”, ensuring strategic direction and oversight. Additional identifiers include a Join Number of “1158” and RSSD Number of “884273”. The organization’s online presence is accessible via its Website: “http://www.genfed.com”.
GENFED FINANCIAL Financials
(USD, in thousands)
| Total Assets | $316,168 |
| Total NonInterest Income | $5,386 |
| Total Liabilities | $268,570 |
| Total Interest Expense | $2,862 |
| Total Shares and Deposits | $266,683 |
| Total NonInterest Expense | $13,632 |
| Total Equity | $50,253 |
| Total Net Worth | $50,312 |
| Total Interest Income | $15,321 |
| Net Worth Ratio | 15.91% |
| Total amount of Loans and Leases | $209,415 |
| Total number of Loans and Leases | 14,411 |
Financial Performance Overview
Gain a comprehensive perspective on GENFED FINANCIAL’s financial landscape through our “Financials” table. The bank boasts total assets of $316,167,976k, showcasing its substantial scale and influential market presence. A nuanced breakdown reveals insights into the credit union’s financial structure and stability, with total liabilities standing at $268,569,908k and total equity at $50,252,639k.
Delve into key operational metrics, including total shares and deposits of $266,682,532k, total loans and leases at $209,415,143k, and a meticulous analysis of income and expense components. This detailed financial overview is designed to enhance your understanding of GENFED FINANCIAL’s performance and competitive positioning within the financial industry.
GENFED FINANCIAL Additional Financial Information
| Net Interest Income | 12,458,827.00 |
| Loans Held for Sale | 0.00 |
| Net Interest Margin (as a % of Average Assets) | 3.98 |
| Other Non‐Performing Assets (as % of Total Assets) | 0.00 |
| All Other Assets (Total) | 18,741,284.00 |
| Total Cash on Deposit (Amounts Deposited in Financial Institutions) | 56,145,602.00 |
| Net Worth Growth | 5.44 |
| Total INVESTMENT SECURITIES | 21,917,530.00 |
| Share Growth | 1.34 |
| TOTAL OTHER INVESTMENTS | 1,184,198.00 |
| Loan Growth | -0.84 |
| Total Foreclosed and Repossessed Assets | 0.00 |
| Asset Growth | 1.79 |
| Total Credit Loss Expense | 1,553,495.00 |
| Investment Growth | 17.48 |
| NET INCOME (LOSS) | 2,658,994.00 |
| Membership Growth | 1.53 |
| Loans‐to‐Assets Ratio | 66.24 |
| Return on Average Assets (ROAA) | 0.85 |
| Cash & Short‐Term Investments (as % of Assets) | 21.60 |
| Net Income (Excluding Extraordinary Items) / Average Assets | 0.86 |
| Risk‐Based Capital Ratio | N/A |
| Non‐Interest Expense (as % of Average Assets) | 4.35 |
| GAAP Equity (as % of Total Assets) | 15.05 |
| Provision for Loan or Credit Losses (as % of Average Assets) | 0.50 |
| Loan Loss Ratio | 0.63 |
| Total Gain (Loss) on Investments | 0.00 |
| Efficiency Ratio | 65.85 |
| Regulatory Net Worth Ratio | 1,591.00 |
| Adjusted Net Worth Ratio | 16.25 |
Insights into Financial Metrics
Enhance your understanding of GENFED FINANCIAL‘s financial standing through our Additional Financial Information table. Explore key metrics such as Total Loans and Leases: $209,415,143k and Net Interest Income: $0k to gain valuable insights into the credit union’s core operations and revenue streams.
Delve into the intricacies of Loan Loss Ratio 0.6307 to evaluate the credit union’s asset quality and risk mitigation efforts. Examine the composition of income through Total Noninterest Income: $5,385,534k and evaluate operational efficiency using metrics like Efficiency Ratio: 65.851. This nuanced financial overview empowers a comprehensive analysis of GENFED FINANCIAL‘s strategic financial position and performance in the industry.
Frequently Asked Questions (FAQs)
What is the asset size of GENFED FINANCIAL?
The asset size of GENFED FINANCIAL is approximately $316,167,976k, reflecting the credit union’s scale and market presence.
What type of bond does GENFED FINANCIAL have?
GENFED FINANCIAL has a bond provided by CUMIS, which ensures certain financial securities to its members.
How many members does GENFED FINANCIAL currently have?
The credit union currently serves 25011 members, indicating its reach and community impact.
What is the total number of employees at GENFED FINANCIAL?
There are 90 employees at GENFED FINANCIAL, including both full-time and part-time staff, supporting its operations and member services.
Where is GENFED FINANCIAL located and how many branches does it have?
GENFED FINANCIAL is located in Akron, OH, and operates 10 branches.
What is the net worth ratio of GENFED FINANCIAL?
The net worth ratio, a key indicator of financial strength, for GENFED FINANCIAL is 1591%.
What is the total value of loans and deposits at GENFED FINANCIAL?
The credit union holds $209,415,143k in loans and $266,682,532k in deposits, reflecting its lending and saving activities.
What does GENFED FINANCIAL’s investment portfolio look like?
The credit union’s investment portfolio includes total investment securities and other investments, showcasing strategic asset allocation.
Who are the leaders of GENFED FINANCIAL?
Leadership at GENFED FINANCIAL is provided by President Joyce R Jones and CEO Michael W Doran, guiding strategic decisions and operations.