Island Federal Credit Union is headquartered in HAUPPAUGE and is the 17st largest credit union in the state of New York. It is also the 225th largest credit union in the nation. It was established in 1955 and as of December of 2013, it had grown to 81 employees and 31,253 members. Island Federal Credit Union's money market rates are 14% higher than the national average, and it has a B+ health rating.
Membership is open to anyone who lives, works, worships or attends school in Nassau County or Suffolk County (with the exception of the townships of East Hampton, Southampton and Shelter Island) within the State of New York, USA. Share account with $5 minimum balance required. - See Details
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The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Island Federal Credit Union had $1.26 million in non-current loans and owned real-estate with $76.86 million in equity and loan loss allowances on hand to cover it. This gives Island Federal Credit Union a Texas Ratio of 1.64% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Island Federal Credit Union experienced no significant changes from 1.38% as of December 31, 2012 to 1.64% as of December 31, 2013, resulting in a negative change of 18.43%. This indicates that the balance sheet and financial strength for Island Federal Credit Union has had no significant changes in recent periods.
In the past year, Island Federal Credit Union has increased its total deposits by $7.2 million, resulting in 0.95% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Island Federal Credit Union has shown is above average.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Island Federal Credit Union has $948.04 million in assets with $76.86 million in equity, resulting in a capitalization level of 8.11%, which is average.
|Assets and Liabilities|
|Equity Capital||$75.68 million|
|Loan Loss Allowance||$1.18 million|
|Unbacked Noncurrent Loans||$1.26 million|
|Real Estate Owned||$1,000|
|Historic Data - December 2012|
|Equity Capital||$99.73 million|
|Loan Loss Allowance||$903,000|
|Unbacked Noncurrent Loans||$1.26 million|
|Real Estate Owned||$0|
|Profit Margin - Quarterly|
|Net Interest Margin||2.08%|
|Return on Assets||0.62%|
|Return on Equity||7.81%|
|Interest Income||$22.57 million|
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|0.25%||-||-||Regular IRA Savings|
|0.25%||-||-||Roth IRA Savings|
|0.25%||-||-||Education IRA Savings|
|0.50%||$250k||-||Money Market GOLD|
|0.15%||-||-||Money Market PLUS|
|2.00%||$1k||-||60 Month Certificate|
|2.00%||$500||-||60 Month Kid's Certificate|
|1.75%||$1k||-||48 Month Certificate|
|1.75%||$500||-||48 Month Kid's Certificate|
|1.35%||$1k||-||36 Month Certificate|
|1.35%||$500||-||36 Month Kid's Certificate|
|1.06%||$1k||-||24 Month Certificate|
|1.06%||$500||-||24 Month Kid's Certificate|
|0.65%||$1k||-||13 Month Certificate Special|
|0.65%||$500||-||13 Month Kid's Special|
|0.50%||$1k||-||12 Month Certificate|
|0.50%||$500||-||12 Month Kid's Certificate|
|0.40%||$1k||-||6 Month Certificate|
|0.40%||$500||-||6 Month Kid's Certificate|
|0.35%||$1k||-||3 Month Certificate|
|0.35%||$500||-||3 Month Kid's Certificate|
|2.00%||$1k||-||60 Month IRA Certificate (Traditional,Roth,CESA)|
|1.75%||$1k||-||48 Month IRA Certificate (Traditional,Roth,CESA)|
|1.35%||$1k||-||36 Month IRA Certificate (Traditional,Roth,CESA)|
|1.06%||$1k||-||24 Month IRA Certificate (Traditional,Roth,CESA)|
|0.65%||$1k||-||13 Month IRA Special (Traditional,Roth,CESA)|
|0.50%||$1k||-||12 Month IRA Certificate (Traditional,Roth,CESA)|
|0.40%||$1k||-||6 Month IRA Certificate (Traditional,Roth,CESA)|
|0.35%||$1k||-||3 Month IRA Certificate (Traditional,Roth,CESA)|
|Island Federal Credit Union Locations|
|Branch Office||85 E Old Country Rd||Hicksville, NY 11801-4243|
|Branch Office||120 Motor Pkwy||Hauppauge, NY 11788-5107|
|Branch Office||2752 Sunrise Hwy||Bellmore, NY 11710|
|Branch Office||1077 Old Country Rd||Riverhead, NY 11901-2019|
|Branch Office||4820 Sunrise Hwy||Sayville, NY 11782-1013|