INNOVATIONS FEDERAL CREDIT UNION is no longer an active credit union according to the NCUA. If available, you can view their website at https://www.innovationsfcu.org for more information.
Dec, 31, 2023 — INNOVATIONS FEDERAL CREDIT UNION is a federal credit union headquartered in PANAMA CITY, FL with 6 branch locations and about $359.17 million in total assets. Opened 72 years ago in 1952, INNOVATIONS FEDERAL CREDIT UNION has about 22,163 members and employs 71 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | INNOVATIONS FEDERAL CREDIT UNION |
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Address: (Main Office) | P O BOX 15529 PANAMA CITY, FL 32406 |
Phone: | (850) 233-4400 |
Fax: | (850) 233-4445 |
Website: | https://www.innovationsfcu.org |
Branches: | 6 branch locations |
Members: | 22,163 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 7783 |
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Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
Corporate Credit Union: | No |
Year Opened: | 1952 |
Last Audited: | Jun 01, 2021 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $359,169,309 |
CEO/Manager: | David Southall |
Chairperson: | Rob Fernandez |
ASSETS: | $ Amount |
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Cash & Equivalents | 39,172,626 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 146,653,007 |
Unsecured Loans | 15,538,401 |
Other Loans | 95,375,066 |
TOTAL LOANS | 257,566,474 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -807,037 |
Land And Building | 11,406,146 |
Other Fixed Assets | 1,436,265 |
NCUSIF Deposit | 2,759,974 |
All Other Assets | 135,264 |
TOTAL ASSETS | 359,169,309 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 7,112,710 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 102,608,460 |
Regular shares | 157,516,885 |
All Other Shares & Deposits | 62,190,054 |
TOTAL SHARES & DEPOSITS | 322,315,399 |
TOTAL LIABILITIES | 329,428,109 |
Regular Reserve | 0 |
Other Reserves | 2,131,561 |
Undivided Earnings | 27,609,639 |
TOTAL EQUITY | 29,741,200 |
TOTAL LIABILITIES, SHARES, & EQUITY | 359,169,309 |
INCOME & EXPENSE | |
Loan Income | 3,078,917 |
Investment Income | 67,658 |
Other Income | 1,024,785 |
Total Employee Compensation & Benefits | 2,014,776 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 1,656,448 |
Non-operating Income & (Expense) | -1,574 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 0 |
Cost of Funds | 227,719 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 834,919 |
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