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PALMETTO FIRST FEDERAL CREDIT UNION

Dec, 31, 2023 — PALMETTO FIRST FEDERAL CREDIT UNION is a federal credit union headquartered in FLORENCE, SC with 2 branch locations and about $57.49 million in total assets. Opened 71 years ago in 1953, PALMETTO FIRST FEDERAL CREDIT UNION has about 6,298 members and employs 17 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


ABA Routing Number: 253278964
Name:PALMETTO FIRST FEDERAL CREDIT UNION
Address:
(Main Office)
1722 Gregg Ave
FLORENCE, SC 29501
Phone:(843) 669-5619
Fax:(843) 669-6931
Website:https://www.palmettofirst.com
Branches:2 branch locations
Members:6,298
Credit Union Type:Federal Credit Union
Charter Number:24491
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1953
Last Audited:Sep 01, 2022
FHLB Member:No
Low Income Designation:No
Assets:$57,488,901
CEO/Manager:Angela Burr
Chairperson:Kathryn M Roach

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Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 6,826,806
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 4,491,895
 Unsecured Loans 7,896,667
 Other Loans 26,428,617
 TOTAL LOANS 38,817,179
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -838,175
 Land And Building 569,283
 Other Fixed Assets 69,330
 NCUSIF Deposit 462,985
 All Other Assets 16,164
  TOTAL ASSETS 57,488,901
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 179,644
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 13,762,626
 Regular shares 17,939,552
 All Other Shares & Deposits 14,977,777
  TOTAL SHARES & DEPOSITS 46,679,955
  TOTAL LIABILITIES 46,859,599
 Regular Reserve 0
 Other Reserves 0
 Undivided Earnings 10,629,302
  TOTAL EQUITY 10,629,302
  TOTAL LIABILITIES, SHARES, & EQUITY 57,488,901
INCOME & EXPENSE  
 Loan Income 2,887,416
 Investment Income 644,700
 Other Income 581,514
 Total Employee Compensation & Benefits 1,314,740
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 1,474,444
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 422,400
 Cost of Funds 322,868
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 1,172,773
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