Dec, 31, 2023 — INNOVATIONS FINANCIAL FEDERAL CREDIT UNION is a federally insured state chartered credit union headquartered in PANAMA CITY, FL with 6 branch locations and about $428.40 million in total assets. Opened 72 years ago in 1952, INNOVATIONS FINANCIAL FEDERAL CREDIT UNION has about 24,133 members and employs 74 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 FINANCIAL FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 910 Thomas Dr PANAMA CITY, FL 32408-7442 |
| Phone: | (850) 233-4400 |
| Fax: | (850) 233-4445 |
| Website: | https://www.innovationsfcu.org |
| Branches: | 6 branch locations |
| Members: | 24,133 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68732 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1952 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $428,396,917 |
| CEO/Manager: | David Southall |
| Chairperson: | Craig Ellis |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 27,952,746 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 217,580,107 |
| Unsecured Loans | 18,707,657 |
| Other Loans | 135,041,570 |
| TOTAL LOANS | 371,329,334 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,551,290 |
| Land And Building | 10,869,794 |
| Other Fixed Assets | 985,688 |
| NCUSIF Deposit | 3,260,775 |
| All Other Assets | 326,600 |
| TOTAL ASSETS | 428,396,917 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 6,300,853 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 97,295,247 |
| Regular shares | 123,407,395 |
| All Other Shares & Deposits | 161,868,633 |
| TOTAL SHARES & DEPOSITS | 382,571,275 |
| TOTAL LIABILITIES | 388,872,128 |
| Regular Reserve | 0 |
| Other Reserves | 2,085,417 |
| Undivided Earnings | 37,439,372 |
| TOTAL EQUITY | 39,524,789 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 428,396,917 |
| INCOME & EXPENSE | |
| Loan Income | 18,759,231 |
| Investment Income | 725,114 |
| Other Income | 4,285,245 |
| Total Employee Compensation & Benefits | 8,347,309 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 8,083,409 |
| Non-operating Income & (Expense) | -15 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,460,028 |
| Cost of Funds | 4,420,966 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 4,356,404 |
| ↑ Back to Top | |