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INNOVATIONS FEDERAL CREDIT UNION

Mar, 31, 2022 — 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 70 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.


ABA Routing Number: 263281556
Name:INNOVATIONS FEDERAL CREDIT UNION
Address:
(Main Office)
910 Thomas Dr
PANAMA CITY, FL 32408-7442
Phone:(850) 233-4400
Fax:(850) 233-4445
Website:http://www.innovationsfcu.org
Branches:6 branch locations
Members:22,163
Credit Union Type:Federal Credit Union
Charter Number:7783
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

Call Report

  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
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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