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INNOVATIONS FEDERAL CREDIT UNION

Jun, 30, 2021 — INNOVATIONS FEDERAL CREDIT UNION is a federal credit union headquartered in PANAMA CITY, FL with 6 branch locations and about $319.27 million in total assets. Opened 69 years ago in 1952, INNOVATIONS FEDERAL CREDIT UNION has about 21,622 members and employs 72 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)
P O BOX 15529
PANAMA CITY, FL 32406
Phone:(850) 233-4400
Fax:(850) 233-4445
Website:http://www.innovationsfcu.org
Branches:6 branch locations
Members:21,622
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:$319,271,460
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 37,295,692
TOTAL INVESTMENTS 37,556,654
Loans Held for Sale 0
 
 Real Estate Loans 123,537,484
 Unsecured Loans 16,023,655
 Other Loans 82,493,316
 TOTAL LOANS 222,054,455
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -816,562
 Land And Building 11,814,759
 Other Fixed Assets 1,661,190
 NCUSIF Deposit 2,513,480
 All Other Assets 7,191,792
  TOTAL ASSETS 319,271,460
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 4,926,840
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 92,975,033
 Regular shares 141,680,895
 All Other Shares & Deposits 52,636,210
  TOTAL SHARES & DEPOSITS 287,292,138
  TOTAL LIABILITIES 292,218,978
 Regular Reserve 2,135,057
 Other Reserves 49,620
 Undivided Earnings 24,867,805
  TOTAL EQUITY 27,052,482
  TOTAL LIABILITIES, SHARES, & EQUITY 319,271,460
INCOME & EXPENSE  
 Loan Income 5,317,298
 Investment Income 134,313
 Other Income 2,080,232
 Total Employee Compensation & Benefits 3,505,979
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 3,471,907
 Non-operating Income & (Expense) -2,771
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 85,000
 Cost of Funds 421,627
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 1,127,302
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