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Annual Reports

The numbers tell the story. It was another great year at Power Financial Credit Union.

Maybe Oprah's Book Club won't select it, but we think our annual reports are required reading. You can track Power Financial Credit Union's financial strength throughout the year and check up on all our activities and initiatives. Plus, you can access previous years' reports.
 

Statement of Financial Condition

as of December 31, 2023 and 2022 ($ in thousands)

Condition Type 2023 2022
Cash 2,547 3,400
Cash Equivalent 50,141 102,218
Investments 89,973 101,474
Net Loans 652,810 607,630
Fixed Assets 14,396 14,542
Other Assets 68,643 62,992
Total Assets 878,510 892,256
Savings 712,364 778,440
Borrowings 58,000 23,000
Other Liabilities 7,785 8,905
Total Liabilities 778,149 810,345
Equity 100,361 81,911
Total Liabilities & Equity 878,510 892,256

Statement of Income

as of December 31, 2023 and 2022 ($ in thousands)

Income Type 2023 2022
Interest on Loans 29,759 23,479
Interest on Investments 5,785 4,202
Total Interest Income 35,544 27,681
Interest on Savings 3,608 1,734
Interest on Borrowings 1,224 757
Total Interest Expenses 4,832 2,491
Provision for Loan Losses 922 1,978
Net Interest Income 29,790 23,212
Other Income 5,539 4,598
Compensation & Employee Benefits 12,779 11,634
Office Occupency & Operations 3,996 3,951
Education & Promotional 874 731
Professional & Outside Services 2,545 2,530
Other Expenses 1,204 1,085
Member Insurance None None
Total Operating Expenses 21,398 19,931
Net Income 13,931 7,879


Past Annual Reports:

Annual Report 2022
Annual Report 2021
Annual Report 2020
Annual Report 2019
Annual Report 2018
Annual Report 2017
Annual Report 2016
Annual Report 2015
Annual Report 2014
Annual Report 2013
Annual Report 2012
Annual Report 2011
Annual Report 2010
Annual Report 2009
Annual Report 2008