Mobile Navigation

Close Mobile MenuOpen Site Search

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, 2022 and 2021 ($ in thousands)

Condition Type 2022 2021
Cash 3,400 3,673
Cash Equivalent 102,218 173,858
Investments 101,474 120,598
Net Loans 607,630 564,275
Fixed Assets 14,542 14,442
Other Assets 62,992 53,585
Total Assets 892,256 930,431
Savings 778,440 796,485
Borrowings 23,000 40,000
Other Liabilities 6,447 6,447
Total Liabilities 810,345 842,932
Equity 81,911 87,499
Total Liabilities & Equity 892,256 930,431

Statement of Income

as of December 31, 2022 and 2021 ($ in thousands)

Income Type 2022 2021
Interest on Loans 23,479 22,359
Interest on Investments 4,202 1,121
Total Interest Income 27,681 23,480
Interest on Savings 1,734 1,860
Interest on Borrowings 757 1,134
Total Interest Expenses 2,491 2,994
Provision for Loan Losses 1,978 (792)
Net Interest Income 23,212 27,278
Other Income 4,598 4,434
Compensation & Employee Benefits 11,634 11,147
Office Occupency & Operations 3,951 4,145
Education & Promotional 731 767
Professional & Outside Services 2,530 2,339
Other Expenses 1,085 1,144
Member Insurance None None
Total Operating Expenses 19,931 19,542
Net Income 7,879 6,170


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