Report from the Supervisory Committee

The Supervisory Committee’s major responsibilities are to ensure an independent audit is performed at least annually and the account balances of the membership are verified. To carry out these responsibilities, the Supervisory Committee employs certified public accountants to perform auditing, account verification and clerical work under its supervision. In this regard, the Supervisory Committee hired CliftonLarsonAllen LLP to perform an annual audit of PFFCU’s financial statements to ensure that they comply with generally accepted accounting principles and fairly represent the financial condition of PFFCU.

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In addition, the Supervisory Committee works with the National Credit Union Administration (NCUA), the federal agency in charge of credit union regulations, when it conducts its examination of PFFCU. The Supervisory Committee also works with the internal audit group to ensure operations are in compliance with PFFCU’s policies and procedures and that internal controls exist to protect member assets.

We are pleased to report that the annual audit conducted by CliftonLarsonAllen LLP for 2011 was completed successfully and PFFCU’s financial statements were certified without qualification on April 27, 2012. The Supervisory Committee concurs with this assessment. CliftonLarsonAllen LLP has been hired to perform the annual audit of PFFCU’s 2012 financial statements and its audit opinion is expected in April 2013. The Committee is pleased to report that PFFCU is a financially sound organization dedicated to serving its members.

PFFCU Supervisory Committee

Anne Kelly King, Chairperson
Joann Chapman
Dexter Green
Timothy Haggerty
Louis Kober
Margaret Kaufman

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Unconsolidated Statement of Financial Condition
as of: 12/31/12
Cash & Cash Equivalents	$1,067,402,000
Investments & Deposits	$743,021,000
Real Estate Loans	$1,341,303,000
Auto Loans	$210,328,000
Unsecured Loans	$281,711,000
Allowance for Loan Losses	($15,133,000)
Other Assets	$52,147,000
Total Assets	$4,049,466,000
Total Demand Deposits	$1,676,620,000
Regular Certificates	$1,022,084,000
IRAs	$718,590,000
Total Member Deposits	$3,417,294,000
Borrowings	$0
Other Liabilities	$25,998,000
Equity Capital	$606,174,000
Total Liabilities and Equity	$4,049,466,000
Financial Ratios
Net Worth/Total Assets	14.1%
Loan Growth (including sold mortgage loans)	3%
Deposit Growth	1%
Total Asset Growth	3%
Household Growth	5%
# of Households	147,478
# of Checking Accounts	161,744
# of Full and Part-time Staff Members	542

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