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.

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 Clifton Larson Allen LLP for 2013 was completed successfully and PFFCU’s financial statements were certified without qualification in April, 2014. The Supervisory Committee concurs with this assessment. Clifton Larson Allen LLP has been hired to perform the annual audit of PFFCU’s 2014 financial statements and its audit opinion is expected in April 2015. 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
Margaret Kaufman
Timothy Haggerty
Dexter Green
Patricia Fox
Toni Rosen


Unconsolidated Statement of Financial Condition
as of: 12/31/13
Cash & Cash Equivalents $1,367,558,000
Investments & Deposits $515,381,000
First Mortgages $1,394,654,000
Home Equity Loans & HELOC $382,205,000
Auto Loans $220,340,000
Unsecured/Other Loans $302,756,000
Allowance for Loan Losses ($15,591,000)
Other Assets $48,205,000
Total Assets $4,215,508,000
   
Savings & Checking & Escrow $791,182,000
Money Market $1,020,239,000
Regular Certificates $991,229,000
IRAs $727,175,000
Total Member Deposits $3,529,825,000
   
Borrowings $0
Other Liabilities $29,014,000
   
Equity Capital $656,669,000
Total Liabilities and Equity $4,215,508,000
   
Financial Ratios  
Net Worth/Total Assets 14.9%
Loan Growth (including sold mortgage loans) 4%
Deposit Growth 3%
Total Asset Growth 4%
Household Growth 6%
# of Households 155,749
# of Checking Accounts 172,636
# of Full and Part-time Staff Members 592