Report from the Supervisory Committee

The Supervisory Committee’s major responsibilities are to ensure an independent audit is performed at least annually and to verify member account balances. To carry out these responsibilities, the Supervisory Committee employs certified public accountants to perform auditing and account verification 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), our federal regulator, when it conducts its annual examination of PFFCU. The Supervisory Committee also oversees the internal audit group to ensure PFFCU 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 2016 was completed successfully and PFFCU’s financial statements were certified without qualification in March, 2017. The Supervisory Committee concurs with this assessment. CliftonLarsonAllen LLP has been hired to perform the annual audit of PFFCU’s 2017 financial statements and its audit opinion is expected in March, 2018. 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: 12/31/16 (Unaudited)
Cash & Cash Equivalents $521,152,000
Investments $1,434,330,000
First Mortgages $1,363,564,000
Home Equity Loans & HELOC $436,178,000
Auto Loans $420,589,000
Unsecured/Other Loans $367,448,000
Allowance for Loan Losses ($16,018,000)
Other Assets $70,816,000
Total Assets $4,598,059,000
Savings & Checking & Escrow $1,051,017,000
Money Markets $1,240,966,000
Regular Certificates $760,720,000
IRAs $678,264,000
Total Member Deposits $3,730,967,000
Borrowings $0
Other Liabilities $42,898,000
Equity Capital $824,194,000
Total Liabilities and Equity $4,598,059,000
Financial Ratios  
Net Worth/Total Assets 17.7%
Loan Growth (including sold mortgage loans) 6%
Deposit Growth 5%
Total Asset Growth 5%
Household Growth 9%
# of Households 187,158
# of Checking Accounts 215,679
# of Full and Part-time Staff Members 689