Pittsford Federal Credit Union
Financial Report


December 31,2013

Assets

December 2013

December 2012

Loans to Members, net of allowance 266,666,023 258,945,538
Cash 2,860,794 3,447,523
Certificates of Deposit 3,237,000 4,480,000
Investments 74,372,826 69,541,073
National Credit Union Share Insurance 3,041,398 2,969,966
Prepaid Expenses and Other Assets 1,694,523 1,800,784
Accrued Interest Receivable 664,262 660,990
Fixed Assets Net 1,916,414 2,150,346
Total Assets
354,453,240

343,996,220
 

Liabilities and Members' Equity

 
Liabilities:  
     Dividends Payable 0 0
     Other Liabilities 482,628 543,304
Members' Equity  
     Members' Share Accounts 270,112,617 260,242,088
     Members' Share Certificates 47,815,706 49,436,585
 
     Retained Earnings 36,042,289 33,774,243
Total Liabilities and Members' Equity
354,453,240

343,996,220
     
 

Statement Of Operations

Interest Income

December 2013

December 2012

Interest on Loans to Members 9,856,260 10,230,302
Interest on Investments 433,477 478,664
Total Interest Income
10,289,737

10,708,966
Dividends on Members' Shares
1,651,170

1,891,306
Interest on Borrowed Money 0 49
Net Interest Income
8,638,567

8,817,611
Provision for Loan Losses 480,000 480,000
Net Interest Income After
Provision for Loan Losses

8,158,567

8,337,611
Other Operating Income 1,395,964 1,328,516
Non Operating Gain or (Loss)
(243,312)

(282,147)

Operating Expenses:

Compensation and Benefits 3,969,273 3,877,457
Association Dues 42,462 39,008
Office Operations Expense 476,211 500,815
Office Occupancy Expense 292,438 287,613
Insurance Surety Bond 56,814 55,664
Depreciation & Other Operations 270,463 267,475
Education 53,092 37,580
Publicity 115,073 124,091
Loan Servicing Expense 224,431 196,558
Professional & Outside Services 1,238,527 1,227,339
NCUA Operating Fee 77,778 73,291
Total Operating Expense
6,816,562

6,686,891
Net Income for Reserves
2,494,657

2,697,089

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