Panhandle Credit Union
- Assets
- $298.3m
- Revenue
- $12.4m
- Investments
- $68.0m
- Employees
- 82
- Location
- Panama City, FL
- Founding
- Data as of
- 12/2022
- EIN
- 85-3981152
Organization Overview
Panhandle Credit Union is located in Panama City, FL. As of 12/2022, Panhandle Credit Union employed 82 individuals. Panhandle Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2022, Panhandle Credit Union generated $12.4m in total revenue. All expenses for the organization totaled $9.4m during the year ending 12/2022. While expenses have increased by 83.2% per year over the past 3 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
FORMED TO PERMIT OUR MEMBERSHIP TO POOL THEIR SAVINGS, LEND TO ONE ANOTHER, AND OWN THE ORGANIZATION WHERE THEY CAN SAVE, BORROW, AND OBTAIN RELATED FINANCIAL SERVICES & PRODUCTS. WE EXIST TO SERVE OUR MEMBER-OWNERS WITH FAVORABLE RATES ON SAVINGS, INVESTMENTS AND COMPETITIVELY PRICED, LOW INTEREST RATES ON LOANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, THE CREDIT UNION PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, CERTIFICATE OF DEPOSIT ACCOUNTS AS WELL AS IRA SAVINGS AND CERTIFICATE OF DEPOSIT ACCOUNTS.
TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, THE CREDIT UNION PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER AND MORTGAGE LENDING PRODUCTS AT REASONABLE RATES OF INTEREST.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Herman G Daniels Chairman | OfficerTrustee | 1 | $0 |
Wl Anderson Vice Chairman | OfficerTrustee | 1 | $0 |
Sandra D Davis Secretary | OfficerTrustee | 1 | $0 |
John D Mercer Treasurer | OfficerTrustee | 1 | $0 |
Fred W Denecke Director | Trustee | 1 | $0 |
Grover L Holland Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $7,347,618 |
| Investment income | $1,775,342 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$461,530 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,428,355 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $21,154 |
| Grants and other assistance to domestic individuals. | $9,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $783,211 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,264,239 |
| Pension plan accruals and contributions | $187,208 |
| Other employee benefits | $570,269 |
| Payroll taxes | $261,102 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $99,275 |
| Fees for services: Accounting | $56,909 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $310,765 |
| Advertising and promotion | $281,212 |
| Office expenses | $233,924 |
| Information technology | $1,097,955 |
| Royalties | $0 |
| Occupancy | $577,879 |
| Travel | $21,202 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $443,260 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $407,417 |
| Insurance | $101,975 |
| All other expenses | $199,932 |
| Total functional expenses | $9,436,095 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,586,700 |
| Savings and temporary cash investments | $44,172,226 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $20 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $167,315,274 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $307,744 |
| Net Land, buildings, and equipment | $11,817,423 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $67,996,834 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,104,435 |
| Total assets | $298,300,656 |
| Accounts payable and accrued expenses | $2,643,454 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $260,996,737 |
| Total liabilities | $263,640,191 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $34,660,465 |
| Total liabilities and net assets/fund balances | $298,300,656 |