Annual Report
Pantex Federal Credit Union
Locally Owned.
Locally Operated.
Locally Trusted.
2022
We are Local.
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Locally Owned
In 1940, a small group of local businessmen formed Pantex Federal Credit Union with the purpose of offering local, dependable financial services and support to its membership. Pantex FCU has far exceeded this original goal! There are many reasons for Pantex FCU's continued success, and at the top of the list is its owners! Because Pantex FCU is a COOPERATIVE financial institution, it is collectively owned by those who are members. In other words, members are more than just account holders, they are stake-holders! Your local Pantex FCU volunteer Board of Directors are elected by the membership to manage our credit union. Profits made by Pantex FCU are returned back to members in the form of reduced fees, higher savings rates and lower loan rates.
Locally Operated
Since Pantex FCU began, it has increased in membership, grown in participation, and has branched out. Despite its great success and expansions over the years, Pantex FCU remains firmly planted, right here in Hutchinson County, and faithfully operates within the communities where its members call "home." Loan decisions are made locally at each Pantex FCU branch, by an experienced, helpful, and caring staff. They are your friends and neighbors… and they stand ready to help! They work hard to make sure that our credit union operates to promote the well-being of the membership, and the community.
Locally Trusted
For 82 years, members have turned to Pantex FCU for comprehensive financial services that they can trust. From checking accounts, savings accounts, CDs and IRAs, to loans for home, vehicle, personal, and more... Pantex FCU continues to stand strong! Not only are decisions made locally, but loans are processed and accounts are fully serviced within its walls. Pantex FCU stands out and above out-of-town financial institutions that just have a local presence.
Professionally Recognized
Bauer Financial, who independently analyzes financial institutions, recognizes our credit union as being one of the strongest credit unions in America, with a superior "five stars" rating, and "Best of Bauer" status. Pantex FCU has earned this rating for 110 consecutive quarters! That's over 27 years of excellence!
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Pantex FCU Digital Banking
Fast. Safe. Convenient.
Monitor account balances and transactions
Deposit checks (using your phone)
Send money to a friend or family member
Pay bills and transfer funds
Use online at pantexfcu.com or download the Pantex FCU Mobile App.
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Pantex Federal Union is more than a financial institution; we are an organization that is committed to the wellness of our employees and our members and strive to be a leader in the communities that we humbly serve.
Cliff Murley, President/CEO5
Protect Yourself Get mobile alerts whenever your card is used Track Card Use Review card usage history and transaction details Set Limits Set customized purchase controls to help manage spending Keep tabs on your Pantex FCU Debit Card with CardValet® Download the CardValet® app today. CardValet is a registered trademark of Fiserv, Inc. App store is a service mark of Apple Inc. Android, Google Play, and the Google Play logo are trademarks of Google Inc. Data charges may apply. Check with your mobile phone carrier for details. Apple and the Apple logo are trademarks of Apple Inc, registered in the U.S. and other countries. Copyright © 2023 Pantex FCU. All rights reserved. 6
Meeting Agenda
Call to Order (7:00 p.m.)
Reading of the Previous Minutes
Reports from Officials
Old Business
New Business
Election of Officials
Drawing of Door Prizes
Adjournment
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Clear the clutter. Safeguard your accounts.
Board of Directors
Allen Jenkins Chairman
Harvey Hilbert Vice-Chair
E-Statements are free electronic versions of your paper statements with the same reliable information — but with added value and security.
Get more with less by going paperless:
• Get secure 24/7 access through your online banking account
• Receive alerts when your statement is ready View, print, and download up to 18 months of statement history
• View images of checks
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Available for personal checking, savings, credit card, certificates of deposit, and money market accounts. Enroll in E-Statements today. www.pantexfcu.com/home/mobile-online/online-banking
Larry Thompson Treasurer
Glynn Carlock Secretary
Fran Braden
Lynn Hopkins
Sara Ramby
Supervisory Committee
Judy Flanders Chairperson
Tina Briscoe
Addison Killough
Joan Carder
With Pantex FCU E-Statements, you’ll have less clutter and more protection.
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Professional Staff
Cliff Murley
President/CEO
Curtis Hall
Executive Vice President
Rodney Franklin
Branch Manager-Fritch
Dana Martin
Branch Manager-Walmart
Robert Forester
Branch Manager-Pampa & Marketing Director
Shannon Mears
Loan Officer
Shelby Overpeck
Loan Officer
Karen Bryan
Loan Officer
Michael Robinson
Vice President of IT
Mikel Cauthon
Network Administrator
Tanya Fraley
Asst. Vice President of Member Services
Kim Hughes
Asst. Vice President/Tellers
Linda Watson
Imaging/Internet Banking
Carla Howard
Plastic Cards/Imaging
Mistee Williams
Asst. Branch Head Teller-Main Branch
Tiera Lesley
Branch Head Teller-Fritch
Ginnie Whitfield
Branch Head Teller-Walmart
Sarah Elliott
Branch Head Teller-Pampa
Lucy Spoon
Accounting Assistant
Ebony Jarrett
Loan Processor/Assistant
Brook Hubbard
Loan Processor/Assistant
Tellers
SueAnn Broadaway
Rebecca Wilson
Nilzaida Wood
Jennifer Farmer
Maranda Grimes
Krisha Temple
Candace Olinger
Tonja Brown
Charlotte Jasper
Angela Munoz
Stevie Anderson
Yamile Carrasco
Amy Bustillos
Amanda Keeney
Brittany McCallum
Shelly Coleman
Karen Hunter
Kristi Snow
Kenny Green
Facilities
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Turn to Pantex FCU when buying a new or used vehicle!
Pantex FCU is offering great rates for qualified buyers on new or used cars, trucks, SUVs, motorcycles, boats ATVs and other recreational vehicles. Plus, with Pantex FCU, members get the best service around. Ask about a pre-approval!
We make the process easy, apply in-branch or online today. We are here to help!
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Chairman’s Report
On behalf of the Credit Union Board of Directors, staff, and committee members, I welcome you to our 82nd Annual Membership meeting.
Over the course of the year, Pantex Federal Credit Union has continued to deliver on its commitment to members to provide the best possible financial experience. This has been achieved in a year where a significant amount of uncertainty still surrounded the economic and financial markets due to the lingering effects of the pandemic and the impacts of the war in Ukraine on global food, energy and finance systems.
We continue our focus and commit always to provide the best member service and facility resources that we can. We have a full complement of services available on our mobile app and home banking website, all with the latest security protocols to keep you and your money safe. Pantex Federal Credit Union will celebrate 83-years of serving our members in 2023, and we look forward to even more exciting changes designed to serve you better, faster, safer, and securely at any time, day or night! Thank you for being a member/owner and for your patronage. We look forward to serving you in the future and invite you to visit us in person, by phone, or online for financial services that keep you first.
Respectfully submitted,
Allen Jenkins, Chairman of the Board11
Letter from the President
Through innovation, friendly and quality service, Pantex Federal Credit Union finished a challenging year stronger than ever. We do what Credit Unions do best. For over 82 years, we have brought people together with the financial services they need to have a healthy financial life. We strive in helping our communities and our members all at the same time.
As we progress into 2023, we are looking forward to the chance to create many more opportunities for our members with exciting new projects ahead and anticipate giving back even more in dividends across the board as we expect to continue to see interest rates increase.
Pantex Federal Union is more than a financial institution; we are an organization that is committed to the wellness of our employees and our members and strive to be a leader in the communities that we humbly serve. Our success in 2022 is a direct reflection of our dedicated volunteers, our hardworking staff, and our incredible members who trust us with their financial well-being.
As I conclude my 28-year career at Pantex FCU at the end of 2023, I want you to know that it has been an honor and privilege to serve as your CEO and to be a member of a team that remains focused on helping our members to meet their financial needs and goals.
On behalf of my fellow Employees, and Directors, thank you for your membership and your continued support. Always know, that even in uncertain times, your credit union is here to serve you.
Respectfully submitted,
Cliff Murley, President/CEO12
Learn more at pantexfcu.com.com Fast. Safe. Easy. Just log-in to your Pantex FCU online banking or mobile banking app to get started. Terms and conditions apply. Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license. Copyright © 2023 Pantex FCU All rights reserved. Equal Housing Lender. Member FDIC. 13
Treasurer’s Report
As members of your volunteer board, we have the responsibility of ensuring your credit union is safely and soundly operating. We are charged with ensuring the institution has a solid financial foundation. We were proud of our operations during this difficult time and remain incredibly grateful to our staff for their commitment to our member/owners. Many elements that were beyond our control, including labor market challenges and historic interest rate increases, were overcome by our team, and, in the end, we continued to provide you with great service and competitively priced products. We closed 2022 with almost 222 million in assets, almost $67 million in loans, and over $184 million in shares. And after paying dividends, we were able to positively contribute to our capital account.
Financially, 2022 was as good year. We were both profitable and efficient as we ended the year with a 20.08% Net Worth ratio.
Member Return:
• Share dividends totaled $1,733,927.24 which represents a return to the membership of 21.31% of total income earned by the credit union in 2022.
• Of the remaining income, 74.26% was distributed to the normal cost of operating the Credit Union, and 4.43% was placed in statutory reserves to keep capital levels strong.
Pantex Federal Credit Union’s financial goals are to remain safe, secure, and relevant to our membership now and into the future.
Respectfully submitted,
Larry Thompson, Treasurer$1,733,927.24 Total Share Dividends Paid
Represents a return to the membership of 21.31% of total income earned by the Credit Union in 2022.
4.43% was placed in statutory reserves to keep capital levels strong.
2022
74.26% was distributed to the normal operating cost of the Credit Union.
PFCU
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Loan Officer’s Report
The Lending Team at Pantex Federal Credit Union is privileged to work together, exchange ideas, and champion the financial needs of our membership. It is an honor to serve our members with valuable, empathetic, and personalized solutions. As we look back on 2022, we optimistically turn the page with aspirations of a brighter year filled with continued commitment to serving the members of this credit union.
During the year 2022, PFCU members received 1,837 loans totaling $31,731,341.03 in new loans. We had loan growth of 15.62%, while keeping delinquency and losses at a minimum.
We are proud to say we achieved strong credit quality, and you can be sure Pantex FCU is among the safest banking institutions around.
Whether you’re thinking about purchasing a new car, remodeling your home, or taking the trip of a lifetime, Pantex FCU has a consumer loan option to make it possible. Our Loan Experts are ready to help you make the best loan choice for you and your needs.
Respectfully submitted, Curtis Hall,
Executive Vice PresidentRodney Franklin, Shannon Mears, Shelby Overpeck, Karen Bryan, Dana Martin, Ginnie Whitfield, Robert Forester
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Supervisory Committee Report
Your Supervisory Committee is appointed by the Board of Directors in accordance with the Federal Credit Union Act and ensures that your credit union conducts its operations and activities in a safe and sound manner. The Committee, as the members’ representative and official auditor, has the responsibility to review and evaluate the overall financial operations and performance of your credit union, including that of its management staff, to ensure that all the regulations, procedures, and policies that govern this institution are properly followed.
The Committee is assisted in carrying out its responsibilities by External Auditors, who performed or directed quarterly Audits and Reviews during the year. The credit union is also periodically examined by our regulator, the National Credit Union Administration (NCUA), which completed one annual review during the year 2022. The NCUA review did not indicate any significant findings and our own internal audits confirm that internal controls are in place and are effective.
In conformance with NCUA regulations, the Committee contracted the accounting firm of Waypoint Advisory Services, Inc to conduct an agreed upon procedures review of the credit union’s financial statements. The independent auditor found no significant issues to report back to the committee.
As a result of these reviews and audits, it is the pleasant duty of the Supervisory Committee to report to you that the affairs of the Pantex Federal Credit Union during 2022 have been conducted in a most professional manner and in accordance with prescribed standards and accounting practices, and were found to be current, accurate, complete, and in balance.
The sound policies and practices of the Board of Directors contributed to the continuing growth and improvement of services, which has been evident over the past many years. We wish to commend the Credit Union staff for their efficient, attentive, and courteous service to our members. The cooperation and assistance they have provided this committee is appreciated.
We look forward to another year of service to our members and assure you that you can expect the same high standard of service that you received in 2022.
Respectfully submitted,
Judy Flanders, Chairperson Tina Briscoe, Joan Carder, Addison Killough16
Nominating Committee Report
In accordance with the Pantex Federal Credit Union Policy Manual, to be nominated for a position as a Board Member or Committee Member, a person must meet certain qualifications. They must possess knowledge, experience, or interest pertinent to the Credit Union’s future; have a good credit standing; no criminal convictions; been a member of the Credit Union for at least two years; be willing to accept the responsibilities of the position; be objective and independent; not be an employee of this or a competing institution; and be at least 18 years of age.
Two 3-year terms and one 2-Year unexpired term positions are available for re-election on the Board of Directors. The positions currently held by Allen Jenkins, Fran Braden and Sara Ramby are up for election. Sara Ramby is running for the 2-year unexpired Board seat previously occupied by Debra Wells, who retired in 2022.
The Nominating Committee, composed of three members, met to discuss potential candidates, and has recommended that Allen Jenkins and Fran Braden be elected to the Board of Directors for the three-year terms and Sara Ramby be elected to the Board of Directors for the 2-Year unexpired term, based on their experience and training.
After posting these names in the lobby of the Credit Union, and receiving no petitions for nomination prior to the deadline, the Committee recommends that the individuals named above be accepted by the membership.
Respectfully submitted,
Glynn Carlock, Chairperson Larry Thompson-Member Lynn Hopkins-Member17
Statement of Income & Expenses
$1,733,927.24 Total Share Dividends Paid
21.31% of total income earned was returned to the membership in the form of dividends.
74.26% was distributed to the normal operating cost of the Credit Union.
PFCU 2022
4.43% was placed in statutory reserves to keep the Credit Union capital levels strong.
Operating Income December 31, 2022 December 31, 2021 Interest on Loans .................................... $ 3,368,986.48 .......... $ 3,121,658.03 Interest on Investments ............................... 2,159,770.02 .......... 1,487,703.82 Misc Operating Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,141,689.89 ......... 2,204,354.73 Total Operating Income ............................. 7,670,446.39 ......... 6,813,716.58
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Operating Expenses December 31, 2022 December 31, 2021 Compensation & Employee Benefits................... $ 2,896,918.71 ........... $ 2,738,634.63 Travel & Educational Expenses......................... 5,908.35 ........... 10,555.22 Association Dues ...................................... 11,130.00 ........... 10,346.00 Office Occupancy Expenses ........................... 273,416.21 ........... 286,050.95 Office Operations Expenses ........................... 679,069.02 ........... 688,158.56 Publicity and Promotional Expenses................... 27,167.85 ........... 34,681.63 Loan & Plastic Card Servicing Expenses ................ 1,075,100.12 ........... 967,984.47 Professional Services .................................. 794,887.56 ........... 730,307.17 Provision for Loan Losses .............................. 45,505.81 ........... 31,107.17 Federal Supervisory Exam Expenses ................... 39,662.17 ........... 49,217.61 Miscellaneous Operating Expenses .................... 55,198.79 ........... 77,906.26 Total Operating Expenses ............................. 5,903,964.59 ........... 5,624,949.67 Net Income from Operations .......................... 1,766,481.80 ........... 1,188,766.91 Gain(loss) on disposal of Assets ........................ -185,346.95 ........... 684.47 Other Non-Operating Gain: Recovery of Previous Years Losses from Southwest Corporate CU Liquidation ................ 466,267.77 ........... 573,400.00 Dividends ............................................. (1,733,927.24) ........... (629,927.19) Net Income ........................................... $ 313,475.38 ........... $ 1,132,924.19 19
Assets December 31, 2022 December 31, 2021 Loans(net) ............................................. $ 66,533,222.82 ......... $ 57,546,236.54 Cash on Hand and in Banks ........................... 3,323,859.79 ......... $2,924,586.51 Investments ........................................... 133,499,076.81 ......... 159,236,935.23 Shares: Catalyst Corporate ............................. 10,098,548.31 ......... 5,040,383.25 Other Assets .......................................... 7,429,012.92 ......... 7,331,720.20 Land .................................................. 94,093.82 ......... 94,093.82 Building ............................................... 784,153.06 ......... 831,498.99 Furniture & Equipment & Leasehold ................... 209,028.65 ......... 319,700.79 Total Assets........................................... $221,970,996.18 ......... $ 233,325,155.33 20
Statement of Condition
Liabilities and Equity December 31, 2022 December 31, 2021 Accounts Payable/Items in Transit .................... $ 2,291,525.25 .......... $ 1,872,595.21 Accrued Liabilities .................................... 304,673.23 .......... 220,266.48 Total Liabilities ....................................... 2,596,198.48 .......... 2,092,861.69 Shares ................................................ 184,597,861.54 .......... 187,498,611.63 Regular Reserve ...................................... 9,596,199.99 .......... 9,596,199.99 Accumulated Unrealized Gain/(Loss) on AFS Securities (9,804,786.09) .......... (534,564.86) Undivided Earnings .................................. 34,985,522.26 .......... 34,672,046.88 Total Equity .......................................... 219,374,797.70 .......... 231,232,293.64 Total Liabilities & Equity ............................. $221,970,996.18 .......... $233,325,155.33 21
Branch Locations & Hours
WALMART BRANCH
FRITCH BRANCH
411 E. Broadway
Fritch, Texas (806) 857-2400
HOURS
Monday–Friday
to
1501 Roosevelt Borger, Texas (806) 273-5698
HOURS
Monday–Friday 9:00 am to 7:00 pm Saturday 9:00 am to 4:00 pm
MAIN BRANCH
1300 W. Wilson Borger, Texas (806) 273-5692
HOURS
Monday–Friday 9:00 am to 5:00 pm
Drive Thru 8:00 am to 6:00 pm
PAMPA BRANCH 807 N. Sumner
Pampa, Texas (806) 665-4212
HOURS
Monday–Friday 9:00 am to 5:00 pm
Drive Thru 9:00 am to 5:00 pm
Mailing Address: P O Box 5206
Borger, TX 79008
Email: PFCU@PantexFCU.com
Website: www.PantexFCU.com
8:00
6:00
9:00 am
5:00 pm Drive Thru
am to
pm
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Are you Going somewhere warm?
Wherever you go, let Pantex FCU know your travel plans!
This way, our system will know where your are going and when you will be there, allowing debit card charges to process from your destination, reducing debit card denial!
The last thing we want is for your Pantex FCU debit card to slow you down when you travel! We will need the exact country or countries you will visit! (“Europe” or “Africa” is too general.)
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Federal Credit Union www.pantexfcu.com
