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Pantex FederalCredit UnionANNUAL REPORT2021Rated Highest in FinancialHealth, Strength & Service!
Pantex FCUDigital BankingFast. Safe. Convenient.Monitor account balancesand transactionsDeposit checks(using your phone)Send money to a friend orfamily memberPay bills and transfer fundsUse online at pantexfcu.comor download thePantex FCU Mobile App.
FinancialHealthDepositAccounts.com, a subsidiary of Lending Tree, routinelyevaluates the financial health of every federally insured bank andcredit union in the United States. Each financial institution is graded ona number of factors, including capitalization, deposit growth, and loan-to-reserve ratios.In 2021, Pantex Federal Credit Union received the DepositAccounts.com top rating of A ,making the list as one of the “Top 200 Healthiest Credit Unions in America.”3
CapitalStrengthBauer Financial has independently analyzed and reported on U.S. financial institutions, on a quarterly basis, since 1983. Pantex FCU ended the2021 year by receiving the Bauer Financial 5-Star Rating for the 106thconsecutive quarter. That's over 26 years!With this rating, Pantex FCU enjoys “Best of Bauer Credit Union” status,and Bauer recognizes our credit union as being one of the strongestcredit unions in America. strong enough to be there when needed!4
Each year, the Borger News-Herald encourages its readers to submit nominations for the“Best of the Best” in our community. In 2021, Pantex FCU, once again, was honored tomake the list as the “Best Financial Institution” in our area. This recognition isn't takenlightly! Pantex FCU trusts this vote to indicate the level of confidence that our staff andbranches have earned, as well as the degree of satisfaction that our members andcommunities experience.We are here to serve you.and we're glad it shows!MemberService5
Fast. Safe. Easy.Just log-in to yourPantex FCUonline banking ormobile banking appto get started.Learn more at pantexfcu.com.com6Terms and conditions apply. Zelle and the Zelle related marks are wholly owned by EarlyWarning Services, LLC and are used herein under license. Copyright 2019 First Financial.All rights reserved. Equal Housing Lender. Member FDIC.
MeetingAgendaCall to Order (7:00 p.m.)Reading of the Previous MinutesReports from OfficialsOld BusinessNew BusinessElection of OfficialsDrawing of Door PrizesAdjournment7
Board of DirectorsKeep tabs on yourPantex FCU Debit Card with CardValetProtect YourselfTrack Card UseSet LimitsGet mobile alertswhenever your cardis usedReview cardusage history andtransaction detailsSet customizedpurchase controls tohelp manage spendingDownload 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 GoogleInc. 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 othercountries. Copyright 2021 Pantex FCU. All rights reserved.8Allen JenkinsChairmanHarvey HilbertVice-ChairDebra WellsTreasurerGlynn CarlockSecretaryLarry ThompsonFran BradenLynn HopkinsSupervisoryCommitteeSara RambyChairpersonJudy FlandersTina BriscoeAddison Killough
Professional StaffCliff MurleyPresident/CEOCurtis HallExecutive Vice PresidentDana SlaterVice President/AccountingRodney FranklinBranch Manager-FritchCarrie WestSenior Loan OfficerDana MartinBranch Manager-WalmartShannon MearsLoan OfficerShelby OverpeckLoan OfficerMichael RobinsonVice President of ITMikel CauthonNetwork AdministratorTanya FraleyAsst. Vice President ofMember ServicesAlicia MorganAsst. Vice President/TellersDusty LeeBranch Manager-PampaRobert ForesterMarketing DirectorLinda WatsonImaging/Internet BankingCarla HowardPlastic Cards/ImagingTiera LesleyBranch Head Teller-FritchKim HughesAsst. Head TellerBrittney McWilliamsAccounting AssistantGinnie WhitfieldBranch Head Teller-WalmartKaren BryanAssistant Loan OfficerBrook HubbardLoan Processor/AssistantTellersSueAnn BroadawayNilzaida WoodSarah ElliottRebecca WilsonJennifer FarmerMaranda GrimesLucy-Marie GreenCandace VelasquezEbony JarrettKrisha TempleTonja BrownMistee WilliamsLisa BryanDesy BarrazaRegan HuffCharlotte JasperAngela MunozStevie AndersonKenny GreenFacilities9
Buying a car,new or used,has never been easier!Current loan rates make it aperfect time to buy!Pantex FCU is offering great rates for qualified buyers on newor used cars, trucks, SUVs, motorcycles, boats ATVs and otherrecreational vehicles. Plus, with Pantex FCU, members get thebest service around. Ask about a pre-approval!Apply in-branch or online today.We are here to help!10
Chairman’s ReportOn behalf of the Credit Union Board of Directors, staff, and committee members, I welcomeyou to our 81st Annual Membership Meeting. Thank you for choosing Pantex Federal Credit Union for your financial needs.I am grateful to report that, despite the challenges of the pandemic, the Credit Union maintains great financial health and capital. Included in this Annual Report are our FinancialStatements and other 2021 statistics.We strived to meet the needs of all members in every way possible, while also making a difference, big and small, across our community. I would like to convey my heartfelt thank youto my fellow Board of Directors, Supervisory Committee members, and most of all, our loyalcredit union associates for their work and dedication on behalf of our members.Thank you to our members for placing your trust in Pantex FCU. We aim to earn that trust every day. We are honored to serve you and appreciate your patience and fortitude as we standwith you in keeping our members, associates, and communities safe.Thank you for your membership in Pantex Federal Credit Union.Respectfully submitted,Allen Jenkins, Chairman of the Board11
“2021 was a year of drawing strengthfrom our guiding principles whileserving our most important mission:‘PEOPLE HELPING PEOPLE.’Cliff Murley, President/CEO12”
Letter from the PresidentAt Pantex Federal Credit Union, 2021 was a year of drawing strength from our guidingprinciples while serving our most important mission: "People Helping People."For over 81 years, our top priority has been, and continues to be, the financial health andwell-being of our members and our communities. With the COVID-19 pandemic lingering on,we understand that these uncertain times can hold unplanned financial hardships. That iswhy we are taking even bolder steps to protect you and your loved ones.Take comfort in knowing that some things remain constant and reliable. Pantex FederalCredit Union is here for you. We are still by your side. And, we are committed to providingtools and resources designed to help you make sense of your dollars so you can live with thecomfort of total financial wellness, regardless of your circumstance.As your Credit Union, it is our goal to lead by example, from our comprehensive financialservices, to our active community involvement, and everything in between. We are proud tocall you our members and are thankful you have chosen Pantex FCU as your trusted partner.Respectfully submitted,Cliff Murley, President/CEO13
Treasurer’s ReportAs members of your volunteer board, we have the responsibility of ensuring that your credit union is safely and soundly operating. We are chargedwith ensuring that the institution has a solid financial foundation. 2021 wasa difficult year. The pandemic effects continued to cause increased operating costs and the historically low interest rate environment and low loan demand have negatively impacted revenue. A recovery of previous SouthwestCorporate Credit Union losses and controlled expenses helped us realize better than expected earnings in this pandemic environment. The credit unionhas an exceptionally strong capital ratio of 18.97%. 629,927.19Total ShareDividends Paid7.1% of total incomeearned was returned tothe membership in theform of dividends.21.9% was placed instatutoryreserves to keep theCredit Union capitallevels strong.PFCU has maintained a 5-Star Bauer Rating for over 26 years and was alsonamed Among the "Top 200 Healthiest Credit Unions in America" by DepositAccounts.com, a subsidiary of Lending Tree.PFCU’s investment portfolio consists of deposits in other institutions, primarily Catalyst Corporate Credit Union, Federal Reserve Overnight Accounts andin United States Agency securities. The credit union only invests in the typesof investments approved by the National Credit Union Administration.PFCU2021Respectfully submitted,Debra Wells, Treasurer1471.0% was used for thenormal operating costof the Credit Union.
Loan Officer’s ReportThe Loan Officers are responsible for objectively evaluating the financial needs of the members, while at the same time, protecting the interest of the depositors/shareholders by making safe and sound lending decisions.During the year 2021, PFCU members received 1,934 new loans totaling 36,705,136.31.Total loans outstanding increased by 8.16% over the previous year. The credit unionworked with members effected by the pandemic with hardship loans, loan payment extensions and other repayment options. The credit union even worked with the SBA to offer PPPloans to effected small businesses members.We are proud to say we achieved strong credit quality, and you can be sure PFCU is amongthe safest banking institutions around.Whether you’re thinking about purchasing a new car, remodeling your home, or taking thetrip 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, Rodney Franklin, Carrie West,Shannon Mears, Shelby Overpeck, Dusty Lee,Dana Martin, Ginnie Whitfield, Karen Bryan15
Supervisory Committee ReportYour Supervisory Committee members are appointed by the Board of Directors in accordance with the Federal Credit Union Actto ensure 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 of the regulations, procedures, and policiesthat govern this institution are properly followed.The committee is assisted in carrying out its responsibilities by external auditors, who performed or directed quarterly audits andreviews 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 fiscal year 2021. The NCUA review did not indicate any significant findingsand 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., toconduct 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 affairsof the Pantex Federal Credit Union during 2021 have been conducted in a most satisfactory manner and in accordance withprescribed 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 have been evident over the past several years. We wish to commend the credit union staff for their efficient, attentive, andcourteous 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 servicethat you received in 2021.Respectfully submitted,Sara Ramby, ChairpersonTina Briscoe, Judy Flanders, Addison Killough16
Nominating Committee ReportIn 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. Theymust possess knowledge, experience, or interest pertinent to the credit union’s future; have agood credit standing with no criminal convictions; be a member of Pantex Federal Credit Unionfor at least two years; be willing to accept the responsibilities of the position; be objective andindependent; and not be an employee of this or a competing institution; and be at least 18 yearsof age.Three 3-year terms are available for re-election on the Board of Directors. The positions currentlyheld by Debra Wells, Glynn Carlock and Larry Thompson are up for election.The Nominating Committee, composed of three members, met to discuss potential candidates,and have recommended that Debra Wells, Glynn Carlock and Larry Thompson be elected to theBoard of Directors for these three-year terms 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 beaccepted by the membership.Respectfully submitted,Harvey Hilbert, ChairpersonFran Braden, Lynn Hopkins17
Statement of Income & ExpensesOperating IncomeDecember 31, 2021.December 31, 2020Interest on Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,121,658.03 . . . . . . . . . . . 3,174,442.04Interest on Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,487,703.82 . . . . . . . . . . .2,430,217.25Misc Operating Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2,204,354.73 . . . . . . . . . .1,898,203.07Total Operating Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6,813,716.58 . . . . . . . . . . .7,502,862.36 629,927.19Total ShareDividendsPaid187.1% of total incomeearned was returnedto the membership inthe form of dividends.71.0% was usedfor the normaloperating costof the CreditUnion.PFCU202121.9% was placedin statutoryreserves to keepthe Credit Unioncapital levelsstrong.
Operating ExpensesDecember 31, 2021.December 31, 2020Compensation & Employee Benefits. . . . . . . . . . . . . . . . . . . 2,738,634.63 . . . . . . . . . . . 2,700,874.97Travel & Educational Expenses. . . . . . . . . . . . . . . . . . . . . . . . . .10,555.22 . . . . . . . . . . .9,917.09Association Dues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10,346.00 . . . . . . . . . . .13,450.00Office Occupancy Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . .286,050.95 . . . . . . . . . . .294,645.65Office Operations Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . .688,158.56 . . . . . . . . . .718,350.07Publicity and Promotional Expenses. . . . . . . . . . . . . . . . . . . .34,681.63 . . . . . . . . . .49,795.15Loan & Plastic Card Servicing Expenses. . . . . . . . . . . . . . . . .967,984.47 . . . . . . . . . . .831,909.67Professional Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .730,307.17 . . . . . . . . . . .704,135.50Provision for Loan Losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31,107.17 . . . . . . . . . . .165,090.38Federal Supervisory Exam Expenses. . . . . . . . . . . . . . . . . . . .49,217.61 . . . . . . . . . .59,822.29Cash Short/Over. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .-956.57 . . . . . . . . . . .-932.68Annual Meeting Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . .7,844.62 . . . . . . . . . . .12,396.99Miscellaneous Operating Expenses. . . . . . . . . . . . . . . . . . . .7 1,018 . 21 . . . . . . . . . .87,422.09Total Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,624,949.67 . . . . . . . . . . .5,646,877.17Net Income from Operations. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,188,766.91 . . . . . . . . . . .1,855,985.19Gain(loss) on Disposal of Assets. . . . . . . . . . . . . . . . . . . . . . . . .684.47 . . . . . . . . . .(3,214.15)Other Non-Operating Gain:Recovery of Previous Years Write-off onInvestment in Southwest Corporate CU . . . . . . . . . . . . .573,400.00 . . . . . . . . . . .424,600.00Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(629,927.19) . . . . . . . . . . (1,286,329.76)Net Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,132,924.19 . . . . . . . . . .991,041.2819
Statement of ConditionAssetsDecember 31, 2021.December 31, 2020Loans (net). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,546,236.54 . . . . . . . . . . 53,203,286.09Cash on Hand and in Banks . . . . . . . . . . . . . . . . . . . . . . . . . . . .2,924,586.51 . . . . . . . . . .3,500,889.73Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159,236,935.23 . . . . . . . . . . . 158,993,870.34Shares: Catalyst Corporate. . . . . . . . . . . . . . . . . . . . . . . . . . . . .5,040,383.25 . . . . . . . . . . .6,764,900.08Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7,331,720.20 . . . . . . . . . .7,777,780.94Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .94,093.82 . . . . . . . . . .94,093.82Building. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .831,498.99 . . . . . . . . . .896,713.96Furniture & Equipment & Leasehold. . . . . . . . . . . . . . . . . . . .319,700.79 . . . . . . . . . . .403,274.52Total Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233,325,155.33 . . . . . . . . . . 231,634,809.4820
Statement of ConditionLiabilities and EquityDecember 31, 2021.December 31, 2020Accounts Payable/Items in Transit. . . . . . . . . . . . . . . . . . . . . 1,872,595.21 . . . . . . . . . . 1,890,478.76Accrued Dividends Payable. . . . . . . . . . . . . . . . . . . . . . . . . . . .0.00 . . . . . . . . . . .0.00Accrued Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .220,266.48 . . . . . . . . . . .147,783.81Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2,092,861.69 . . . . . . . . . .2,038,262.57Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,498,611.63 . . . . . . . . . . 184,843,316.49Regular Reserve. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9,596,199.99 . . . . . . . . . . .9,596,199.99Accumulated Unrealized Gain/(Loss) on AFS Securities . . .(534,564.86) . . . . . . . . . . .1,617,907.74Undivided Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,672,046.88 . . . . . . . . . . 33,539,122.69Total Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231,232,293.64 . . . . . . . . . . . 229,596,546.91Total Liabilities & Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233,325,155.33 . . . . . . . . . . 231,634,809.4821
MAIN OFFICE1300 W. WilsonBorger, Texas(806) 273-5692FRITCH BRANCH411 E. BroadwayFritch, Texas(806) 857-2400PAMPA BRANCH807 N. SumnerPampa, Texas(806) 665-4212WALMART BRANCH1501 RooseveltBorger, Texas(806) 273-5698HOURSMonday–Friday9:00 am to 5:00 pmDrive Thru8:00 am to 6:00 pmHOURSMonday–Friday9:00 am to 5:00 pmDrive Thru8:00 am to 6:00 pmHOURSMonday–Friday9:00 am to 5:00 pmDrive Thru9:00 am to 5:00 pmHOURSMonday–Friday9:00 am to 7:00 pmSaturday9:00 am to 4:00 pmFraud Reminder!Pantex FCU will NEVER call andask for personal or banking login information! This includessocial security numbers, complete card numbers, passwords,PIN (number), or one time passor one time confirmation codes.Please consider questions likethese as a “red flag.” Hang upand call Pantex FCU as soon aspossible!22Mailing Address:P O Box 5206Borger, TX .com
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credit union in the United States. Each financial institution is graded on a number of factors, including capitalization, deposit growth, and loan-to-reserve ratios. In 2021, Pantex Federal Credit Union received the DepositAccounts.com top rating of A , making the list as one of the "Top 200 Healthiest Credit Unions in America." Health 3 .
