Credit union
Innovations Financial Credit Union
Panama City, Florida, Bay County, FL
$696M in total assets and 28,108 members, the 633rd largest of 4,298 US credit unions and 33rd of 107 headquartered in Florida.
- NCUA charter
- 68732
- Charter
- State chartered (FL)
- Chartered
- 1952
- NCUA insured since
- 1971
- Low-income designation
- Yes
Earlier filings under Innovations Federal Credit Union (charter 7783), before a charter conversion, are included in the history below.
At a glance
Compared with 41 federally insured credit unions in Florida with $100 million to $1 billion in assets, as of June 30, 2026.
| Measure | This credit union | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $696M | 95% | $229M | |
| Loans | $542M | 98% | $138M | |
| Deposits (shares) | $626M | 98% | $202M | |
| Members | 28,108 | 78% | 14,143 | |
| Return on assets | 0.87% | 61% | 0.72% | |
| Net interest income to assets | 3.42% | 29% | 3.76% | |
| Efficiency ratio | 72.9% | 27% | 79.0% | |
| Net worth ratio | 9.49% | 15% | 11.00% | |
| Loans to shares | 87% | 80% | 71% | |
| Cost of deposits | 2.07% | 98% | 1.27% |
Ratios are annualized from year-to-date figures. Return on assets uses average assets, as NCUA does. Cost of deposits includes dividends on shares.
Growth
Total assets grew 14.7% a year over 10 years and 16.9% a year over the last 5, including 1 merger in the last 10 years. Membership grew 5.4% a year over 5 years, to 28,108.
Dashed lines mark larger mergers, listed below.
Mergers and acquisitions
| Closed | Absorbed | Assets at last filing |
|---|---|---|
| Sep 2024 | First National Bank Northwest Florida Bank, Panama City, FL | $176M |
Where they operate
10 branches in 3 counties.
Largest counties by branches
| County | Branches | Share of all branches | Rank |
|---|---|---|---|
| Bay County, FL | 8 | 10.0% | 2 of 27 |
| Holmes County, FL | 1 | 25.0% | 1 of 4 |
| Washington County, FL | 1 | 11.1% | 2 of 8 |
Credit unions do not report deposits by branch, so these are branch counts: this credit union's branches against every bank and credit union branch in the county. Rank is among all banks and credit unions with a branch there.
Branches by year
| Year end | Branches | Change |
|---|---|---|
| 2022 | 6 | |
| 2023 | 6 | 0 |
| 2024 | 9 | +3 |
| 2025 | 9 | 0 |
| Jun 2026 | 10 | +1 |
Member-serving offices as listed in NCUA call reports. Changes include branches gained in mergers.
Earnings and credit
Return on assets
Year to date, annualized, with the peer median.
Credit and capital
| This credit union | Peer median | |
|---|---|---|
| Delinquent loans, 60+ days | 0.14% | 0.60% |
| Net worth ratio | 9.49% | 11.00% |
| Loans to shares | 87% | 71% |
Delinquent loans are two or more months past due. Net worth is NCUA's capital measure for credit unions.
Related
Credit unions of similar size in Florida
Most branches in Bay County, FL
Figures as of June 30, 2026 from the credit union's NCUA call report (Form 5300), NCUA's credit union locator and FFIEC merger records.