We are pleased to share with you our BFSFCU 2022 Annual Report.
Dear BFSFCU Members,
I am pleased to share with you our annual report and audited financial statements. I also want to
take this opportunity to highlight the financial strength of Bank-Fund Staff Federal Credit Union
(BFSFCU) and how our focused strategy continues to provide safety and soundness amidst the
evolving financial environment and rapidly rising interest rates.
The BFSFCU business model and balance sheet have remained consistently conservative and focused on
serving the staff and retirees of our sponsor groups and their families. Our measured growth has
enabled us to weather from a position of strength the economic cycles and financial shocks including
the current turbulence. Oversight by our regulators, the National Credit Union Administration (NCUA),
and our governance structure also strongly contribute to our safety and soundness.
Some of the important things that differentiate us are:
Assets of nearly $6.5 billion, which makes us the 50th largest credit union of close to 4,900 credit
unions in the United States. This scale is an important component of driving efficiency and enabling
us to continue investing in technology and products that improve member service, data security and
help meet our members’ ever evolving needs.
Members' equity to total assets, a primary indicator of our safety and soundness and financial
strength, was over 12% as of December 31, 2022, exceeding the NCUA's "well capitalized"
threshold of 7.0%.
Our risk-based capital ratio is strong at 29.5%, above the 10% “NCUA risk-based well capitalized”
level, and higher than the NCUA Large Credit Union average of 15.2%.
Our business model is not based on having to borrow funds to lend to members. Many financial
institutions rely on high-cost liquidity lines to supplement deposits in funding loan demand.
Our loan to deposit ratio is at only 60%, which permits us to maintain an investment portfolio of
high-quality liquid-investments in excess of $2.48 billion.
All our investments are carefully laddered across maturities in either US Government obligations or
collateralized instruments guaranteed by the US Government and its agencies. Our investment portfolio
is available for sale, therefore providing liquidity and market pricing transparency.
Our loan portfolio exceeds $3.49 billion and generates important income and is of high credit
We neither engage in commercial lending nor hold commercial deposits.
BFSFCU has access to more than $2.0 billion in liquidity lines from diverse sources, including
Federal Home Loan Bank (FHLB), Central Liquidity Facility (CLF), and the Federal Reserve. The entirety
of this $2.0 billion line is currently unused and available if needed.
Thank you for your trust and confidence in BFSFCU over these many years. We remain focused on providing
financial well-being to all our members and will continue to work to deliver maximum value while
maintaining safety, soundness, and sustainability.
Sincerely, Eli Vazquez CEO Bank-Fund Staff Federal Credit Union