ANNUAL REPORT

 

REPORT OF THE BOARD OF DIRECTORS  2018

On behalf of the Board of Directors I am pleased to announce 2018 was a great year for our credit union. With hard work and dedication our credit union grew by $2 million while producing net income of $135,000. Our Net Worth Ratio fluctuated throughout the year ending at 7.78%.  

 While we are not projecting 2019 to grow at the same pace as 2018 we are anticipating year end assets to remain around $25 million.

We will continue of focusing on our members and offering services that best suits their needs. In addition to having a strong marketing plan similar to prior years we ensure you that we are constantly working with management to maintain sound policy and procedures. Each month the Board reviews policies to ensure we are complying with any regulation changes.

In 2018 we paid $8,943.99 in dividends to our members.

As always, thank you to our Board of Directors, Supervisory Committee Members and staff, your time and dedication to the credit union is much appreciated.  THANK YOU!

And to our members, we are here for you! And we thank you for choosing us as your financial institution.  Please let us know if there is ever anything we can do to improve our level of service to you.

Respectfully Submitted,

Board of Directors

 

REPORT OF THE SUPERVISORY COMMITTEE:

The Supervisory Committee is made up of five member volunteers and functions completely independently of credit union management. The Committee oversees and reviews the activity of the Credit Union. The committee's role is to ensure that the credit union operates within regulations. To carry out its responsibilities, the Supervisory Committee met quarterly to review finances, policies and procedures that control day-to-day operations.

The Supervisory Committee is also responsible for ensuring that the financial condition of the Credit Union is accurately presented in financial statements by engaging an independent auditor.

In our quarterly meetings the committee inspected the records for accuracy through a random sampling basis to ensure that the interest of each shareholder is properly protected. The committee randomly reviewed accounts including new member applications, loan applications, and dormant accounts with special attention to high balances.

We will remain dedicated representatives of our membersí interests, ensuring continued security and accurateness for your money as the credit union strives to provide you and your family with excellent member service.

Please feel free to contact any committee member if you have questions about your account. It is also very important that you notify the credit union of any address changes to facilitate prompt mail delivery.

Respectfully submitted,

Chairperson

 

REPORT OF THE CREDIT COMMITTEE

During 2018, the Credit Committee worked hard to increase loan volume while still making sure sound lending practices were followed. The credit union's total loan portfolio increased $1.3 million during the year. Majority of the growth was due to marketing loan products at union meetings, promotions offered, and HELOC product launch. The Committee is projecting similar growth for 2019.       

The committee approved 250 loans compared to 233 loans in 2017, denied 11 requests. The Credit Committee approved 49 extensions, denied 0 extensions. The committee meets at least three times per week to consider loan requests.

 Respectfully submitted,

Chairperson