, ' MtoWEst AMERICA ** COMMITTED TO PROVIDING COMPETITIVE, QUALITY SERVICES REPORT ANNUAL. FOR OUR MEMBERS 1 1~1Ud~MMJ11 1,1.
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1 ANNUAL REPORT ** COMMITTED TO PROVIDING COMPETITIVE, QUALITY SERVICES FOR OUR MEMBERS 1 1~1Ud~MMJ11 1, , ' MtoWEst AMERICA FEDERAL CREDIT UNION@ This Credit Union is federally insured by the National Credit Union Administration.
2 The Board of Directors of MidWest America Federal Credit Union consists of nine volunteers, all members of the Credit Union. Their function is to develop, review, and monitor the policies and practices in relation to the performance of the Credit Union. N. Keith Parrot Dennis Headlee Jeff Klaehn Chairman Vice Chairman Secretary Emmitt Smith Jim Brenock Darrell Gerig Treasurer Director Director 1, ',( Jayne Krauskopf Larry Minns Jim Zehner Director Director Director
3 I am pleased to report another excellentyear offnancial results for MidWestAmerica Federal Credit Union was a milestone year for your Credit Union with new highs in capital, assets, deposits, and loans. MidWest America continues to experience diversifcation of our revenue streams, excellent delinquency, and low charge-off numbers on loans. Our continued conservative approach should allow us to reach even greater heights in the future. Members of MidWest have come to expect a stable and safe fnancial institution. We continue to deliver on these expectations. The past year ended with a capital level of 13.73% (nearly twice the 7% regulatory well-capitalized level) with actual capital dollars of $73.9M. This capital supports a record level of assets of $549.1M--up $28.5M from The purpose of a credit union is to obtain deposits from members and then loan those funds to other members. In 2016, we fulflled this mission by having a loan-to-share ratio of 94.08%. Not only is this our focus, but it is the most effective use of our members deposits. Deposits were a record $457.7M--up $22.3M from Likewise, loans also reached a record of $430.6M--up $36.6M. Loan delinquency and charge-offs were well below industry averages at.30 and.14 respectively. Our East Dupont Branch (at Diebold) completed a successful frst full year of operation. All of our Indiana branches were equipped with electronic message boards. MidWest America launched social media marketing and also integrated our bill payer product with both mobile and internet banking. Results such as these are only possible through the combined efforts of the management and staff of MidWest America Federal Credit Union. On behalf of the Board of Directors, Supervisory Committee, management, and staff, I thank you for allowing us to continue to serve your fnancial needs in 2016 and beyond. Greg Mohr President/CEO
4 2016 was an exciting year for MidWest America Federal Credit Union and its Board of Directors. Eighty years ago, a group of Fort Wayne General Electric employees opted to form a credit union to serve their fellow employees. This new fnancial institution would provide them with fair returns on their savings, the ability to borrow at a competitive rate, and an alternative to banks. Your Board of Directors consists of nine volunteers who are all members of MidWest America. They represent over 250 years of service and dedication to this fne organization! 2016 was a noteworthy year for many reasons. The Fort Wayne Newspapers Annual Readership Poll named MidWest America FCU the #1 Credit Union in the Area. This is a result of readers voting for your Credit Union. Also, the fnancial website, DepositSavings.com, named MidWest America as one of the Top 200 Healthiest Credit Unions in America. In fact, we were named #40! Once again, MidWest America FCU gave back to the communities where we serve. In the spring, many of the staff, management, and volunteers provided their favorite recipes to create a special cookbook which was sold in all 15 branches. Profts from the sale were used to provide over 1,500 care packages for our Helping the Homeless project. This past Christmas, over 1,000 senior citizens in area nursing homes were selected to make their holidays special. The Credit Union staff arranged for visits at the various long term care facilities where the residents were presented with special goody bags and some caroling. I would like to take this opportunity to salute all of ourwonderful staff, CEO and management team, Supervisory Committee, and Board for all their efforts which have built MidWest America into the fne Credit Union it has become. Our combined efforts have ensured that your fnancial future is bright. Finally, a special thanks to all of our members for your loyal support of MidWest America Federal Credit Union. Here s to the next 80 years! N. Keith Parrot Chairman Chairman's Report I 2016 Annual Report
5 The Supervisory Committee is responsible for the continual review of all the Credit Union s activities, the assessment of the credibility of the record-keeping and the protection provided to members accounts. It is our mission to maintain the membership s trust and confdence by assuring the Credit Union s strength and security. The annual audit of MidWest America Federal Credit Union for 2016 was completed by the frm Clifton Larson Allen LLP, certifed public accountants. The audit report did not disclose any material discrepancies and indicated the Credit Union s records were being properly maintained in accordance with federal credit union guidelines. Please continue to report any discrepancies or irregularities in your account transactions to the Supervisory Committee. The volunteer members of the Supervisory Committee, along with our Internal Auditors, Amy Heltzel and Tierra Williams-Dial, pledge to stay alert and respond to your concerns in We wish to thank the membership for their involvement and support throughout the year with MidWest America Federal Credit Union. Respectfully submitted, The Supervisory Committee Douglas Mills, Chairperson Regina Cartwright Joseph Celarek Douglas Routh Kenneth Roehrs 04
6 BALANCE SHEET Assets Loans Less Allowance for Loan Loss Cash in Bank Certifcates of Deposit Government Securities Membership Shares Corporate Investment Account Insurance Capitalization Deposit Furniture & Equipment Computer Telephone System Land Buildings Other Assets Accrued Income Accounts Receivable 2016* $430,644,893 (2,326,000) 27,042,169 53,607,000 11,467,564 2,263, ,884 4,661,685 1,332, ,293 17,058 4,474,927 5,726, ,978 1,128,113 7,516, $393,984,275 (1,933,000) 24,167,660 61,610,000 13,528,596 2,114,518 1,254,701 4,433,422 2,221, ,704 54,201 4,539,141 4,275,365 1,208,702 1,051,332 7,648,601 Total Assets $549,102,235 $520,613,764 Liabilities Accounts Payable Dividends Payable Taxes Payable Accrued Expense Total Liabilities $16,742, ,313 $17,398,915 $15,266, ,323 $15,818,574 S431M A Equity Shares IRAs Share Certifcates Investment Valuation Reserve Regular Reserve Undivided Earnings Total Equity $346,385,837 32,109,496 79,256,869 (19,499) 24,285,511 49,685,106 $531,703,320 $332,572,708 32,972,423 69,881,394 (17,818) 24,285,511 45,100,972 $504,795,190 $330M Total Liabilities & Equity $549,102,235 $520,613,764 *Unaudited as of printing date
7 INCOME STATEMENT Income Interest on Loans Interest on Investments Miscellaneous Income Total Income Operating Expenses Compensation Employee Benefts Travel & Conferences Association Dues Offce Occupancy Offce Operations Education & Promotion (Marketing) Loan Servicing Expense Professional & Outside Service Provision for Loan Loss Member Insurance Federal Supervision & Exam Interest on Borrowed Money Annual Meeting Expense Miscellaneous Operating Expense Total Operating Expenses Dividends Paid Net Income 2016* $17,117, ,640 7,467,889 $25,267,718 $7,637,203 2,936, ,588 41,659 1,403,201 4,023, , ,363 55, ,917 8,454 94,747 33,971 4,800 39,316 $18,938,761 $1,744,823 $4,584, $15,447, ,762 7,304,815 $23,626,037 $7,439,172 2,875, ,588 43,879 1,381,654 4,006, , ,820 81, ,211 10,418 90,871 20,883 4,800 31,585 $18,196,869 $1,812,911 $3,616,257 *Unaudited as of printing date Income Statement I 2016 Annual Report
8 .,:,.,,,,:,,. MEDICAL PARK (Main Offce) 1104 Medical Park Dr. Fort Wayne, IN _ HUNTINGTON 2835 N Jefferson St. Huntington, IN _,Q_ BRANCH LOCATIONS COLUMBIA CITY 393 W Plaza Dr. Columbia City, IN DECATUR 900 S 13th St. Decatur, IN LIMA/DUPONT 1816 W Dupont Rd. Fort Wayne, IN NEW HAVEN 987 Werling Rd. New Haven, IN TILLMAN 801 E Tillman Rd. Fort Wayne, IN WAYNEDALE 6001 Bluffton Rd. Fort Wayne, IN EAST DUPONT 4140 E Dupont Rd. Fort Wayne, IN DANVILLE 210 N Gilbert St. Danville, IL MATTOON 500 Lake Land Blvd. Mattoon, IL STELLHORN 9205 Stellhorn Crossing Blvd. Fort Wayne, IN &:ii 1 l93t HOPKINSVILLE 120 Griffn Bell Dr. Hopkinsville, KY SCOTTSVILLE 361 Old Gallatin Rd. Scottsville, KY WEST JEFFERSON 4331 W Jefferson Blvd. Fort Wayne, IN At Your Credit Union Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government, the National Credit Union Administration, a U.S. Government Agency, and up to an additional $250,000 by Excess Share Insurance, for a total of $500,000. IRAs are separately insured to $250,000 by the National Credit Union Administration, a U.S. Government Agency, and an additional $250,000 by Excess Share Insurance, for a total of $500,000.
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-ANNUAL REPORT- This Credit Union 1s federol ly insured by the Notional Credit Union Administrotion. BOARD The Board of Directors of MidWest America Federal Credit Union consists of nine volunteers, all
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