WHO WE ARE A Member Owned Cooperative Organization. OUR MISSION To Serve and Satisfy Our Members. OUR VISION A Billion Points of Service.
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1 2017 ANNUAL REPORT
2 80 TH ANNUAL MEETING WHO WE ARE A Member Owned Cooperative Organization. OUR MISSION To Serve and Satisfy Our Members. OUR VISION A Billion Points of Service. OUR CORE VALUES Respect, Integrity, Service, and Excellence. 1
3 AGENDA Ascertainment that a quorum is present Reading and approval or correction of the minutes from the last meeting Chairman s Report President s Report Treasurer s Report Supervisory Committee Report Unfinished business New business other than elections Elections Adjournment 2017 AWARD WINNERS MEMBER OF THE YEAR Sonny Tholcken SELECT PARTNER OF THE YEAR Texas City & League City Family Dentistry, Dr. Brent Patterson & Michele Patterson VOLUNTEER OF THE YEAR Pat Tinsley NEW EMPLOYEE OF THE YEAR Joshua Ryding EMPLOYEE OF THE YEAR Jonis Flores MANAGER OF THE YEAR Melissa Havel 79TH ANNUAL MEETING MINUTES CALL TO ORDER Mr. Shawn Bailey, President/CEO, called the meeting to order on February 21, 2017, at 5:16 p.m. at the Doyle Convention Center, Texas City, Texas. A quorum was declared with more than 15 members present (estimated attendance 450). Mr. Bailey called on Mr. Andre Parker to lead the invocation and pledge of allegiance. Mr. Bailey introduced the Board of Directors, Supervisory Committee, Nominating/ Governance Committee, Advisory Board, and Executive Team. Mr. Bailey recognized the Rookie of the Year, Roshonda Simmons; Employee of the Year, Jeff Jakes; and the Manager of the Year, Ann Ramos. Mr. Bailey recognized the Volunteer of the Year, Andre Parker; the Member of the Year, Carl Gerjes; and the SEG of the Year, Standard Steel Supply, Inc. Mr. Bailey presented his state of the credit union address. Mr. Bailey asked for a motion from the floor to dismiss the reading of minutes and various reports and accept as reported in the Annual Report. Moved: Hedy Minter l Second: Chet Rich l Motion Carried Mr. Bailey asked if any unfinished/new business needed to be discussed. None presented. ELECTIONS Mr. Bailey reported that the Nominating Committee met in November 2016 and nominated the following members for the 2017 Board of Directors: For position number two (2) Bob Steel For position number four (4) Roger McCrary For position number four (6) Ruben Torres Mr. Bailey declared Mr. Steel, Mr. McCrary, and Mr. Torres elected by acclamation. ADJOURNMENT Mr. Bailey adjourned the meeting at 5:45 p.m. 2
4 CHAIRMAN S REPORT PAT TINSLEY, BOARD CHAIRMAN This past year will forever be remembered by the devastation of Hurricane Harvey. Thousands of individuals were impacted, which included members, employees and volunteers of this credit union. Fortunately, credit union facilities were minimally impacted by the storm and the credit union s investment in generators, imaging, technology, and facilities proved very valuable as members had access to their accounts throughout the storm. As the saying goes, every dark cloud has a silver lining, and so did Hurricane Harvey. The storm brought communities closer, the credit union s employees exemplified their dedication and commitment to serving our members, and the board went above and beyond to ensure the credit union s employees and members were cared for. To assist our fellow members in need, the credit union waived all fees during the month of September, processed thousands of skip a payments and loan deferrals/reversals, offered Hurricane Recovery loans, and assisted members with insurance claims. Combined, the credit union once again demonstrated that it will be there for its members, no matter what the storm may be. Despite Hurricane Harvey, the credit union had its best year in history in terms of loan, deposit, and membership growth. The credit union grew by $100 million in both deposits and loans, almost doubling the previous records for each, and membership eclipsed 80,000 members. With this growth, the credit union is closer to achieving its vision of becoming a billion asset credit union by The credit union also continued its strategic initiatives focusing on building Loyalty, being Unique, adding Value, and finding E-nnovative ways to serve the membership. Combined, I am confident that the credit union will continue to serve and satisfy our members. In closing, this past year, the credit union lost a friend, mentor, and leader with the passing of long-time director, Mr. Bob Steel. The credit union will forever be grateful for his 36 years of service to the credit union. 3 CHAIRMAN S REPORT
5 AMOCO FEDERAL CREDIT UNION 2018 ANNUAL MEETING TREASURER S REPORT ROGER MCCRARY, TREASURER As treasurer of your credit union, I am pleased to report on the credit union s financial performance for In 2017, the credit union surpassed $900 million in assets, ending the year at $911 million in total assets. This milestone was achieved by growth of almost $100 million in shares, the most in credit union history in one year. This marked the third consecutive year of $50+ million growth in deposits. By year end, the credit union had $797 million in total shares. The credit union also had its best year in history in terms of loan growth, with growth of over $111 million in A majority of this growth came in the form of auto loans. By year end, the credit union had $612 million in loans outstanding and $3.8 million in allowance for loan losses. The growth in loans combined with influx of short term deposits related to Hurricane Harvey and rising interest rate environment, the credit union witnessed a decrease in investments of $48 million and an increase in cash and short term investments of $28 million. This repositioning of the credit union s investment portfolio will allow the credit union to meet the withdrawal demands of members and take advantage of the rising interest rate environment. By year end, the credit union had $185 million in investments and $79 million in cash. In 2015, the credit union borrowed $40 million for the Federal Reserve in anticipation of interest rate increases and to provide additional liquidity. In 2017, the credit union paid $8 million of this borrowing back, with the remaining $35 million placed in investments to take advantage of rising rates. The credit union generated $3.1 million in net income in 2017, bringing total reserves to $71 million by adhering to prudent management principles over the past 80 years. The most important story behind the credit union s financial success is that the credit union is serving the financial needs of more members than at any point in history. In 2017, the credit union grew by almost 1,400 members, ending the year with 83,348 members. On behalf of the board of directors, I want to thank you, my fellow member, for making it all possible. TREASURER S REPORT 4
6 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION AS OF DECEMBER 31, 2017 & 2016 Assets Cash and Cash equivalents Investments Loans to members, net Fixed Assets Other Assets Total Assets 2017 $78,921, ,277, ,040,837 23,943,698 14,446,844 $910,630, $50,445, ,819, ,437,051 23,249,408 12,073,536 $817,024,757 Liabilities Shares Dividends Payable Accounts Payable Other Liabilities $797,376, ,147,871 7,063,830 $698,397, ,615,088 8,197,720 Equity Regular Reserves Other Reserves Undivided Earnings Unrealized Gain/(Loss) Total Liabilities & Equity 13,525,361 19,000,000 41,006,537 (2,489,513) $910,630,631 13,525,361 19,000,000 37,874,704 (2,585,461) $817,024,757 5 STATEMENTS OF FINANCIAL CONDITION
7 CONSOLIDATED STATEMENTS OF INCOME AS OF DECEMBER 31, 2017 & 2016 Income Interest on loans to members Interest on investments & cash equivalents Other Total Income 2017 $23,782,664 3,688,799 14,722,544 $42,194, $22,092,648 3,199,987 13,436,887 $38,729,522 Operating Expenses Employee Compensation & Benefits Operations General & Administrative Total Operating Expenses $13,446,203 6,026,074 9,958,804 $29,431,081 $12,802,337 5,838,405 8,700,261 $27,341,003 Provisions, Dividends, and Refunds Provision for Loan Losses Dividends Bonus Dividend Interest Refund Total $3,745,000 4,819, ,814 1,021,550 $9,791,115 $2,776,000 4,597, , ,689 $8,076,971 NET INCOME BEFORE $2,971,811 $3,311,548 NON-OPERATING GAINS/(LOSSES) $160,022 $18,456 NET INCOME AFTER $3,131,833 $3,330,004 STATEMENTS OF INCOME 6
8 SUPERVISORY COMMITTEE REPORT The supervisory committee is comprised of volunteers from the membership and is appointed by the board of directors to independently function as the members watchdog. The most important responsibilities of the supervisory committee are to ensure that the credit union s financial statements accurately depict the credit union s financial condition and that management s policies and procedures protect the members assets. To fulfill our responsibilities, the committee retained the Cornerstone Credit Union League to perform audits on a monthly basis throughout 2017 and an independent certified public accounting firm, CliftonLarsonAllen, LLP, to conduct the annual opinion audit and member verification audit. The National Credit Union Administration also performs an annual federal examination of the credit union. On behalf of the supervisory committee, I am proud to report the credit union s financial position is fairly and accurately represented in its financial statements in conformity with generally accepted accounting principles. In addition to reviewing the credit union s audits and examination, the committee also attends board meetings, reviews board materials, and monitors credit union operations throughout the year to ensure that members assets remain secure and protected. I would like to thank the membership for entrusting me and my fellow committee members with this responsibility. Hedy Minter, Supervisory Committee Chairman Chris DeVries, Supervisory Committee Member Chet Rich, Supervisory Committee Member 7 SUPERVISORY COMMITTEE REPORT
9 AMOCO FEDERAL CREDIT UNION 2018 ANNUAL MEETING PRESIDENT S REPORT SHAWN BAILEY, PRESIDENT/CEO I believe the greatest benchmark in evaluating the success of the credit union is found in the results of the Annual Member Opinion Survey. Of the respondents to the 2017 survey, over 77% stated they were Very Satisfied with the credit union and that they Definitely Would recommend the credit union. To better serve our members, all employees completed their Creating Member Loyalty training initiative. This training emphasized skills on focusing on the member, maintaining/enhancing self-esteem, listening, maintaining personal responsibility, managing complaints, and resolving problems. The credit union opened its long awaited Alvin branch. The Alvin branch was the credit union s 9th branch opened in the past 12 years. The credit union also enhanced the members branch experience with the addition of cash recyclers and outsourced, replaced, and made all ATMs EMV compatible. The credit union also made improvements to members account offerings with a bill pay conversion, increased debit card daily limits, added Courtesy Pay to several accounts, and implemented same day ACH clearings. In the lending arena, the credit union centralized loan processing and loan decisioning to better serve our members. The credit union also made improvements to risk based lending tiers/pricing, lowered rates on credit cards, and began offering swimming pool loans. Finally, the credit union made capital investments in its core system and wide area network, both of which should provide faster and more reliable access to members accounts and systems. PRESIDENT S REPORT 8
10 2018 BOARD OF DIRECTORS NOMINEES CHET RICH Board Position #2 Mr. Rich has been a member of AMOCO for 26 years and serves as a Director of the Board. He is currently a Corporal with the Texas City Police Department, where he has served for 38 years. Mr. Rich resides in Texas City, TX. RON MULLEN Board Position #4 Mr. Mullen has been a member of AMOCO for 27 years and currently serves as Vice-Chairman of the Board. Mr. Mullen has 27 combined years employed at Amoco Refinery/BP/Marathon Petroleum and resides in Friendswood, TX with his wife, Crystal. JAMES RUSTY NORMAN Board Position #6 Mr. Norman has been a member of AMOCO for 40 years and currently serves as Secretary of the Board. After more than 40 combined years at Amoco Refinery/BP/Marathon Petroleum, he is now retired and resides in Santa Fe, TX with his wife, Christie. 9 BOARD OF DIRECTORS NOMINEES
11 AMOCO FEDERAL CREDIT UNION 2018 ANNUAL MEETING 2018 BOARD ELECTIONS In accordance with AMOCO Federal Credit Union s by-laws for board elections, there will be no nominations from the floor for any board position open for re-election unless insufficient nominations have been made by the Nominating Committee and/or a Nomination by Petition(s) has been received. For the 2018 board elections, the Chairman of the board appointed the following members to serve as the nominating committee: Mr. Josh Chapman, Chairman Mrs. Stacy Cortez Mr. Craig Mason The Nominating Committee has selected on applicant for each open position on the board of directors and the credit union received no Nominations by Petition. Therefore, the Chairman can declare each nominee elected by general consent or acclamation. BOARD ELECTIONS 10
12 Federally insured by NCUA.
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