A smarter way to bank.

Transcription

1 A smarter way to bank. Annual Report 2016

2 Vision Statement LGE Community Credit Union is a world-class organization committed to becoming the primary financial institution for our members. We will provide services of high value that exceed expectations through the contributions of every employee, director, and committee volunteer. Member-owned, member-driven, and financially strong we will be an institution that others wish to emulate. Board of s Michael L. Brock Chairperson Frank S. Myers Vice Chairperson Jan G. Austin Treasurer Michael L. Sanseviro Secretary Monte F. Cagle Richard A. Dixon Marcia E. Farber Abraham W. Kassis Sandra L. Walls 1

3 2016 In Review In 2016, LGE continued to build on momentum since crossing the threshold of becoming a $1 billion credit union. As a result of the goals and objectives initiated through LGE s Strategic Plan, 2016 saw continued growth in assets, membership and loans. Many new products and enhanced services were offered to our members to give them a smarter way to manage their finances in a safe and secure environment. Asset growth is one measurement of our success: Increased from $1.05 billion in 2015 to over $1.17 billion in 2016 Rate of growth increased from 6.43% in 2015 to 10.74% in 2016 Growth and Development LGE proved to be an attractive alternative to the mega banks, and we re proud to offer better products and services to those in the marketplace at a better rate and a lower fee. We also provide a better service relationship experience which is important to attract new members while keeping our existing members happy. At LGE there are a variety of loan products that have proven to be very attractive as illustrated by the 12.42% loan growth in The increase of $102 million in this area demonstrates that our loan products and rates are very competitive with other financial institutions. Real estate loans up $65.3 million Consumer loans up $10.7 million Indirect lending up $25.2 million Business loans up $5.8 million Creating an effective and efficient road map for a strategic marketing plan was the key initiative to staying on track for growth. Avenues for advertising included print, billboard, TV, digital, radio and campaigns to promote both short term and long term growth while staying committed to the financial well-being of our members. The overall goal is to keep business profitable and to keep a good reputation in the community among our current and potential members. By balancing and offering value-increasing activities with a direct investment in advertising and sales promotions, business has prospered throughout Here are just a few of the marketing campaigns: Cyber Specials offered for one day only: o Auto Refinance approvals with $3.5 million in new loans o Signature Loan applications w/ 364 approvals for $4.5 million in new loans Cyber Mortgage applications resulted in over $13 million in new loans Signature Loan Cyber Special applications with 235 approved for almost $3 million in new loans Balance Transfer Credit Card Promotion total accounts w/ 343 transfers for $1.4 million transferred to a new or existing LGE Visa Platinum credit card Social Media - Saw increases in the number of likes/followers: Facebook - 51%; Twitter - 17,014% (3rd among Georgia Credit Unions); Instagram - 3,714% 2

4 2016 Year in Review cont. LGE is committed to developing the next generation of members by showing them the way to a smarter financial future is through banking with a credit union. Rewarded $15,000 in scholarships to graduating high school seniors Opened 963 new checking accounts as part of our Great Start campaign to help youth get a start on establishing a savings and checking account to get them on their way to a smarter financial future Opened 1,702 new savings accounts as part of our Youth Savings campaign that encouraged youth to start saving at an early age Supported local schools through our Partners in Education program Mt. Bethel Elementary Poole Elementary Harrison High School Kennesaw Mountain High School North Cobb High School River Ridge High School For the fourth year in a row LGE was selected as a Top Workplace an award that is given to the top organizations in the area based on surveys with employees. The common theme across the winning companies was that they earned the loyalty and affection of their employees by investing in their well-being. Smarter banking has come to Canton: On March 2, 2016 LGE celebrated the grand opening of a ninth full-service branch at the Canton Marketplace. This branch features new technology and a concierge approach to banking. To highlight awareness of the new location, LGE held a two-week treasure hunt for a car. Those clever enough to decipher the clues given out through social media found a key stashed inside the LGE mascot, Einstein, the prize pig. All contestants were present at the grand opening and one lucky winner went away with the prize. 3

5 LOOKING AHEAD TO 2017: In 2017, LGE will continue to build on its footprint in Cobb County by adding two additional full-service branches. The tenth branch at Parkside West Cobb shopping center in Marietta and the eleventh at the Jonquil shopping center in Smyrna. Both additions will feature new technology and a concierge approach to banking. At LGE it is important to us to help you simplify your finances so you can spend more time doing the things you love. On behalf of the board of directors, management team and staff of LGE Community Credit Union, we thank you for your continued support and look forward to the year ahead! Sincerely, Michael L. Brock Chairperson 4

6 Statement of Financials ASSETS December 31, Loans $931,214,085 $824,688,833 Investments 166,690, ,753,815 Fixed Assets 12,796,063 12,834,907 Other Assets 47,978,109 $47,401,637 Cash and Cash Equivalents 7,272,937 4,968,126 Total Assets $1,165,952,144 $1,052,647,318 SHARES, LIABILITIES AND MEMBERS EQUITY December 31, Shares and Savings Accounts $975,181,055 $874,725,630 Borrowed Funds 50,000,000 50,000,000 Other Liabilities 9,299,354 5,250,664 Equity 131,471, ,671,024 Total Shares, Liabilities & Equity $1,165,952,144 $1,052,647,318 STATEMENT OF INCOME AND EXPENSE December 31, Interest on Loans $32,819,039 $29,764,812 Interest on Investments 1,969,748 1,844,866 Other Income 15,478,307 14,219,962 Gross Income $50,267,094 $45,829,640 Operating Expense $34,411,215 $30,245,879 Loan Loss Provision 2,542,363 2,063,180 Dividends 3,682,591 3,165,731 Borrowed Funds 829, ,322 Total Expenses $41,465,694 $36,435,112 Non-Operating Income $263,277 $781,893 Net Income $9,064,677 $10,176,421 An annual audit of LGE Community Credit Union is conducted by Nearman, Maynard, Vallez CPAs, P.A. Periodic examinations are also made by the Georgia Department of Banking and Finance as well as the National Credit Union Administration (NCUA), the regulatory agency for all federally insured credit unions. I am pleased to report that the most recent examinations again confirm that LGE Community Credit Union continues to be financially sound and has appropriate risk management control procedures. - Marcia E. Farber, Supervisory Committee Chairperson 5

7 In The Community Annually, the LGE Foundation leads a fundraising campaign with the goal of helping give back to the communities we serve. Proceeds raised from events, as well as personal contributions given from staff, are matched dollar for dollar by LGE Community Credit Union and donated to local non-profit organizations, families, or individuals in need. In 2016, The LGE Foundation surpassed its goal by donating over $157,000 dollars to local charities and individuals. Since 2010, LGE has invested over $575,000 in the lives of those in the community. Not only is there a monetary contribution but LGE staff members volunteer over 2,500 hours in the community annually. LGE Community Credit Union and its staff live the credit union principle of People Helping People. LGE s Marketing, Business Development and Community Relations departments participated in over 240 events promoting the LGE brand in the community while representing nine branches in four counties in the Northwest Georgia region. From Chamber events, to business after hours or connecting with our partner schools, the LGE brand is covered throughout the footprint. 6

8 Locations LGEccu.org Marietta 430 Commerce Park Drive Marietta, GA Canton 2018 Cumming Highway Canton, GA Kennesaw 2050 Cobb Parkway NW Kennesaw, GA Acworth 3891 Cobb Parkway NW Acworth, GA East Cobb 4101 Roswell Road Suite 309 Marietta, GA Roswell 1010 Mansell Road Suite Roswell, GA Austell 2760 East West Connector SW Austell, GA Hiram 5875 Wendy Bagwell Parkway Hiram, GA Woodstock Highway 92 Suite 111B Woodstock, GA Coming Soon West Cobb Parkside West Cobb Shopping Center Smyrna Jonquil Shopping Center This credit union is federally insured by the National Credit Union Administration. 05/17