Bonita Springs branch, opened in ANNUAL REPORT LMCU.ORG

Transcription

1 Bonita Springs branch, opened in ANNUAL REPORT LMCU.ORG

2 LETTER FROM OUR PRESIDENT AND BOARD CHAIR When Lloyd Hutt founded Grand Rapids Teachers Credit Union in 1933, it was only the 14th credit union in the country. Who d have thought that eighty-three years later, LMCU would become Michigan s largest? From Hutt s own in-home office to 38 full service branches and a national presence via our mobile app, LMCU has grown and thrived on the strength of its staff and 340,000+ loyal members. Everyone from the newest tellers to veteran senior leadership have played vital roles in making LMCU what it is today. In fact, we ve become so successful that S&P Global Market Intelligence ranked LMCU as the #2 Best-Performing Credit Union in the US. And for the 9th straight year, LMCU has earned the distinction as one of the 101 Best and Brightest Companies to Work For in West Michigan. And for the second consecutive year, we placed in their top 101 at the national level. As for 2015, it was our second best year ever! We re growing at a brisk but sustainable rate that has strengthened our market position across Michigan and beyond. All of our business units have stepped up with inspiring efforts to solidify and expand our service levels and grow your credit union. A tremendous amount of hard work and dedication went into our remarkable 2015 numbers. None of this could have happened as it did without a great many people performing at the very highest levels. We opened two new branches and mortgage centers in Branches were opened in Bonita Springs, FL to serve a significant number of seasonal snow birds, Michigan transplants and local Floridians and another in the Cascade, MI area on 28th Street, just east of Kraft. We also have plans to expand our retail presence with additional branches this coming year. Our annual $25,000 Home Makeover Giveaway, featuring Carter Oosterhouse, again performed very well in 2015, netting over 231,000 entries. This highly successful and visible promotion continues to fill a valuable role in keeping LMCU top of mind among prospective new members. Our hard-working team on the east side of the state Livonia, Saginaw, Grand Blanc, Farmington and Troy was responsible for over 30% of all new mortgage activity in We are, as an institution, probably prouder of our Return of Member (ROM) rankings than any other metric. Callahan and Associates describes ROM as a value measurement that looks beyond traditional safety and soundness issues and quantifies service levels and gauges member satisfaction. In short, it s a measure of how much we give back to members in return for their financial commitment. In 2015, LMCU ranked #1 in the nation in this metric among all credit unions with assets of over $1 billion that are insured by the NCUA. We always strive to do what s best for our members, and our ROM numbers are a very clear indication that we re doing just that. Though we can justifiably revel a bit in our 2015 report card, we know that every year restarts the clock. As we continue to push forward to new heights, we thank you our members, Board of Directors, senior leadership and every one of our hard-working employees for your support, patronage and dedication. So keep recommending LMCU to your friends, family, neighbors and colleagues! With your help, we can hopefully report even better numbers next year! Sandy Jelinski, Gretchen Tellman, President and CEO Chairman of the Board OUR COMMITMENT TO ALWAYS PUTTING OUR MEMBERS FIRST HAS FUELED SO MUCH OF LMCU S SUCCESSES. DOING THE RIGHT THING DRIVES EVERYTHING WE DO. SANDY JELINSKI

3 STATEMENT OF FINANCIAL CONDITION FOR YEARS ENDED DECEMBER 31, 2015 AND 2014 ASSETS Loans Loans To Members Real Estate Loans Commercial Loans Less: Allowance For Loan Losses Net Member Loans 2015 $547,653,641 2,313,897, ,543,763 $3,060,095,401 (5,055,801) $3,055,039,600 Loans Held For Sale $79,668,372 Cash 312,912,885 Investments 479,285,581 Deposit - NCUSIF 27,295,375 Accrued Interest Receivable 9,309,051 Other Receivables & Prepaid Expenses 66,076,994 Fixed Assets (Net of Depreciation) 58,635,195 Total Assets $4,088,223,053 $450,592,072 1,810,260, ,369,593 $2,373,221,753 (6,081,029) $2,367,140,724 $125,539, ,063, ,421,017 24,165,310 8,157,162 54,224,530 49,784,126 $3,539,495, LIABILITIES & EQUITY Liabilities Accrued Interest on Deposits Accounts Payable & Accrued Expenses Borrowed Funds Total Liabilities Total Deposits Equity Retained Earnings Statutory Reserve Life Savings Reserve Unrealized Gain (Loss) on Investments Other Total Equity Total Liabilities & Equity $681,892 31,378, ,000,000 $485,060,103 $3,134,275,579 $462,494,835 13,605,067 62,257 (4,653,831) (2,620,957) $468,887,371 $4,088,223, $568,423 30,546, ,000,000 $434,115,228 $2,708,554,804 $389,614,423 13,605,067 64,257 (5,057,633) (1,400,942) $396,825,172 $3,539,495, HIGHLIGHTS: 12 % increase in membership from 2014, adding 35,473 new members # 1 $3.1 in deposits Became the largest credit union in the State of Michigan, surpassing DFCU Financial Ranked #1 nationally for Return of Member out of all credit unions >$4B in assets Source: Callahan 2 branches opened: Bonita Springs, Florida and 28th # % or 64,000 increase in new accounts over last year St. in Grand Rapids #1 home purchase lender in the State of Michigan Source: MarketTrac 77% or $86 million increase in Commercial Lending over last year $4.1 in assets SOLD $8.0 in $3.1 in loans 53% increase over last year in mortgage origination volume; totaling $2.06B, and representing 10,711 loans serviced mortgages, representing 51,819 loans 9 YRS

4 LMCU S BUSINESS UNITS Mortgage Retail Commercial Banking Insurance Investments LMCU Anywhere LMCU s mortgage department With 38 branch locations, LMCU s Catering to businesses, LMCU s Lake Michigan Insurance Agency Lake Michigan Investment Services Providing member access offers a broad range of lending retail division is on the front line of Commercial Banking arm provides (LMIA) specializes in both personal (LMIS) is backed by the strength, 24/7/365 to anyone anywhere in products for purchase, refinance member interaction. Most branches many of the indispensable tools and business lines of insurance. expertise and resources of LPL the US, LMCU Anywhere is our and new construction as well as have a full-service lobby, drive-thru companies rely on for both Business applications include Financial. LMIS team of investment secure digital portal. It allows home equity loans. With windows, on- site mortgage lenders, day-to-day needs as well as property and liability, employee professionals provides unbiased members to manage assets and Guaranteed Low Mortgage Rates notary public, 24/7 drive-up ATM, comprehensive lending products. It benefits, commercial umbrella and guidance and personalized financial accounts on their own schedule and highly competitive closing night depository and access to provides ACH processing, business fleet policies. Personal lines provide plans across the entire investment check account balances, transfer costs, this department fuels the investment professionals. Branches checking accounts and credit coverage for homes, auto, motorcycle, spectrum from IRAs and mutual funds, apply for a loan. Basically, American dream of our members. are also home to popular products cards, specialized online banking, recreational vehicle, life, health, funds to managed portfolios and just about anything you can do at a like 3% Max Checking, Max Rewards merchant services, business loans disability and supplemental Medicare. strategic estate planning. branch location, you can do on your and Prime Platinum credit cards, and lines of credit. Anytime a member s home or auto mobile device or online with LMCU personal loans, Health Savings policy is set to increase by 15% or Anywhere. $ Accounts and more. LMCU s ATM availability also includes the new partnership with the AllPoint network and its 55,000 worldwide locations. more, LMIA will automatically seek out lower cost alternatives as part of our unique Looking Out For You low price assurance program. $

5 Lake Michigan Credit Union 4027 Lake Dr. SE Grand Rapids, MI Lake Michigan Home Mortgage 4027 Lake Dr. SE Grand Rapids, MI Lake Michigan Credit Union Commercial Banking 4050 Lake Dr. SE Grand Rapids, MI Lake Michigan Insurance Agency 5550 Cascade Rd. SE Grand Rapids, MI Lake Michigan Investment Services 2024 Celebration Dr. NE Grand Rapids, MI (616 or 800) lmcu.org