fam i ly fam( )le e noun

Transcription

1 Fibre Family Album 2017

2 fam i ly fam( )le e noun - 1. a group consisting of parents and children living together in a household. 2. the staff and members of a not-for-profit, memberowned credit union, committed to providing financial education and improving the communities it serves. ie: The Fibre Family. Featured on cover: Mark Scroggins, Michelle Jenck, Kelly Short, and Kari Wolfgram, Fibre Family members for a total of 72 years.

3 2017 Memories We were voted #1 Best Bank or Credit Union for the 11th year in a row by the Longview Daily News Best of Readers Poll. Our staff members welcomed 13 babies into the family. We earned the Top of the Hill award from the Northwest Credit Union Association for our political advocacy efforts. Benjamin Baudro, baby #13 and newest member of the Fibre Family Our Lincoln City and Newport branches were within the Path of Totality for the total eclipse. We were named one of the Top 200 Healthiest Credit Unions for the fourth year in a row by DepositAccounts - up to position #30!

4 CEO/Board Report The term Fibre Family is something we have used internally for many years. It means that we re not just staff members and board members who work together. We look out for each other and take care of each other like family. The same goes for our members. To us, they re not just customers who need to be served, they re real people we get to know. They become a part of our family too. We celebrate their successes, mourn their losses, and always look out for their best interests. For us, being a family means investing in our communities as well. An amazing 88% of our staff either volunteered in their community, participated in a credit union fundraiser, and/or donated to one of our credit union-sponsored causes in Together with their friends and family, the staff volunteered 1,912 hours last year! We feel this devotion to family and community, in addition to our not-forprofit cooperative structure, is what sets us apart from other financial services providers. It s a distinction we re exceptionally proud of. We believe it s why we ve won #1 Bank or Credit Union by the Longview Daily News Best of Readers Poll for 11 years straight. Last year, we donated $147,859 to the communities we serve in the form of sponsorships and donations. Our staff and members take that number to the next level. For example,

5 thanks to staff fundraisers and member donations, we gave Doernbecher Children s Hospital a check for $17,132. Our Relay for Life team raised $5,735 for the American Cancer Society. Our annual Bingo night raised $7,280 for Community Home Health & Hospice. As with any family, we like to watch ourselves grow. Loans grew 10.2% to $690,234,832. Membership grew 5.1% to 94,184. Deposits grew 5.6% to $902,849,953. Perhaps most memorably, assets grew 5.5% to $1,043,199,342. Yes, we are over $1 billion in assets, making us among the top 5% of credit unions nationwide, by asset size. For the fourth year in a row, bank account comparison website DepositAccounts rated us among the 200 Healthiest Credit Unions in the U.S. We received an A+ grade in all four scoring categories, moving us from #138 on the list to #30! As we look ahead to 2018 and beyond, one of our highest priorities is upgrading our Online Banking system. After months of intensive research, we have chosen a new Online Banking provider and plan to go live in the fourth quarter of this year with a much more robust and user-friendly Online Banking platform. We re very excited about improving our level of service to our members through enhanced electronic account access. Thank you for being a member of our Fibre Family as we embark on another exciting year! - Christopher Bradberry, President/CEO John Barker, Chairman of the Board

6 A Family Gives Back Community Service in Numbers Our staff volunteered 1,912 hours (11% more than 2016), serving 23 non-profits. United Way Day of Caring: building a student garden at Barnes Elementary for Lower Columbia School Gardens. We donated $147,859 in sponsorships and community contributions (a 14% increase) to 142 causes. Teller Brooke Norman was selected as our Volunteer of the Year. Brooke serves on the Credit Union s Community Service Committee, and volunteered 35 hours in 2017 for events such as Rainy Months carnivals at the Columbia Theatre, Shred Day, Hospice Bingo, and Cowlitz Black Bears games. Brooke Norman, 2017 Volunteer of the Year

7 88% of our staff donated or volunteered in some way. We sponsored free financial education resources (called Banzai) for 100 schools in 6 counties. Teachers ordered 5,380 student registrations. Angel Tags shopping. Our program benefited 166 foster children. We gave 135 financial education presentations (137% increase)to 1,291 students (71% increase). Our Lincoln City branch collected 2,000 lbs. of food and $4,000 for the Lincoln City Food Pantry. The number of staff volunteers increased 63%, from 105 to 171. The percentage of employees who volunteered increased from 39% to 63%.

8 Statement of Financial Condition Dec. 31, 2016 Dec. 31, 2017 Gross Loans $ 626,281,823 $690,234,832 Allowance for Loan Loss (4,085,894) (4,427,510) Loan Discount (641,685) (538,814) Net Loans 621,554, ,268,508 Cash & Equivalents 49,370,755 65,285,228 Investments 233,340, ,697,618 Cash and Investments 282,711, ,982,846 Foreclosures & Repossessions 719, ,861 Fixed Assets 38,538,024 38,679,606 Other Assets 45,753,344 45,958,520 Total Assets $989,276,869 $1,043,199,342 Total Liabilities 11,760,797 11,737,773 Regular Shares 353,382, ,771,649 Checking Shares 220,427, ,729,999 Money Market Shares 121,757, ,926,322 Certificate Shares 159,359, ,421,984 Shares 854,926, ,849,953 Undivided Earnings 124,566, ,795,098 Other Comprehensive Income (1,976,963) (3,183,482) Equity 122,589, ,611,616 Total Liabilities & Equity $989,276,869 $1,043,199,342

9 Statement of Income & Expense Total Interest Income 29,859,275 31,355,800 Total Interest Expense 2,483,679 2,309,741 Net Interest Income 27,375,595 29,046,059 Fee Income 4,759,296 5,181,005 Other Income 3,278,165 4,695,845 Credit Card Program 1,367,466 1,438,906 Debit Card Program 4,391,085 5,113,203 Loan Origination Income 869, ,260 Non Operating Gain/Loss 338, ,947 Non Interest Income 15,004,385 17,246,166 Compensation & Benefits 22,242,617 22,446,927 Travel & Conference 389, ,787 Office Occupancy 2,063,753 2,131,350 Office Operations 4,060,227 3,703,955 Education & Promotion 656, ,952 Loan Servicing 1,851,323 1,233,944 Professional Services 2,254,139 2,713,613 Member Insurance Fee 0 3,767 Operating Fee 175, ,901 Misc Operating 2,627,612 2,584,205 Non Interest Expense 36,321,015 36,145,399 Acquisition Related 177,375 (78,290) Provisions for Loan Losses (2,143,212) (2,840,041) Net Income $4,093,127 $ 7,228,496 The complete audited financial statements will be available at our main office by April 30, 2018.

10 Supervisory Committee Report Your Supervisory Committee was comprised of five volunteers in 2017: Jeff Skeie, Julie Palmer, Jim Duscha, Charlie Gourde, and me. We have the responsibility to oversee and verify that the Credit Union has and maintains an internal control framework that provides reasonable assurance to the reliability and integrity of the financial statements and compliance with laws and regulations. We fulfill this responsibility primarily in two ways. We meet regularly with our Internal Auditor, Luci Sherard, who assists us in verifying compliance with our internal control framework. We also engage an external audit firm, Moss-Adams, LLP to audit the financial statements and the operational controls surrounding those financial statements in accordance with generally accepted auditing principles. Committee members attend regular monthly Supervisory Committee meetings, as well as monthly meetings of the Board of Directors. At these meetings we review the work of the Internal Auditor, management, and the external auditor to ensure that the Committee s responsibilities are properly discharged. Based on our audits and the reports of other experts, the Committee is satisfied that the records of Fibre Federal are accurately maintained and the Credit Union is in compliance with applicable laws and regulations. We thank the Credit Union management and staff for their diligent work that ensures such a well run organization. Kelli Harding, Supervisory Committee Chair

11 $700 mil Loans $600 mil $500 mil $400 mil $1.0 bil $900 mil $800 mil $700 mil Assets ,000 Members 80,000 70,000 60,

12 The Credit Union Impact More than 3.5 million Washingtonians are member-owners of credit unions. In Washington, members have fee-free access to 1,381 ATMs and 221 shared branches, thanks to our affiliation with the CO-OP Financial Services Network. Every Washington household with a credit union member saw benefits of at least $229. Credit unions cooperate. Most network their ATMS (including us), meaning members have access to their money as they travel. They can use the ATM at almost any credit union, and they don t have to pay those annoying fees!

13 Beaver State credit unions delivered $180.5 million in direct benefits to their members - an advantage of $107 that each member enjoyed because they banked with a credit union. Consumers who got their new car loans from an Oregon credit union are saving an average of $251 in interest during each year of a 60-month, $25,000 loan. In Oregon, members have fee-free access to 656 ATMs and 86 shared branches, thanks to our affiliation with the CO-OP Financial Services Network. The interest rate that Oregon credit unions charge for credit cards, is as much as 5.4 percent lower than rates that profit-driven financial institutions are charging. That means Oregon s credit union members spent $29 million less of their hard-earned money on credit card interest rates than bank customers spent. *Source: Informa Research comparing not-for-profit and profit-driven financial institutions interest rates and fees in the 12 months ending June 30, 2017; National Credit Union Administration and Credit Union National Association

14 Board of Directors John Barker, Chair Alden Bebe, 1st Vice President Greg Berg, 2nd Vice President Jack Courtney, Secretary Terry Alsteen, Director Gloria Rigney, Director Jan Dennis, Director Steve Mealy, Director Jerry Howell, Director Supervisory Committee Kelli Harding, Chairperson Jeff Skeie, Secretary Julie Palmer, Member Jim Duscha, Member Charlie Gourde, Member Senior Management Team Christopher Bradberry, President/Chief Executive Officer Shelly Buller, SVP/Member Services Joe Amrine, SVP/Chief Credit Officer Rick Dahl, SVP/Chief Retail Officer Ryan Sullivan, SVP/Chief Financial Officer Angie Leppert, SVP/Marketing & Human Resources David Keegan, SVP/Chief Information Officer

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16 YOUR COMMUNITY CREDIT UNION A DIVISION OF CREDIT UNION P.O. Box Commerce Avenue Longview, WA Federally Insured by NCUA The complete audited financial statements will be available at our main office by April 30, 2018.