H RIZ NS FEDERAL CREDIT UNION

Transcription

1 80 YEARS H RIZ NS FEDERAL CREDIT UNION FRIENDLY SERVICE AND GREAT RATES A n n u a l R e p o r t Main Office 120 Main Street, Binghamton, N.Y. Vestal Branch Campus Plaza 3701 Vestal Parkway East, Vestal, N.Y. Endwell Branch 519 Hooper Road, Endwell, N.Y. Exchange Street Office 45 Exchange Street, Binghamton, N.Y. P: F: Telephone Teller: (607) facebook.com/horizonsfcu twitter.com/horizonsfcu instagram.com/horizonsfcu 1

2 Management and Board of Directors Report In 1937, our credit union was founded inside the United States Post Office in Binghamton. As we understand it, there were employees that wanted a better rate on savings and employees that wanted to borrow. As an employee of the post office needed to borrow money, they would walk the work room floor until they found an employee that had money to save. This was how the credit union began business 80 years ago. It was truly people helping people, a process that still rings true 80 years later. Though we have evolved, we believe we still provide that neighborly feeling when you walk into one of our branches or call us on the phone. As we celebrate our 80th anniversary and look back on how far we have come, we must first thank you our members who have supported us throughout the years. Whether we were known as U.S. Employees Federal Credit Union or by our current name that we adopted in 1999, Horizons Federal Credit Union has always been committed to providing excellent, friendly service to our membership. As a not-for-profit, memberowned institution, our business is truly your business. That s why we dedicate our efforts to maintaining strength and stability, which allows us to continue to offer competitive loan and savings rates. In 2016, loans grew to $63.5 million while assets rose to $106 million. Capital a measure of the financial strength of our credit union stayed strong, finishing the year at 11.83%. These numbers show that Horizons continues to be a financial pillar in our community. While providing excellent financial service is our top priority, our ability to help local organizations and worthwhile causes is not only something we take pride in but is our responsibility as a community leader. Members of our management team, staff, and board of directors volunteered with various organizations throughout 2016, including the United Way of Broome County, the Food Bank of the Southern Tier, and CHOW. We also raised more than $10,000 to support the American Heart Association, thanks in no small part to the generosity of our members and community friends. We continued our work with area youth through educational efforts such as presenting at Windsor Central School s Up With Life Day and in partnership with the Binghamton Mets for our annual Outstanding Board of Directors Chairman, Richard Felo (Left) President & CEO, Mario DiFulvio Students Night program. In 2016, we introduced Banzai!, a youth financial education program with West Middle School, and hosted the 15th annual Family Fun Friday, which provides school supplies for over 200 children in the City of Binghamton Things have changed quite a bit in the last 80 years but the last several years have brought remarkable upgrades in technology for Horizons FCU. To kick off 2016, we launched our branded smartphone app, Horizons Mobile, making it easy for Horizons@Home users to check their balances, transfer money, and find ATM and branch locations on the go. In March, we unveiled a redesigned, mobile-friendly website with a layout that is easier to navigate. Later in the spring, we upgraded our credit cards to EMV chip capability for added security. Autumn saw the launch of our notifications system, allowing members to receive account notices and customized alerts via or text. It is our pledge to you our members that we will continue to provide the exceptional service you have come to expect from Horizons Federal Credit Union and continue our dedication to the communities we serve. Supervisory Committee Report The Supervisory Committee has the responsibility to ensure that Horizons Federal Credit Union is operating in compliance with all applicable rules and regulations and in accordance with sound and prudent business practices. In fulfilling our responsibilities, the committee has personally performed numerous tests of controls and, along with the Board of Directors, has reviewed credit union records on a monthly basis. The committee selected the certified public accounting firm of Firley, Moran, Freer & Eassa, P.C., to perform a comprehensive annual audit for fiscal year In addition, examiners from the National Credit Union Administration, the credit union s Federal Regulatory Agency, also conducted an annual examination of Horizons Federal Credit Union. After a review of Horizons FCU s policies, internal controls and financial statements, Firley, Moran, Freer & Eassa, P.C., issued a clean opinion. The NCUA has also given Horizons Federal Credit Union a high rating. The work that was accomplished by the credit union Staff, Management and Board of Directors in 2016 to ensure financial soundness is gratefully acknowledged by the Supervisory Committee Annual Report

3 Accounting Mary Lou Harasymczuk Controller Staff Directory Loan Department Debbie Osman Lending Manager, Real Estate Loans Member Services Genevieve Kermidas Branch Manager Gretchen Voorhees Linda Raymond Lending Manager, Consumer Loans & Collections Joan Perez Member Service Supervisor Pennie Morgus Laura Martin Member Service Officer Miranda Simmons Senior Teller Adrienne Stanek Carolyn May Member Service Officer Lisa Wilber Senior Teller Sue Firmstone Sarah Smith Tisha Lynch Member Service Officer Dave Wlostowski Member Service Officer Amy Jean Ahner Roy Confer Raylene DeSantis Brandon DiFulvio Joy Smith Receptionist Michelle Witkin Administrative Assistant Pete DePersis Maintenance Administrative Support Brandon DiFulvio Member Service Assistant Lynda Kipp Collections John Seitz Collections Business Development Anton Arnoldine Business Development Coordinator Shelly Doyle June Feringa Colin McLean Shelby Stoppkotte Barbara Sturgell President & CEO Mario DiFulvio Vice President Finance/CFO Kevin Wilcox Vice President of Operations Joanne Tinder Jeff Matolka Marketing Coordinator Management Board of Directors Chairman Richard Felo Vice Chairman. Pete Chermak Treasurer James Halaburka Secretary Donald Prutisto Director. Kathleen O Brien Director. Cornelius Lorden Director. Louis Panigrosso Supervisory Committee Micheal Kane David Tanenhaus H o u r s of O pe r at i o ns Main Office: Mon.-Wed, & Fri. 9:00 am - 5:00 pm Thurs. until 6:00 pm Sat. 9:00 am - 12:00 pm Drive-up: 8:30 am - 5:00 pm Mon.-Wed, & Fri. Thurs. until 6:00 pm Lobby ATM: 24 Hours Endwell Branch & Vestal Branch Mon. - Wed. 9:00 am - 4:00 pm Thurs. - Fri. 9:00 am - 5:30 pm Drive-up: 8:30 am - 5:00 pm Mon. - Wed. 8:30 am - 5:30 pm Thurs. - Fri. Endwell Drive-up ATM: 24 Hours Vestal Lobby ATM: 24 Hours 2016 Annual Report 3

4 Horizons FCU Timeline 80 Years Jan. 14, 1964 Feb. 27, 1937 The Binghamton U.S. Employees Federal Credit Union is formed Jan. 20, 1938 First Annual Meeting held Membership Sept. 12, 1979 extended to any Name changed Federal Government to U.S. Employees employee in Broome County Federal Credit Union March 1994 Endicott office opens Sept. 9, 1995 First annual Kids Day Feb. 25, 1999 Autumn 2000 Charter Amendment to change name to Horizons FCU Granted Community Charter revising membership to Broome County November 2000 horizonsfcu.com launches - featuring Horizons@Home Horizons Through the Years Annual Report

5 Horizons FCU Timeline 2017 March 28, 2001 April 16, 2002 Groundbreaking of new Main Office Grand Opening of New Main Office August 2002 Family Fun Fridays begin Winter 2004 Spring 2005 November 2008 Online bill payer November 2013 Members can apply offered to members for loans online Vestal Branch opens Endwell Branch opens Celebrating 80 Years of Service Horizons Through the Years 2016 Annual Report 5

6 Financials - all figures in thousands of dollars ASSETS Auto, RV, & Unsecured Loans $25,566 $23,508 $20,868 $19,822 Lines of Credit to Members 3,074 3,327 3,457 3,632 Real Estate Loans 34,776 35,748 35,821 35,108 Savings Secured Loans Student Loans Allowance for Loans Loss (530) (462) (506) (525) Total Net Loans $63,483 $62,766 $60,631 $59,113 Cash $1,519 $1,607 $1,814 $1,163 Investments 37,082 33,775 32,529 31,544 Fixed Assets 2,404 2,542 2,612 2,662 Other Assets 1,575 1,357 1,296 1,381 Total Assets $106,063 $102,047 $98,882 $95,863 Liability & Member Equity Liabilities $350 $386 $281 $269 Savings and Certificates 93,162 89,460 86,694 84,040 Member Equity 12,551 12,201 11,907 11,554 Total Liabilities & Member Equity $106,063 $102,047 $98,882 $95,863 $80000 $72000 $64000 $56000 $48000 $40000 $32000 $24000 $16000 $8000 $0 TOTAL NET LOANS $59,113 $60,631 $62,766 $63,483 $ $ $90000 $80000 $70000 $60000 TOTAL ASSETS $95,863 $98,882 $102,047 $106,063 $50000 $40000 $30000 $20000 $10000 $ Annual Report

7 Financials - all figures in thousands of dollars INCOME Interest on Loans $3,109 $3,169 $3,275 $3,302 Interest on Investments Other Income 1,548 1,321 1,235 1,158 Total Income $5,008 $4,796 $4,771 $4,768 Interest Expense Net Interest Income 4,672 4,447 4,407 4,371 Loan Loss Provision Net Interest Income after Loan Loss Provision $4,335 $4,156 $4,113 $4,070 EXPENSES Employee Compensation & Benefits $1,743 $1,716 $1,642 $1,557 Office Occupancy & Operations Other Expenses 1,357 1,276 1,284 1,266 Total Non-Interest Expenses 3,986 3,861 3,761 3,545 Total Operating Income Total Non-Operating Income (Expenses) (0) (0) (0) (68) Net Income $349 $295 $352 $457 KEY RATIOS Net Worth to Total Assets Ratio 11.83% 11.95% 12.04% 12.05% Loans to Total Assets Ratio 59.85% 61.96% 61.83% 62.21% Loans to Savings Ratio 68.14% 70.68% 70.52% 70.96% $500 NET INCOME 14% NET WORTH TO TOTAL ASSETS $450 $400 $350 $300 $457 $352 $349 12% 10% 8% 12.05% 12.04% 11.95% 11.83% $250 $200 $295 6% $150 4% $100 $50 2% $ % Annual Report 7

8 120 Main Street, Binghamton, NY Exchange Street, Binghamton, NY Hooper Road, Endwell, NY Vestal Parkway East, Vestal, NY Mailing Address PO Box 1881 Binghamton, NY Phone: (607) Fax: (607) Telephone Teller: (607) Mission Statement To meet our members needs for quality financial services and to provide those services in a professional, convenient, and efficient manner while maintaining financial stability Horizons FCU ANNUAL REPORT