San Francisco Federal Credit Union
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1 20 San Francisco Federal Credit Union 15 Annual Report 770 Golden Gate Avenue, San Francisco, CA SanFranciscoFCU.com
2 GIVING BACK At San Francisco Federal Credit Union, we are dedicated to the communities we serve. Through our CommunityShare program, we give back to communities in San Francisco and San Mateo Counties through donations, staff volunteerism and fundraising activities. In 2015, we donated more than $144,000 to community based organizations and our employees volunteered 1,322 hours. Some of the highlights for 2015 include partnering with over 80 community based organizations and working close to 300 hours at the San Francisco and San Mateo Food Bank s. We also participated in the San Francisco AIDS Walk and Light the Night Walk for Leukemia & Lymphoma Society for which we were awarded top honors. Park and coastal clean ups also played a big part in We are looking forward to exceeding our goals again in 2016.
3 REPORT OF DIRECTORS We are pleased to report that 2015 was a year of strong performance and growth for San Francisco Federal Credit Union. Highlights include total assets growing to over $999 million, member shares and equity exceeding $978 million, and net loans increasing to $524 million. In 2015, we exceeded our membership growth goals by merging with local credit unions and creating revolutionary new financial services. We continued in our efforts to make our members financial lives easy. Highlights from 2015 include: Creation and launch of POPPYLOAN SM Opening of the Excelsior branch Completed two mergers (SF Recreation & Parks Federal Credit Union & Bethel A.M.E. San Francisco Federal Credit Union) Enhanced website and online banking platform Implementation of Apple Pay While 2015 was a year full of growth and improvements, we continue to focus on ways to enhance our products and services for members, and we welcome your feedback.
4 BOARD OF DIRECTORS & LEADERSHIP TEAM BOARD OF DIRECTORS Harry Quinn - Chair, William Smith - Vice Chair, Larry Doyle - Treasurer, Kevin Kone - Secretary, Catherine Breen, Pat Cox, Grant Mickins, Carol Sam, Ted Wong BOARD EMERITUS Bernard Crotty, Henry Low, Felton Williams SUPERVISORY COMMITTEE Todd Rydstrom - Chair, Matt Evans, Jelena Ewart, Ben Kurko, Cheryl Taylor ADMINISTRATION Steven Stapp - President & Chief Executive Officer Stephen Ho - Executive Vice President & Chief Financial Officer Jude Gogan - Senior Vice President & Chief Operating Officer Rebecca Reynolds Lytle - Senior Vice President & Chief Lending Officer Mark Michaels - Senior Vice President & Chief Technology Officer Michael Namba - Vice President & Chief Administrative Officer
5 REPORT OF THE SUPERVISORY COMMITTEE The Supervisory Committee is responsible for ensuring that the financial condition of the Credit Union is accurately and fairly presented in all of the Credit Union s financial statements. The Committee also ensures that management practices and procedures are sufficient to safeguard members assets. To accomplish these responsibilities, The Committee retained RSM US LLP, Certified Public Accountants, to perform an audit of our financial statements for the fiscal year ending September 30, 2015 and the Supervisory Committee met regularly with management during the year to review current operations. We are pleased to report that they rendered an unqualified opinion on our financial statements. In other words, we received a clean bill of health. MEMBERS, MEMBER SHARES AND EQUITY $ Thousand $ Million LOANS OUTSTANDING CAPITAL RATIO 11% $ Million 10% 9% 8%
6 STATEMENTS OF INCOME UNAUDITED Interest On Loans Income From Investments Fee Income Other Operating Income Non-Operating Income Total Gross Income Dividend On Shares Interest Expense Total Cost Of Funds Provision For Loan Losses Income After Cost Of Funds & Provision For Loan Losses Employee Compensation & Benefits Training & Conference Office Occupancy Office Operations Educational & Promotional Loan Servicing Professional & Outside Services Examination, Supervision Fees Total Operating Expenses YTD December 2015 $20,139,239 7,352,892 3,138,650 1,647, ,373 $32,913,131 $3,502,092 18,885 $3,520, ,664 $29,034,490 $15,063, ,539 2,067,346 5,600, ,800 1,294, , ,593 $25,907,018 YTD December 2014 $18,806,110 6,293,113 2,922,256 1,274, ,408 $29,963,923 $3,292, $3,293, ,770 $26,461,984 $13,755, ,987 1,775,210 4,452, ,404 1,053, , ,175 $22,973,486 Net Income Before NCUSIF Stabilization Expense 3,127,472 3,488,498 NCUSIF Stabilization Expense 0-243,529 NET INCOME $3,127,472 $3,732,027
7 STATEMENTS OF FINANCIAL CONDITION UNAUDITED ASSETS Loans To Members Loan Loss Allowance Net Loans Outstanding Cash On Hand & Bank Other Investments UST/Agency Notes Corporate FCU Deposits Land & Building Furniture & Equipment NCUSIF Deposit Accrued Income Receivable Prepaid Exp/Other Assets YTD December 2015 $526,426,356 (2,665,258) 523,761,098 3,051,801 4,852, ,955,122 7,246,440 5,040,874 1,682,651 7,907,018 2,909,714 34,081,887 YTD December 2014 $436,598,327 (2,656,245) 433,942,082 3,099,658 1, ,591,503 31,474,384 4,783,302 1,224,587 7,441,246 2,460,694 32,468,027 TOTAL ASSETS $999,488,936 $938,486,489 LIABILITIES AND EQUITY Other Liabilities/Div Payable Notes Payable Total Regular Shares Share Checking Money Market Shares Term Account Shares I.R.A. Shares Total Economic Reserve Retained Earnings Regular Reserve Total TOTAL LIABILITIES AND MEMBER EQUITY $10,951,485 10,000,000 20,951, ,719, ,134, ,394, ,637,564 43,647, ,534,228 40,000,000 56,644,239 6,358, ,003,223 $9,923, ,923, ,368,291 93,521, ,030, ,581,485 43,272, ,774,165 40,000,000 51,429,743 6,358,984 97,788,727 $999,488,936 $938,486,489
8 Thank you for helping to make 2015 the best year yet. Federally insured by NCUA If you have any questions about your statements or accounts at the Credit Union, please call our Service Center at If your question is not resolved to your satisfaction, you may send a letter to the attention of the Supervisory Committee. P.O. Box San Francisco, CA 94142
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