Monthly Financials. Corporate Update Jay Murray, CEO David Brehmer, President. February 2019
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1 Monthly Financials Vizo Financial Corporate Credit Union February 2019 Corporate Update Jay Murray, CEO David Brehmer, President Can you feel it? The sunshine, the flowers, the warm breezes spring is almost here and we can t wait! The weather isn t the only thing heating up in the next few months. Vizo Financial is going to be on the road for events, hosting lots of educational webinars and working hard to enhance your member experience. Read more below! Making Time for CECL It s true that CECL doesn t have to be implemented until 2022, but every expert on the subject says that financial institutions should be making time for CECL right away! Gathering information, determining models, calculating losses all these processes take more time than you may realize. If your credit union wants to be prepared, Vizo Financial offers a CECL solution, powered by our partner, ARCSys. Our solution uses the ARCSys online software to help you upload, balance and perform calculations on your data that will provide you with current expected credit loss figures. It s easy to use, FASB-compliant, maintains total security and offers customized reports. In addition, your credit union can leverage Vizo Financial and ARCSys experts to help you through the CECL process. Click here to learn more about our CECL solution! Community Endowment Fund If you receive s about Vizo Financial s Daily Rates or view them on our website, you may have noticed a new addition to the Share Accounts section: the Community Endowment Fund. This is a managed investment account where 100 percent of the earnings go toward the credit union foundation of your choice. For example, if you d like to provide money to the New York Credit Union Foundation, this account would allow you to do so. For more information about the Community Endowment Fund, please contact our investment representatives at investmentsales@vfccu.org. International Wires Conversion In the coming months, Vizo Financial s payment and technology CUSO, MY CU Services, will be converting to a new international wires and foreign collections platform. As we do with all system conversions, we will be providing training materials in the form of both live and recorded webinars, as well as user guides. These resources will help credit unions become familiar with the new system, preparing their staff for the changes to come. In addition, we will send weekly updates with important information about the upcoming conversion. These communications will be sent to the MY CU Services International Wires, MY CU Services International Wires Cambridge System and MY CU Services Foreign Collections Service Announcements lists. Credit union staff who are impacted by the system conversion are encouraged to subscribe to the applicable list(s) so they receive the necessary information. Exceptional Service Vizo Financial strives each and every day to provide excellence in our service and we will continually work to improve your member experience. Jennie Stevens of Heritage Valley FCU expressed her gratitude during a recent situation involving an issue with an international wire. Jennie handles the outgoing wires, charge-back items and ACH exceptions and other similar tasks for her credit union. When a member wanted to send a wire to Africa, the beneficiary number contained two transposed numbers, which held up processing of the wire. When Jennie contacted MY CU Services, she was assisted by Lynelle and Jessica in our EFT department, who were able to help her correct the issue so the funds could be released. Jennie said that she never hesitates to call our wire department, because the team can answer her questions and provide accurate information. Jennie, we thank you for sharing your exceptional service story. We re glad our team was able to help! As always, if you have any questions regarding the financials, please don t hesitate to contact us.
2 Vizo Financial Monthly Financials Financial Condition and Performance Report Enclosed, please find Vizo Financial Corporate Credit Union s financial statements and supplementary financial information as of February 28, These reports include information regarding our balance sheet, income statement, asset quality, capital adequacy, liquidity and interest rate risk. It contains all the financial data required for review under Regulation 703. Balance Sheet Member overnight balances averaged billion in February compared to billion in January and billion in December. Volatility of member balances remained high in February and rose slightly as balances grew (29% compared to 25% in January) with the spread between the single day high and low balances being billion compared to million the month prior. Average off-balance sheet credit union balances -- those held in our Excess Balance Account (EBA) -- averaged just 5.4 million. While liquidity continues to be tight, it remains readily accessible through our primary borrowing sources and we have arrived at the time of the year where we typically see deposit inflows. Historically, March-April represent our highest balance months of the year while December-January and July-August represent our lowest balance trends of the year. Some line items to note on this month s balance sheet: On-balance sheet (month-end) member shares were up approximately billion coming in at billion compared to billion in January. These figures do jump around as the actual day of the week that a month ends on does impact overall member deposit levels. Of this total, million were in certificates while the remaining balances were distributed between the PSA and settlement deposit accounts. Month-end assets came in at billion. Average assets were well below month-end assets coming in at billion, but were above January s average assets of billion. Excluding non-perpetual capital accounts, our total net equity is at million. The unrealized gain/loss/aocl figure came in at a loss of million. More details regarding market values of securities are discussed later in the report under the heading Unrealized Gains/Losses. Total retained earnings ended the month at 95.5 million. Gross income for the month came in at 1,699,755. Our net increase to retained earnings was 1,295,151. Distributions to members via PCC dividends totaled 394,357. Our leverage/tier 1 capital ratio came in at 8.13% based on our 12-month rolling average assets. This is above the minimum regulatory guideline for leverage/ tier 1 capital ratio of 4%. With our retained earnings ratio now exceeding 2.50%, we are no longer required to deduct a portion of PCC from the tier one capital calculations. In February, there was no deduction. Our total capital ratio came in 8.37%. Accumulation of retained earnings is critical under Regulation 704. The amount of retained earnings a corporate has determines the amount of PCC that must be deducted from leverage/tier 1 capital ratio calculations. With new regulatory changes, corporates now have a retained earnings ratio target of 2.5%. Once a corporate exceeds this threshold, it will no longer need to deduct PCC from its calculation of tier 1 capital. Our retained earnings ratio is currently at 2.56%, so no deduction was necessary in February. If this ratio drops below 2.50%, we would need to resume deducting a portion of PCC from tier one capital. The net economic value (NEV) dollar value of assets came in at million at the end of February, with an NEV ratio of 6.97% compared to the prior month s 9.14%. The NEV ratio will fluctuate up and down month-to-month since it is calculated based on monthend assets versus average assets. In February, monthend assets were up roughly 1.1 billion, which is the reason for the large decline on NEV ratio this month. In the up 300 basis points scenario, the NEV ratio drops to 6.72% with a negative fluctuation of 3.8%. We are well above required regulatory NEV levels (2%). The available liquidity section reflects our capacity for generating liquidity. We factored out securities in the available-for-sale (AFS) portfolio whose current market values were lower than we realistically believed we would sell. Although 100% of our marketable securities are classified as AFS, unless the market value is positive or the unrealized loss is estimated at under 5,000, we do not include it as liquid in our Available Liquidity report. Total capital stands at million excluding unrealized gains and losses on securities and accumulated other comprehensive losses. This consists of PCC, retained earnings, equity acquired in merger and eligible non-perpetual capital accounts (NCAs) less total equity held in unconsolidated CUSOs. NCUA regulations require us to reduce 2 February 2019 continued on page 3
3 Vizo Financial Monthly Financials Financial Condition and Performance Report continued from page 2 capital by the total equity held in unconsolidated CUSOs in calculating our leverage and total capital ratios. Total equity in unconsolidated CUSOs stood at 6.4 million as of month-end, so without this reduction our gross total capital amounts to million. We also help members manage funds through the use of off-balance sheet products: Marketable securities SimpliCD brokered certificates Federal Reserve Bank s EBA program Current balances/usage of these off-balance sheet products are reflected below: SimpliCDs Security Sales* 792 million 193 million EBA Balances 9 million Total Off-Balance Sheet Current Balances 994 million *Security sales reflect sales over the past 18 months Unrealized Gains/Losses Overall market values improved slightly with unrealized losses dropping from million in January to million in February. The primary market value shifts in February saw credit card asset-backed securities improve by million, SBA securities improve by million and agency CMOs decline by million. The SBA securities still represent the largest unrealized loss portion of our portfolio (3.858 million). We continue to expect SBA values to jump around as higher prepayments and tighter liquidity continue. We have increased the speed at which we are writing down SBA premiums and are monitoring trends closely. SBA securities are 100% government guaranteed and are accepted as collateral at the Federal Home Loan Bank, so fluctuations in values do not have a significant impact on our liquidity capacity. From a credit perspective, our portfolio remains solid with a total risk-based capital ratio of 25.2%. To provide additional insight on this month s unrealized gain/loss figures, we are providing a breakdown of what securities make up these changes in fair market value and book values million LOSS is related to our government agency CMO securities portfolio (364.5 million total book value) million LOSS is related to our agency MBS/ CMBS securities (46.0 million total book value) million LOSS is related to our government agency notes/floaters/callable securities (20.5 million total book value) million LOSS is related to our government guaranteed mortgage securities (19.8 million total book value) million GAIN is related to our AA+ rated corporate bond portfolio (50.5 million total book value) million LOSS is related to our AAA rated credit card asset-backed securities (554.1 million total book value) million GAIN is related to our AAA rated auto floor-plan asset-backed securities (316.6 million total book value) million GAIN is related to our government student loan (FFELP) portfolio (63.9 million total book value) million LOSS is related to our government guaranteed SBA portfolio (1.020 billion total book value) Market values and the associated unrealized gains/losses indicate an estimate of what the sale of these assets in today s markets would be, and do not necessarily reflect the actual gains/losses that would be realized if the assets were to be sold or held to maturity. Summary Please take a moment to review our financial statements and do not hesitate to contact us if you have questions. We also recommend that you share this information with your board of directors to satisfy the due diligence requirements set forth in NCUA Regulation 703. Our highest priority will remain the financial strength and safety of the organization and total transparency in the reporting of our financial condition. We are very grateful to our members for their continued support and for the trust you place in us each and every day. We look forward to serving you throughout 2019! Jay R. Murray CEO David W. Brehmer President 3 February 2019
4 Investment Portfolio Total Book Values 1,861 Cash/FI Deposits 1,020 SBA Pool 554 ABS Credit Cards 365 Agency CMO 317 ABS Autos 64 ABS Student Loans 51 Corporate Bonds 42 Agency CMBS 21 Agency Notes 20 GNMA 4 Agency MBS Credit Quality 1,753 Federal Reserve 1,040 U.S. Gov t Guaranteed 920 AAA-rated ABS 431 U.S. Gov t Agency 108 CU/Bank Cash Holdings 51 AA rated Corporate Bonds 14 <AAA rated ABS * All figures in the charts above are in millions. 4 February 2019
5 Financial Condition & Performance Balance Sheet February 28, 2019 February 28, 2018 Assets Loans 5,279,093 4,751,095 Investments: Asset-Backed Securities (Non-Mortgage) 934,536,215 1,103,804,436 U.S. Gov t (Notes/Floaters/Callables) 20,534,159 22,514,337 U.S. Gov t Agency (CMOs) 383,224, ,523,081 U.S. Gov t Agency (MBS) 54,083, ,150,256 U.S. Gov t (SBA) 1,016,595, ,503,999 Corporate Bonds 50,880,082 27,378,075 Commercial Paper 0 0 Federal Home Loan Bank-Atlanta 8,396,000 14,508,600 Credit Union & Bank Deposits 108,260, ,358,814 CUSOs 6,417,679 4,760,237 Federal Reserve Bank 1,753,142,490 1,675,124,283 Receivables 20,026,051 20,585,253 Fixed Assets 8,019,140 9,657,560 Goodwill/Core Deposit Intangible 2,282,127 2,282,127 Other Assets 46,541,638 43,196,730 Total Assets: 4,418,218,614 4,418,098,883 Liabilities Other Liabilities: 938,026 1,564,671 Accounts Payable: 46,694,099 49,146,487 Uncollected Deposits: 0 0 Notes Payable: 109,059, ,178,110 Shares 3,734,623,031 3,493,276,498 Certificates/Term Deposits 210,408, ,330,549 Total Shares: 3,945,031,035 3,796,607,047 Non-Perpetual Capital Accounts (NCA) 8,913,835 8,913,835 Perpetual Contributed Capital (PCC) 214,196, ,196,834 Reserves & Undivided Earnings 72,987,449 59,647,187 Equity Acquired in Merger 22,562,000 22,562,000 Accumulated Other Comprehensive Loss (4,952,142) 2,657,143 Total Equity: 313,707, ,976,999 Other Equity/Non-Controlling Interest: 2,787,788 2,625,569 Total Liabilities & Equity: 4,418,218,614 4,418,098,883 unaudited financials 5 February 2019
6 Financial Condition & Performance Income Statement YTD February 2019 February 2018 Interest Income 16,162,472 11,169,340 Interest Expense (10,740,839) (7,121,048) Net Interest Income 5,421,633 4,048,292 Net Correspondent Service Income 2,779,787 2,864,826 Gross Operating Income 8,201,420 6,913,118 Operating Expense (4,638,218) (4,330,807) Net Income: 3,563,202 2,582,311 Non-Operating Gains/(Losses) (816) (10,141) Amortization of Core Deposit Intangible 0 0 CUSO Income 11,051 37,311 Net Income before PCC Distributions 3,573,437 2,609,481 Less: Non-Controlling Interest in Net Income (21,760) (30,208) Less: Equity Transfer for PCC Distribution (830,966) (604,446) Net Increase to Retained Earnings 2,720,711 1,974,827 Earnings Spread/Net Operating Margin February 2019 February 2018 Return on Average Assets 2.855% 1.775% Interest/Dividend Expense % % Net Interest Margin 0.958% 0.643% Correspondent Service Income 0.491% 0.455% Operating Expenses % % Non-Operating Gains/(Losses) 0.000% % Amortization of Core Deposit Intangible 0.000% 0.000% CUSO Income 0.002% 0.006% Non-Controlling Interest in Net Income % % PCC Distributions % % Net Margin 0.481% 0.314% Asset Quality February 2019 Non-Earning Assets/Average Assets 2.24% Delinquent Loans/Total Loans 0.00% Investment Portfolio U.S. Gov t/agency Securities 33.85% Asset-Backed Securities (Non-Mortgage) 21.45% Federal Home Loan Bank 0.19% Corporate Bonds 1.17% Commercial Paper 0.00% Bank & Credit Union Deposits 2.49% Federal Reserve Bank 40.25% CUSO Equity 0.15% Cash & Receivables 0.46% Credit Ratings Asset-Backed Securities (Credit Card/Auto) AAA/Aaa Asset-Backed Securities (Student Loans) B/Baa3 to AAA/Aaa Corporate Bonds AA+/Aa1 Commercial Paper A-1+/P-1 Gov t Agencies/SBAs AA+ to AAA unaudited financials 6 February 2019
7 Key Financial Ratios Capital Adequacy February 2019 February 2018 RUDE + Acquired Equity Capital/Monthly Average Net Assets RUDE + Acquired Equity Capital/12-Month Average Net Assets 2.57% 2.56% 2.04% 2.11% Tier 1 (Leverage) Capital/12-Month Average Net Assets Total Capital/12-Month Average Net Assets 8.13% 8.37% 6.18% 7.70% Tier 1 Capital/12-Month Average Risk-Weighted Assets Total Capital/12-Month Average Risk-Weighted Assets 24.82% 25.54% 20.43% 25.83% Total Capital Tier 1 (Leverage) Capital Tier 2 Capital PCC deducted from Tier 1 Capital 312,186, ,328,604 8,858, ,532, ,730,813 62,801,867 53,914,971 Unrealized Gain/Loss on Securities (4,952,142) 2,657,143 Monthly Average Assets Average 12-Month Assets Year-to-Date Average Assets 3,713,271,438 3,731,996,182 3,502,380,268 4,025,898,266 3,903,633,825 3,892,724,679 Liquidity & Interest Rate Risk as of February 28, 2019 Available Liquidity Available Within 90 Days Net Cash and Receivables: Net Available For Sale (AFS) Securities: (securities with adequate market values to sell) Overnight & Investments Maturing within 90 days: Unsecured Fed Funds Lines Available: Secured Fed Funds Lines Available: Federal Home Loan Bank (FHLB) - borrowing capacity -less fixed term existing loan advances Primary Sources of Liquidity: Federal Reserve Bank (FRB) Discount Window - borrowing capacity: Excess Balance Account (EBA) - funds held for FRB: Secondary Sources of Liquidity: Total Available Liquidity: 1,773,168, ,263, ,516, ,000, ,000,000 1,049,202,543 (109,059,690) 4,139,091, ,347,453 8,100, ,447,453 4,411,538,995 Interest Rate Risk Base/Current Rate Environment Net Economic Value (NEV): NEV Ratio: Up 3% Rate Environment Net Economic Value (NEV): NEV Ratio: Percentage Change: Down 1% Rate Environment Net Economic Value (NEV): NEV Ratio: Percentage Change: Down 2% Rate Environment Net Economic Value (NEV): NEV Ratio: Percentage Change: Regulation 704 Operating Level Base Plus 307,741, % 295,893, % (3.8%) 316,104, % 2.7% 325,392, % 5.7% 7 February 2019
8 Vizo Financial Monthly Financials Notes to Financials 1. Tier 1 (Leverage) Capital = Reserves, Undivided Earnings, Equity Acquired in Merger and Perpetual Contributed Capital (PCC) less unconsolidated equity investments and less any amount of PCC that causes PCC minus retained earnings (all divided by moving daily average net assets) to exceed 2% (per NCUA Regulation 704). 2. Tier 2 Capital = The PCC that has been deducted from Tier 1 Capital + unamortized Non-perpetual Capital Accounts (NCAs) - 8,858, Total Capital = Tier 1 + Tier 2 Capital. 4. Equity acquired in merger reflects the value of the retained earnings that came to Vizo Financial from First Carolina. 5. Marketable Securities are classified 100% as available-for-sale. 6. Net Economic Value (NEV) = the fair value of assets less the fair value of liabilities. 7. NEV Ratio = Dollar NEV divided by the fair value of total assets. 8. PCC qualifies as equity capital in calculating our NEV ratios. As equity, PCC is not treated as a liability when calculating Vizo Financial s NEV. 9. The regulatory minimum required capital ratios today are: a) Leverage (Tier 1) Capital Ratio: 4.0% b) Tier 1 Risk-based capital ratio: 4.0% c) Total Risk-based capital ratio: 8.0% 10. The leverage capital ratio is calculated by dividing Tier 1 capital by MDANA (moving daily average net assets). 11. The Tier 1 risk-based capital ratio is calculated by dividing Tier 1 capital by the moving monthly average net risk-weighted assets. 12. The Total risk-based capital ratio is calculated by dividing Total capital by the moving monthly average net risk-weighted assets. 13. All credit card and auto related asset-backed securities are rated by S&P (AAA), Moody s (Aaa), and Fitch (AAA). 14. Student loan asset-backed securities are rated by Fitch (B to AAA), Moody s (Baa3 to Aaa), and/or S&P (AA+ to AAA). 15. Commercial paper ratings shown are from S&P (A-1+) and Moody s (P-1). 16. Corporate bonds ratings shown are from S&P (AA+) and Moody s (Aa1). 17. Available-for-sale securities in the liquidity section includes only bonds with market values showing: 1) Gains, or 2) Unrealized losses below 5, Other Assets includes insurance policies held with Midland National, North American Company and Minnesota Life tied to 457F plans and a split-dollar plan to offset executive and employee benefits costs. 19. All borrowing capacities reflect current market value of eligible collateral plus appropriate haircuts. 20. Primary credit access is available at the Federal Reserve Bank (FRB). 21. Current limit at FHLB-Atlanta 1,080,418,500 (2/28) -- this will vary based on assets. 22. Unsecured fed funds lines comprised of 100 million from PNC Bank, 50 million from JPM Chase, 50 million from SunTrust and 50 million from Wells Fargo. 23. Secured fed funds lines comprised of 150 million from U.S. Bank -- line secured by asset-backed securities. 24. Accumulated Other Comprehensive Loss reflects unrealized gains and losses and non-credit related market value losses not reductions in capital. 25. NEV & capital ratios are in compliance with policy and regulatory limits. 26. Under Liquidity Measures, EBA balances exclude funds held by non-pcc credit unions that totalled only 500,450. Required Credit Analysis Under Regulation 703 Except for investments that are issued or fully guaranteed as to principal and interest by the U.S. Government or its agencies, enterprises or corporations or fully insured (including accumulated interest) by the National Credit Union Administration or the Federal Deposit Insurance Corporation, you must conduct and document a credit analysis of the issuing entity and/or investment before you purchase the investment. You must update the analysis at least annually as long as you hold the investment. Retain this report as part of the credit analysis required under Regulation 703. Financial Soundness Report Jay R. Murray, CEO David W. Brehmer, President Mark Brown, CFO Fred Eisel, CIO For more information concerning the content in this unaudited financial report, please contact Vizo Financial at (800)
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