A NEW EXPERIENCE AWAITS 2017 ANNUAL REPORT BUILT LOCALLY. Federally Insured By NCUA
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1 A NEW EXPERIENCE AWAITS 2017 ANNUAL REPORT BUILT LOCALLY Federally Insured By NCUA
2 MISSION STATEMENT Our mission is to build lifelong financial partnerships with our union members and their families through affordable financial products and exceptional personal service, while assuring our long-term financial strength. EXECUTIVE TEAM Mike Donohue, President/Chief Executive Officer Jeff Hampton, EVP/Chief Operating Officer Deepak Godhwani, Chief Financial Officer Cyndi Guerzon, SVP Lending Ron Poff, SVP Business Development Mike Miller, VP Information Technology Christina Boyd, VP Member Services Jenna Anderson, VP Marketing & Training Caan Nguyen, VP Lending
3 CHAIRMAN S MESSAGE Dear Members, As Chairman of the Board, I am pleased to report that OE Federal Credit Union has had another successful year. Success is not measured solely by income or asset size. Success is also measured by how OE Federal is benefiting the membership. Over the past 12 months, we have provided our members with over $250 million of low cost loans, and paid out over $3 million to members in the form of deposit dividends and loan bonuses. These advantages of membership are what helps this credit union remain one of the strongest financially in the industry. Moving forward, OE Federal s goal remains the same: to provide members with the products, services, and guidance needed to prosper financially. We understand that your individual financial well-being has a direct correlation to the well-being of OE Federal. We are committed to partnering with all 75,000 of our members to positively impact their financial health and stability. On behalf of all the Directors, I want to thank you for your membership and your confidence in our stewardship of OE Federal Credit Union. Russ Burns Russ Burns, Chairman CEO S MESSAGE Dear Members, On behalf of the entire staff of OE Federal Credit Union, I would like to thank you for your support and trust as we celebrate another year of growth and prosperity. All of us at the credit union are proud to work hard each day to serve our membership, their families, and the more than 125 partner local unions. This past year, we have continued to enhance our suite of financial products and services. While many upgrades are not directly visible to the membership, we are proud of one that is very visible to you: the website. With you in mind, we took the time to build in features that would benefit you. Specifically, we added more tools and resources to help you achieve financial wellness, including an interactive educational section featuring videos, online courses, and articles to help you navigate your finances at every life stage. Our employees, membership, and volunteers have built OE Federal into a unique, one-of-a-kind financial institution. Together we can look forward to more growth and success, with the goal to maintain our strong financial position for the years ahead. Mike Donohue, President/Chief Executive Officer
4 INDEPENDENT AUDITORS REPORT Board of Directors and Supervisory Committee Operating Engineers Local Union No. 3 Federal Credit Union We have audited the financial statements of Operating Engineers Local Union No. 3 Federal Credit Union (the credit union), which comprise the statements of financial condition as of June 30, 2017 and 2016, the statements of income, comprehensive income, members equity and cash flows for the years then ended, and the related notes to the financial statements. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the credit union s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the credit union s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Operating Engineers Local Union No. 3 Federal Credit Union as of June 30, 2017 and 2016, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. Turner, Warren, Hwang & Conrad AC Certified Public Accountants & Consultants Burbank, California August 24, 2017
5 $268M Money ASSETS Comparative Statements-Assets, Liabilities, Capital for fiscal years ending in June 2015, 2016, and Cash and Cash Equivalents 49,262, ,914, ,805, Loans Outstanding 547,942, ,911, ,773, Allowance for Loan Losses (5,612,287.67) (5,434,017.89) (4,799,713.47) Investments 425,279, ,371, ,532, Land and Building 17,966, ,786, ,997, NCUA Share Insurance 7,084, ,753, ,322, Other Assets 6,741, ,181, ,824, Total Assets 1,048,666, ,484, ,456, LIABILITIES AND CAPITAL Share Accounts 331,781, ,114, ,087, Market Share Accounts 132,573, ,874, ,958, Share Draft Accounts 99,603, ,456, ,914, Real Estate Loans Share Certificate of Deposit 210,238, ,054, ,460, $3.2M 2017 Individual Retirement Accounts 54,180, ,514, ,918, Total Shares and Member Deposits 828,377, ,013, ,339, Total Borrowings 64,601, ,744, ,363, Other Liabilities 5,092, ,346, ,085, Undivided Earnings 130,728, ,009, ,473, Unrealized Gain or (loss) 722, , , Regular Reserve 19,143, ,143, ,566, Total Capital 150,594, ,379, ,668, Total Liabilities and Capital 1,048,666, ,484, ,456, Comparative Income Statement for fiscal years ending in June 2015, 2016, and Dividends Paid Income to Members Interest on Loans 26,600, ,867, ,922, Interest on Investments 8,002, ,765, ,153, Fee Income 3,936, ,593, ,406, Other Income 4,515, ,905, ,166, Non-Operating Gains (losses) 2,571, , , Total Income 45,626, ,477, ,084, ,000 Members Operating Expenses Employee Compensation and Benefits 16,083, ,859, ,421, Organizational Development Expense 341, , , Office Occupancy Expense 1,820, ,845, ,686, Office Operations Expense 7,201, ,305, ,327, Educational and Promotional Expense 796, , , Loan Servicing Expense 1,044, , , Professional and Outside Services Expense 476, , , Provision for Loan Losses 2,046, ,343, (3,598,752.73) Member Insurance Expense 18, , , NCUA Operating Expense 203, , , Miscellaneous Operating Expense 221, , , Total Operating Expense 30,255, ,342, ,512, Cost of Funds Dividends Paid to Members 3,154, ,786, ,825, Interest on Borrowed Money 497, , , Total Cost of Funds 3,652, ,115, ,055, Net Income 11,719, ,019, ,515,925.17
6 SUPERVISORY COMMITTEE The OE Federal Credit Union Supervisory Committee is appointed by the credit union s Board of Directors. The Committee is responsible for monitoring operations and ensuring compliance with federal regulatory requirements and internal policies and procedures to guarantee financial integrity. The Committee s goal is to help maintain OE Federal Credit Union s finances and safeguard member assets through fair and accurate representation. At the conclusion of the Fiscal Year 2017, OE Federal Credit Union s financial records were audited by Turner, Warren, Hwang & Conrad, AC, Certified Public Accounts & Consultants. The Supervisory Committee is pleased to report that OE Federal Credit Union continues to maintain a healthy and financially strong position. In fact, OE Federal Credit Union goes above and beyond the requirements of the National Credit Union Administration (NCUA), the government agency that oversees the financial strength of credit unions, to safeguard member and credit union assets. The Supervisory Committee would like to extend a special thank you to the Board of Directors, Management Team, and Employees for their continued support in our mission to be fiscally sound. And a big thank you goes to our members. It s always a pleasure to serve you. Mariano Gonzalez, Chairman Supervisory Committee
7 BOARD OF DIRECTORS Russ Burns, Chair Randy White Dan Reding, Vice Chair Frank Rojas James Sullivan, Daniel Henry Secretary/Financial Officer Jerry Seiff Steve Ingersoll Stanley Green Justin Diston Tom Sievwright David Harrison Larry Watson David Daneluz Joseph "Paul" Gardella Mark Fitzgerald Justin Pentz James Spain Jamie Harvest-Silva Mario Giovannetti Mike Donohue SUPERVISORY COMMITTEE Mariano Gonzalez, Chair Angela Rose, Secretary Michael Croll, Member
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