Innovation Imagination Transformation
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1 Innovation Imagination Transformation The 2007 Annual Report of Gesa Credit Union
2 Report of the President Gesa Credit Union has a solid history of over 54 years of service to members in Eastern Washington. This credit union, rooted in community, with a strong reputation for financial soundness, is an exciting place to be. Many of you have been proud to call Gesa your financial home for many, many years. And since I m still new here, having arrived at Gesa in July of 2007, I look to you, Gesa members, for my leadership inspiration. Members are the reason I am here; it s the reason we all are here. Members are the foundation upon which we build our future. In 2007 we improved and expanded many services that directly benefit members. We opened a new branch in South Richland, filling a long-desired need in that growing area. We also opened a new expanded facility in Walla Walla, emphasizing our strong commitment to members in Walla Walla county. In the Tri-Cities, we expanded hours and added Saturdays to all branches bringing a consistency of service to our Tri-Cities area members. Improved employee satisfaction directly affects member satisfaction. With the addition of a Human Resources department, Gesa increased training opportunities and added an intranet to keep our staff current on new products and services. Staff have responded enthusiastically to the investment in their knowledge, helping them better serve members. Gesa s history is laudable. But what Gesa can become in the future is where I want us to focus. We are moving into a challenging future, when competition for financial services is becoming ever more fierce, and members expect so much more than they used to. Facing these challenges requires us to be ready for change, and comfortable with the shifting landscape in which we operate. We must focus our energy on making sure the transformation from what we are to what we want to be is not only sound, but complementary to the credit union and beneficial to the members. The future impact of planned changes is invigorating! For example: Investment we will invest in infrastructure, sound management policies, and in our communities. This includes a new headquarters building, with a branch, planned to be completed in the Fall of 2009 and other new branches to further support the communities we serve. Over time, we will add deposit-taking ATMs to increase our level of convenience for you. Improvement we will improve member service, rate structures and product offerings. Already we are gearing up to offer business accounts and business lending because you, our members, have been asking us to do just that. We have exciting new checking products planned for mid-2008 and plan to add club savings accounts to encourage more saving. And, in early March, we launched mobile banking so you can access your accounts from virtually anywhere. Of course, we will continue to offer very favorable and competitive rates and fees you have come to expect from us. Imagination we are willing to evaluate and consider all financial opportunities that are in the best interest of our members. Innovation this reflects our commitment to finding more ways to say Yes! to every progressive opportunity. We are also committed to continuous improvement of service and operational efficiency. Though I m new at Gesa, I admire and honor our past. Now I m ready to look forward and journey with Gesa into an exciting future in partnership with our members and our communities. I can t wait to see all that Gesa Credit Union will be! Christina C. Brown President/CEO
3 Report of the Chairman Technology and consumer demand have driven revolutionary change throughout the financial industry over the past few years. For the most part this change has been to our advantage, resulting in more and better services at a lower cost. Some of the changes however, have resulted in increased risk to our assets and privacy, like the incredible technology behind the recent wave of phishing attacks coming out of Eastern Europe. As member-owned, not-for-profit cooperatives, credit unions are particularly challenged by this pace of change, with their focus on members not only as customers, but also as the owners of the business. The role of the Board of Directors in a credit union is to represent you as owners and customers in establishing the policies by which the credit union will operate and then monitor the performance of our staff in implementing these policies. On behalf of the entire Board, I would like to congratulate and thank all of our staff for their contributions to making 2007 another good year for Gesa Credit Union. Your Board had two essential priorities this past year: hire an experienced, highly qualified President to lead Gesa in this challenging environment, and refocus the credit union to provide you with the best services at the best price in the region. These two priorities, along with the press of normal business, kept your Board members a lot busier than we really have a right to expect of people serving in a volunteer capacity. But they stuck with it, did a great job and completed all the critical work in front of them. Early in the year, the Board conducted a nationwide search and selected Christina Brown from a pool of more than 200 applicants to be the third President and CEO in Gesa s 55 year history. Her high energy, extensive experience and strong commitment to members and member services are exactly what Gesa needs. Replacing Roger Fishback, who retired last year with 35 years of service, is an awesome challenge. Christina has already shown herself to be more than up to the challenge. Todd Hanson, another key executive, left Gesa just recently. The Board would like to thank Todd for his steady hand and significant contributions over nearly 30 years as both a volunteer and senior executive at Gesa, including nearly a year as Acting President and CEO following Roger s retirement. I am pleased to report that the Gesa staff were able to hold expenses under budget for yet another year, and Gesa finished 2007 with positive net income of $5.9 million, an increase of 25% over This great financial performance allowed Gesa to end the year with nearly 12% of its total assets set aside as equity, which is what guarantees the safety and soundness of the credit union. Gesa s strong equity and income projections for the coming year will provide the opportunity to continue improving and expanding member services, paying competitive dividends, and offering some of the best loan rates in our market. In 2008 we will also continue our investments in more efficient infrastructure and lower-cost services. Your Board has the utmost confidence that Gesa is well-positioned to grow and to continue to provide the best in financial services to our members. Robert E. Heineman Chairman of the Board
4 Statement of Financial Condition As of As of Dec. 31, 2007 Dec. 31, 2006 AsseTs Loans to Members Net $321,112,154 $361,666,711 Cash in Banks and on Hand 11,234,877 9,797,358 Investments Net 271,130, ,037,225 Notes Receivable 0 219,664 NCUSIF Capital Deposit 5,002,263 4,611,241 Land and Building Net of Depreciation 16,876,143 13,750,735 Furniture, Equipment, and Other Assets Net of Depreciation 5,603,678 6,189,469 ToTAl AsseTs $630,959,594 $626,272,403 liabilities & equity Savings Accounts $184,203,374 $219,345,729 Checking Accounts 85,964,413 86,500,763 Money Market Accounts 116,963,233 93,703,065 Certificate Accounts 118,284,428 95,601,487 IRA Certificates 40,047,200 35,793,801 Dividends Payable 2,505,670 2,675,701 Accounts Payable 5,790,165 4,791,318 Notes and Interest Payable 0 15,000,000 Outstanding Offcial Checks 3,549,867 3,578,547 Regular Reserve 7,687,653 7,687,653 Undivided Earnings 65,963,591 61,594,339 ToTAl liabilities & equity $630,959,594 $626,272,403 Life is change. Growth is
5 Statement of Operations InCome Interest on Loans Income from Investments TOTal InTEREsT InCOmE InTeResT expense Dividends Interest on Borrowed Money net InTEREsT InCOmE PRovIsIon for loan loss net InTEREsT InCOmE after PROvIsIOn FOR loan losses operating expenses Salaries and Benefits Maintenance of Building and Equipment Property Taxes and Insurance Postage Offce Supplies and Communication Outside Services Advertising and Promotion Credit and Collections Expense Audit Fees College Scholarships Granted Other Expenses other InCome TOTal OPERaTInG ExPEnsEs net InCOmE For the Year Ended For the Year Ended Dec. 31, 2007 Dec. 31, 2006 $22,061,919 $21,317,928 12,469,035 8,069,502 34,530,954 29,387,430 14,316,326 12,527, , ,838 19,805,508 16,245,442 4,421,215 3,085,631 15,384,293 13,159,811 7,916,978 6,968,645 1,844,298 1,323, , , , , , ,510 1,430,955 1,105, , , ,508 1,097, , ,887 9,750 9, , ,940 15,096,809 12,659,335 5,620,949 4,201,685 $5,908,433 $4,702,161 optional. Choose wisely.
6 Report of the supervisory Committee It is the responsibility of the Supervisory Committee of Gesa Credit Union to monitor the financial safety and soundness of the Credit Union and to oversee compliance with various financial and regulatory requirements. In the opinion of the Committee, Gesa Credit Union has conducted business in a fiscally sound manner in accordance with applicable federal regulations and Washington State law relating to credit unions and the Gesa Credit Union bylaws. In the process of reaching this opinion, we engaged the services of the independent public accounting firm of Clifton Gunderson LLP. They performed an opinion audit of Gesa Credit Union s financial statements, as of September 30, Copies are made available upon request. The firm tests whether the financial statements are free of material misstatement, assesses accounting principles used, evaluates the overall financial statement presentation, and reviews internal controls. A key component of the internal control is the position of internal auditor at the credit union which was created and filled in The internal auditor meets with the supervisory committee monthly to review internal audit reports, financial statement trends, information protection status, potential fraud issues, risk assessments and internal control practices. The committee also closely monitors the results of the annual state examination. The support and cooperation from the Board of Directors, management and staff has assisted us in the performance of our duties and is greatly appreciated. It has been a privilege to serve as chairperson of the Supervisory Committee. Respectfully submitted, Clarence (Bing) Selvog, Chairperson Board of directors Bob Heineman, Chairperson Bill Roberts, Vice Chairperson Paul Vinther, Secretary Steve Arneson, Director Bob Follett, Director Paul Korstad, Director Jim Thornton, Director CREdIT COmmITTEE Bill Melberg, Chairperson Gregg Andrews supervisory COmmITTEE Bing Selvog, Chairperson Shellie Barger Steve King Kimberley Pierret Kyle Willers Copyright 2008 Gesa Credit Union. All rights reserved. Published by Gesa Credit Union, 825 Goethals Dr., Richland, Washington For more information, contact the Marketing Department, (509) ext. 3201, or visit the Gesa Credit Union web site at
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