Chair & President s Message
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1 Annual Report 2017
2 Chair & President s Message 50 years ago, First Entertainment Credit Union opened its doors with the goal of serving the entertainment community. Guided by our credit union philosophy of People Helping People, our focus has remained on providing members with sound financial services to make their lives better. In doing so, we have helped countless individuals achieve their financial goals and practice sensible money management. In 2017, we welcomed more than 3,700 new members to add to our growing total of over 77,000. While we are excited to reach more people and show them the First Entertainment difference, it s not just about growth, it s about creating a vibrant and engaged cooperative to provide greater benefits to all members. Our strength is not only in our membership but also in our innovative product offerings, exceptional service, and support for the entertainment industry. Last year, several improvements and operational efficiencies were made to improve services, make banking convenient and easy, and ultimately, improve the lives of our members. As we look forward to the next 50 years, First Entertainment is committed to being the forefront of technological enhancements and regulatory changes in the financial industry. As First Entertainment has grown, so have the employees, volunteers, and leaders that have partnered together to help fulfill our mission. We ve been blessed over the years to have many employees who have worked together tirelessly in service of our members. Since our inception, our goals have not changed. We will deliver a superb member experience, grow safely and soundly, be a model employer, and remain financially strong. As we continue to serve our members in 2018 and beyond, we will build upon a legacy of exceptional service, and offer a suite of financial products and services with the goal of bettering the lives of the entertainment community. Thank you for your continued support. Frank Wasson President/CEO Gari Ann Douglass Chair, Board of Directors 2 ANNUAL REPORT 2017
3 ANNUAL REPORT
4 4 ANNUAL REPORT 2017
5 2017 Treasurer s Report 50 years ago, First Entertainment opened its doors with only $40 in assets. Today, we have grown to more than $1.4 billion in assets and over 77,000 members. While the size, people, and buildings may have changed over the years, what has remained constant is our goal of providing premium financial services and products to the employees serving the entertainment industry and their families. As we embark on the next chapter of First Entertainment s history, 2017 marked another great year for the credit union. Membership grew more than 5% as we increased our in-person and online outreach efforts through our partnerships with 400+ companies and entertainment partners that comprise our Select Employee Groups and, more importantly, the word-of-mouth referrals fueled by positive member experiences. total exceeded $1.3 billion and was a factor in the 7.0% increase, as we ended the year with $1.4 billion in assets. In 2018, First Entertainment aims to surpass last year s outstanding financial results by continuing to provide superior member service, expanding our suite of products and services, and redesigning our branches for added member convenience. Irwin Jacobson Treasurer We bolstered our digital channels and saw a spike in usage by members excited to benefit from new features that complemented their First Entertainment banking products. Compared to 2016, interest income increased by 17.8% to $44.3 million. Loan balances totaled $841.8 million, reflecting the 9.285% lending portfolio growth. Our share balance ANNUAL REPORT
6 Consolidated Statement of Income As of December 31, 2017 (Unaudited) INCOME INTEREST INCOME Interest on Loans Interest on Investments 32,057,326 12,325,806 28,584,307 9,080,848 Total Interest Income 44,383,132 37,665,155 INTEREST EXPENSE Member Share Accounts Interest on Borrowed Funds 4,929,365 3,095,523 4,598,401 1,219,937 Total Interest Expense 8,024,888 5,818,338 Net Interest Income Provision for Loan Losses 36,358,244 8,102,988 31,846,817 9,517,550 Net Interest Inc. after Provision for Loan Losses 28,255,256 22,329,267 NON-INTEREST INCOME Fees, charges, and other income Real Estate Loan Sales/Servicing Gain/Loss on Sales of Property and Equipment/OREO Gain/Loss on Insurance & Investments 14,086,438 1,195,345 (38,094) 226,498 12,729,050 1,847, ,720 Total Non-Interest Income 15,470,187 14,807,256 NON-INTEREST EXPENSE Compensation and Benefits Office Occupancy Office Operations Other Total Non-Interest Expense 18,499,586 2,801,459 2,260,177 13,447,160 37,358,035 18,132,811 2,849,482 2,212,616 12,702,090 35,896,999 NET INCOME 6,367,408 1,239,524 6 ANNUAL REPORT 2017
7 Consolidated Balance Sheet As of December 31, 2017 (Unaudited) ASSETS Cash and Investments Loans, Net of Allowance for Loan Losses Accounts Receivable Property and Equipment National Credit Union Share Ins Fund Foreclosed Asset 559,153, ,844,415 6,677,345 9,326,394 11,698,587 1,459, ,773, ,353,138 5,841,417 10,468,557 10,650,621 56,198 Other Assets 25,471,218 24,073,959 Total Assets 1,455,630,827 1,360,217,549 LIABILITIES Members Shares Accrued Expenses and Other Liabilites Total Liabilites 1,318,508,548 16,920,828 1,335,429,376 1,228,444,242 15,005,465 1,243,449,707 MEMBERS EQUITY Regular Reserve Undivided Earnings 3,515, ,771,418 3,515, ,558,332 Unrealized Gain/Loss on Investments (4,085,632) (1,306,155) Total Members Equity 120,201, ,767,842 TOTAL LIABILITIES AND EQUITY 1,455,630,827 1,360,217,549 I absolutely LOVE my credit union! Have been a loyal member for 23 years. They treat their members so well and I ve received great loans from them during my membership. I am so proud to be part of an institution that treats their customers with the utmost respect and customer service. Denise M. Los Angeles, CA. ANNUAL REPORT
8 s 70 s First Entertainment established as Warner-Seven Federal Credit Union opens on December 20th Merged with Columbia Studios Employees Federal Credit Union Transitioned from Federal 90 s to State Charter and changed name to First Entertainment Credit Union. 00 s 2004 Surpassed $500 Million in assets. 8 ANNUAL REPORT 2017
9 Changed name to First Entertainment 80 s Federal Credit Union to serve the broader entertainment industry. 90 s 1987 Charles Bruen appointed as President/CEO. Merged with Screenland/MGM Employees Credit Union. Celebrating 50 Years Today Assets surpass $1 Billion. 10 s 50 th 2013 Media Benefits Insurance Services debuts. Frank Wasson appointed as President/CEO. Over $1.4 Billion in assets and over 77,000 members. ANNUAL REPORT
10 10 ANNUAL REPORT 2017
11 Supervisory Committee Report The Supervisory Committee plays a pivotal role in providing oversight and serving through checks and balances on First Entertainment s financial reporting system. The volunteers on the Committee are responsible for ensuring that First Entertainment operates prudently and in accordance to all applicable rules and regulations, as set forth by the California Department of Business Oversight (DBO), and the National Credit Union Administration (NCUA). The committee maintains the distinct oversight responsibility for the credit union s internal controls and financial reporting. To accomplish this, the Committee worked with internal and external auditors, and federal regulators to objectively assess the company s financial reporting practices. Based on our review and the results of the auditors efforts, the Supervisory Committee believes First Entertainment has maintained accurate and timely records, is in a strong financial position, and is operating in compliance with all laws and regulations. A summary of First Entertainment s Consolidated Statements of Financial Condition as of December 31, 2017 is included herein. Patrick Walters Supervisory Committee Chair Media Benefits Corporation Report While First Entertainment Credit Union reached its Golden Anniversary by serving our members for the past 50 years, Media Benefits Insurance Services (MBIS) is celebrating its fifth year of providing exceptional insurance products to members. MBIS was established to provide members with quick and easy access to quality insurance services. Whether it s coverage for your vehicles, homes, or even your pets, our dedicated team of insurance professionals can help you design coverage options to fit your budget and provide the right level of protection. Our goal has always been to go above and beyond typical banks in the kinds of services and benefits we offer our members. In 2017, we launched Free Coverage Check-ups. All First Entertainment members were offered a free review of their current coverage, whether they were insured with us or not. Hundreds of our members took advantage of this member-value service, and we were glad to provide that free review service. MBIS was able to write 620 new policies, and maintain over 2,000 policies. As an independent agency, we strive to grow and expand our insurance offerings and services to fit First Entertainment members needs. We are proud to be a part of the First Entertainment family, and we look forward to providing our members and their households with insurance protection for years to come. Tad Marburg Chair ANNUAL REPORT
12 Board of Directors Chair Gari Ann Douglass Vice Chair Michael G. Edwards Treasurer Irwin Jacobson Secretary Dennis Tange Directors Andrew B. Benson Stephen Raynes Laura Valan Akihiko (Kiko) Washington Howard Welinsky Associate Board Member Sydney Davis Supervisory Committee Chair Patrick Walters Committee Members Jeff Mirkin Mitch Nedick Doug Regan Miri Stucker Media Benefits Corporation Board of Directors Chair Tad Marburg Directors Charles Bruen Sakae Manning Elizabeth McKenzie Alan Saxe Senior Management President/CEO Frank Wasson Executive VP/CFO/Chief Experience Officer Lisa Landt VP Technology/CIO Janet Phillips VP Lending/CLO Tom Orman VP Finance Addie Allison VP Treasury Jason Thomas VP Human Resources Michelle Frattolin VP Marketing/CMO Jimmy Lee VP Operations James Marcellino Branch Locations Burbank 2520 Olive Ave. Burbank, CA Corporate Main Office 6735 Forest Lawn Dr. Hollywood, CA Culver City Washington Blvd. Culver City, CA Encino Ventura Blvd. Encino, CA Miracle Mile 5750 Wilshire Blvd. Los Angeles, CA Paramount Studios* 5555 Melrose Ave. Mae West Building Hollywood, CA Santa Clarita McBean Parkway Santa Clarita, CA Santa Monica 2425 Colorado Ave. Ste. B119 Santa Monica, CA Studio City 4067 Laurel Canyon Blvd. Studio City, CA Warner Bros.* 4000 Warner Blvd. Bldg. 19 Burbank, CA *These branches restricted to individuals with studio lot access.
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