Report from the President/CEO & Board Chairman

Transcription

1 2015 Annual Report

2 Report from the President/CEO & Board Chairman Paul Paulsen Chairman Board of Directors James D. Poplin President/CEO In 2015, Austin Telco Federal Credit Union maintained its commitment to stability and growth. We introduced innovative and in demand services to our members. Austin Telco moved aggressively to grow our loan portfolio with an increase of $92.1 million in loans outstanding, which represents an increase of 18.58%. Austin Telco ended the year with $1,353,081,886 in total assets and $159,747,150 in total equity. Our membership base is currently more than 79,000 and still remains the 2nd largest Austin based credit union. We expanded our branch footprint with the opening of our new drive thru branch in the Oak Hill area at the intersection of HWY 290 and William Cannon. This brings Austin Telco to 24 locations available to serve members throughout the Austin Metro area. We enhanced our member experience by introducing a newly redesigned website. The new website features a clean, more contemporary look, additional security features, and a better organization of content. The new site also has responsive design to work across a wide range of devices; including smart phones, tablets and desktops. In addition to the new website, we rolled out an entirely new online banking platform with a wide range of improved and expanded services including online password resets, expanded transfer capabilities, enhanced account details and much more. This past year we also introduced Apple Pay. Members can now use their Austin Telco Visa credit and debit cards securely to make purchases. You can pay in stores without swiping your cards and in apps without entering your payment contact information. We would like to thank our hardworking staff who provides exemplary service to our members. We would also like to thank the volunteer members of the Board of Directors as well as the Supervisory Committee for their dedication every day to the credit union movement. Their expertise and knowledge guide this organization toward continued success. Finally, we would like to thank our members for putting their trust in Austin Telco. Our growth can be attributed in so many ways to the faithful support of our loyal members. Oak Hill Branch

3 Report from the Treasurer Larry Lantrip Treasurer Austin Telco finished another year financially sound and secure with steady growth in assets, loans, and number of members. Total assets climbed to $1,353,081,886, an increase of 3.5%, while our loan portfolio grew to $593,896,361, a very impressive increase of 18.58%. Once again, we maintained an outstanding ROA of 1.17%. Net worth ended the year at a very strong 11.81% of total assets compared to peer at 11.06%. Membership now stands at over 79,000 strong. By all measures of financial performance, Austin Telco remains a leader among credit unions in Texas and the nation. As we move forward in 2016, Austin Telco is committed to remaining a strong and stable organization. We will continue to work hard in order to offer our members the best possible products, services, and pricing while maintaining a strong capital position. Treasurer s Fiscal Report Gross Income Operating & Provision Expense Net Income Dividends Undivided Earnings Regular Reserves Allowance for Loan Loss Total Equity Total Assets Member Savings Number of Loans Outstanding Loans Outstanding Delinquent Loans Number of Members Number of Checking Accounts $ 41,529,948 $ 21,853,252 $ 12,367,781 $ 7,332,502 $ 124,042,177 $ 5,099,765 $ 920,170 $ 129,141,942 $ 1,268,799,323 $ 1,149,158,587 20,675 $ 450,654,170 $ 336,154 72,517 41,228 $ 43,435,681 $ 22,020,513 $ 14,796,688 $ 6,632,325 $ 138,838,865 $ 5,099,765 $ 988,531 $ 143,938,630 $ 1,307,343,059 $ 1,165,929,236 22,486 $ 501,006,181 $ 210,680 75,091 43,315 $ 45,604,698 $ 23,771,966 $ 15,586,601 $6,251,147 $ 154,613,348 $ 5,133,801 $ 1,000,302 $ 159,747,150 $ 1,353,081,886 $ 1,195,177,581 25,108 $ 593,896,361 $ 388,682 78,665 46,487

4 Report from the Supervisory Committee Chairman The Supervisory Committee is made up of volunteers appointed by the Board of Directors to oversee all aspects of Austin Telco s operations on behalf of the members. The committee, along with the internal auditors, ensures that the management of Austin Telco upholds procedures that comply with generally accepted accounting principles. The committee also makes certain that Austin Telco s audited financial statements provide a fair and accurate representation of the financial condition of the credit union. We achieve these objectives through the annual verification of members accounts, the ongoing internal audits performed by the Cornerstone Credit Union League Financial and Technology Resources group, and our annual CPA audit which was performed by the CPA firm of CliftonLarsonAllen, LLP. In addition to our audit functions, we also monitor policies and procedures to protect members from fraud and errors, review internal controls, meet with auditors and federal regulators, consider suggestions for improvement to the operations of Austin Telco, and respond to any concerns or complaints that members may direct to our committee. Joe Bain Chairman Austin Telco once again received the highest rating on this year s examination by our federal regulators, the National Credit Union Administration (NCUA). The committee is delighted to report that Austin Telco is in excellent and extremely strong financial condition. We wish to express our appreciation to the Board of Directors, management, and staff, for their continued support and cooperation. It has been our pleasure to voluntarily serve our fellow memberowners of Austin Telco. We look forward to continued success throughout the years to come. Supervisory Committee Joe Bain, Chairman Paul Tidrick, Secretary Larry Lantrip, Board Liaison

5 Statement of Financial Condition Assets Net Loans to Members $ 592,896,059 Loans Held for Sale $ 0 Cash on Hand $ 11,952,193 Investments $ 686,608,687 Land & Building $ 44,966,412 Furniture & Equipment $ 1,378,576 Other Assets $ 15,279,959 Total Assets $ 1,353,081,886 Liabilities & Equity Member Savings $ 1,195,177,581 Liabilities $ 4,825,887 Regular Reserves $ 5,133,801 Undivided Earnings $ 154,613,348 Unrealized G/L (AFS) Securities [$ 4,641,261] Other Comprehensive Income [$ 2,027,470] Total Liabilities & Equity $ 1,353,081,886 Distribution of Income Total Gross Income $ 45,604,698 Operating Expense $ 23,571,576 Non-Operating Income - Gain [Loss] on Disp of Assets $ 7,984 Gain [Loss] on Investments [$ 2,968] Dividend Expense $ 6,251,147 Provision for Loan Losses $ 200,390 Change to Undivided Earnings $ 15,586, Asset Growth $1.213 Billion $1.250 Billion $1.268 Billion $1.307 Billion $1.353 Billion

6 Board of Directors Paul Paulsen Chairman Charlene Spillmann Vice Chairman Larry Lantrip Treasurer Liz Heiling Secretary Steve Read Security/Safety Officer Fran Berns Membership Officer Management David Westlund Board Member James D. Poplin, President/CEO Tony Rawls, SVP, Lending/CLO Karen Smith, SVP, Human Resources & Branch Operations Robert Hernandez, SVP, Finance/CFO Jim Howey, VP, Lending Raye Anne Cawthon, VP, Accounting Pamela W. Cotton, VP, Member Services Christopher Mraz, VP, Information Technology/CIO Kathleen Miller, AVP, Administrative Services Sandie Peña, AVP, Branch Operations Georgia Hayes, AVP, Information Technology Jeannie Rowell, AVP, Lending Katrina Levenick, AVP, Marketing 2016 Annual Meeting Agenda Invocation Call Meeting to Order Determination of a Quorum Reading and approval of 2015 minutes Officers Reports New Business Election of the Board of Directors Unfinished Business Adjournment of the Meeting