Jeff Rose President and CEO

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2 Jeff Rose President and CEO A Look Back at 2014 I would like to take this opportunity to thank you for being a member of Community 1 st Credit Union. I joined C1 st in November as the President and CEO. Born and raised in central Iowa, my career has taken me to Dallas, Houston, Los Angeles and back to Iowa. Most recently, I was President and CEO of another financial institution in the Quad Cities. I am excited with the prospect of managing such a vibrant and successful credit union! My goal will be to ensure continued growth of our membership and provide state of the art products and service to our members. It has been an eventful year for Community 1 st Credit Union as we have recently celebrated the integration of Louden Depot Community Credit Union in Fairfield and the first anniversary of our expansion into Indianola. In addition, we reached two very important milestones with over $500 million in assets and 50,000 members! We know that this success is due to our members and the trust you have placed in C1st as your financial partner. In 2014, we streamlined and simplified our checking account offerings and focused on providing rock star service to our members. As a result, we ve more than doubled our new checking account openings, year-to-date, thanks to you and our dedicated employees as part of our new member acquisition and growth strategy. We continue to connect with each of our communities through a variety of sponsorships, events and donation of employee s time and talents and will look for more opportunities in We are proud to be giving back and recognize the need to put our communities 1 st. Community 1 st Credit Union is investing in our facilities to ensure we are creating a welcoming environment for each and every member. The expansion and renovation of our Grinnell and Pennsylvania Avenue branches will be completed in early The updates express our commitment to the communities we serve and our members. They will provide a more comfortable and efficient banking experience. Finally, C1st has made the decision to significantly upgrade our operating system in Fall 2015 to allow us to provide the progressive technology, products and services our members expect. This will enable us to remain competitive and deliver the exceptional quality of service you deserve well beyond Thank you for being a member. Together we are truly a cooperative which will continue to grow in the future. Sincerely, Jeff Rose President and CEO

3 Jason Eubanks Board Chairman C1st Member/Owners: Another successful year is complete and I am happy to report Community 1 st Credit Union is stronger than ever. We have 16 branches in 14 communities and have grown to over $519 million in assets, serving over 54,000 members. Community 1 st Credit Union remains financially strong and we look forward to continued growth in Not only has C1st grown significantly in assets, but we ve also increased the number of households we serve. Early in 2014, we launched a new member acquisition and growth strategy to simplify our checking account choices. We wanted to offer easy-to-understand accounts with more flexibility and added convenience. We targeted non-members in our communities. We opened more than 6,500 new checking accounts, an increase of over 50% from the prior year. In 2014, C1st staff engaged in months of research, demos and presentations to evaluate the current core processing system, Open Solutions. We decided to convert to a new core processing system, Symitar. Symitar will provide the functionality, flexibility and enhancements our credit union needs to offer the best products and services. The official conversion date has been set for Fall In November, we were pleased to announce the purchase and assumption of Louden Depot Community Credit Union in Fairfield, IA. We welcome and look forward to serving the new C1st family members. Finally, major remodeling projects are currently underway for our Ottumwa Pennsylvania and Grinnell branches. Both will provide a more functional facility for our members. We will continue to seek out, plan and add more branches to better serve our members. Our loan portfolio continues to grow in consumer, mortgage, and commercial. In addition, C1st eservices are also steadily growing, including online/mobile banking, mobile deposit, BillPay and estatement users. We will continue to improve our online technology to keep us at the leading edge. The board and management team continue to think of new ways to improve your credit union. The entire Board of Directors would like to thank you, the owner/member, for your business and making our credit union successful. We are excited and confident about the future of Community 1 st Credit Union! Please feel free to contact me or other board members with any questions or comments. We are here to serve you. Thank you, For the Board, Jason C. Eubanks Board Chairman

4 Lowell McClure- Audit Committee Chairman From your Audit Committee: The duty of the Audit Committee is to perform unannounced audits on the 16 branches, discuss concerns of the credit union that may arise, evaluate financial statements and review Board of Director meeting minutes. The Audit Committee meets once a month. The following individuals are on the committee: Lowell McClure (Chairman), Carolyn Walker, John Rukgaber, and Anne Leathers. The Audit Committee continues to use Petersen & Associates to conduct the external annual audit. Your Audit Committee considers all comments from the C.P.A firm, State and Federal Auditors, as well as our credit union members so as to insure that your credit union is financially sound. Respectfully Submitted, Lowell McClure Audit Committee Chairman

5 Heidi Altfillisch - Credit Committee Chairman The Credit Committee s purpose is twofold; to serve the needs of our membership and to protect your investment in Community 1 st Credit Union. We acknowledge the value and importance of being member owned! In fact, our credit union is a combination of committees, Board of Directors, administration and members. The credit union committees and the Board of Directors work directly for the members, volunteering their time and effort to ensure high quality service and products. In 2014, we surpassed the milestone of $450 million loans on our books! This has allowed our members to help finance college educations, purchase homes, start small businesses, expand their farming operation, purchase vehicles, RV s, boats and other needs of the members. We have been able to do this by providing competitive and innovative products and services that allow you, the member, to find a loan or service that is tailored to meet your personal needs. The Credit Committee is just one of the committees of the credit union. They meet once a month prior to the regular board meeting. The committee consists of five members of the Board of Directors along with two members of management. It is the responsibility of the credit committee to determine the loan policies and procedures and bring those items to the Board of Directors. In a perfect world, getting a loan should be as simple as walking in to see the loan officer, signing your name and walking out with the money. Government regulations, prior credit history and privacy laws make lending far more difficult than that. The Credit Committee continually strives to minimize the complexity of borrowing money. Another responsibility of the Credit Committee is to compile a Loan Summary Review, which shows how many loans (indirect, consumer, credit card, mortgage, home equity) were approved and denied. Also, there are governmental guidelines of which the Credit Committee has to adhere to in order to make certain C1st is within the percentage of total assets and net worth along with the number of loans the credit union issues. These guidelines are then subject to scrutiny by the State Credit Union Authority. The Credit Committee makes certain Community 1 st Credit Union is within those guidelines. Thank you for investing your money, trust, faith and business in Community 1 st Credit Union. We will continue to serve you in the spirit of the credit union community. By voluntarily devoting time and effort to improve the credit union, the Credit Committee is an excellent example of members helping members. We do our best to treat fellow members like we would like to be treated. Member Owned We Serve You! Heidi Altfillisch, Credit Committee

6 Financial Statements STATEMENT OF FINANCIAL CONDITION & STATEMENT OF INCOME AND EXPENSES

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9 BOARD OF DIRECTORS MEETING RICHMOND BRANCH January 25, :00 P.M. Members of the Community 1 st Credit Union held their 77 th Annual Meeting at the Richmond branch office. Board members present were: Dave Boyer, Greg Wetterich, John Mayberry, Floyd Brown, Jason Eubanks, Jim Fleener and Rex Stewart. (Lowell McClure and John Rukgaber from the audit committee.) Chairman Jason Eubanks called the meeting to order at 1:00 p.m. Quorum was reached with 27 people in attendance. Minutes of the last annual meeting were read. A motion was duly made and seconded to approve the minutes after making corrections. M/C Jason Eubanks introduced the Board Members and the Audit committee members. Jim Holle introduced the members of staff that were in attendance. A motion was duly made and seconded to approve the reports in the annual report. M/C Old Business: None New Business: Election of board members: there were 3 incumbent board members up for re-election: Jason Eubanks, Rex Stewart and Scott VanEngelenhoven. They were all running unopposed, so no vote was taken. A motion was duly made and seconded to adjourn. M/C Adjourned at 1:14 p.m. Jason Eubanks, Chairman Greg Wetterich, Secretary

10 Community 1 st Branch Locations Albia 1420 S. Clinton Street Albia, IA Amana th Trail Middle, IA Bloomfield 301 E. Franklin Bloomfield, IA Cedar Rapids 1030 Sierra Dr. N.E. Cedar Rapids, IA Centerville 999 N. 18 th Centerville, IA Chariton 1934 Court Avenue Chariton, IA Fairfield 2501 W. Burlington Fairfield, IA Grinnell 205 West Street Grinnell, IA Indianola 300 S. Jefferson Way Indianola, IA Mount Pleasant 1800 E. Washington Street Mount Pleasant, IA Oskaloosa 1311 A. Ave. West Oskaloosa, IA Ottumwa - North 739 Pennsylvania Avenue Ottumwa, IA Ottumwa - South 235 Richmond Avenue Ottumwa, IA Ottumwa - Venture 1940 Venture Drive Ottumwa, IA Pella 500 Main Street Pella, IA Washington 303 S. 2 nd Avenue Washington, IA Apply Online: Toll Free: