2017 Annual Report. growing. together. Federally Insured by NCUA

Transcription

1 2017 Annual Report growing together Federally Insured by NCUA

2 my story, my credit union, my life At Aventa, every member has a story. We hear them every day and we strive to give each person who walks through our doors GREAT member service. We do this by listening to our member s needs and offering them practical solutions to help develop their life s story. The credit union is a part of our member s lives and we strive to make a difference in their financial journey to achieve financial success. It wasn t until I saw this contest that I realized how much this credit union has been a part of our lives. We joined Aventa when it was Colorado Springs Credit Union over 30 years ago (wow). We ve purchased cars, new and used for ourselves and our daughters. We ve taken some wonderful vacations, including our first one with our (now-grown) daughters to Disney World. I can vividly remember the excitement when I called to see if I was approved for the personal loan to go. Telling the girls yes brought a lot of happiness. Many stories tied to vacations, camping and traveling have been a result of our ability to work with OUR credit union. I can t think of a negative customer experience. Thanks for making some dreams reality, Aventa! Jan R. As a newly graduated college graduate in 2009, I was looking to start the rest of my life. The first step was purchasing my first car so I could get to and from work. I went to a dealer and test drove some vehicles and chose one. However, I hit a snag when trying to purchase it, no one wanted to give me a loan. It is not that I had bad credit, I just didn t have any credit at all. This is where Aventa saved the day! Aventa gave me the full loan amount and made it easy for me to make the payments each month. Thank you Aventa, for stepping up and seeing my potential when no one else would. I couldn t have done it without you. Casey F. I have been with Aventa for over 25 years. When I was married, Aventa helped our family when we were in a tough financial situation, the bank was our last hope. They gave us a consolidation loan and helped our family get back on our feet and gave us hope. Twenty plus years later, I still remember and tell people about it. Throughout the years, I have always been happy with Aventa! Jenni S.

3 I ve been with Aventa now for 16 years. Over that time, Aventa has helped me with school loans, auto loans, personal loans, and my first credit card. I think Aventa might have been the first bank I first put in $5 as a kid. Aventa has become a bank that I can trust as well as having one of the friendliest staff I have encountered. I am pretty grateful to have been a part of this credit union for most of my life and look forward to continuing to bank with Aventa for many years to come. Derek Z. I always feel greeted personally by Aventa staff who remember me by name and go out of their way to be genuinely helpful. Danielle When I joined the credit union, I had just joined the Fire Department. It was then known as CSCECU and the offices were in a little building on Fontanero and I-25. Of course there has been a lot of changes and growth since then (over 50 years ago) and we have been along for the ride! Stan S. Aventa financed my vehicle and gave me a chance to really build my credit with a car loan. I was so grateful. I needed this chance to prove myself at being responsible and Aventa gave me the opportunity. I paid off my car and still drive it. Maria C. Aventa was my first experience with a credit union. I joined many years ago and have since benefited from the friendly service, good interest rates and favorable loan opportunities. My husband and I are on our third home and relied on Aventa every time to help us achieve our family s needs and dreams. Thank you Aventa! Ann T. 1

4 chairman s and president s report A year of change In 2017 Aventa Credit Union made strong progress towards its vision to be acknowledged as a front-runner in the financial services industry in Southern Colorado, as we expanded into 9 counties in the region. As reflected in our Annual Report theme, Growing Together we have now become a regional community credit union. This will allow us to bring credit union services to even more communities, but will not take away from our vision of Service to Membership as we recognize you as our economic engine the purpose for our existence. As a credit union, our purpose is to act in the best interests of our members and to ensure every decision we make and every initiative we undertake has a clear focus and benefit to our membership. This focus on our membership has sustained a long-term trend of member growth. In 2017, we welcomed 2,459 new members to Aventa and have strong aspirations and a strategic direction to grow our membership further by continuing to attract new members and retaining our existing members. As we continue to Grow Together and provide members with practical solutions, we invite you to read the member stories in the Annual Report and see how Aventa has become a part of our member s lives. Our opportunity in a challenging environment During a continued period of economic volatility and record low interest rates, we ended 2017 with a strong net income of $624,106 and total assets under management of $172,770,066. Although the past years have been a challenging time for the economy and our members, there is a renewed optimism as property values increase and rates and buyer sentiment trend up. To ensure our long-term sustainability, Aventa invests prudently in improving and delivering products and services for members that enhance their financial well-being, all while making a difference to the communities in which we live and work. 2

5 Aventa is well positioned to operate effectively while managing costs carefully and achieving steady growth. Our continued success will come from building on our well-respected reputation and doing the right thing by our members. We are optimistic about our future and our strengths in member service and being an alternative to big banks. Finally, I would like to acknowledge our Executive team and all of our staff who provide an outstanding level of service and professionalism. Our staff s passion, drive, capacity, capability and enthusiasm for our members is our greatest asset. The strength of our culture and core focus on acting in the best interests of our members and the community means we are uniquely placed to embark on the next stage of our journey and Growing Together. Michael A. Fansler Chairman Gregory J. Mills President and CEO 3

6 treasurer s report For over 60 years, Aventa Credit Union has helped its members reach their financial goals in a variety of ways. From offering multiple delivery channels to expanding our field of membership, together we are Growing Together. As we continue to grow, Aventa does not lose sight of our responsibility to be good stewards of our members finances. Our net worth ratio is strong, finishing the year at 10.76% well above what the National Credit Union Administration (NCUA) considers to be well capitalized (7%). Aventa continued to show steady growth in 2017 with total assets ending at $172,770,066. Membership also increased to 24,531 an increase of 6.3%. Total loans grew 3% ending the year at $137,859,203. While loans grew, we did not compromise our asset quality. Our net charge off/ delinquency ratio still remained below our peers at 1.10%. Total income for 2017 was above budget at $624,106 with an ROA of.36%. Thanks to the high standards of integrity and through the guidance of its leadership and Board of Directors, Aventa Credit Union remains a reliable place to invest and borrow with confidence. Please refer to the financial statements in this report for more details. As we look forward to 2018, we will continue to help our members achieve their financial goals by offering them competitive products and services. We look forward to Growing Together and the many opportunities to serve you. Terry L. Lown Treasurer 4

7 audit committee report The Audit Committee, a group of appointed volunteers, is primarily responsible for overseeing the overall safety and soundness of Aventa Credit Union, as well as the credit union s adherence to operating policies and procedures. Each year, we reaffirm our commitment to ensuring that your credit union is financially stable and maintains the highest member service standards possible. In 2017, there were numerous audits that were conducted within the credit union. The annual opinion audit of the credit union s financial statements was conducted by Holben, Hay, Lake, and Balzer, LLC, Certified Public Accountants. The Colorado Department of Regulatory Agencies (DORA) conducted an annual examination of our records, policies and practices. We are pleased to report that in 2017, Aventa received a favorable report on our annual examination by DORA. Clowers Credit Union Services was also retained by the Committee to conduct quarterly internal audits, as well as monthly internal control audits. The financial statements in this annual report are unaudited, since they reflect January through December Aventa continues to be a safe place for members assets and an exceptional provider of financial services whether personal or through digital channels. The Audit Committee thanks you, the member, for your loyalty and support. On behalf of my colleagues on the Audit Committee, I also thank our volunteers, management and staff for their commitment to service and accuracy. This commitment helps the credit union to prosper and maintain financial soundness for its members. Linda Iverson Chairman 5

8 2017 financials STATEMENT OF FINANCIAL CONDITION As of December 31, 2017 and 2016 December 31, 2017 December 31, 2016 Total Loans $137,859,203 $134,353,110 Less Allowance Loan Losses ($1,015,246) ($961,738) Net Loans $136,843,957 $133,391,372 Cash and Investments $22,976,807 $25,680,630 Other Assets $12,949,302 $13,009,515 Total Assets $172,770,066 $172,081,517 STATEMENT OF INCOME For the Years Ended December 31, 2017 and 2016 Operating Income $9,208,163 $9,194,706 Operating Expense ($8,250,301) ($8,108,151) Provision for Loan Losses ($942,514) ($1,013,076) Non-Operating (Losses) Gains $608,758 $578,570 Net Income $624,106 $652,048 6

9 NET WORTH TOTAL LOANS 12% 10% 10.59% 10.44% 10.76% $138 $136 $137 8% $134 $134 6% $132 4% $130 $130 2% 0% Millions $128 $ TOTAL ASSETS NUMBER OF MEMBERS $174 $172 $170 $168 $172 $172 25,000 24,000 23,000 23,073 24,531 $166 22,000 21,453 Millions $164 $162 $160 $158 $ ,000 20,000 19,

10 board of directors Michael A. Fansler Chairman Ric Esgar Vice Chairman Richard (RC) Smith Secretary Terry L. Lown Treasurer Catherine Buckley Director Bobby Cuomo Director Jeffery B. Schultz Director audit committee Linda Iverson Chairman Rose Jendrasiak Director CeCe Martinez Director Patricia Zinn Director executive team Gregory J. Mills President/CEO Sarah Henderson Senior Vice President of Finance Karin Kovalovsky Vice President of Corporate Communications and Marketing Sandra Wells Chief Operations Officer Jennifer Williams Chief Legal Counsel/ Senior Vice President of Business Services 8

11 aventa credit union expansion I n 2017, Aventa Credit Union expanded its field of membership in Colorado! Now anyone who lives, works, worships or goes to school in Alamosa County, Chaffee County, Custer County, El Paso County, Fremont County, Huerfano County, Pueblo County, Saguache County and Teller County can join Aventa! El Paso 2. Pueblo 6. Teller Huerfano 7. Chaffee 4. Custer 8. Saguache 9 5. Fremont 9. Alamosa

12 branch locations Pueblo Pueblo Branch 225 E. Evans Avenue Pueblo, CO Colorado Springs Dublin Branch 2735 Dublin Boulevard Colorado Springs, CO Cascade Branch 426 S. Cascade Avenue Colorado Springs, CO San Luis Valley Center Branch 395 S. Worth Street Center, CO Crestone Branch 110 E. Silver Avenue Crestone, CO Saguache Branch 311 4th Street Saguache, CO aventa.com