Condensed Statement of Financial Condition. Condensed Statement of Income. Report of Independent Auditors. Board of Directors. Supervisory Committee
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- Curtis Warner
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1 Board of Directors James J. Kaeli, Chairma Patricia Nelso Nuget, Vice Chair Caroly J. Smith, Secretary Joh E. Ly, William H. Cable Joh T. Caulfield Frak T. DeStefao Michael P. Flaherty Carleto C. Jekis Curtis A. Pris Letitia H. White James D. Jekis, Chairma George Agurkis Joh T. Caulfield Robert Fischer Robert Kevi Rya Codesed Statemet of Fiacial Coditio Codesed Statemet of Icome Cotact Us Assets Cash ad Cash Equivalets $57,862,585 $54,448,495 Iterest Icome $25,271,844 $23,958,202 $263,036,948 $303,055,922 Iterest Expese $2,153,238 $2,293,449 Loas to Member, Net $472,372,419 $410,405,284 Net Iterest Icome $23,118,606 $21,664,753 $985,425 $502,827 Property ad Equipmet, Net Other Assets Natioal Credit Uio Share Isurace Deposit Total Assets $9,882,275 $10,207,846 Provisio for Loa Losses $25,908,990 $27,931,575 Net Iterest Icome after Provisio $22,133,181 $21,161,926 $6,611,420 $6,421,725 No-Iterest Icome $8,637,971 $8,376,946 No-Iterest Expese Comp ad Beefits $14,395,042 $11,291,799 Office Operatio $6,710,528 $6,392,069 Other $8,190,316 $7,062,612 Total o-iterest Expese $29,295,886 $24,746,480 Liabilities ad Members Equity Members Share & Savigs Accouts Deise Ouellette, Chairma Luis Jara, Secretary Gregory Jekis Jeff Klei Joh Wishard Other Liabilities Total Liabilities Total Members Equity Total Liabilities ad Members Equity Net Icome $1,475,266 $4,792, , Capitol Hill, Olie Bakig/Mobile Bakig Fax Services Accout Requests: Loas-by-Fax: Teller , Capitol Hill, Mailig Address P.O. Box Washigto, D.C $753,840,205 $731,865,568 $7,456,582 $761,296,787 $739,968,131 $74,377,850 Locatios $8,102,563 $72,502,716 Maagemet Ivestmets Charles A. Mallo, Jr., Presidet ad CEO Athoy Caccese, CFO ad Vice Presidet David Hufagel, COO ad Vice Presidet Deise Ouellette, CLO ad Vice Presidet Mark Lobato, Vice Presidet Vaessa Gregory, Vice Presidet Robert Miller, Vice Presidet Motez Hairsto, Vice Presidet These codesed fiacial statemets do ot costitute a complete presetatio. The complete set of audited cosolidated fiacial statemets, icludig the cosolidated statemets of cash flows ad chages i members equity, ad otes to the cosolidated fiacial statemets, are available upo writte request. Washigto, D.C. U.S. Capitol Brach, Room H-129 Ford Brach, Room 195 Logworth Brach, Room B-203 Raybur Brach, Room SW-1 Oakto, Virgiia White Graite Drive Report of Idepedet Auditors I our opiio, the iformatio set forth i the accompayig codesed fiacial statemets is fairly stated, i all material respects, i relatio to the fiacial statemets from which it has bee derived. We have audited, i accordace with auditig stadards geerally accepted i the Uited States of America, the statemet of fiacial coditio of Wright Patma Cogressioal Federal Credit Uio as of ad the related statemets of icome, comprehesive icome, members equity, ad cash flows for the year the eded (ot preseted herei); ad i our report dated April 4, 2016, we expressed a umodified opiio o those fiacial statemets. Prior Period Fiacial Statemets. The fiacial statemets as of, were audited by Orth, Chakler, Murae ad Compay, whose report dated April 16,, expressed a umodified opiio o those statemets. Orth, Chakler, Murae & Compay Certified Public Accoutats Miami, FL April 16, Equal Housig Leder Federally isured by NCUA
2 Board of Directors James J. Kaeli, Chairma Patricia Nelso Nuget, Vice Chair Caroly J. Smith, Secretary Joh E. Ly, William H. Cable Joh T. Caulfield Frak T. DeStefao Michael P. Flaherty Carleto C. Jekis Curtis A. Pris Letitia H. White James D. Jekis, Chairma George Agurkis Joh T. Caulfield Robert Fischer Robert Kevi Rya Codesed Statemet of Fiacial Coditio Codesed Statemet of Icome Cotact Us Assets Cash ad Cash Equivalets $57,862,585 $54,448,495 Iterest Icome $25,271,844 $23,958,202 $263,036,948 $303,055,922 Iterest Expese $2,153,238 $2,293,449 Loas to Member, Net $472,372,419 $410,405,284 Net Iterest Icome $23,118,606 $21,664,753 $985,425 $502,827 Property ad Equipmet, Net Other Assets Natioal Credit Uio Share Isurace Deposit Total Assets $9,882,275 $10,207,846 Provisio for Loa Losses $25,908,990 $27,931,575 Net Iterest Icome after Provisio $22,133,181 $21,161,926 $6,611,420 $6,421,725 No-Iterest Icome $8,637,971 $8,376,946 No-Iterest Expese Comp ad Beefits $14,395,042 $11,291,799 Office Operatio $6,710,528 $6,392,069 Other $8,190,316 $7,062,612 Total o-iterest Expese $29,295,886 $24,746,480 Liabilities ad Members Equity Members Share & Savigs Accouts Deise Ouellette, Chairma Luis Jara, Secretary Gregory Jekis Jeff Klei Joh Wishard Other Liabilities Total Liabilities Total Members Equity Total Liabilities ad Members Equity Net Icome $1,475,266 $4,792, , Capitol Hill, Olie Bakig/Mobile Bakig Fax Services Accout Requests: Loas-by-Fax: Teller , Capitol Hill, Mailig Address P.O. Box Washigto, D.C $753,840,205 $731,865,568 $7,456,582 $761,296,787 $739,968,131 $74,377,850 Locatios $8,102,563 $72,502,716 Maagemet Ivestmets Charles A. Mallo, Jr., Presidet ad CEO Athoy Caccese, CFO ad Vice Presidet David Hufagel, COO ad Vice Presidet Deise Ouellette, CLO ad Vice Presidet Mark Lobato, Vice Presidet Vaessa Gregory, Vice Presidet Robert Miller, Vice Presidet Motez Hairsto, Vice Presidet These codesed fiacial statemets do ot costitute a complete presetatio. The complete set of audited cosolidated fiacial statemets, icludig the cosolidated statemets of cash flows ad chages i members equity, ad otes to the cosolidated fiacial statemets, are available upo writte request. Washigto, D.C. U.S. Capitol Brach, Room H-129 Ford Brach, Room 195 Logworth Brach, Room B-203 Raybur Brach, Room SW-1 Oakto, Virgiia White Graite Drive Report of Idepedet Auditors I our opiio, the iformatio set forth i the accompayig codesed fiacial statemets is fairly stated, i all material respects, i relatio to the fiacial statemets from which it has bee derived. We have audited, i accordace with auditig stadards geerally accepted i the Uited States of America, the statemet of fiacial coditio of Wright Patma Cogressioal Federal Credit Uio as of ad the related statemets of icome, comprehesive icome, members equity, ad cash flows for the year the eded (ot preseted herei); ad i our report dated April 4, 2016, we expressed a umodified opiio o those fiacial statemets. Prior Period Fiacial Statemets. The fiacial statemets as of, were audited by Orth, Chakler, Murae ad Compay, whose report dated April 16,, expressed a umodified opiio o those statemets. Orth, Chakler, Murae & Compay Certified Public Accoutats Miami, FL April 16, Equal Housig Leder Federally isured by NCUA
3 Chairma ad CEO Cup. Most importatly, we helped raise over $500,000 for Childre s Miracle Network Hospitals. Throughout, Cogressioal Federal Credit Uio cotiued to focus o its members, deliverig a wide rage of competitively priced fiacial products ad services that help them achieve their fiacial goals. At the same time, your credit uio maitaied its fiacial disciplie, esurig we remai fiacially strog ad well capitalized. Throughout the year, Cogressioal Federal made a impact i our commuity i a umber of meaigful ways. We orgaized Hoor Flight greetigs at Reaga Natioal Airport to welcome World War II veteras, we participated i the aual Cogressioal Baseball Game which raised moey for the Boys ad Girls Club of Greater Washigto ad the Washigto Literacy Coucil, ad we helped make the holidays bright for hudreds of childre through our Toys for Tots drive. I our o-goig efforts to provide members with the best fiacial products available, last year we rolled-out ew EMV chip-eabled credit ad debit cards to protect our members from credit card fraud ad we lauched Apple Pay ad Adroid Pay for a safe, secure ad coveiet way to pay for everyday purchases. We also itroduced a ew Visa Sigature Rewards card ad ehaced our loa program for auto refiacig. Lookig ahead, we are excited about 2016 ad the opportuities to help our members achieve their fiacial goals. We will be itroducig two ew Visa credit cards that give members choices i how they maage their moey, we will be updatig the Cogressioal Federal website to make it easier to avigate to the iformatio you eed, ad we will be welcomig the ewly elected Members ad staff of the 115th Cogress late i the year. Cogressioal Federal cotiued its commitmet to fiacial literacy throughout the year. We hosted a umber of iformatioal semiars both o ad off Capitol Hill that helped members uderstad a variety of fiacial topics, icludig how to avigate the home buyig process ad prepare for home owership. Thak you to our members, our Board of Directors, Supervisory Committee, maagemet ad staff all workig together to make Cogressioal Federal the istitutio it is today. For the 14th year, Cogressioal Federal proudly supported the Credit Uio Cherry Blossom Te Mile Ru ad sposored the aual Capitol Hill Competitio. Cogressioal Federal worked to secure over 180 members of Cogress to serve as Hoorary Race Chairs, ad may of our employees cheered o over 700 Hill staffers who ra i the race may o oe of the 66 teams that competed for the coveted Capitol Hill The foudatio of our success is built o stayig true to our values. Servig our members ad puttig their fiacial eeds first every time meas that Cogressioal Federal remais committed to our core values. James J. Kaeli Chairma Itegrity Proactive Service Stewardship Iovatio Charles A. Mallo, Jr. Presidet ad CEO The oversees the review of member Durig, our atio s ecoomy experieced To esure that the Credit Uio is operated i a loa applicatios, appoits loa officers, delegates to them the authority to approve loa requests ad recommeds credit policy to the Board of Directors. decliig oil prices, a stregtheig dollar, ad a turbulet Chiese stock market. Eve with all the global impacts, the U.S. stock market came close to breakig eve for the year ad the 10-year Treasury yields fiished the year slightly higher tha where they bega. These yields defied market expectatios of risig rates as the Federal Reserve did ot icrease short term rates util December, helpig housig markets to cotiue to improve. Through it all, Cogressioal Federal cotiued to meet members eeds ad deliver solid fiacial performace. safe ad soud maer i accordace with our bylaws, charter, policies ad procedures, as well as federal ad state regulatios, the oversees iteral ad exteral audits, ad esures that the credit uio complies with audit recommedatios. The retaied the certified public accoutig firm of OCM & Compay (A DoereMayhew Firm) to coduct a comprehesive aual audit. A codesed audited fiacial statemet is icluded i this Aual Report. A complete set of audited fiacial statemets is available upo writte request. A examiatio was also performed by the Natioal Credit Uio Admiistratio, ad daily moitorig ad review of the credit uio are performed by a iteral auditor. Durig, the credit uio received 9,253 cosumer loa ad Visa applicatios. Amog those loa applicatios received, we disbursed 1,642 ew ad used auto loas totalig $32,489,519. Persoal loas disbursed umbered 1,992 for a total amout of $20,482,610. There were 23 share-secured loas grated i the amout of $242,228. We disbursed 12 studet cosolidatio loas i totalig $625,107. The umber of members usig our Visa credit cards cotiues to grow as we issued 1,114 lies of credit totalig $9,626,200 i credit limits. This icluded 294 Visa Sigature cards for a total of $4,792,300. Overdraft Reserve Lies of Credit were grated to 321 members for a total limit of $1,494,950. The credit uio experieced yet aother extremely successful year for its i-house real estate ledig busiess. Durig, the credit uio fuded 325 mortgage loas totalig $108,691,314. I additio, home equity loas ad home equity lies of credit were made to 304 members totalig $28,242,022. I, the credit uio implemeted the Visa Sigature credit card product which was successfully embraced by our field of membership. The icreased the maximum limits available for our studet loa cosolidatio program, thus ehacig our capacity to led. We also made several product ad pricig ehacemets to existig loa programs to better serve our members eeds. Additioally, the credit uio has embarked upo a effort to implemet a ew cosumer loa origiatio system which will streamlie ad ehace the member ad staff ledig experiece. Fially, we are excited about the upcomig itroductio of our ew Visa Cash Rewards ad Rate Saver credit card products. The remais dedicated to serve our field of membership by aticipatig their ledig eeds. Cogressioal Federal will cotiue to seek ew opportuities to grat loas to its membership while balacig risk withi the portfolio. Assets grew to $835.6 millio, a icrease of 2.85 percet over the prior year. Shares grew to $753.8 millio, a icrease of 3.00 percet over the prior year. Net loas to members grew to $472.3 millio, a icrease of 15.09% over the prior year. Our Net Icome for of $1.5 millio was i lie with budget, which cotributes to Total Members Equity of $74.4 millio as we cotiue to grow ad positio the credit uio for the future. Lookig ahead, ecoomists are moitorig ecoomic coditios for sigs of icreases i market iterest rates later i 2016 or early Cogressioal Federal will cotiue to adapt to fiacial coditios by stayig coected to you, providig you icreased fiacial kowledge to help you make itelliget decisios, ad parterig with you to preset fiacial solutios best tailored to your situatio. The is pleased to report that Cogressioal Federal had a successful year i, cotiues to operate i a safe ad soud maer, complies with all applicable rules ad regulatios, ad remais fiacially strog. James D. Jekis Chairma It was evidet throughout the year that our members cotiued to trust Cogressioal Federal with their fiacial goals ad objectives. Your credit uio is well positioed to cotiue to serve our expadig membership with competitively priced products ad services desiged to meet a lifetime of fiacial eeds Joh E. Ly Commuity Deise Ouellette Chairma
4 Chairma ad CEO Cup. Most importatly, we helped raise over $500,000 for Childre s Miracle Network Hospitals. Throughout, Cogressioal Federal Credit Uio cotiued to focus o its members, deliverig a wide rage of competitively priced fiacial products ad services that help them achieve their fiacial goals. At the same time, your credit uio maitaied its fiacial disciplie, esurig we remai fiacially strog ad well capitalized. Throughout the year, Cogressioal Federal made a impact i our commuity i a umber of meaigful ways. We orgaized Hoor Flight greetigs at Reaga Natioal Airport to welcome World War II veteras, we participated i the aual Cogressioal Baseball Game which raised moey for the Boys ad Girls Club of Greater Washigto ad the Washigto Literacy Coucil, ad we helped make the holidays bright for hudreds of childre through our Toys for Tots drive. I our o-goig efforts to provide members with the best fiacial products available, last year we rolled-out ew EMV chip-eabled credit ad debit cards to protect our members from credit card fraud ad we lauched Apple Pay ad Adroid Pay for a safe, secure ad coveiet way to pay for everyday purchases. We also itroduced a ew Visa Sigature Rewards card ad ehaced our loa program for auto refiacig. Lookig ahead, we are excited about 2016 ad the opportuities to help our members achieve their fiacial goals. We will be itroducig two ew Visa credit cards that give members choices i how they maage their moey, we will be updatig the Cogressioal Federal website to make it easier to avigate to the iformatio you eed, ad we will be welcomig the ewly elected Members ad staff of the 115th Cogress late i the year. Cogressioal Federal cotiued its commitmet to fiacial literacy throughout the year. We hosted a umber of iformatioal semiars both o ad off Capitol Hill that helped members uderstad a variety of fiacial topics, icludig how to avigate the home buyig process ad prepare for home owership. Thak you to our members, our Board of Directors, Supervisory Committee, maagemet ad staff all workig together to make Cogressioal Federal the istitutio it is today. For the 14th year, Cogressioal Federal proudly supported the Credit Uio Cherry Blossom Te Mile Ru ad sposored the aual Capitol Hill Competitio. Cogressioal Federal worked to secure over 180 members of Cogress to serve as Hoorary Race Chairs, ad may of our employees cheered o over 700 Hill staffers who ra i the race may o oe of the 66 teams that competed for the coveted Capitol Hill The foudatio of our success is built o stayig true to our values. Servig our members ad puttig their fiacial eeds first every time meas that Cogressioal Federal remais committed to our core values. James J. Kaeli Chairma Itegrity Proactive Service Stewardship Iovatio Charles A. Mallo, Jr. Presidet ad CEO The oversees the review of member Durig, our atio s ecoomy experieced To esure that the Credit Uio is operated i a loa applicatios, appoits loa officers, delegates to them the authority to approve loa requests ad recommeds credit policy to the Board of Directors. decliig oil prices, a stregtheig dollar, ad a turbulet Chiese stock market. Eve with all the global impacts, the U.S. stock market came close to breakig eve for the year ad the 10-year Treasury yields fiished the year slightly higher tha where they bega. These yields defied market expectatios of risig rates as the Federal Reserve did ot icrease short term rates util December, helpig housig markets to cotiue to improve. Through it all, Cogressioal Federal cotiued to meet members eeds ad deliver solid fiacial performace. safe ad soud maer i accordace with our bylaws, charter, policies ad procedures, as well as federal ad state regulatios, the oversees iteral ad exteral audits, ad esures that the credit uio complies with audit recommedatios. The retaied the certified public accoutig firm of OCM & Compay (A DoereMayhew Firm) to coduct a comprehesive aual audit. A codesed audited fiacial statemet is icluded i this Aual Report. A complete set of audited fiacial statemets is available upo writte request. A examiatio was also performed by the Natioal Credit Uio Admiistratio, ad daily moitorig ad review of the credit uio are performed by a iteral auditor. Durig, the credit uio received 9,253 cosumer loa ad Visa applicatios. Amog those loa applicatios received, we disbursed 1,642 ew ad used auto loas totalig $32,489,519. Persoal loas disbursed umbered 1,992 for a total amout of $20,482,610. There were 23 share-secured loas grated i the amout of $242,228. We disbursed 12 studet cosolidatio loas i totalig $625,107. The umber of members usig our Visa credit cards cotiues to grow as we issued 1,114 lies of credit totalig $9,626,200 i credit limits. This icluded 294 Visa Sigature cards for a total of $4,792,300. Overdraft Reserve Lies of Credit were grated to 321 members for a total limit of $1,494,950. The credit uio experieced yet aother extremely successful year for its i-house real estate ledig busiess. Durig, the credit uio fuded 325 mortgage loas totalig $108,691,314. I additio, home equity loas ad home equity lies of credit were made to 304 members totalig $28,242,022. I, the credit uio implemeted the Visa Sigature credit card product which was successfully embraced by our field of membership. The icreased the maximum limits available for our studet loa cosolidatio program, thus ehacig our capacity to led. We also made several product ad pricig ehacemets to existig loa programs to better serve our members eeds. Additioally, the credit uio has embarked upo a effort to implemet a ew cosumer loa origiatio system which will streamlie ad ehace the member ad staff ledig experiece. Fially, we are excited about the upcomig itroductio of our ew Visa Cash Rewards ad Rate Saver credit card products. The remais dedicated to serve our field of membership by aticipatig their ledig eeds. Cogressioal Federal will cotiue to seek ew opportuities to grat loas to its membership while balacig risk withi the portfolio. Assets grew to $835.6 millio, a icrease of 2.85 percet over the prior year. Shares grew to $753.8 millio, a icrease of 3.00 percet over the prior year. Net loas to members grew to $472.3 millio, a icrease of 15.09% over the prior year. Our Net Icome for of $1.5 millio was i lie with budget, which cotributes to Total Members Equity of $74.4 millio as we cotiue to grow ad positio the credit uio for the future. Lookig ahead, ecoomists are moitorig ecoomic coditios for sigs of icreases i market iterest rates later i 2016 or early Cogressioal Federal will cotiue to adapt to fiacial coditios by stayig coected to you, providig you icreased fiacial kowledge to help you make itelliget decisios, ad parterig with you to preset fiacial solutios best tailored to your situatio. The is pleased to report that Cogressioal Federal had a successful year i, cotiues to operate i a safe ad soud maer, complies with all applicable rules ad regulatios, ad remais fiacially strog. James D. Jekis Chairma It was evidet throughout the year that our members cotiued to trust Cogressioal Federal with their fiacial goals ad objectives. Your credit uio is well positioed to cotiue to serve our expadig membership with competitively priced products ad services desiged to meet a lifetime of fiacial eeds Joh E. Ly Commuity Deise Ouellette Chairma
5 Board of Directors James J. Kaeli, Chairma Patricia Nelso Nuget, Vice Chair Caroly J. Smith, Secretary Joh E. Ly, William H. Cable Joh T. Caulfield Frak T. DeStefao Michael P. Flaherty Carleto C. Jekis Curtis A. Pris Letitia H. White James D. Jekis, Chairma George Agurkis Joh T. Caulfield Robert Fischer Robert Kevi Rya Codesed Statemet of Fiacial Coditio Codesed Statemet of Icome Cotact Us Assets Cash ad Cash Equivalets $57,862,585 $54,448,495 Iterest Icome $25,271,844 $23,958,202 $263,036,948 $303,055,922 Iterest Expese $2,153,238 $2,293,449 Loas to Member, Net $472,372,419 $410,405,284 Net Iterest Icome $23,118,606 $21,664,753 $985,425 $502,827 Property ad Equipmet, Net Other Assets Natioal Credit Uio Share Isurace Deposit Total Assets $9,882,275 $10,207,846 Provisio for Loa Losses $25,908,990 $27,931,575 Net Iterest Icome after Provisio $22,133,181 $21,161,926 $6,611,420 $6,421,725 No-Iterest Icome $8,637,971 $8,376,946 No-Iterest Expese Comp ad Beefits $14,395,042 $11,291,799 Office Operatio $6,710,528 $6,392,069 Other $8,190,316 $7,062,612 Total o-iterest Expese $29,295,886 $24,746,480 Liabilities ad Members Equity Members Share & Savigs Accouts Deise Ouellette, Chairma Luis Jara, Secretary Gregory Jekis Jeff Klei Joh Wishard Other Liabilities Total Liabilities Total Members Equity Total Liabilities ad Members Equity Net Icome $1,475,266 $4,792, , Capitol Hill, Olie Bakig/Mobile Bakig Fax Services Accout Requests: Loas-by-Fax: Teller , Capitol Hill, Mailig Address P.O. Box Washigto, D.C $753,840,205 $731,865,568 $7,456,582 $761,296,787 $739,968,131 $74,377,850 Locatios $8,102,563 $72,502,716 Maagemet Ivestmets Charles A. Mallo, Jr., Presidet ad CEO Athoy Caccese, CFO ad Vice Presidet David Hufagel, COO ad Vice Presidet Deise Ouellette, CLO ad Vice Presidet Mark Lobato, Vice Presidet Vaessa Gregory, Vice Presidet Robert Miller, Vice Presidet Motez Hairsto, Vice Presidet These codesed fiacial statemets do ot costitute a complete presetatio. The complete set of audited cosolidated fiacial statemets, icludig the cosolidated statemets of cash flows ad chages i members equity, ad otes to the cosolidated fiacial statemets, are available upo writte request. Washigto, D.C. U.S. Capitol Brach, Room H-129 Ford Brach, Room 195 Logworth Brach, Room B-203 Raybur Brach, Room SW-1 Oakto, Virgiia White Graite Drive Report of Idepedet Auditors I our opiio, the iformatio set forth i the accompayig codesed fiacial statemets is fairly stated, i all material respects, i relatio to the fiacial statemets from which it has bee derived. We have audited, i accordace with auditig stadards geerally accepted i the Uited States of America, the statemet of fiacial coditio of Wright Patma Cogressioal Federal Credit Uio as of ad the related statemets of icome, comprehesive icome, members equity, ad cash flows for the year the eded (ot preseted herei); ad i our report dated April 4, 2016, we expressed a umodified opiio o those fiacial statemets. Prior Period Fiacial Statemets. The fiacial statemets as of, were audited by Orth, Chakler, Murae ad Compay, whose report dated April 16,, expressed a umodified opiio o those statemets. Orth, Chakler, Murae & Compay Certified Public Accoutats Miami, FL April 16, Equal Housig Leder Federally isured by NCUA
6 Board of Directors James J. Kaeli, Chairma Patricia Nelso Nuget, Vice Chair Caroly J. Smith, Secretary Joh E. Ly, William H. Cable Joh T. Caulfield Frak T. DeStefao Michael P. Flaherty Carleto C. Jekis Curtis A. Pris Letitia H. White James D. Jekis, Chairma George Agurkis Joh T. Caulfield Robert Fischer Robert Kevi Rya Codesed Statemet of Fiacial Coditio Codesed Statemet of Icome Cotact Us Assets Cash ad Cash Equivalets $57,862,585 $54,448,495 Iterest Icome $25,271,844 $23,958,202 $263,036,948 $303,055,922 Iterest Expese $2,153,238 $2,293,449 Loas to Member, Net $472,372,419 $410,405,284 Net Iterest Icome $23,118,606 $21,664,753 $985,425 $502,827 Property ad Equipmet, Net Other Assets Natioal Credit Uio Share Isurace Deposit Total Assets $9,882,275 $10,207,846 Provisio for Loa Losses $25,908,990 $27,931,575 Net Iterest Icome after Provisio $22,133,181 $21,161,926 $6,611,420 $6,421,725 No-Iterest Icome $8,637,971 $8,376,946 No-Iterest Expese Comp ad Beefits $14,395,042 $11,291,799 Office Operatio $6,710,528 $6,392,069 Other $8,190,316 $7,062,612 Total o-iterest Expese $29,295,886 $24,746,480 Liabilities ad Members Equity Members Share & Savigs Accouts Deise Ouellette, Chairma Luis Jara, Secretary Gregory Jekis Jeff Klei Joh Wishard Other Liabilities Total Liabilities Total Members Equity Total Liabilities ad Members Equity Net Icome $1,475,266 $4,792, , Capitol Hill, Olie Bakig/Mobile Bakig Fax Services Accout Requests: Loas-by-Fax: Teller , Capitol Hill, Mailig Address P.O. Box Washigto, D.C $753,840,205 $731,865,568 $7,456,582 $761,296,787 $739,968,131 $74,377,850 Locatios $8,102,563 $72,502,716 Maagemet Ivestmets Charles A. Mallo, Jr., Presidet ad CEO Athoy Caccese, CFO ad Vice Presidet David Hufagel, COO ad Vice Presidet Deise Ouellette, CLO ad Vice Presidet Mark Lobato, Vice Presidet Vaessa Gregory, Vice Presidet Robert Miller, Vice Presidet Motez Hairsto, Vice Presidet These codesed fiacial statemets do ot costitute a complete presetatio. The complete set of audited cosolidated fiacial statemets, icludig the cosolidated statemets of cash flows ad chages i members equity, ad otes to the cosolidated fiacial statemets, are available upo writte request. Washigto, D.C. U.S. Capitol Brach, Room H-129 Ford Brach, Room 195 Logworth Brach, Room B-203 Raybur Brach, Room SW-1 Oakto, Virgiia White Graite Drive Report of Idepedet Auditors I our opiio, the iformatio set forth i the accompayig codesed fiacial statemets is fairly stated, i all material respects, i relatio to the fiacial statemets from which it has bee derived. We have audited, i accordace with auditig stadards geerally accepted i the Uited States of America, the statemet of fiacial coditio of Wright Patma Cogressioal Federal Credit Uio as of ad the related statemets of icome, comprehesive icome, members equity, ad cash flows for the year the eded (ot preseted herei); ad i our report dated April 4, 2016, we expressed a umodified opiio o those fiacial statemets. Prior Period Fiacial Statemets. The fiacial statemets as of, were audited by Orth, Chakler, Murae ad Compay, whose report dated April 16,, expressed a umodified opiio o those statemets. Orth, Chakler, Murae & Compay Certified Public Accoutats Miami, FL April 16, Equal Housig Leder Federally isured by NCUA
7 Chairma ad CEO Cup. Most importatly, we helped raise over $500,000 for Childre s Miracle Network Hospitals. Throughout, Cogressioal Federal Credit Uio cotiued to focus o its members, deliverig a wide rage of competitively priced fiacial products ad services that help them achieve their fiacial goals. At the same time, your credit uio maitaied its fiacial disciplie, esurig we remai fiacially strog ad well capitalized. Throughout the year, Cogressioal Federal made a impact i our commuity i a umber of meaigful ways. We orgaized Hoor Flight greetigs at Reaga Natioal Airport to welcome World War II veteras, we participated i the aual Cogressioal Baseball Game which raised moey for the Boys ad Girls Club of Greater Washigto ad the Washigto Literacy Coucil, ad we helped make the holidays bright for hudreds of childre through our Toys for Tots drive. I our o-goig efforts to provide members with the best fiacial products available, last year we rolled-out ew EMV chip-eabled credit ad debit cards to protect our members from credit card fraud ad we lauched Apple Pay ad Adroid Pay for a safe, secure ad coveiet way to pay for everyday purchases. We also itroduced a ew Visa Sigature Rewards card ad ehaced our loa program for auto refiacig. Lookig ahead, we are excited about 2016 ad the opportuities to help our members achieve their fiacial goals. We will be itroducig two ew Visa credit cards that give members choices i how they maage their moey, we will be updatig the Cogressioal Federal website to make it easier to avigate to the iformatio you eed, ad we will be welcomig the ewly elected Members ad staff of the 115th Cogress late i the year. Cogressioal Federal cotiued its commitmet to fiacial literacy throughout the year. We hosted a umber of iformatioal semiars both o ad off Capitol Hill that helped members uderstad a variety of fiacial topics, icludig how to avigate the home buyig process ad prepare for home owership. Thak you to our members, our Board of Directors, Supervisory Committee, maagemet ad staff all workig together to make Cogressioal Federal the istitutio it is today. For the 14th year, Cogressioal Federal proudly supported the Credit Uio Cherry Blossom Te Mile Ru ad sposored the aual Capitol Hill Competitio. Cogressioal Federal worked to secure over 180 members of Cogress to serve as Hoorary Race Chairs, ad may of our employees cheered o over 700 Hill staffers who ra i the race may o oe of the 66 teams that competed for the coveted Capitol Hill The foudatio of our success is built o stayig true to our values. Servig our members ad puttig their fiacial eeds first every time meas that Cogressioal Federal remais committed to our core values. James J. Kaeli Chairma Itegrity Proactive Service Stewardship Iovatio Charles A. Mallo, Jr. Presidet ad CEO The oversees the review of member Durig, our atio s ecoomy experieced To esure that the Credit Uio is operated i a loa applicatios, appoits loa officers, delegates to them the authority to approve loa requests ad recommeds credit policy to the Board of Directors. decliig oil prices, a stregtheig dollar, ad a turbulet Chiese stock market. Eve with all the global impacts, the U.S. stock market came close to breakig eve for the year ad the 10-year Treasury yields fiished the year slightly higher tha where they bega. These yields defied market expectatios of risig rates as the Federal Reserve did ot icrease short term rates util December, helpig housig markets to cotiue to improve. Through it all, Cogressioal Federal cotiued to meet members eeds ad deliver solid fiacial performace. safe ad soud maer i accordace with our bylaws, charter, policies ad procedures, as well as federal ad state regulatios, the oversees iteral ad exteral audits, ad esures that the credit uio complies with audit recommedatios. The retaied the certified public accoutig firm of OCM & Compay (A DoereMayhew Firm) to coduct a comprehesive aual audit. A codesed audited fiacial statemet is icluded i this Aual Report. A complete set of audited fiacial statemets is available upo writte request. A examiatio was also performed by the Natioal Credit Uio Admiistratio, ad daily moitorig ad review of the credit uio are performed by a iteral auditor. Durig, the credit uio received 9,253 cosumer loa ad Visa applicatios. Amog those loa applicatios received, we disbursed 1,642 ew ad used auto loas totalig $32,489,519. Persoal loas disbursed umbered 1,992 for a total amout of $20,482,610. There were 23 share-secured loas grated i the amout of $242,228. We disbursed 12 studet cosolidatio loas i totalig $625,107. The umber of members usig our Visa credit cards cotiues to grow as we issued 1,114 lies of credit totalig $9,626,200 i credit limits. This icluded 294 Visa Sigature cards for a total of $4,792,300. Overdraft Reserve Lies of Credit were grated to 321 members for a total limit of $1,494,950. The credit uio experieced yet aother extremely successful year for its i-house real estate ledig busiess. Durig, the credit uio fuded 325 mortgage loas totalig $108,691,314. I additio, home equity loas ad home equity lies of credit were made to 304 members totalig $28,242,022. I, the credit uio implemeted the Visa Sigature credit card product which was successfully embraced by our field of membership. The icreased the maximum limits available for our studet loa cosolidatio program, thus ehacig our capacity to led. We also made several product ad pricig ehacemets to existig loa programs to better serve our members eeds. Additioally, the credit uio has embarked upo a effort to implemet a ew cosumer loa origiatio system which will streamlie ad ehace the member ad staff ledig experiece. Fially, we are excited about the upcomig itroductio of our ew Visa Cash Rewards ad Rate Saver credit card products. The remais dedicated to serve our field of membership by aticipatig their ledig eeds. Cogressioal Federal will cotiue to seek ew opportuities to grat loas to its membership while balacig risk withi the portfolio. Assets grew to $835.6 millio, a icrease of 2.85 percet over the prior year. Shares grew to $753.8 millio, a icrease of 3.00 percet over the prior year. Net loas to members grew to $472.3 millio, a icrease of 15.09% over the prior year. Our Net Icome for of $1.5 millio was i lie with budget, which cotributes to Total Members Equity of $74.4 millio as we cotiue to grow ad positio the credit uio for the future. Lookig ahead, ecoomists are moitorig ecoomic coditios for sigs of icreases i market iterest rates later i 2016 or early Cogressioal Federal will cotiue to adapt to fiacial coditios by stayig coected to you, providig you icreased fiacial kowledge to help you make itelliget decisios, ad parterig with you to preset fiacial solutios best tailored to your situatio. The is pleased to report that Cogressioal Federal had a successful year i, cotiues to operate i a safe ad soud maer, complies with all applicable rules ad regulatios, ad remais fiacially strog. James D. Jekis Chairma It was evidet throughout the year that our members cotiued to trust Cogressioal Federal with their fiacial goals ad objectives. Your credit uio is well positioed to cotiue to serve our expadig membership with competitively priced products ad services desiged to meet a lifetime of fiacial eeds Joh E. Ly Commuity Deise Ouellette Chairma
8 Chairma ad CEO Cup. Most importatly, we helped raise over $500,000 for Childre s Miracle Network Hospitals. Throughout, Cogressioal Federal Credit Uio cotiued to focus o its members, deliverig a wide rage of competitively priced fiacial products ad services that help them achieve their fiacial goals. At the same time, your credit uio maitaied its fiacial disciplie, esurig we remai fiacially strog ad well capitalized. Throughout the year, Cogressioal Federal made a impact i our commuity i a umber of meaigful ways. We orgaized Hoor Flight greetigs at Reaga Natioal Airport to welcome World War II veteras, we participated i the aual Cogressioal Baseball Game which raised moey for the Boys ad Girls Club of Greater Washigto ad the Washigto Literacy Coucil, ad we helped make the holidays bright for hudreds of childre through our Toys for Tots drive. I our o-goig efforts to provide members with the best fiacial products available, last year we rolled-out ew EMV chip-eabled credit ad debit cards to protect our members from credit card fraud ad we lauched Apple Pay ad Adroid Pay for a safe, secure ad coveiet way to pay for everyday purchases. We also itroduced a ew Visa Sigature Rewards card ad ehaced our loa program for auto refiacig. Lookig ahead, we are excited about 2016 ad the opportuities to help our members achieve their fiacial goals. We will be itroducig two ew Visa credit cards that give members choices i how they maage their moey, we will be updatig the Cogressioal Federal website to make it easier to avigate to the iformatio you eed, ad we will be welcomig the ewly elected Members ad staff of the 115th Cogress late i the year. Cogressioal Federal cotiued its commitmet to fiacial literacy throughout the year. We hosted a umber of iformatioal semiars both o ad off Capitol Hill that helped members uderstad a variety of fiacial topics, icludig how to avigate the home buyig process ad prepare for home owership. Thak you to our members, our Board of Directors, Supervisory Committee, maagemet ad staff all workig together to make Cogressioal Federal the istitutio it is today. For the 14th year, Cogressioal Federal proudly supported the Credit Uio Cherry Blossom Te Mile Ru ad sposored the aual Capitol Hill Competitio. Cogressioal Federal worked to secure over 180 members of Cogress to serve as Hoorary Race Chairs, ad may of our employees cheered o over 700 Hill staffers who ra i the race may o oe of the 66 teams that competed for the coveted Capitol Hill The foudatio of our success is built o stayig true to our values. Servig our members ad puttig their fiacial eeds first every time meas that Cogressioal Federal remais committed to our core values. James J. Kaeli Chairma Itegrity Proactive Service Stewardship Iovatio Charles A. Mallo, Jr. Presidet ad CEO The oversees the review of member Durig, our atio s ecoomy experieced To esure that the Credit Uio is operated i a loa applicatios, appoits loa officers, delegates to them the authority to approve loa requests ad recommeds credit policy to the Board of Directors. decliig oil prices, a stregtheig dollar, ad a turbulet Chiese stock market. Eve with all the global impacts, the U.S. stock market came close to breakig eve for the year ad the 10-year Treasury yields fiished the year slightly higher tha where they bega. These yields defied market expectatios of risig rates as the Federal Reserve did ot icrease short term rates util December, helpig housig markets to cotiue to improve. Through it all, Cogressioal Federal cotiued to meet members eeds ad deliver solid fiacial performace. safe ad soud maer i accordace with our bylaws, charter, policies ad procedures, as well as federal ad state regulatios, the oversees iteral ad exteral audits, ad esures that the credit uio complies with audit recommedatios. The retaied the certified public accoutig firm of OCM & Compay (A DoereMayhew Firm) to coduct a comprehesive aual audit. A codesed audited fiacial statemet is icluded i this Aual Report. A complete set of audited fiacial statemets is available upo writte request. A examiatio was also performed by the Natioal Credit Uio Admiistratio, ad daily moitorig ad review of the credit uio are performed by a iteral auditor. Durig, the credit uio received 9,253 cosumer loa ad Visa applicatios. Amog those loa applicatios received, we disbursed 1,642 ew ad used auto loas totalig $32,489,519. Persoal loas disbursed umbered 1,992 for a total amout of $20,482,610. There were 23 share-secured loas grated i the amout of $242,228. We disbursed 12 studet cosolidatio loas i totalig $625,107. The umber of members usig our Visa credit cards cotiues to grow as we issued 1,114 lies of credit totalig $9,626,200 i credit limits. This icluded 294 Visa Sigature cards for a total of $4,792,300. Overdraft Reserve Lies of Credit were grated to 321 members for a total limit of $1,494,950. The credit uio experieced yet aother extremely successful year for its i-house real estate ledig busiess. Durig, the credit uio fuded 325 mortgage loas totalig $108,691,314. I additio, home equity loas ad home equity lies of credit were made to 304 members totalig $28,242,022. I, the credit uio implemeted the Visa Sigature credit card product which was successfully embraced by our field of membership. The icreased the maximum limits available for our studet loa cosolidatio program, thus ehacig our capacity to led. We also made several product ad pricig ehacemets to existig loa programs to better serve our members eeds. Additioally, the credit uio has embarked upo a effort to implemet a ew cosumer loa origiatio system which will streamlie ad ehace the member ad staff ledig experiece. Fially, we are excited about the upcomig itroductio of our ew Visa Cash Rewards ad Rate Saver credit card products. The remais dedicated to serve our field of membership by aticipatig their ledig eeds. Cogressioal Federal will cotiue to seek ew opportuities to grat loas to its membership while balacig risk withi the portfolio. Assets grew to $835.6 millio, a icrease of 2.85% over the prior year. Shares grew to $753.8 millio, a icrease of 3.00% over the prior year. Net loas to members grew to $472.3 millio, a icrease of 15.09% over the prior year. Our Net Icome for of $1.5 millio was i lie with budget, which cotributes to Total Members Equity of $74.4 millio as we cotiue to grow ad positio the credit uio for the future. Lookig ahead, ecoomists are moitorig ecoomic coditios for sigs of icreases i market iterest rates later i 2016 or early Cogressioal Federal will cotiue to adapt to fiacial coditios by stayig coected to you, providig you icreased fiacial kowledge to help you make itelliget decisios, ad parterig with you to preset fiacial solutios best tailored to your situatio. The is pleased to report that Cogressioal Federal had a successful year i, cotiues to operate i a safe ad soud maer, complies with all applicable rules ad regulatios, ad remais fiacially strog. James D. Jekis Chairma It was evidet throughout the year that our members cotiued to trust Cogressioal Federal with their fiacial goals ad objectives. Your credit uio is well positioed to cotiue to serve our expadig membership with competitively priced products ad services desiged to meet a lifetime of fiacial eeds Joh E. Ly Commuity Deise Ouellette Chairma
9 Chairma ad CEO Cup. Most importatly, we helped raise over $500,000 for Childre s Miracle Network Hospitals. Throughout, Cogressioal Federal Credit Uio cotiued to focus o its members, deliverig a wide rage of competitively priced fiacial products ad services that help them achieve their fiacial goals. At the same time, your credit uio maitaied its fiacial disciplie, esurig we remai fiacially strog ad well capitalized. Throughout the year, Cogressioal Federal made a impact i our commuity i a umber of meaigful ways. We orgaized Hoor Flight greetigs at Reaga Natioal Airport to welcome World War II veteras, we participated i the aual Cogressioal Baseball Game which raised moey for the Boys ad Girls Club of Greater Washigto ad the Washigto Literacy Coucil, ad we helped make the holidays bright for hudreds of childre through our Toys for Tots drive. I our o-goig efforts to provide members with the best fiacial products available, last year we rolled-out ew EMV chip-eabled credit ad debit cards to protect our members from credit card fraud ad we lauched Apple Pay ad Adroid Pay for a safe, secure ad coveiet way to pay for everyday purchases. We also itroduced a ew Visa Sigature Rewards card ad ehaced our loa program for auto refiacig. Lookig ahead, we are excited about 2016 ad the opportuities to help our members achieve their fiacial goals. We will be itroducig two ew Visa credit cards that give members choices i how they maage their moey, we will be updatig the Cogressioal Federal website to make it easier to avigate to the iformatio you eed, ad we will be welcomig the ewly elected Members ad staff of the 115th Cogress late i the year. Cogressioal Federal cotiued its commitmet to fiacial literacy throughout the year. We hosted a umber of iformatioal semiars both o ad off Capitol Hill that helped members uderstad a variety of fiacial topics, icludig how to avigate the home buyig process ad prepare for home owership. Thak you to our members, our Board of Directors, Supervisory Committee, maagemet ad staff all workig together to make Cogressioal Federal the istitutio it is today. For the 14th year, Cogressioal Federal proudly supported the Credit Uio Cherry Blossom Te Mile Ru ad sposored the aual Capitol Hill Competitio. Cogressioal Federal worked to secure over 180 members of Cogress to serve as Hoorary Race Chairs, ad may of our employees cheered o over 700 Hill staffers who ra i the race may o oe of the 66 teams that competed for the coveted Capitol Hill The foudatio of our success is built o stayig true to our values. Servig our members ad puttig their fiacial eeds first every time meas that Cogressioal Federal remais committed to our core values. James J. Kaeli Chairma Itegrity Proactive Service Stewardship Iovatio Charles A. Mallo, Jr. Presidet ad CEO The oversees the review of member Durig, our atio s ecoomy experieced To esure that the Credit Uio is operated i a loa applicatios, appoits loa officers, delegates to them the authority to approve loa requests ad recommeds credit policy to the Board of Directors. decliig oil prices, a stregtheig dollar, ad a turbulet Chiese stock market. Eve with all the global impacts, the U.S. stock market came close to breakig eve for the year ad the 10-year Treasury yields fiished the year slightly higher tha where they bega. These yields defied market expectatios of risig rates as the Federal Reserve did ot icrease short term rates util December, helpig housig markets to cotiue to improve. Through it all, Cogressioal Federal cotiued to meet members eeds ad deliver solid fiacial performace. safe ad soud maer i accordace with our bylaws, charter, policies ad procedures, as well as federal ad state regulatios, the oversees iteral ad exteral audits, ad esures that the credit uio complies with audit recommedatios. The retaied the certified public accoutig firm of OCM & Compay (A DoereMayhew Firm) to coduct a comprehesive aual audit. A codesed audited fiacial statemet is icluded i this Aual Report. A complete set of audited fiacial statemets is available upo writte request. A examiatio was also performed by the Natioal Credit Uio Admiistratio, ad daily moitorig ad review of the credit uio are performed by a iteral auditor. Durig, the credit uio received 9,253 cosumer loa ad Visa applicatios. Amog those loa applicatios received, we disbursed 1,642 ew ad used auto loas totalig $32,489,519. Persoal loas disbursed umbered 1,992 for a total amout of $20,482,610. There were 23 share-secured loas grated i the amout of $242,228. We disbursed 12 studet cosolidatio loas i totalig $625,107. The umber of members usig our Visa credit cards cotiues to grow as we issued 1,114 lies of credit totalig $9,626,200 i credit limits. This icluded 294 Visa Sigature cards for a total of $4,792,300. Overdraft Reserve Lies of Credit were grated to 321 members for a total limit of $1,494,950. The credit uio experieced yet aother extremely successful year for its i-house real estate ledig busiess. Durig, the credit uio fuded 325 mortgage loas totalig $108,691,314. I additio, home equity loas ad home equity lies of credit were made to 304 members totalig $28,242,022. I, the credit uio implemeted the Visa Sigature credit card product which was successfully embraced by our field of membership. The icreased the maximum limits available for our studet loa cosolidatio program, thus ehacig our capacity to led. We also made several product ad pricig ehacemets to existig loa programs to better serve our members eeds. Additioally, the credit uio has embarked upo a effort to implemet a ew cosumer loa origiatio system which will streamlie ad ehace the member ad staff ledig experiece. Fially, we are excited about the upcomig itroductio of our ew Visa Cash Rewards ad Rate Saver credit card products. The remais dedicated to serve our field of membership by aticipatig their ledig eeds. Cogressioal Federal will cotiue to seek ew opportuities to grat loas to its membership while balacig risk withi the portfolio. Assets grew to $835.6 millio, a icrease of 2.85 percet over the prior year. Shares grew to $753.8 millio, a icrease of 3.00 percet over the prior year. Net loas to members grew to $472.3 millio, a icrease of 15.09% over the prior year. Our Net Icome for of $1.5 millio was i lie with budget, which cotributes to Total Members Equity of $74.4 millio as we cotiue to grow ad positio the credit uio for the future. Lookig ahead, ecoomists are moitorig ecoomic coditios for sigs of icreases i market iterest rates later i 2016 or early Cogressioal Federal will cotiue to adapt to fiacial coditios by stayig coected to you, providig you icreased fiacial kowledge to help you make itelliget decisios, ad parterig with you to preset fiacial solutios best tailored to your situatio. The is pleased to report that Cogressioal Federal had a successful year i, cotiues to operate i a safe ad soud maer, complies with all applicable rules ad regulatios, ad remais fiacially strog. James D. Jekis Chairma It was evidet throughout the year that our members cotiued to trust Cogressioal Federal with their fiacial goals ad objectives. 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