ANNUAL. Federally Insured by NCUA
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1 2017 REPORT ANNUAL Federally Insured by NCUA
2 CHAIRMAN S REPORT Welcome to the 82nd Annual Meeting of 5Point Credit Union. Once again, our credit union continues to be a leading independent, not-for-profit financial institution in this area due to the continued overwhelming support of our members, volunteer directors, and our staff. At the heart of everything we do is our commitment to the communities we serve. In 2017, our efforts in the fight against cancer reached a national level. A fundraising total of over $515,000 made 5Point Credit Union the American Cancer Society s top fundraising team in the United States. Our contribution helps fund community assistance programs and life-saving research. Our efforts at KFDM s Toyfeast, benefitting the Salvation Army, helped ensure that hundreds of families would have a merry Christmas. We awarded eleven $1,000 scholarships to graduating high school seniors. Our Community Action of Responsible Employees (CARE) program held special needs drives and donated over $4,000 to Adaptive Sports for Kids and the Alzheimer s Association. Our employees continue to go above and beyond to be a positive force in the communities we serve. I am proud to serve as Chairman of the Board of Directors at 5Point Credit Union. I want to thank our members for their continued loyalty and support. Also, I express my appreciation to the volunteer Board of Directors and the voluntary Supervisory Committee for their dedication. Without a committed staff, volunteer Board of Directors, and Supervisory Committee, the credit union could not attain the success it enjoys today. With this continued support and dedication, we will remain a leader in the credit union movement. R. Glenn Johnson Chairman 5Point Credit Union
3 A letter from the PRESIDENT & CEO Erik M. Shaw President & CEO 5Point Credit Union 5Point Credit Union experienced upgrades and expansion in We continued our commitment to improve the communities we serve, not just through financial services, but through philanthropy and financial education as well. We opened our second store in the North Houston market on Hwy 1488 in Conroe. This area is experiencing monumental growth, and we are proud to offer outstanding member service and innovative lending products to this new market. We upgraded our internal operating system, and we re extremely excited about the new products and services this upgrade will allow us to offer in the future. Although this upgrade was a monumental task for our staff, it lays the groundwork for the credit union to move forward and be better positioned to handle technological advances. In 2009, we committed to provide financial education to the communities we serve. Fast forward nearly a decade, and our financial education program has delivered thousands of presentations and changed countless lives in the process. In 2017, 5Point received the Desjardin Award for financial education not once, but twice. 5Point took first place in Texas and placed second in the nation. This prestigious award recognizes leadership within the credit union movement on behalf of financial literacy. Our new Scholar Dollars program was introduced to our North Houston market, bringing quality financial education to Conroe ISD and Magnolia ISD was another fantastic year for 5Point Credit Union. We are honored that you choose us as your financial services provider. As we enter 2018, know that our promise to make relationships with our members, not just transactions, remains at the forefront of our minds. At 5Point, we truly believe that you belong here.
4 TREASURER S REPORT 2017 was a very busy year for 5Point Credit Union with a total membership of 48,039 members as of December A 3.00% decrease for 2017 is a result of better accuracy in identifying dormant accounts. The credit union's financial growth is a direct result of the community s confidence in the stability of our credit union, competitive products, and friendly staff. During the last quarter of 2017, a large influx of Hurricane/Tropical Storm Harvey insurance settlement monies were received. The credit union expects the vast majority of this money to be spent as homeowners repair storm damage. We ended the year with assets at $646,401,030; total income before expenses and dividends was $38,836,381; expenses including dividends were $37,252,239, leaving a net income of $1,584,142. Our key areas of growth for 2017 were: shares 21.33%, total assets 18.78% and loans 3.45%. 5Point Credit Union remains well capitalized at 10.46%. The Board of Directors thanks you for your continued support, trust, and confidence because without you, the credit union would not continue to grow and operate efficiently. The Board of Directors ongoing goal is to provide members quality products and services, a fair rate of return, to safeguard deposits, and maintain a well-capitalized and financially sound credit union. Thank you for allowing us to serve you, the members. James R. Saxon Secretary-Treasurer 5Point Credit Union
5 SUPERVISORY COMMITTEE REPORT The Credit Union Department of the State of Texas and National Credit Union Administration (NCUA) conducted their joint annual regulatory examination of 5Point Credit Union as of September 30, The State Credit Union Department is the state agency responsible for oversight of all state chartered credit unions in Texas. NCUA is the federal government agency that issues insurance for the credit union s share accounts. The examination findings continue to be positive and all findings are being addressed by management. NCUA informed the credit union that existing operations were sound. The internal auditors conducted internal control reviews under the direct supervision of the Supervisory Committee in The purpose of these reviews was to identify and strengthen any observed areas of concern that management may be aware of, if any. It was the opinion of the C.P.A. firm of Doeren Mayhew Certified Public Accountants and Consultants that the credit union financial statements present fairly, in all material aspects, the financial position of the credit union as of December 31, The following records of 5Point Credit Union for the year ended December 31, 2017, will be audited by the C.P.A. firm of Doeren Mayhew Certified Public Accountants and Consultants: statements of financial condition, related statements of income and statements of changes in members equity and cash flows. These records will be audited during the month of February W.E. Bill Ferrett Chairman 5Point Credit Union
6 FINANCIAL STATEMENT ,579, ,711,251 29,411,552 26,898,656 20,800,060 45,317, ,078,867 31,853,784 23,589,886 25,372,188 $646,401,030 $544,211,927 4,711,071-5,256, ,588 $4,711,071 $5,580, ,837,953 3,782,208 63,806,847 (737,049) 473,770,043 3,782,208 61,703,840 (624,334) Total Member Shares/Deposits and Equity $641,689,959 $538,631,756 Total Liabilities and Equity $646,401,030 $544,211,927 23,790, ,217 14,111,068 23,523, ,796 14,866,267 Total Operating Income $38,836,381 $39,250,461 Total Operating Expenses $34,340,683 $31,614,349 $4,495,698 44,471 $4,540,169 $2,956,027 $1,584,142 $7,636,112 (74,835) $7,561,277 $2,823,799 $4,737,478 STATEMENT OF EARNINGS Balance Sheet Cash on Hand Loans (Net of Allowances for Loss) Investments Furniture and Equipment Other Assets Total Assets LIABILITIES AND EQUITY Liabilities: Accounts Payable and Accrued Expense Notes Payable Dividends Payable Total Liabilities MEMBERS SHARES/DEPOSITS AND EQUITY Member Shares/Deposits Statutory Reserve Fund Undivided Earnings Unrealized Gain on Investments INCOME STATEMENT Operating Income: Loan Income Investment Income Other Income Net Operating Income (Before Gains/Losses) Non-Operating Gains and (Losses) Net Income (Before Dividends) Dividends Net Income
7 BOARD OF DIRECTORS R. Glenn Johnson Chairman Joe Dickson 1st Vice Chairman John Comeaux, Sr. 2nd Vice Chairman James R. Saxon Secretary/Treasurer 1 year up for re-election 2018 Angelo Louis Anselmo 1 year up for re-election 2018 Jody Briggs 2 years up for re-election 2019 Hilton Ferguson, Jr. Karol Russell Erik M. Shaw 2 years up for re-election 2019 Jack Thornton 2 years up for re-election 2019 Denny Winter 2 years up for re-election 2019 ADVISORY BOARD James O. Byrd SUPERVISORY COMMITTEE W. E. Bill Ferrett Supervisory Committee Chairman Karol Russell Board Representative for the Supervisory Committee Troy Robinson Allen Sedtal Changes to Board, Supervisory Committee, Senior Management, or Bylaws and Articles of Incorporation in 2017: James O. Byrd accepted a position on the Advisory Board Erik M. Shaw was appointed to the Board of Directors
8 To use every resource at our disposal to WE PROMISE help you and your family prosper. To handle your money like we d handle our own and empower your future like we d empower our own. To make the extra effort to get to know you, even as we embrace technology. To put people above profits by embracing our identity as a not-for-profit organization. To speak to you in straightforward terms and serve as helpful, friendly guides throughout the process.
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