ANNUAL REPORT Building a New Location to Better Ser Building a New Location to Better ve Our Members

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Dwain Boyd
5 years ago
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1 ANNUAL REPORT Building a New Location to Better Serve Our s

Chairman s Report The uncertainty of the economy in the year 2002 affected Telco as well as our members.

Even with the slowed economy, we experienced a modest increase of 1.85% in total gross income. Net income of 1.20% was realized by closely controlling expenses. A healthy growth of over $11.

We recognize that some of this share increase may be the result of declining stock values and diminishing interest rates elsewhere.

2 Chairman s Report The uncertainty of the economy in the year 2002 affected Telco as well as our members. Be assured our efforts are always directed toward maintaining the highest return to our savers and the lowest possible rates to borrowers. Even with the slowed economy, we experienced a modest increase of 1.85% in total gross income. Net income of 1.20% was realized by closely controlling expenses. A healthy growth of over $11.6 million in shares reflects the trust members have in the stability of Telco. We recognize that some of this share increase may be the result of declining stock values and diminishing interest rates elsewhere. ship growth over the years has come mainly from groups added into our field of membership. During the past year, NCUA declared Tangipahoa Parish to be underserved and approved our application to provide membership to any individuals who reside, work or attend school in that parish. We are now actively pursuing this avenue of membership growth. To make Telco services more available to our members, we will soon occupy a new building on Airline Highway at Briarwood Place in Baton Rouge. This facility will meet our need for additional space and will be more convenient to members in the southeast Baton Rouge and Ascension areas. Audits by the Supervisory Committee confirmed the high degree of stability and continuing proper management of this credit union. You will find details of Baton Rouge Telco Federal Credit Union operations in other sections of this annual report. I invite you to closely review them and direct any questions you may have to the Board or Management. Once again, it has been a pleasure to serve you this year. Win Landry, Chairman Building a New Location to Better Serve Our s

Supervisory Committee Report The supervisory committee is responsible for verifying the credit union s financial records and internal controls to assure the safety of member assets and that

3 Supervisory Committee Report The supervisory committee is responsible for verifying the credit union s financial records and internal controls to assure the safety of member assets and that operations are in compliance with State and Federal regulations. To accomplish this objective the supervisory committee performed the following activities in Reviewed the 2002 audit proposal and contracted the auditor. 2. Directed quarterly audits performed by Grimball and Associates. In 2002, this included an E-Commerce audit to review issues related to transactions conducted over the Internet. 3. Held regular meetings to review operations, review audits, and address member concerns. 4. Met periodically with the auditor throughout the year to discuss progress, concerns, and findings. 5. Followed up on any audit findings to see that they were resolved satisfactorily. 6. s of the Supervisory Committee took turns attending Board Meetings to stay informed on Baton Rouge Telco Federal Credit Union operations. The Baton Rouge Telco Federal Credit Union was examined by the federal examiners and is in compliance with the federal standards and laws governing credit unions. Audits for 2002 were successfully completed and all issues were resolved. We look forward to another outstanding year in Supervisory Committee: Chuck Carney, Chairman; Suzanne Diez, Secretary; Neal King, ; Jim Mobley, ; Brenda Nix, ; Freddye Smith, and Jay Terry,. Chuck Carney, Supervisory Committee Chairman

4 Statement of Financial Condition ASSETS Dec. 31, 2002 Dec. 31, 2001 Loans to s $43,342,951 $42,436,575 Loans Liquidating 7,176 63,205 Less Allowance for Loan Losses (264,327) (284,202) Cash & Cash Equivalents 3,129,617 1,909,331 Investments 24,760,987 14,642,052 Furniture & Equipment 284, ,306 Land & Building 1,504,004 1,476,422 Construction in Progress 437,157 52,505 Other Assets 570, ,535 TOTAL ASSETS $73,772,760 $60,943,729 LIABILITIES Accounts Payable & Other Liabilities $(2,921) $12,193 Dividends Payable 368 2,621 Total Shares 63,966,113 52,348,985 Regular Reserve 1,928,304 1,928,304 Undivided Earnings 7,880,896 6,651,626 TOTAL LIABILITIES $73,772,760 $60,943,729 Key Financial Ratios Telco FCU Peer Net Worth/Total Assets 12.52% 10.82% Total Delinquent Loans/Net Worth 2.81% 4.44% Delinquent Loans/Total Loans 0.62% 0.74% Net Charge-Offs/Average Loans 0.44% 0.45% Net Income/Average Assets 1.20% 1.01% Net Operating Expense/Average Assets 2.53% 2.77% TOTAL ASSETS IN MILLIONS TOTAL SHARES IN MILLIONS

5 Statement of Income INCOME Dec. 31, 2002 Dec. 31, 2001 Interest on Loans $3,507,913 $3,635,275 Income from Investments 864, ,584 Other Operating Income 866, ,733 TOTAL INCOME $5,239,104 $5,143,592 EXPENSES Salaries and Benefits $1,090,959 $975,697 Travel and Conference 31,082 26,421 Association Dues 19,190 17,735 Office Occupancy & Operations 882, ,085 Educational & Promotions 40,205 38,590 Loan Servicing 105, ,270 Professional & Out. Svc. 90,513 88,583 s Insurance 0 19,404 Provision for Loan Loss 170, ,000 Cash Over & Short Annual Meeting 6,874 7,391 Misc. Operating Expenses 18,887 21,456 TOTAL EXPENSES $2,456,898 $2,423,870 Gain on Investments $445 $0 INCOME BEFORE DIVIDENDS 2,782,651 2,719,722 Dividend Expense 1,971,024 2,061,319 NET CONTRIBUTION TO CAPITAL 811, ,403 Regular Reserves 0 0 Undivided Earnings $811,627 $658, TOTAL LOANS IN MILLIONS INVESTMENTS IN MILLIONS

Officials BOARD OF DIRECTORS Win Landry Chairman A. P.

Secretary Neal King Jim Mobley Brenda Nix Freddye Smith Jay Terry NOMINATING COMMITTEE B. B. Johnson Chairman Rose Emanuel Margaret Fletcher Herbert Landry Johnny Ringe BATON ROUGE STAFF MANAGER/CEO Darryl K.

PROCESSING Robert Tarver Information System Specialist LENDING Micky Tassin Loan Supervisor Sherri O Neal Deidre Lewis Vi Ruemker LOCATIONS AND CONTACT INFORMATION Airline Office 13404 Airline

6 Officials BOARD OF DIRECTORS Win Landry Chairman A. P. Landry Vice-Chairman Darrell Goudeau Treasurer Marianne Merritt Secretary Andrew Eames Director Floyd Eskine Director Dell Oliver Director SUPERVISORY COMMITTEE Chuck Carney Chairman Suzanne Diez Secretary Neal King Jim Mobley Brenda Nix Freddye Smith Jay Terry NOMINATING COMMITTEE B. B. Johnson Chairman Rose Emanuel Margaret Fletcher Herbert Landry Johnny Ringe BATON ROUGE STAFF MANAGER/CEO Darryl K. Long ACCOUNTING Laurie Scalise Accounting Supervisor Dawn Dodson Accounting Clerk Paula Speed Accounting Clerk COLLECTIONS Nannette Coutee Collection Officer Laura Lejeune Collection Officer DATA PROCESSING Robert Tarver Information System Specialist LENDING Micky Tassin Loan Supervisor Sherri O Neal Deidre Lewis Vi Ruemker LOCATIONS AND CONTACT INFORMATION Airline Office Airline Highway Baton Rouge, LA (225) (800) Wooddale Office 2226 Wooddale Blvd. Baton Rouge, LA (225) Fax (225) (800) Hammond Office 1115 W. University Ave. Hammond, LA (985) Fax (985) (800) Staff Pat Brown Loan Processor Bernie Himel Loan Auditor MARKETING Charlene Roca Marketing Director Lisa Gill Business Development Officer MEMBER SERVICES Trina Portune Services Supervisor Nicole Spiers Card Service Clerk Heidi Andre IRA Specialist Claire Lortie New Accounts Rep. Debbie Campbell Senior Kory Clardy Senior Darla Bradford Joe Gremillion Lori Freeman Tracie Nettles Mandy Ramagos Kendrick Scott Paula Sullivan Elizabeth Thousand Laure Williamson REAL ESTATE Mona Worthy Real Estate Specialist HAMMOND BRANCH STAFF Debbie Stevens Branch Manager Crystal Stewart Rose Stahl Senior Melanie LeBoeuf Diane Valure Under Construction

TM 2017 Annual Report

TM 2017 Annual Report 2017 Annual Report TM Message to Members Strong growth continued for your Credit Union in 2017. Many of the goals that we had set for ourselves were surpassed early in the year, allowing us to remain at