2017 Annual REPORT This credit union is federally insured by the National Credit Union Administration.
Board of Directors Steve Hammonds Term Expiration: April 2020 Chair Don Rawe Term Expiration: April 2021 Director David Williamson Term Expiration: April 2021 Vice Chair Jacqueline Dixon Term Expiration: April 2021 Treasurer Linda Kunze Term Expiration: April 2019 Secretary Calvin Smith Term Expiration: April 2020 Director Dedric Ayo Advisory Director Martha Garcia Advisory Director Charles Ramirez Term Expiration: April 2020 Director Credit Union Staff Linda Carmona Angelia Carter Rolando Dallas Gloria Escobar Brad Ferguson Donna Fullen Mike Funk Twasha Hudson Cindy Johnson Ryan Jones Jennifer Kahan Claudia Lopez Simona Marmalichi Misti Martin Candice Mills Tina Morgan Yesenia Olivares Kim Purintun Kelly Shutt Minerva Sierra Holly Stipe Don Waddell
Agenda Call to Order Steve Hammonds, Board Chair Invocation Calvin Smith, Director Determination of Quorum Linda Kunze, Board Secretary Reading of 2016 Annual Meeting Minutes Linda Kunze, Board Secretary Comments from the Chair Steve Hammonds, Board Chair Comments from the President Mike Funk, President New Business Steve Hammonds, Board Chair Unfinished Business Steve Hammonds, Board Chair Report of Nominating Committee Calvin Smith, Director Door Prizes Calvin Smith, Director Adjournment
Comments from the Chairman of the Board It has been an honor and privilege to serve you as Chairman of the Board. As members of LibertyOne Credit Union we all have a common bond of credit union membership, and goals of financial security. Since our charter began in 1935, we have enjoyed this bond that continues today. Most credit unions have failed their members by accepting anyone who is willing to have an account. Other credit unions just want members, and brag how big they have become. Not at LibertyOne Credit Union, we strive for the family feeling. This makes our service unparalleled, and makes our bond, as members, much stronger. The Board of Directors number one philosophy is members first. This philosophy is carried down through management and is carried out by the hard-working staff at LibertyOne Credit Union. LibertyOne Credit Union strives to help all members reach their respective financial goals and promote a members-first attitude. We measure this goal through the Net Promoter Score. This year we scored an 80, this score puts us in a world-class category. LibertyOne Credit Union is a strong, financially sound credit union. Total assets grew by about 9 million dollars. Loan growth increased 6.49% which shows our willingness to put our member s money to work for other members. Asset growth was a strong 8.42%, as our growth continues to increase aggressively, yet responsibly. Delinquent loans vs. total loans continues to be very low at 0.42%. The management of LibertyOne Credit Union, led by President Mike Funk, actively manages our resources with an impressive acumen of our financial resources. Moving forward, we will continue to provide free ATMs worldwide, very competitive deposit/cd and loan rates, and various other member services. LibertyOne Credit Union also provides secure online access to all our products via web and mobile applications. We will continue to promote a members- helping-members philosophy and help each other reach our financial goals. I am proud of our bond together, I am proud of the opportunity to work with such a talented Board of Directors and Staff, who have maintained such an important bond with our members. We will continue to keep our bond strong and continue to help members reach their financial goals. LibertyOne Credit Union seeks to be our members primary financial institution and will adhere to the highest ethical standards while maintaining a sound financial foundation. This has been our mission, and we will continue this great mission. It has been an honor to serve you as Chairman. Thanks, Steve Hammonds Chairman of the Board LibertyOne Credit Union
Financial Highlights INCOME 2016 2017 Interest from Loans $3,522,006.95 $3,615,010.29 Income from Investments $456,217.30 $567,366.61 Other Operating Income $1,198,550.92 $1,221,581.73 Total Income $5,176,775.17 $5,403,958.63 EXPENSE Employee Compensation $1,299,942.78 $1,362,437.56 Employee Benefits $404,214.23 $421,970.94 Travel & Conference Expense $80,876.77 $96,061.90 Office Operations Expense $819,073.72 $763,646.54 Education & Promo Expenses $110,931.25 $106,923.56 Loan Servicing Expense $139,050.24 $152,852.60 Professional and Outside Services $226,738.86 $254,505.16 Provision for Loan Losses $252,014.06 $306,138.58 Operating Fees $17,726.59 $19,541.08 Miscellaneous Expenses $100,040.61 $106,284.28 Total Operating Expenses $3,450,609.11 $3,590,362.20 Non-Operating Gains or Losses $0.00 $0.00 Dividend on Deposits $1,129,981.42 $1,282,937.40 NET INCOME $596,184.64 $530,659.03 Distribution of Earnings Interest Paid to Members $1,282,937 $0.24 Expenses $3,590,362 $0.66 Net Income $530,659 $0.10 $5,403,959 $1.00 Expenses 66% Net Income 10% Interest Paid to Members 24%
Comments from the President LibertyOne s 83rd year of existence was a very good one! Our Board and Staff were busy working hard for you, as this is truly your credit union. We continually try to give back to you in the form of lower loan rates and higher deposit rates and we also ran several promotions throughout the year that proved to be beneficial to many of our members. The year started out with the tail-end of our Christmas Loan promotion as that runs until January 31st each year to give you a chance to pay off any debt you may have ran up at Christmastime. Then, our annual February Auto Loan Promotion started and we helped a lot of our members with different types of auto loans: Car, Truck, SUV, Boat, Motorcycle, RV, Travel Trailer and more. The 2nd quarter of the year saw us offer great Home Equity Loan rates, which hundreds of our members took advantage of to remodel their homes, send their kids to college and take care of some credit card debt. Our Vacation Loan special started June 1st and ran through the end of July and many of you used this great promotion as well. We also took this time to remind you about all of the great savings and investment options at LibertyOne and after doing this, we grew about $3 million in 3 months as you took advantage of our above-market savings, IRA and CD options! We also had our Annual Meeting of the Membership at The Southern Cross and over 500 of you joined us for a great time and we gave away some great prizes! July, August and September were so hot that nobody did anything!!...just kidding, we granted a lot of personal loans for back to school and the savings and investment deposits continued coming in and many members borrowed money from us for vacations. Believe it or not, lots of members bought cars or refinanced their existing car loans with us during this time. And, we had our annual planning session where our Board and Management Staff get together to talk about plans for the future and how we can best serve our members. The ever-popular O.B.E.M.O.C.A.T.S. auto loan promotion was in October and we made over $6 million in auto loans! Christmas Loans and the Holiday Skip-A-Payment program rounded out the year as we finished just shy of $128 million in assets. We will keep working hard to serve you in 2018 and beyond and if there is anything at all I can do for you, please call me at 469-212-0238. I would love to hear from you! Respectfully, Mike Funk President
Total Reserves (in millions) $14 $13 $12,314,709 $13,143,861 $13,450,831 $13,751,648 $12 $11,664,034 $11 $10 2013 2014 2015 2016 2017 Total Deposits (in millions) $120 $113,128,027 $110 $104,902,075 $100 $98,533,181 $90 $90,713,350 $92,617,923 $80 2013 2014 2015 2016 2017
2017 NEW LOANS JAN $2,656,307.79 FEB $4,397,772.52 MAR $3,492,561.42 APR $2,078,675.57 MAY $2,285,954.02 JUN $3,280,847.08 JUL $2,077,821.00 AUG $3,006,756.49 SEP $1,935,886.02 OCT $6,481,906.93 NOV $3,759,354.92 DEC $1,947,793.63
Balance Sheet - Assets PERSONAL LOANS CASH New Car 569 $11,978,184.97 Used Car 2,139 $34,651,343.01 Boats,Motorcylces, RV 171 $3,362,247.35 Signature 2,798 $6,568,260.73 Credit Cards 2,847 $2,494,449.35 First Mortgage 123 $14,872,632.54 Home Equity 241 $10,744,942.03 Other Loans 90 $1,666,406.87 Total Personal Loans 8,978 $86,338,466.85 Allow. for Loan Losses ($473,429.97) Net Personal Loans $85,865,036.88 INVESTMENTS Total Cash on Hand $513,760.21 CACU Funds Adv. $1,392,722.67 Banks and S&Ls $24,463,792.16 NCUSIF $1,023,794.41 U.S. Gov't & Agencies $14,222,564.20 Unrealized Gain/Loss ($262,441.92) Other Investments $0.00 Total Investments $40,840,431.52 FIXED ASSETS Furniture & Fixtures $15,154.89 Leasehold Improvements $4,842.46 Computer Equipment $23,426.88 Total Fixed Assets $43,424.23 OTHER ASSETS Total Other Assets $572,510.96 TOTAL ASSETS $127,835,163.80
Balance Sheet - Liabilities & Equity ACCOUNTS PAYABLE Accounts Payable 378,157.99 Notes Payable $0.00 Taxes Payable $2,760.00 Total Accounts Payable $380,917.99 ACCRUED INTEREST PAYABLE Share Savings $0.00 IRA Certificates $7,860.43 Regular Certificates $40,867.94 Total Accrued Interest $48,728.37 OTHER LIABILITIES Accrued Expenses $105,766.38 Outstanding Checks $893,506.02 Other Liabilities $0.00 Total Other Liabilities $999,272.40 MEMBERSHIP EQUITY Share Savings $55,732,964.77 Christmas Club $19,281.80 Free Checking $2,214,351.16 Prime Checking $7,842,627.43 IRA Savings $833,437.37 IRA Certificates $7,319,480.11 Regular Certificates $39,165,883.92 Total Membership Equity $113,128,026.56 RESERVES Regular Reserves $1,536,891.07 Undivided Earnings $11,473,110.30 Investment Allowance ($262,441.92) YTD Net Income $530,659.03 Total Reserves $13,278,218.48 TOTAL LIABILITIES AND EQUITY $127,835,163.80
Total Membership Equity Regular CD 34.62% Savings 49.28% IRA 7.21% Checking 8.89% Total Personal Loans Other Loans 1.93% Mortgage 29.67% New Car 13.87% Credit Card 2.89% Used Car 44.03% Signature 7.61%
Mission Statement LibertyOne Credit Union seeks to be our member s primary financial institution and will adhere to the highest ethical standards while maintaining a sound financial foundation. Dallas Service Center 1100 Commerce Street, Ste. 615 Dallas, TX 75242 Farmers Branch Service Center 4050 Alpha Road, Ste. 120 Farmers Branch, TX 75244 Arlington Service Center 2221 E. Lamar Blvd, Ste. 110 Arlington, TX 76006 24 Hour Telephone Teller 214-413-5588 option 1 800-672-1320 option 1 Phone: 214-413-5588 800-672-1320 Fax: 214-752-2499 Home Loans: 866-520-4702 Local: 832-912-2151 MasterCard Customer Service: 800-442-4757 www.gotomycard.com Email: libertyone@libertyonecu.com www.libertyonecu.com