77 TH Annual Meeting Agenda

Transcription

1 77 TH Annual Meeting Agenda March 17, 2015 Call to Order Quorum Declaration Introduction William Capie Gary Drake William Capie 2014 Annual Meeting Minutes William Capie Chairman s Report William Capie Committee Reports a. Credit Committee Barbara Humphrey b. Supervisory Committee Namdar Mogharreban President s Report Unfinished Business New Business - Election of Directors Adjournment Dennis Schaefer William Capie William Capie William Capie Mission Statement We re working for you. Vision Statement To be the primary provider of financial services, building a lifetime partnership with all current and future members Annual Report 1

2 SIU Credit Union - March 18, 2014 Minutes 76th Annual Membership Meeting March 18, N. Giant City Road, Carbondale IL I. Call to order The 76th Annual Membership Meeting of the SIU Credit Union was held at SIU Credit Union East Branch, 395 N. Giant City Road, Carbondale, IL on March 18, The meeting was called to order at 5:15 pm by Bill Capie, Chairman of the Board. 39 members were present. II. Quorum Determination Treasurer, Kenneth Burnett reported to the Chairman in the absence of Secretary, Christina Rich, that a legal quorum of members was present (39 members). Number of members outstanding at the record date of the annual meeting was 30,297 and the number of members represented at the annual meeting was 21,130. At this determination, the Chairman declared the meeting open for business. III. Introduction of Board of Directors by Chairman, Bill Capie All board of directors present raised their hand as their name was called. IV. Approval and signing of the minutes from March 28, 2013 The minutes of the previous Annual Membership Meeting held on March 28, 2013, were distributed in print form. Motion was made by Susan Dallas-Willis, seconded by Kenneth Burnett to approve the minutes as presented. Vote was taken and the motion carried to accept the minutes as presented. V. Director s Report Chairman, Bill Capie stated I cannot recall any time in recent history that has tested the resolve of American consumers, more than the last six years. When the economy took a turn for the worst in 2007, your Credit Union put into action a business plan that focused on long-term viability and not short term profit. That forward thinking has enabled our organization to provide the services needed to assist our membership and protect their assets. We are leaders in the financial industry in Southern Illinois and intend to remain so. February 3, 2013 was a very difficult day that was handled with great professionalism. On behalf of the Board of Directors, Bill thanked the staff for staying calm and for following through on the robbery procedures. Bill continued making mention of his appreciation for the Board of Directors of their volunteer commitment. The Director s Report was distributed in print form. VI. Reading and Approval of the Committee Reports The Supervisory Report and Credit Report were distributed to the membership in print form. Presentations of each report were made to the membership by the Chairman of the Board, the Board Treasurer, and the Chairs of the Supervisory and Credit Committees. Gary Drake made a motion to accept the reports with a second by Kenneth Burnett. All were in favor of accepting the reports Annual Report

3 SIU Credit Union - Minutes (continued) VII. President s Report Bill Capie introduced Dennis Schaefer, President and CEO of SIU Credit Union. Dennis highlighted how over the last 75 years our philosophy has continued to be We re Working For You and that even in times of economic struggle; the Credit Union has focused on moving forward. We are very involved in the community and have made great strides in technology. In the past year, our Corporate and Tech facilities have been remodeled to accommodate future growth so that we can continue to provide the best service possible. We have also welcomed the members of SEE CU into the SIU CU family through our merger on April 1, Dennis thanked the Board, Management and Staff for their continued trust and support. VIII. Unfinished Business None IX. New Business The Chairman announced the first order of new business being the election of Directors for The Chairman called Vice Chairman, Gary Drake to conduct the election for the report from the Nominating Committee. The report read as follows: the Nominating Committee placed in nomination for election as Directors of SIU Credit Union for 2014, the names of Bill Capie, Ken Burnett, and Susan Dallas-Willis. The Vice Chairman asked for any nominations from the floor three consecutive times. No one responded. Richard Parrish made a motion to close nominations. Kenneth Burnett seconded the motion. All were in favor of closing the nominations. Susan Dallas-Willis made a motion to elect those placed in nomination. Richard Parrish seconded the motion to elect Bill Capie, Ken Burnett, and Susan Dallas-Willis. There was a vote of acclimation by all. X. Adjournment The Chairman asked for questions, comments, or observations from the floor and encouraged discussion on all phases of SIU CU s operation. He thanked the staff for their hard work and dedication. Bill Capie encouraged those in attendance that the Board would like to actively recruit members and would be interested if anyone has any suggestions for new committee members. With no further business to conduct, Richard Parrish made a motion to adjourn, and Gary Drake seconded to adjourn the meeting at 5:31 pm Annual Report 3

4 Credit Committee Report The volunteer Credit Committee meets monthly to review all disbursed and denied loan requests for members and individual loans for employees, committee and board members. They regularly review audit reports and make recommendations to the Board of Directors about approval of loan policy changes. Our goal is always to approve policy changes which benefit our members as well as keep the credit union safe and sound. The mortgage department delivered another outstanding year processing and closing over $6.8 million in-house and secondary market mortgage loans. Our indirect dealer program disbursed over $23.4 million dollars in new and used vehicle loans for our members. Our lending department processed over $78.1 million in loans during 2014, with a total outstanding of $179,659,762 net loans. This is an increase of $17.7 million loans from the previous year. On behalf of all of the Credit Committee members, thank you for allowing us to serve you and your lending needs in Barbara Humphrey, Chairman Committee Members: Barbara Humphrey, Richard Parrish, Kenneth Burnett, Kyle Harfst, Keith McDannel Annual Report

5 Supervisory Committee Report The Supervisory Committee, a volunteer committee comprised of SIU Credit Union members, is appointed by the Board of Directors. The Committee is responsible for ensuring the soundness of credit union operations, the safety of the members deposits, the fairness and legality of credit union policies, and compliance with applicable state and federal regulations. The Federal Credit Union Act identifies two major activities that must be fulfilled by the committee to meet its responsibilities. First, the Committee must take or cause to be made an annual audit. The Committee selected an accounting firm with proven knowledge of credit union operations - Stephen Lang & Associates, LLC. The Committee then works with the Board and management to address any areas of concern identified by the audit. Second, the Committee must verify members accounts with the credit union s records at least once every two years. That verification was done as part of the annual audit by the independent accounting firm. It is the opinion of this Committee that SIU Credit Union s records management is satisfactory, that the policies and procedures set by the Board of Directors and management are being followed, and that the enclosed financial statements fairly represent SIU CU s audited financial position and results of operations for the year ended December 31, On behalf of myself and the other members of the Supervisory Committee, it has been our pleasure to serve you. Namdar Mogharreban, Chairman Committee Members: Namdar Mogharreban, Tom Lindquist, Mark Krones, Shirley Castle Annual Report 5

6 2014 Chairman & President s Report For 77 years, the vision of SIU Credit Union has been to build lifelong relationships by delivering personalized financial solutions. With this vision in mind, we ve had the pleasure of helping thousands of members reach their financial goals for decades. This continues today with the adoption of, We re working for you. as our mission statement. Dennis Schaefer President/CEO We ve had the pleasure of helping thousands of members reach their financial goals for decades. The continued success comes from a passion for providing financial products and services of real value, and a commitment to making our member experiences enjoyable and worthwhile. Our focus on service excellence, convenience, and fiscal responsibility has allowed us to enjoy growth and financial strength through recent challenging times. Through it all, we remain committed to helping our members with financial solutions that improve their lives. We re pleased to report that SIU Credit Union experienced another year of successful financial growth. Our growth was assisted by additional enhancements to delivery channels, security, and systems to provide for a better member experience. In 2014, assets grew 4.5% to $291,597,041, loans grew 12.37% to $181,115,731, and membership grew to 34,988 members. Our mission of We re working for you. was clearly seen in loans to our members. In 2014, we provided 5,508 consumer loans ($59.7 million), 325 mortgage loans ($16.0 million), 62 business loans ($4.5 million) and 889 ($3.6 million) in student loans. Commitment of service and stewardship to our communities remained a priority. Some of the causes that we supported in 2014 included: Special Olympics, American Cancer Society Relay for Life, Hospice of Southern Illinois, Poshard Foundation, Pets Are Worth Saving (P.A.W.S.), Southern Illinois Heart Walk, 100 Men Who Cook, WSIU Curiosity Day, Bank on Marion, Boys & Girls Club of Carbondale, and more. Participation in these and many others benefit our community and yours Annual Report

7 During this past year, we welcomed the members of Marion Memorial Hospital Credit Union into the SIU Credit Union family through our merger on June 30, Their members can now take advantage of additional products and services, as well as have access to all six SIU Credit Union branch locations, including our newest facility in Harrisburg. As we look forward, we expect 2015 to be a year of change. The face of all sized financial institutions is changing dramatically and rapidly. Cutting edge technologies seem to arise on a daily basis. New competitors continue to press the boundaries of traditional banking. And the demand for access to all information instantaneously continues to increase. To keep pace in this ever-changing environment, we continue to explore and launch new offerings to provide for our members convenience. Products and services like uopen (online account opening), online banking upgrades, Apple Pay, online chat, instant card issue, and EMV chip-enabled cards are just some of the projects slated for The answer remains the same today; you can trust your credit union. We know that one of the biggest questions that people ask themselves is, Whom can I trust with my personal financial well-being? Over the years, SIU Credit Union has been a ready answer to that question. The answer remains the same today; you can trust your credit union. Your patronage and participation in SIU Credit Union is what makes this organization special. On behalf of the Board, Management and Staff at SIU Credit Union we want to thank you for your continued trust and support. We re working for you. William Capie Chairman Dennis Schaefer, President/CEO William Capie, Chairman 2014 Annual Report 7

8 3/9/15 4:16 p If America is the pursuit of happiness, the best way to pursue happiness is to help other people. -George Lucas Annual Report

9 Independent Auditor s Report February 4, 2015 To the Board of Directors and Supervisory Committee of SIU Credit Union We have audited, in accordance with auditing standards generally accepted in the United States of America, the balance sheets of SIU Credit Union as of December 31, 2013 and 2014, and the related statements of income and comprehensive income, changes in members equity and cash flows (not presented herein), for the years then ended. In our report dated February 4, 2015, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying condensed financial statements, when read in conjunction with the financial statements from which it has been derived, is fairly stated in all material respects in relation thereto. Stephen Lang & Associates, LLC Certified Public Accountants St. Louis, Missouri 2014 Annual Report 9

10 Balance Sheet as of December 31, 2014 Assets Cash $5,764,456 $4,827,426 Interest Bearing Deposits in Other Institutions $27,647,472 $26,045,578 Investments Avail. For Sale $73,496,865 $70,066,118 Loans Held for Sale $251,250 $ - Loans to Members (Net Allowances) $160,537,993 $178,264,362 Accrued Interest Receivable $827,590 $823,255 Premises and Equipment, Less Depreciation $5,250,552 $6,159,979 Federal Home Loan Bank Stock $519,500 $576,800 Share Insurance Fund Deposit $2,465,491 $2,604,109 Other Assets $1,400,936 $2,229,414 Total Assets $278,162,105 $291,597,041 Liabilities and Member s Equity Member Savings $253,975,884 $264,351,277 Accounts Payable $711,844 $1,604,559 Accrued Expenses & Other Liabilities $648,804 $714,906 Accrued Interest Payable $290 $332 Total Liabilities $255,336,822 $266,671,074 Regular Reserve $3,275,893 $3,275,893 Undivided Earnings $20,026,927 $21,578,647 Unrealized Gains on Investments Available for Sale $(477,537) $71,427 Total Member s Equity $22,825,283 $24,925,967 Total Liabilities & Equity $278,162,105 $291,597, Annual Report

11 Statements of Income & Expense Interest on Loans $7,672,974 $7,838,071 Interest on Investments $1,196,681 $1,338,190 Total Interest Income $8,869,655 $9,176,260 Dividends & Interest on Member Deposits $1,447,164 $1,451,040 Net Interest Income $7,422,491 $7,725,221 Provision for Loan Losses $843,054 $1,161,718 Net Interest Income After Provisions for Loan Loss $6,579,437 $6,563,503 Other Income $4,312,119 $4,531,066 Compensation & Benefits $4,042,241 $4,469,133 Office Operations $2,171,834 $2,122,229 Office Occupancy $583,193 $708,471 Other $2,261,102 $2,359,832 Operating Expenses $9,058,370 $9,659,665 Net Operating Income $1,833,186 $1,434,904 Non-operating Gains/ Losses $20,107 $81,196 Net Income $1,853,293 $1,516,100 Statement of Members Equity Beginning Balance $22,068,289 $22,825,283 Net Income $1,853,293 $1,516,100 Credit Union Merger $402,375 $35,620 Net Change in Unrealized Losses on Investments Available for Sale $(1,498,674) $548,964 Ending Balance $22,825,283 $24,925, Annual Report 11

12 2014 in Review Looking back at the Strategic Plan Open for business. Business member accounts grew by 24% Strong business lending continues, totaling over $16.9 million in loans. Taking care of businesses. Meeting member needs. 17,301 members have a SIU CU checking account. On the go. Over 4,000 members use mobile banking. 7 of 10 checking account members are enrolled in online banking. From the comfort of home Annual Report

13 15% of online banking users are enrolled in Bill Pay. No stamps. No problem. Go green. More members are enrolling in E-Statements. 6, , Together direct and indirect lending topped $116.3 million in loan balances. Putting members behind the wheel. Purchasing power. Five year average annual growth for VISA credit card accounts 8.64% $5.3 million amount Visa Loan Balance has grown since Leading the charge. Keep calm and join SIU Credit Union. Membership continues to grow. At the end of 2014 the total number of members was: 34, Annual Report 13

14 Board of Directors William Capie, Chairman Susan Dallas-Willis, Vice Chair Gary Drake, Secretary Kenneth Burnett, Treasurer Barbara Humphrey Thomas Lindquist Keith McDannel Namdar Mogharreban Richard Parrish Credit Union Officers Dennis Schaefer, President & CEO Mike Lantrip, Vice President of Finance Stacy Callahan, Vice President of Lending Jarred Lewis, Vice President of Operations Kim Babington, Vice President of Business Development Tracy Frischkorn Ingersoll, Vice President of Human Resources Brian Maurizio, Vice President of Information Technology Karli Feldhake, Director of Marketing Erica Pankey, Internal Auditor / Compliance Officer Samuel Young, Marion Branch Manager Amber Hannahs, Carbondale East Branch Manager Cody King, Carbondale West Branch Manager Cassie Graves, Metropolis Branch Manager Trish Jennings, Energy Branch Manager Janet Jackson, Harrisburg Branch Manager Emily Rafael, Call Center Manager Angela Williams-Barke, Business Services Manager Tiffane Pelzer, Lending Manager Jana Ledbetter, Mortgage Loan Manager Lisa Winthrop, Collections Manager Lindsey Moore, Executive Administrative Assistant 2015 Nominations for the Board of Directors Term expiring March 2015 Keith McDannel Thomas Lindquist Richard Parrish Term expiring March 2016 Namdar Mogharreban Gary Drake Barbara Humphrey Term expiring March 2017 William Capie Kenneth Burnett Susan Dallas-Willis Annual Report

15 3/9/15 4:16 p Not everything that can be counted counts, and not everything that counts can be counted. -Albert Einstein 2014 Annual Report 15

16 Contact Us CARBONDALE 1217 West Main Street Carbondale, IL T: F: CARBONDALE 395 N. Giant City Road Carbondale, IL T: F: METROPOLIS 704 E. 5th Street, Ste 1 Metropolis, IL T: F: MARION 2809 Outer Drive Marion, IL T: F: ENERGY 300 S. Pershing Energy, IL T: F: HARRISBURG 700 Ford Street Harrisburg, IL T: F: ( : twitter.com/siucreditunion or Annual Report