75th Annual Report. 75 Years Of Savings. Federally Insured By NCUA

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1 75th Annual Report 75 Years Of Savings Federally Insured By NCUA

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4 Table of Contents Report Of The President/CEO You Save. We Give. Condensed Statement Of Financial Condition Condensed Statement Of Income And Expense Report Of The Chairperson Committee Overview Committee Overview Board Of Directors Leadership Staff Leadership Staff Milestones March Of Dimes 2014 Community Involvement Volunteer Hours 75th Anniversary Celebration 16 17

5 6 Report of the President/CEO Richard J. Benhart Our mission is, We are devoted to financial success for all. Our vision is, To make a difference in each member s life by identifying financial needs, deepening relationships and supporting member goals. In true spirit, we found many ways to make a difference in our members lives this past year. One fantastic example was our Community Challenge. This was a six month campaign to save our members $1 million, in loan interest and fees. In addition, if we met the $1 million goal, we committed to donate a total of $10,000 to Children s Miracle Network, Juvenile Diabetes Research Foundation, HACAP Food Reservoir and the Alzheimer s Association. A little over half way into the campaign, we had reached the $1 million goal. At that point, we challenged our staff by doubling the savings goal to $2 million. I am proud to say that when the campaign ended on September 30, the member savings had reached over $2.1 million! That also meant that we doubled our donation to $20,000! We definitely lived up to our campaign slogan You Save. We Give. And even now, we continue to look for ways to save our members money. Extending our mission of being devoted to the financial success for all, we welcomed members of Federal Employees Credit Union (FECU) in the Des Moines area, to our Credit Union. Through this merger, we are now able to offer the FECU members a wider range of financial products to meet their needs. I am continually impressed with the Banzai Financial Literacy Program. Through our commitment to financial success for all, we currently serve over 44 school districts, providing financial resources to classrooms, at no cost to the teacher or the school. In addition, we now have teaching teams, made up of Collins Community CU staff, who go into classrooms at two partner elementary schools to hold classes on saving, budgeting and even talk about where money comes from! We are constantly thinking about our member needs and goals. Our real estate department rolled out a new product called the Like It Then Love It Loan, a mortgage loan that builds in money for home improvements. This loan allows our members to maximize a home s hidden potential so they can buy that fixer-upper to make their dream home a reality without worrying about how to finance their improvements separately. I am always amazed at what the staff of Collins Community CU can do, from being financial teachers to developing great products for our members. It all comes down to our investment in developing and investing in our own staff. A strong staff with the knowledge and skills can help you, our member, succeed financially and ultimately develop a lifelong relationship with Collins Community CU. Thank you for allowing us to be your financial partner. Richard J. Benhart President/CEO We are devoted to financial success for all.

6 7 You Save. We Give Community Savings Challenge At the core of the credit union movement lays the people helping people philosophy. At Collins Community Credit Union, we are devoted to financial success for all and work hard to demonstrate the people helping people spirit each and every day. In March 2014, we set out to save our community a total of $1 million in loan interest and fees by consolidating debts and refinancing high interest rate loans. If we met our goal, we would donate a total of $10,000 to four local charities, Children s Miracle Network, Juvenile Diabetes Research Foundation, HACAP Food Reservoir and the Alzheimer s Association. Halfway through the campaign we had blown our $1 million goal out of the water and set our sights on reaching $2 million doubling our goal, and doubling our commitment to our four charities. We ended up saving the community a total of $2,123,596 during the campaign. Not only are our members saving money, but we are also reinvesting in our communities through local charity. Thanks A Million... Or Two We d like to say thank you to our staff, our charity representatives and the community for all your hard work during our Community Challenge. Because of you, we were able to save the community over $2 million and when you save, we give. Children s Miracle Network Alzheimer s Association Juvenile Diabetes Research Foundation Food Reservoir HACAP Food Reservoir

7 8 Condensed Statement Of Financial Condition Years Ended December 31, 2014 and 2013 (unaudited) Assets Total Assets $ 825,621,181 $ 737,998,489 Liabilities and Members Equity Liabilities 746,718, ,818,851 Members Equity 78,903,005 72,179,638 Total Liabilities and Members Equity $ 825,621,181 $ 737,998,489 Condensed Statement Of Income And Expense Years Ended December 31, 2014 and 2013 (unaudited) Interest Income Total Interest Income $ 28,816,834 $ 27,724,859 Interest Expense Total Interest Expense 5,377,965 5,605,251 Net Interest Income $ 23,438,869 $ 22,119,608 Provision For Loan Losses Total Provision For Loan Losses 1,647,725 1,842,323 Net Interest After Provision For Loan Losses $ 21,791,144 $ 20,277,285 Non-Interest Income Total Non-Interest Income 10,472,026 11,823,401 Non-Interest Expense Total Non-Interest Expense $ 25,869,172 $ 26,146,186 Net Income $ 6,393,998 $ 5,954,500 A copy of the Independent Auditor s Report may be viewed at any of our locations or on our website,

8 9 Report of the Chairperson Marsha A. Schulte I am pleased to report that Collins Community Credit Union had a strong 2014 and continued to deliver our great products and services to our membership. Our 2014 year ended with Net Income close to $6.4 million and Return on Assets a solid %. Our Net Worth Ratio is 10.2%, well above the National Credit Union Administration target measurement of a well capitalized credit union. This past year we welcomed 7,222 new members, now serving a total membership of 66,933. As we grow in membership and chartered counties, we continually seek to optimize the ways our membership can access the Credit Union. Even though many members still do their banking in traditional ways by visiting one of our convenient locations, technology plays an important role in enhancing the ways our membership interact with us. We added Mobile Deposit to our suite of ebanking Services. Now our members who travel, have moved or are constantly on the go, can deposit their checks anywhere, anytime through the use of our Mobile Money App. In addition, through the CO-OP Shared Branch Network, our members now have access to over 5,000 locations nationwide to make deposits, withdraw cash, make loan payments to their Collins Community CU accounts and even transfer funds between accounts! Our members definitely like to bank-on-the-go. Over 23,000 members use CU Online to access account information, Bill Pay and Money Meter. Members can also access their estatements, send us secure messages and apply for additional accounts and loans through CU Online. In addition, our Audio Response Telephone System still remains a popular way to access account information, with over 34,000 members accessing the system. I would like to especially thank our board members for their service and leadership on the board. Our Credit Union appreciates their continual dedication and volunteer service. Congratulations to the management and staff of Collins Community CU for a successful Thank you, members of Collins Community CU for your belief in us and your loyalty. We are devoted to your financial success and will keep helping you discover how our products and services fit best in your current stage of life. We look forward to continuing to serve you, our members, well into the future with a strong and stable credit union. Respectfully submitted, Community Challenge Community Challenge Community Challenge Marsha A. Schulte Chairperson Community Challenge Our members definitely like to bank-on-the-go.

9 10 Committee Overview Our volunteer Committees consist of Executive, Credit and Audit. These committees oversee the professional staff to ensure the validity and accuracy of the representation of the Credit Union. In addition to the committees, there is a Financial Officer, a member of the board, who reports on the financial condition of the Credit Union and ensures that the Credit Union s operations are financially sound and oversees the investment activities of the Credit Union. Horizons Fundraising Executive Committee The Executive Committee manages the operations of the Board of Directors. They are responsible for seeing that the affairs of the Credit Union are operated according to the laws of the State of Iowa. Finance Report Collins Community CU had a strong year, adding almost $87 million in assets, finishing the year at nearly $826 million. Just under $20 million of this growth was due to the mid-year merger with Federal Employees Credit Union. Summer Charity Cookout It appears interest rates could soon start to rise again after an unusually long period of low rates. The Credit Union will continue to look for ways to increase efficiencies through operations to be able to provide more for our members. March of Dimes Fundraising Total Assets (in millions) 2014 $ $ $726.9 $ $618.8

10 11 Committee Overview Credit Committee Collins Community CU is consistently able to provide for the borrowing needs of its members through optimal product offerings and credit. In 2014, we were able to provide over $289 million in consumer, real estate and business loans to our members. Total Loan Portfolio Percentages Consumer Loans % Increased confidence in the economy and lower gasoline prices motivated members to update their autos as well as make other major purchases and home improvements that created the necessity for financing. The Credit Committee continues to review and update financial policies and risk management practices in order to stay current with industry trends and protect our exposure to loss. Audit Committee Collins Community CU s Audit Committee works with internal auditors to monitor the internal controls of the Credit Union and ensures that the Credit Union is operating within the guidelines and policies set forth by the governing bodies. The committee also communicates with external auditors and examiners who monitor whether the Credit Union is adhering to regulations and guidelines established by all applicable governing bodies. Real Estate Loans % Commercial Loans % The accounting firm of CliftonLarsonAllen, LLP conducted the annual financial statement audit. A copy of the Independent Auditor s Report may be viewed at any of our locations or on our website, Total Loans (in millions) 2014 $ $477.8 $439.0 $ $403.9

11 12 Board Of Directors Executive Committee Chairperson - Marsha A. Schulte Vice Chairperson - Pete Seyfer Financial Officer - James H. Locke, Jr. Secretary - Barry E. Stump President/CEO - Richard J. Benhart Audit Committee Chairperson - Thomas G. Manor Secretary - Lisa Gaspar Thompson William J. Kooistra Credit Committee Chairperson - Deke Morrow Secretary - Cynthia Culbertson Pete Seyfer Photo left to right: William J. Kooistra, Lisa Gaspar Thompson, Thomas G. Manor, Barry E. Stump, Marsha A. Schulte, Pete Seyfer, James H. Locke, Jr., Cynthia Culbertson, Deke Morrow Leadership President/CEO - Richard J. Benhart Chief Operating Officer - Stefanie Rupert Senior Vice President - Sandra Vaughan Chief Lending Officer - Scott Frost V.P. Consumer Lending - Bruce Taylor V.P. Operations - Karen Swalley V.P. Real Estate Lending - Jack Emkes V.P. Marketing - Tim Meier Finance Director - Ben Wickum I.T. Director - John Lewis Photo left to right: Scott Frost, Bruce Taylor, Sandra Vaughan, Stefanie Rupert, Richard J. Benhart, Karen Swalley, Jack Emkes, Tim Meier, Ben Wickum, John Lewis

12 Staff Leadership Rick Benhart, President/ CEO, served as the 2014 March for Babies Walk Co-Chair. Stefanie Rupert, Chief Operating Officer, served as the 2014 March for Babies Walk Co-Chair, serves on the Board of Directors at Tanager Place and the Cedar Valley Humane Society, serves on the Cedar Valley Humane Society s Development Committee, serves as a Committee Member for the Expressive Arts Gala, is a member of the Elmhurst College Advisory Board and is a Cedar Rapids Rotary member. Sandra Vaughan, Senior Vice President, serves on the Board of Directors at the Cedar Valley Humane Society and Forever Pets. Karen Swalley, Vice President of Operations, has served her church as a Sunday school teacher for 24 years, served on the Board of Education at her church for 6 years and has been a Junior Achievement classroom volunteer for 18 years. Michael Whittie, Des Moines Market Region Manager, serves as the Treasurer for the Federal Executive Council for Central Iowa and the Central Iowa Coed Soccer League and is the President of the Des Moines Celtic Soccer Club. Melissa Tjebkes, Assistant Vice President, Branch Manager, serves on the Board of Directors for the Domestic Violence Intervention Program (DVIP) in Iowa City. Marla Malone, Assistant Vice President, Branch Manager, serves as a Junior Achievement classroom volunteer and a Cedar Rapids Metro Economic Alliance Ambassador. Teresa Jensen, Real Estate Sales Manager, serves as Chair for the Sign Committee for the Prairie Music Association when she assists during the organization of the school s show choir competition. Ben Wickum, Finance Director, volunteers with the Junior Warriors Baseball organization, which is affiliated with USSSA, and sits on the Board of Directors for the organization. In 2014, he served as President of the organization. Scott Frost, Chief Lending Officer, serves on the Board of Directors for the Boys and Girls Club in Cedar Rapids. Travis Kolder, Small Business Relationship Manager, serves on the Board of Affordable Housing Network, Inc. (AHNI) and is also the Secretary of the Wellington Heights Neighborhood Association. Todd Holverson, Commercial Loan Officer, serves on the Board of Directors for the Catherine McAuley Center in Cedar Rapids and has been a Junior Achievement classroom volunteer for the past 19 years. Heidi Landsgard, Credit Analyst, is a member of Junior League of Cedar Rapids, as well as a mentor through the Big Brothers Big Sisters program. Nelson Weber, Compliance Officer, serves as the President for the Cedar Valley Chapter of Credit Unions, was a 2014 Iowa Innovation Group participant and convention presenter and is a member of the Iowa Credit Union League Emerging Leaders group. Cherie Tilson, Creative Director, was a 2014 CRASH participant at the Iowa Credit Union Convention and is a member of the Iowa Credit Union League Emerging Leaders group. Employee Milestones Thank you to the following employees for their many years of hard work and dedication 5 Years Susan Peterson Brittney Rinehart Brittany Miller Erin Waldron Chris Visek 15 Years Pam Gehring Rick Samek Diana Meyer 30 Years Christi Rink 35 Years Kelly Mounce Karen Swalley 13 13

13 14 March Of Dimes, March For Babies 2014 In 2014, Collins Community Credit Union President/CEO, Richard Benhart and Chief Operating Officer, Stefanie Rupert served as the March for Babies Co-Chairs in Cedar Rapids. As Co-Chairs, Rick and Stefanie were tasked with raising $40,000 in new money donations for the March of Dimes. Credit Union employees rallied behind Rick and Stefanie to raise $26,700 through personal fundraising, a Souper Bowl soup sale, bake sales, jeans days and more, bringing the total, including external funds to $40,349. In April, 123 Collins Community CU employees, and their families, walked together at the annual March for Babies at the Rockwell Collins Complex. The Collins Community Credit Union walk team was nationally recognized for 100% team fundraising participation. In addition to being the top fundraising team in Cedar Rapids, our team was also the number one corporate team in the state of Iowa. Not only was the walk team recognized, but Credit Union employees Rick Benhart and EJ Bell, along with his wife Amber, were in the top 10 for the most funds raised by individual walkers. Lindsey Gruber, Hawkeye Division Director Iowa Chapter, said, Thank you again, Rick and Stefanie, for chairing the 2014 campaign. It has been the most successful Chair campaign in the history of the Cedar Rapids walk. You should be extremely proud of your accomplishments. We d like to thank our members and staff for your support and participation. Let s continue to work together for stronger, healthier babies Collins Community CU March For Babies Walk Team Collins Community CU Through the Years 1940 Assets exceed one million 1975 Checking Accounts 1977 Credit Union purchases its first ATM 1980 Credit Union is established by 10 Collins Radio Employees 1951 Direct Deposit 1976 IRAs and Trusts 1979 Home Equity Loans

14 15 Community Involvement Collins Community Credit Union employees proudly represented the Credit Union at a variety of events in Every Thursday in February, Collins Community CU teaching teams spent time at Kenwood Elementary school in Cedar Rapids to share with students the history of money, where money comes from, saving versus spending and the importance of budgeting. Then, in April, our own Dan Powicki dressed up as Ben Franklin and visited Wright, St. Pius and Summit Elementary schools. Walk To End Alzheimer s As the weather started to warm up employees were eager to get out-and-about, rallying employee lead teams to participate in the March of Dimes Walk, the JDRF Walk to Cure Diabetes, the Walk to End Alzheimer s, the Light the Night Walk in Iowa City and the Especially for You Race Against Breast Cancer. In June, employees represented the Credit Union at the Summer of the Arts Free Movie Series in Iowa City, our C Street location hosted a community appreciation day and the Cedar Falls staff represented the Credit Union at Cedar Falls annual Sturgis Falls Celebration. Kirby Kangaroo Club members made a splash at the annual pool party the first weekend in August and employees swayed to the sweet sound of jazz on Thursday nights at Jazz Under the Stars. Summer Of The Arts Summer came and went and in October, our 42nd Street location hosted their annual Trick-or-Treat event. Employees had a great time decorating their offices, dressing in costume and handing out candy to the kiddos. We wrapped up 2014 spreading holiday cheer ringing bells for the Salvation Army, hosted a Toys-for-Tots toy drive and gave 32 kids in the Four Oaks program a happy holiday. Money Smart Week First Mortgages and ATM Cards 1983 Investment Services 1988 Audio Response Telephone System makes accounts available 24/ Assets exceed $200 million 1981 Savings Plus 1984 Assets exceed $100 million 1990 Credit Cards 1996

15 16 Volunteer Hours Through the Credit Union s professional development program, Empower U, our employees volunteered over 3,200 hours at various non-profit organizations throughout the communities we serve. Light The Night Walk Not only did our employees volunteer at a variety of local non-profit organizations, but they also participated in internal initiatives lead by the Credit Union s Community Action Committee. In 2014, the Community Action Committee organized daffodil sales to raise money for the American Cancer Society, hosted two summer charity cookouts and organized a family feed at the Ronald McDonald House in Iowa City. Ronald McDonald House Our employees volunteered over 3,200 hours in our communities. Salvation Army 1997 Credit Union is granted community charter and becomes Collins Community Credit Union 1999 Assets exceed $300 million 2006 Membership expanded to included Keokuk, Washington, Muscatine and Louisa counties 2008 Credit Union website launched and begins offering Visa Debit Cards 1998 Online Banking and Electronic Bill Pay Introduced 2002 Assets exceed $400 million 2008 Advantage Checking

16 S YEARS OF SAV IN G Help us years of savings! Sunday, July 19, :00-4:00 p.m. Veteran s Memorial Stadium Kenwood Teaching Teams The Board of Directors, Management and Staff would like to thank you for your membership. Whether you ve been a member for many years, or a short time, you are very important to us! Please join us for this special 75th anniversary event in your honor. Enjoy free food, fun games for the kids and a movie on the big screen! Proof of CU membership will be required at the gate. A membership card, checkbook, ATM/Debit Card, Credit Card or account statement will be accepted. Kenwood Teaching Teams CELEBRATING YOU SAVE. WE GIVE. Kenwood Teaching Teams Mobile Banking 2011 StartFresh Checking 2013 Credit Union opens Home Loan Center in Cedar Falls 2014 Credit Union Celebrates 75 Years of Savings 2010 Instant Issue Debit Cards at 42nd Street location 2012 Membership expanded to 15 additional counties 2014 Credit Union expands to four additional counties and merges with Federal Employees CU adding two Des Moines locations 2015

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18 For all your financial needs, all you need is us! Cedar Rapids Cedar Falls Des Moines Dubuque Iowa City North Liberty Marion