YOUR FINANCIAL GUARDIAN ANGEL

Transcription

1 YOUR FINANCIAL GUARDIAN ANGEL 47 TH ANNUAL REPORT APRIL 24, 2016

2 REPORT TO THE MEMBERSHIP Change does not change tradition. It strengthens it. Change is a challenge and an opportunity, not a threat. ~Prince Philip of England At Oceanside Christopher, we are proud of the changes we experienced in 2015 and we are looking forward to the changes we are making in At the heart of every decision we make is you, our member-owners. You come first in everything we do. Once again, we are proud to announce that 2015 was a financially sound year for Oceanside Christopher with earnings topping $1,532,954 and assets growing to $297,926,308. We also saw an increase in new member growth, reaching 14,234 members by year-end. Our capital ratio remained strong, as well, at 9.07%. We continued our relationship with the Diocese of Rockville Centre in 2015 and were proud to be the title sponsor of the First Annual Family Fest that was hosted by the Vocations Department of the Diocese. In 2016, we will continue to work with the Diocese as well as individual parishes and Catholics everywhere to increase membership and to support various projects and partnerships. In 2015, Oceanside Christopher again donated more than $25,000 to participating parishes through our Revenue Sharing Program. Since the start of this program in 2011, we have donated more than $146,000. We will be reviewing this program in 2016 to ensure the participating parishes are receiving all they can. At Oceanside Christopher, we have made the strategic decision to review some of the lending products we provide to guarantee they are the best they can possibly be for you. Technology has been, and will continue to be, a focus for your credit union. We added Remote Check Deposit to our menu of electronic services which has been used more than 6,800 times since its launch. We also saw an increase to the members using our Mobile App on their smartphones. In 2016, we will be looking to upgrade Mobile Banking, Online Banking and our Bill Pay system so it is easier for you to use. We have begun the research to redesign our website. Our new site will be cleaner and more streamlined for you to find what you are looking for more consistently, or simply to provide you with quicker access to sign into your Online Banking account. We anticipate this being available later in We have hinted at a rebrand for a long time and we anticipate moving forward with it in As you may know, we took our time in making this decision and considered your input from surveys and focus groups that occurred in These research studies, conducted during that discovery process, provided us with the details and feedback needed to continue to be a successful financial institution for you, as well as for other potential members of the Catholic community. We are enthusiastic about the year ahead of us. On behalf of everyone at Oceanside Christopher Federal Credit Union, thank you for your continued support, loyalty and membership. Kevin Timoney Chairman of the Board Joseph Garay President / CEO

3 GROWTH CHARTS: Continuous Strength and Stability for Decades MEMBERSHIP GROWTH ASSET SIZE (in Millions) NUMBER OF MEMBERS 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 $300 $290 $280 $270 $260 $250 $240 $230 $220 14,234 13,471 12,615 12,064 11, ASSET GROWTH $298 $283 $279 $281 $ SUPERVISORY COMMITTEE The Supervisory Committee is appointed by the Board of s and consists of independent volunteers who work on the members behalf to ensure management practices and procedures safeguard members assets. The Committee: Oversees financial reporting and coordinates both internal and annual financial statement audits. Ensures compliance with the National Credit Union Administration (NCUA) and other federal regulations. Makes sure certain member complaints are thoroughly investigated, responded to and reported to the Board when necessary. The Committee engaged Nawrocki Smith LLP to conduct the 2015 annual audit. The audit resulted in an unmodified opinion on the accuracy of financial statements for the year ended December 31, OCFCU SUPERVISORY COMMITTEE P.O. Box 431, Oceanside, NY Michael S. Sloan, Committee Chairman Stephen Rochford, Committee Member Jay T. Korth, Committee Member

4 FINANCIAL HIGHLIGHTS Statements of Financial Condition Assets Cash and cash equivalents $41,585,486 $24,517,622 Investment securities: Available for sale, net $71,571,754 $74,084,084 Held to maturity, net $1,430,390 $2,457,109 Federal Home Loan Bank of New York stock $279,100 $257,000 Alloya Corporate Credit Union capital shares $80,000 $80,000 Loans receivable, net of allowance for loan loss $172,247,243 $170,292,934 Accrued interest receivable $758,287 $788,522 Foreclosed real estate $543,384 - Premises and equipment, net $4,360,933 $4,519,477 National Credit Union Share Insurance Fund deposit $2,552,680 $2,524,877 Prepaid expenses and other assets $2,517,051 $3,201,222 Total assets $297,926,308 $282,722,847 Liabilities Members shares and savings accounts $272,948,763 $258,509,164 Accrued expenses and other liabilities $704,760 $904,502 Total liabilities $273,653,523 $259,413,666 Members Equity Appropriated regular reserve $1,007,161 $1,007,161 Unappropriated earnings $26,006,910 $24,473,956 Accumulated other comprehensive income (loss) $(2,741,286) $(2,171,936) Total Members equity $24,272,785 $23,309,181 Total liabilities and members equity $297,926,308 $282,722,847 Statements of Income As of December 31, For the years ended December 31, Interest Income Interest on loans receivable $6,855,727 $6,633,731 Interest on investments $1,617,905 $1,676,553 Total interest income $8,473,632 $8,310,284 Interest Expense Members shares and savings accounts $1,797,914 $1,709,692 Net interest income $6,675,718 $6,600,592 Provision for Loan Losses $536,688 $278,276 Net interest income after provision for loan losses $6,139,030 $6,322,316 Non-Interest Income Other operating income $603,097 $608,412 Fee income and charges $442,233 $427,535 Gain on sale of investments $27,165 $104,506 Gain (loss) on sale of other real estate owned $(100,844) $1,862 Total non-interest income $971,651 $1,142,315 Non-Interest Expense Compensation and benefits $2,570,715 $2,427,410 Occupancy and operations $1,140,373 $1,162,643 Professional and outside serves $840,306 $560,879 Depreciation $308,109 $328,590 Education and promotion $278,233 $328,303 Loan service fees $231,796 $184,339 Travel and conference $72,948 $62,713 Examination and supervision fees $51,693 $51,929 Mischellaneous operating expense $83,554 $49,007 Total non-interest expense $5,577,727 $5,155,813 Net Income $1,532,954 $2,308,818

5 CREDIT UNION LEADERSHIP BOARD OF DIRECTORS Kevin Timoney Chairman Donald Maresca Vice Chairman Jay T. Korth Thomas O Brien Patrick Smith Paul Wigand Muriel Steigerwald Gennosa Secretary/Treasurer COUNSEL John Morgan, Esq. Thomas Gandolfo, Esq. MANAGEMENT Joseph Garay President/CEO Lisa Mingoia Chief Financial Officer Maureen Genna Chief Operating Officer STAFF Jennifer Abrams Jennifer Fort Graphic Designer James Ruescher Supervisor Edward Bolmarcich Assistant Manager, Lending David Franco, IT Marie Rullo Assistant Manager, Lending Elizabeth Jane Brennan Daniel Goosk Assistant Manager, Lending Nancy Scavone Senior Accountant Eileen Cahill Staff Accountant Gail Jackson Supervisor Jennifer Stone Manager, Human Resources Barbara Casap Card Services Rep Theresa Clark Supervisor Kathy Cuervo Powers Assistant Manager, Loan Servicing Patricia Daley Manager, Marketing Paul Delaney Lorraine Keegan Accounting Assistant/ Legal Michael Levy IT Support Technician Elizabeth Lora Kara Mannossos Brian Nnadi Carol Stuber Card Services Rep Michael Torres IT Support Technician Ryan Wasson Deb Weidler Recovery Specialist Rudy Zilli, Member Services Norma DeJesus Gary Olson Recovery Specialist Rose Eifler Carmella Pacifico Supervisor

6 MEMORIES AND MILESTONES Oceanside Christopher once again collected food in Donations were made to St. Anthony s and St. William the Abbot. The food collected fed more than 150 families over the holiday season. 2. OCFCU Board Vice Chairman Don Maresca with two of the 2015 Patrick McNeill Memorial Scholarship winners, Kimberly McCann and Kathryn Stallone. Not Pictured: Stevie Schuessler and William Fox. 3. Kevin with his friend, the 2015 Seaford winners of the Giant Plush Teddy Bear and wagon of toys. 4. Bella, age 5, a winner of the Giant Plush Teddy Bear and wagon of toys at the Oceanside Branch 5. Three-year old Holly was a second winner of the Giant Plush Teddy Bear and wagon of toys at the Oceanside Branch 6. Oceanside Christopher sponsored Family Fest, hosted by the Diocese of Rockville Centre at the Seminary of the Immaculate Conception. Maureen Genna, Tricia Daley and Mike Levy (not pictured) represented the credit union at the event. 7. Oceanside Christopher started 2015 being honored by the Oceanside Chamber of Commerce as Business of the Year. President/CEO Joseph Garay and Board Chairman Kevin Timoney accepted the honor on behalf of the credit union. Pictured (l. to r.): Tom Lanning (Oceanside Chamber of Commerce President), Bill Kallinikos (Citizen of the Year), Dari Goldman (Student of the Year), Joseph Garay (OCFCU President/CEO), Kevin Timoney (OCFCU Board Chairman) Oceanside Branch Seaford Branch 45 Atlantic Avenue 4050 Merrick Road Oceanside, NY Seaford, NY