2015 Annual Report. Federally insured by NCUA
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1 2015 Annual Report Federally insured by NCUA
2 Purpose Bringing Your Dreams to Reality! Mission Statement Southland Credit Union is dedicated to exceptional Member service resulting in superior financial strength, offering convenience, courtesy, and valued solutions. Vision Southland Credit Union will be a dynamic, innovative and exemplary financial institution dedicated to meeting the needs of its Members. Core Values Provide exceptional service with integrity, honesty and creativity. Provide staff with an atmosphere of respect, education, and career growth. 2
3 Table of Contents Board of Directors & Supervisory Committee...4 Executive Team...5 Board Chair & President s Message...6 Our Community...8 Consolidated Statements of Financial Condition Consolidated Statements of Income Treasurer s Report Supervisory Committee Report
4 Leadership Board of Directors Walter Finnigan Board Chair Annie Perez Vice Chair Angie Avery Secretary/Treasurer Dolores M. Arriola Director Robert L. Hale Director Jose L. Manzano Director Bradley P. Silcox Director G. David Mills Director-Emeritus Supervisory Committee 4 Morris J. Litwack Committee Chair Thomas H. Willingham Committee Member
5 Executive Team Ferris R. Foster President & CEO Thomas G. Lent, CPA Executive Vice President & CFO Rene M. LeJay Senior Vice President & COO Curt A. Bannock Vice President & CIO Matthew P. Herrick Vice President of Sales & Marketing Patty Jimenez Vice President of Lending Cynthia E. Smolinski Vice President of Human Resources Bertrand Villavert Vice President & Controller 5
6 Board Chair & President s Message Trusted Loyalty Southland Credit Union has been and continues to maintain a prominent position as one of the strongest credit unions in America. Because of your strong loyalty and support, along with our sound lending practices, conservative financial practices and effective resource management, we exceeded almost every one of our financial and operational goals for the year. We ended the year with a net income of $1.8 million while maintaining a strong net worth ratio of eleven percent a figure well above the seven percent requirement which by the Federal Regulators is considered well capitalized. Our success is in large part because of you, our valued Member, who continues to inspire us to do even more than we ever thought possible. For example, we funded more than $100 million in home loans, opened over 4,000 new checking accounts, added over 4,700 new Members, and paid over $1.3 million in dividends to our Members. Innovation and Excellence Of all of our many accomplishments in 2015, the single most important one of all is knowing we have earned and exceeded your satisfaction with your Credit Union. Our most recent survey revealed that over 97% of our Members were either satisfied or very satisfied with the service they received from Southland. This score places Southland solidly within the top five percent of all credit unions in the nation. We are honored and grateful to know we have not only earned the trust you placed with us, but have also performed for you with such an outstanding level of excellence. In 2015, we introduced a new Relationship Rewards program providing several additional benefits to our Members who participate in multiple financial services with us. We also completed a major, state-of-the-art upgrade to our website and made significant investments in our eservices, bringing solutions for your everyday financial requirements. Each of these enhancements complement our partnership with CO-OP Financial Services, providing you with more than 5,000 shared branch locations and nearly 30,000 ATMs throughout the country. With these new enhancements, we have better positioned ourselves to be even more competitive with other financial institutions both in convenience and personalized service. Our personalization coupled with our innovative solutions with excellence allow us to respond even quicker and more Walter Finnigan Board Chair, Board of Directors 6
7 effectively to whatever your financial requirements might be. In 2015, we provided more financial education workshops than ever before. These workshops were conducted in response to our Members requests to learn more of how to take advantage of business opportunities in order to build financially secure futures for themselves and their families. We also increased the staff levels in our telephone service center to lower the call wait times in order to exceed the level of service you expect from us. We do not measure the value we bring to our Members exclusively through our financial performance as an institution, but, more importantly, it is through the value of our financial products and services and the convenience of our delivery systems to you. We have created a strong culture of innovation and excellence in banking, with our staff serving as the catalysts in assisting our Members to maximize their full financial potential. Power of Potential Our goal is simple we want to be the first and only financial institution you think of and rely on for every financial milestone in your life. We know accomplishing this is not an easy task but we fully embrace the challenge. However, we are confident that staying laser-focused on the intersection of strength, potential and value to our Members will ensure our achievement of that goal. We will continue to embrace change through enhancing our products and delivery channels, improving our internal processes, staying in close touch with our Members financial needs and the continual delivery of state-of-the-art solutions with the highest value to our Members. Education Foundation Title sponsor of Los Alamitos Race on the Base Title sponsor of the Seal Beach Christmas parade Sponsor the Los Alamitos Wings, Wheels and Rotors Expo Sponsor of Run Seal Beach Cypress Police Foundation Concerts in the Park Downey Kids Day Walk to End Alzheimer s We also thank our many committed employees who provided their time, talent and financial resources to support these programs. Our Future Southland is well positioned for growth as the economic environment continues to show signs of steady improvement. Our Members look for a strong and stable credit union to collaborate with in the achievement of their financial goals and objectives. Thank you for your continued business and ongoing support of your credit union. We look forward to a prosperous future together. Our Communities In addition to helping our Members achieve their potential, Southland is also a compassionate and community-centric Credit Union helping several communities achieve their potential, visions and dreams. For instance, in 2015 we participated in numerous community events, a few being: Winning the King of Hearts campaign for Los Alamitos Ferris R. Foster President and Chief Executive Officer 7
8 Our Community A strong community is made through the active participation of local businesses. That is why Southland Credit Union is committed to supporting our local communities. Our Associates volunteer and support our community throughout the year with various charities, toy drives, food drives, women and children s causes, local school programs, community events, and many other important community needs. Through helping support local non-profits, community projects and our schools, Southland is a partner in improving the areas our Members live, work, worship and attend school. Open House, LA Federal Branch Southland Sponsored Team Southland Events January December 2015: 34th Annual Race on the Base - February 28 Run Seal Beach - March 21 Southland Annual Membership Meeting - March 26 LA Federal Building Branch Open House - March 30 Downey Street Faire April 11 Downey Kids Day May 9 Garden Grove Strawberry Stomp May 23 Liver Walk June 27 Cypress 5k and Festival July 25 Los Alamitos School Ghoul October 11 Seal Beach Centennial Celebration October 24 Los Alamitos Wings Wheels & Rotors October 25 21st Annual Santa Monica New Heroes Celebration October 26 Walk to End Alzheimer s November 14 Seal Beach Christmas Parade December 4 Los Alamitos Winter Wonderland December 5 Downey Street Faire, Downey Run Seal Beach, Seal Beach Strawberry Stomp, Garden Grove Annual Membership Meeting, Ay 8 Seal Beach Christmas Parade Cypress 5k and Festival, Cypress
9 Proudly Serving the Employees of over 300 Companies res Hotel PROVIDENCE ST. JOHN S HOSPITAL MILITARY PERSONNEL OF THE FORMER MARINE CORPS AIR STATION EL TORO SANTA MONICA CITY EMPLOYEES RETIRED EMPLOYEES OF LOS ANGELES COUNTY (RELAC) INTERNAL REVENUE SERVICE HANSEN & ADKINS AUTO TRANSPORT INC. LOS ANGELES COUNTY BAR ASSOCIATION LOS ANGELES PARALEGAL ASSOCIATION GREATER LOS ANGELES ASSOCIATION OF LEGAL ADMINISTRATORS (GLA ALA) LOS ANGELES TIMES LOS ANGELES COUNTY SANITATION DISTRICT LA COUNTY DEPARTMENT OF PARKS & RECREATION LA COUNTY DEPARTMENT OF MENTAL HEALTH LA COUNTY HOUSING AUTHORITY/COMMUNITY DEVELOPMENT COMMISSION HYDRAFLOW USA ROYAL PAPER BOX CO. HATHAWAY-SYCAMORES CHILD & FAMILY SERVICES BIENVENIDOS COMMUNITY HEALTH CENTER LA FREIGHTLINER TARZANA TREATMENT CENTER, INC REGAL MEDICAL GROUP LAKESIDE COMMUNITY HEALTHCARE MEDICAL GROUP U.S. MARSHALL SERVICES U.S. BANKRUPTCY COURT AND DISTRICT COURTS U.S. DEPARTMENT OF HOMELAND SECURITY 9
10 Financials Consolidated Statements of Financial Condition As of December 31, 2015 and 2014 (in thousands) (unaudited) Assets Cash and Cash Equivalents $ 69,270 $ 42,138 Investment Securities: Available-For-Sale 74,068 65,349 Other Investments 14,665 29,745 Federal Home Loan Bank Stock 2,191 2,176 Loans to Members, Net of the Allowance for Loan Losses 379, ,873 Accrued Interest Receivable 1,374 1,428 NCUSIF Deposit 4,899 4,917 Property and Equipment, Net 11,386 12,214 Other Assets 21,500 20,091 TOTAL ASSETS $ 579,227 $ 567,931 Liabilities Members Shares and Savings Accounts $ 508,726 $ 499,727 Accounts Payable and Other Liabilities 7,055 6,461 TOTAL LIABILITIES 515, ,188 Members Equity Regular Reserve 12,887 12,887 Undivided Earnings 43,946 42,158 Equity Acquired in Merger 7,221 7,221 Accumulated Other Comprehensive Income (608) (523) TOTAL MEMBERS EQUITY 63,446 61,743 TOTAL LIABILITIES AND MEMBERS EQUITY $ 579,227 $ 567,931 10
11 Consolidated Statements of Income For the years ended December 31, 2015 and 2014 (in thousands) (unaudited) Interest Income Loans to Members $ ,638 $ ,436 Investment Securities and Cash Equivalents 1,326 1,087 Total Interest Income 19,964 17,523 Interest Expense Members Shares and Savings Accounts 1,301 1,489 Net Interest Income 18,663 16,034 Provision for Loan Losses Net Interest Income After Provision for Loan Losses 17,711 15,260 Non-Interest Income Fees and Charges 5,128 4,299 Other Non-Interest Income 2,131 1,748 Other Non-Interest Gains Total Non-Interest Income 7,313 6,555 Income Before Non-Interest Expense 25,024 21,815 Non-Interest Expense Compensation and Benefits 12,048 10,514 Operations 8,202 7,085 Occupancy 2,986 2,566 Total Non-Interest Expense 23,236 20,165 NET INCOME $ 1,788 $ 1,650 11
12 Report Treasurer s Report Your volunteer Board of Directors and Supervisory Committee Members work diligently to ensure the continued safety and soundness of the Credit Union and we thank you for your membership. In 2015, Southland built upon its solid foundation of financial strength by focusing on its core values as well as identifying and acting upon opportunities to improve Member service. Total assets increased $11.3 million this year and are now $579 million, a new all-time high. At the same time, the Net Worth Ratio improved to 11.05%, which is significantly higher than the 7% regulatory minimum to be considered well-capitalized. Net loan balances decreased $10 million to $380 million while Member deposits increased $9 million to $509 million. Although net loan balances decreased, 7,900 loans were funded in 2015 totaling more than $180 million. The net loan decline is due to the fact that a majority of fixed-rate mortgage loans continue to be sold on the secondary market by the Credit Union to reduce the exposure to any interest rate risk in the event interest rates increase. These sold loans continue to be serviced by the Credit Union and total another $169 million, bringing total loans serviced to $549 million. Net income for 2015 was nearly $1.8 million, an improvement of 8% over We also returned $1.3 million in dividends and interest to our Members. Southland Credit Union is in excellent financial condition, and is poised for continued success and future growth. We thank you for allowing us to serve you and look forward to an exciting and innovative You can be proud of the many accomplishments attained in the past years while being assured the future of Southland Credit Union is looking brighter. Sincerely, Angie Avery Secretary/Treasurer Board of Directors 12
13 $154,855 $124,275 $109,995 $102,771 $9,521 $7,311 13
14 Report Supervisory Committee Report The Supervisory Committee is comprised of three volunteers who are elected by the membership. The Committee is primarily responsible for assisting the Southland Board of Directors in fulfilling its oversight responsibility of providing an independent appraisal of the safety and soundness of the operations and activities of the Credit Union. In carrying out this responsibility, the Committee meets with the federal and state regulatory agencies during their routine examinations, and engages and oversees the internal and external audits and verification of accounts performed by two nationally recognized CPA firms. The Independent Auditor s Report as of and for the years ended December 31, 2015 and 2014 indicated that the Credit Union s financial statements are fairly stated in accordance with generally accepted accounting principles. It is the opinion of the Supervisory Committee that your Credit Union is financially strong, complies with sound business practices, and has effective internal controls to adequately protect and safeguard the Members assets. Sincerely, Morris J. Litwack Committee Chair Supervisory Committee 14
15 $154,237 $122,289 $53,726 $28,953 $10,279 $8,405 $3,201 $2,564 15
16 DOWNEY 8545 Florence Ave. Downey, CA GARDEN GROVE Euclid St. Garden Grove, CA LOS ALAMITOS (Corporate Office) Los Alamitos Blvd. Los Alamitos, CA BRANCHES LOS ANGELES 200 S. Spring St. Los Angeles, CA LOS ANGELES (Federal Building) 300 N. Los Angeles St. Los Angeles, CA SANTA MONICA 525 Santa Monica Blvd. Santa Monica, CA SANTA MONICA (St. John s Branch) 2020 Santa Monica Blvd. Koll Building Third Floor Santa Monica, CA SHARED BRANCHING Access to over 5,000 shared branch locations Nationwide. ATMs 30,000 Surcharge-FREE ATMs Nationwide, that s more FREE ATMs than the largest banking network. To find a Shared Branch or ATM near you, visit P.O. Box 3003 Los Alamitos, CA
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