annual report - libertyone credit union · 2020-03-24 · annual report this credit union is...
TRANSCRIPT
2019Annual REPORT
This credit union is federally insured by the National Credit Union Administration
Board of Directors
Credit Union Staff
David WilliamsonTerm Expiration: April 2021Chair
Jacqueline DixonTerm Expiration: April 2021Vice Chair
Charley RamirezTerm Expiration: April 2023Treasurer
Linda KunzeTerm Expiration: April 2022Secretary
Steve HammondsTerm Expiration: April 2023Director
Don RaweTerm Expiration: April 2021Director
Calvin SmithTerm Expiration: April 2023Director
Dedric AyoAdvisory Director
Martha GarciaAdvisory Director
Melody CalhounLinda CarmonaAngelia CarterRolando DallasJorge EscaleraGloria EscobarBrad FergusonDonna Fullen
Mike FunkSimona HerrickTwasha HudsonCindy JohnsonRyan JonesJennifer KahanKarla LopezMisti Martin
Candice MillsTina MorganAshley PostellKim PurintunMinerva SierraHolly StipeDon Waddell
AgendaCall to Order
David Williamson, Board Chair
InvocationCalvin Smith, Director
Determination of QuorumLinda Kunze, Board Secretary
Reading of 2018 Annual Meeting MinutesLinda Kunze, Board Secretary
Comments from the ChairDavid Williamson, Board Chair
Comments from the PresidentMike Funk, President
New BusinessDavid Williamson, Board Chair
Unfinished BusinessDavid Williamson, Board Chair
Report of Nominating CommitteeDon Rawe, Director
Door PrizesCalvin Smith, Director
Adjournment
Comments from theChairman of the Board
It has been a privilege to serve you as the Chairman of the Board of LibertyOne Credit Union this past year. It truly feels like we are one, big, happy family.
We are a not-for-profit financial cooperative owned by our members and everyone has an equal membership share, regardless of the amount on deposit. By pooling resources, we can help each other with low-cost financial services. We are not working for a group of stockholders. We are working for each other.
LibertyOne has consistently been one of the strongest credit unions in the state and continues that tradition today with a very strong capital position. Through strong leadership, customer focus, and prudent decision making, LibertyOne continues to be a very sound and solid financial institution.
We are a credit union that is focused on serving our membership. The decisions made by the Board of Directors and the management staff focus on how we can improve the quality of life for our members. This continues to result in low loan rates for borrowers and above market deposit rates for savers.
But there is more. Our 5-Star Program can further reduce loan rates and further increase deposit rates. Great auto loan rates and frequent loan specials, full family membership, mobile banking/online banking, free ATMs, discount event tickets and more are some of our benefits.
I really like our focus on providing personal service and helping people. All levels of the organization have this focus. You have a dedicated Board of Directors that cares how the members are treated and how the organization can positively impact member’s lives. You have an excellent management team, starting with Mike Funk the President, and continuing with the rest of the management team. And you have top quality employees that execute the day to day operations to make your credit union the best it can be. As a Board member, I hear many stories of how we helped a member when no one else would. That is the credit union difference and I think LibertyOne does an excellent job for you in this area.
I am proud to be a member of LibertyOne. I am proud to serve with the quality and talented people that run LibertyOne. And I am proud to have a membership that embraces the cooperative philosophy and works to benefit one another.
Sincerely,
David WilliamsonChairman of the Board
Financial Highlights
Distribution of Earnings
INCOME 2018 2019Interest from Loans $3,771,185.15 $4,089,668.58 Income from Investments $727,092.14 $760,618.67 Other Operating Income $1,298,904.79 $1,162,220.81 Total Income $5,797,182.08 $6,012,508.06
Non-Operating Gains or Losses $0.00 $200Dividend on Deposits $1,475,313.03 $1,646,705.39
NET INCOME $698,524.91 $565,866.78
EXPENSE 2018 2019Employee Compensation $1,386,496.33 $1,458,894.16 Employee Benefits $363,343.48 $426,696.08 Travel & Conference Expense $103,729.91 $89,480.57 Office Operations Expense $816,046.25 $824,247.75 Education & Promo Expenses $109,565.80 $117,103.77 Loan Servicing Expense $123,465.39 $172,419.01 Professional and Outside Services $259,930.27 $260,884.71 Provision for Loan Losses $362,027.82 $328,645.47 Operating Fees $20,426.00 $20,738.33 Miscellaneous Expenses $78,312.89 $101,026.04 Total Operating Expense $3,623,344.14 $3,800,135.89
Interest Paid to Members $1,646,705 $0.27
Expenses $3,799,936 $0.64
Net Income $565,867 $0.09
$6,012,508 $1.00
@p64
@p09@p27
Expenses64%
NetIncome
9%
Interest Paidto Members
27%
Comments from the President
Your credit union had another good year in 2019…..thanks to you!! YOU deposit funds that other members borrow and that cooperative philosophy makes us unique and makes us all family!
Early in 2019, federal workers were furloughed – we were there to help out with 0% Furlough Loans and Furlough Skip-A-Payments. We also started issuing instant issue debit cards to help our members have access to their accounts and their money more quickly. We had our first-ever OBEMOCATS…in July! promotion and made over $6 million in loans to our members that month! At last year’s Annual Membership Meeting, we announced our association with Canine Companions for Independence, a non-profit organization that enhances the lives of adults, children and veterans with disabilities by providing expertly trained assistance dogs free of charge! The credit union and its employees donated money and time to helping this great cause and we also participated in a Dog Walk Fundraiser late in the year.
In 2020, LibertyOne will be donating 1% of our net income each month to Canine Companions and we will soon have a Canine Companions debit card available to our members where every swipe of the card generates a donation to this wonderful cause. Our employees and Board members will also be participating in DogFest later this year as a form of support.
Canine Companions has been around since 1975 providing assistance dogs who also serve as the owner’s best friend. They open up new possibilities and new opportunities and spread incredible joy! Here are a few of their core values: Team-work – We believe in the joyful, transformative power of the human-canine partner-ship. Integrity – We do what is right, guided by honesty, accountability and sincerity. Excellence – We conduct ourselves with professionalism in pursuit of the highest standards.
If you are interested in learning more about Canine Companions for Independence, go to www.cci.org and you’ll find plenty of opportunities to either beinvolved or just educate yourself about this wonderful organization. LibertyOne will also be doing its part to give back and you’ll also have opportunities to join us in supporting them.
We’ll be there throughout the year for you as well, just like we were when many of our members were furloughed last year. This is your credit union and we’re here to serve you.
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 FunkPresident
Total Reserves (in millions)
Total Deposits (in millions)
2015 2016 2017 2018 2019
2015 2016 2017 2018 2019
$13,143,861
$98,533,181
$104,902,075
$113,128,027 $117,299,395
$117,641,941
$13,450,831 $13,751,648
$14,250,409
$15,482,601
$120
$110
$100
$90
$80
$16
$15
$14
$13
$12
$2,056,758JAN
$3,651,723FEB
$2,764,956MAR
$2,695,147APR
$2,517,464MAY
$2,688,177JUN
$7,050,828JUL
$4,370,154AUG
$3,038,858SEP
$7,247,759OCT
$4,078,115NOV
$3,044,901DEC
2019 NEW LOANS Balance Sheet - Assets
PERSONAL LOANS
New Car 570 $12,954,628.06 Used Car 2,200 $ 38,207,410.28Boats,Motorcylces, RV 173 $ 3,799,110.10Signature 2,777 $ 7,114,330.24Credit Cards 2,323 $ 2,881,502.52First Mortgage 280 $ 26,121,215.18 Home Equity 199 $ 6,755,084.89 Other Loans 104 $ 1,899,078.12
Total Personal Loans 8,626 $ 99,732,359.39 Allow. for Loan Losses ($535,346.99)
Net Personal Loans $ 99,197,012.40
CASH
Total Cash on Hand $ 422,194.92
INVESTMENTS
CACU Funds Adv. $2,857,127.74 Banks and S&Ls $19,482,092.48 NCUSIF $1,071,542.97 U.S. Gov't & Agencies $ 10,014,489.31 Unrealized Gain/Loss $142,201.92Other Investments $0.00
Total Investments $33,567,454.42
FIXED ASSETS
Furniture & Fixtures $ 30,513.31 Leasehold Improvements $3,623.96 Computer Equipment $21,433.10
Total Fixed Assets $ 55,570.37
OTHER ASSETS
Total Other Assets $ 575,252.44
TOTAL ASSETS $133,817,484.55
Balance Sheet - Liabilities & Equity
ACCOUNTS PAYABLE
Accounts Payable $359,792.57 Notes Payable $0.00Taxes Payable $ 3,066.87 Total Accounts Payable $ 362,859.44
ACCRUED INTEREST PAYABLE
Share Savings $0.00IRA Certificates $7,799.51 Regular Certificates $49,355.08 Total Accrued Interest $57,154.59
OTHER LIABILITIES
Accrued Expenses $125,652.15 Outstanding Checks $682,623.35 Other Liabilities $0.00Total Other Liabilities $808,275.50
MEMBERSHIP EQUITY
Share Savings $ 54,529,208.18 Christmas Club $ 34,967.52 Free Checking $ 2,299,833.34 Prime Checking $ 8,556,749.52 IRA Savings $ 1,160,391.16 IRA Certificates $7,199,492.82 Regular Certificates $43,861,298.47 Total Membership Equity $117,641,941.01
RESERVES
Regular Reserves $ 1,536,891.07 Undivided Earnings $12,702,294.24 Investment Allowance $ 142,201.92YTD Net Income $565,866.78 Total Reserves $ 14,947,254.01
TOTAL LIABILITIES AND EQUITY $133,817,484.55
Total Membership Equity
Total Personal Loans
Savings 46.38%
Checking 9.23%
IRA 7.11%
Regular CD 37.28%
100.00%
New Car 13.00%
Used Car 42.12%
Signature 7.13%
Credit Card 2.89%
Mortgage 32.96%
Other Loans 1.90%
100.00%
Checking9.23%
Signature7.13%
Credit Card2.89%
Other Loans1.90%
IRA7.11%
Regular CD37.28% Savings
46.38%
Used Car42.12%
New Car13.00%
Mortgage32.96%
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 Center1100 Commerce Street, Ste. 615
Dallas, TX 75242
Farmers Branch Service Center4050 Alpha Road, Ste. 120Farmers Branch, TX 75244
Arlington Service Center2221 E. Lamar Blvd, Ste. 110
Arlington, TX 76006
24 Hour Telephone Teller214-413-5588 option 1800-672-1320 option 1
Phone: 214-413-5588 | 800-672-1320
Fax: 214-752-2499
Home Loans: 832-912-2151
Mastercard Customer Service: 800-442-4757 | www.gotomycard.com
Email: [email protected]
www.libertyonecu.comThe Credit Union for Federal Employees and Their Families