Enjoy Life. Bank Easier. - NuVision Federal Credit Union

Enjoy Life. Bank Easier.
2015 Annual Report
“Great things in business are never done by one person.
They’re done by a team of people.”
Steve Jobs
A Message from Jim Meyer, Chairman of the Board & Roger Ballard, CEO
2015 proved to be an exciting year for NuVision both in terms of growing our business and striving to
become more effective in understanding our members’ needs and providing solutions. We are proud
to make significant progress in anticipating our member’s financial needs and providing the best products
and services in the industry to match those needs. NuVision remains successful because of the
outstanding support of our members/owners and our dedicated team members who work each day
to create a great experience for our members.
Loans to members have increased significantly. For 2015, our total loans to member assets have
grown to over $926 million. We are now the second largest credit union in Orange County and continue
to grow!
Jim Meyer
Chairman of the Board
Enhancing Systems. A significant milestone in 2015 was the conversion of our Core Financial Service
Systems. This allows NuVision to provide future product enhancements for members and better
organization of member data.
Demonstrated commitment to our communities. We dedicated our time and resources to numerous
local non-profit organizations, because we know that it is our local relationships that make us stand out
from big national banks.
A Look towards the Future. With the guidance of an exceptional group of Board Members and a great
team of talented and dedicated employees, NuVision is working to improve our member experience
to become best in the industry.
We’ll continue to focus on member centric improvements such as:
Debit and credit cards — Enhance security as well as features and benefits.
Online and mobile banking — Implement new tools that deliver security, convenience
and personal customization.
Community involvement — Dedicate time, money and resources to help strengthen the fabric
of our communities.
Roger Ballard
Chief Executive Officer
2015 Annual Report NuVision Federal Credit Union
Strengthening Membership. We made significant progress towards strengthening relationships
with more than 80,000 members. We introduced a new Relationship Checking product suite in 2015.
It provides complimentary checking for those members who continue to utilize NuVision as their
important financial partner.
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Asset Growth
New Technology
Member assets grew to
more than $1.37 billion
in 2015
Upgrades of our core financial
service systems provided a
robust platform for banking
and other member services
Strengthening
Membership
2015 Annual Report NuVision Federal Credit Union
Membership ended
at over 83,000
members in 2015
2
Lending Growth
Loans grew to more
than $926 million
in 2015
Building Success
Thank you for your business and your support
as a member and an owner of NuVision
Federal Credit Union.
NuVision is now the
second largest credit
union in Orange County
Treasurer’s Report
As your credit union, our goal is to serve all your financial needs. In 2015, because of your
business and support as a member and owner of NuVision, we had another exceptionally
strong year. Assets grew $58 million and ended at nearly $1.4 billion; and loans grew over
10 percent to $926 million.
Supervisory Report
It is the responsibility of the Supervisory Committee
to determine that records and reports are prepared in
an accurate and timely manner; internal controls are
established and maintained; the Credit Union’s assets
are safeguarded; and plans, policies and procedures
established by the Board of Directors are properly
administered.
The Committee engaged the firm of RSM to perform
an annual audit of the financial statements, including
a verification of member accounts. In their opinion, the
financial statements as of December 31, 2015 present fairly the financial position
of NuVision Federal Credit Union, its operations and its cash flows in conformity
with accounting principles generally accepted in the United States of America.
A summary of the audited financial statements are included within this Annual Report.
Larry Bertino
Supervisory Committee
Chairman
It is the conclusion of the Supervisory Committee that our credit union is operated
in a safe and sound manner, and that the assets of the membership are being
effectively safeguarded. I would like to thank each of our Committee Members
for their volunteered time and committed efforts during the past year.
In Memoriam:
Donald Clifton Roof
D
D
Donald
Clifton Roof, former Chairman of the Board
of Directors of NuVision passed away on July 27,
o
2015 of natural causes. He was 98 years old.
2
Mr. Roof volunteered for the credit union between
M
1955-2007, serving on the Board of Directors and
1
other positions. The NuVision Board Room is named
o
in honor of Mr. Roof’s service to the credit union.
Glenn Lindquist Harris
G
G
Glenn
Lindquist Harris passed away peacefully
on March 31, 2016 at the age of 90. He retired as
o
Director of Administration for Marketing and Sales
D
for McDonnell Douglas.
fo
M Harris volunteered for the credit union for
Mr.
30 years, serving on the Supervisory Committee.
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2015 Annual Report NuVision Federal Credit Union
Michael Donohue
Treasurer
Results for the year ended with a net income of $7.9 million. Deposits were nearly $1.2 billion and regulatory
capital stands at nearly $169 million, or 12.25 percent of assets. NuVision’s growth remains strong in
comparison to our peers and and significantly above the National Credit Union Administration’s well-capitalized
threshold of 7 percent, thus remaining fiscally safe and secure to serve your future financial needs.
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Financials
Statements of Financial Condition (Thousands of Dollars)
Assets
Cash & Cash Equivalents
Investments
Loans Receivables, Net
Accrued Interest Receivable
Prepaid & Deferred
Property & Equipment
Share Insurance Fund Deposits
Other Assets
12/31/2015
$
Total Assets
74,413
322,801
926,271
3,332
1,604
12,645
11,313
24,262
$1,376,641
12/31/2014
$
70,425
357,443
841,306
3,249
1,001
10,978
10,911
23,287
$1,318,600
Liabilities & Equity
2015 Annual Report NuVision Federal Credit Union
Members’ Deposits
Accrued Expenses & Other Liabilities
TOTAL LIABILITIES
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Members’ Equity
Retained Earnings
Fair Value of Capital Acquired Through Mergers
Accumulated Other Comprehensive Income
Total Liabilities & Members’ Equity
$
1,188,388
34,561
1,222,949
115,971
41,268
(3,547)
$1,376,641
$
1,142,543
28,272
1,170,815
108,056
41,268
(1,539)
$1,318,600
Statements of Income for the Years Ending (Thousands of Dollars)
Interest Income
Interest on Loans Receivable
Income from Investments & Cash Equivalents
12/31/2015
$
43,161
4,632
47,793
12/31/2014
$
41,024
5,023
46,047
Dividends on Members’ Shares
Interest on Borrowed Funds
Net Interest Income
Provision for Loan Losses
Net Interest Income After Provision for Loan Losses
Non-Interest Income
Fees & Other Charges
Miscellaneous Operating Income
Income Before Expenses
General & Administrative Operating Expenses
Salaries & Benefits
Other Operating Expenses
Occupancy
NET INCOME
$
5,738
412
6,150
5,409
341
5,750
41,643
3,070
38,573
40,297
1,614
38,683
5,537
7,406
12,943
51,516
5,677
6,963
12,640
51,323
23,724
17,242
2,635
43,601
7,915
21,524
16,839
2,510
40,873
10,450
$
2015 Annual Report NuVision Federal Credit Union
Interest Expense
5
2015 Annual Report NuVision Federal Credit Union
In the Community
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NuVision Federal Credit Union supports and promotes community.
Our steadfast involvement in our communities reaffirms our commitment to you.
In 2015, our community involvement included celebrating 10 years of partnership with
Toys for Tots, donating Thanksgiving dinners to Southern California families in need, sponsoring
the Leukemia and Lymphoma Society’s ‘Light the Night’, awarding full-time scholarships
to local students, and donating backpacks and school supplies to local children.
Additionally, NuVision received congressional recognition for 80 years of providing outstanding
service to its members, as well as for philanthropic support of the local communities in which
they operate. NuVision strives to provide the credit union difference by helping people achieve
their financial and personal goals.
Paralyzed Veterans Association Annual Sports
Day: April 17, 2015. NuVision provided lunch
for the Veterans.
Walk United Sponsors: April 19, 2015. NuVision
sponsored Walk United to support Orange County’s
United Way.
Relay for Life: April 25, 2015. The NuVision staff
donated more than $3,500 and NuVision made a
corporate donation of $3,000, for a total donation
of more than $6,500 to support the Huntington
Beach Relay for Life.
Spring Toy Drive: April & May 2015. NuVision
partnered with Chick-fil-A to support the toy drive
benefitting Children’s Hospitals of Orange County
and Los Angeles.
Leukemia & Lymphoma Society Man/Woman
of the Year Sponsors: May 15, 2015. NuVision
sponsored the annual LLS Man/Woman of the Year.
Huntington Beach Council on Aging Golf
Tournament Sponsors: June 19, 2015.
Proceeds from the tournament help support
seniors, low-income seniors and seniors’ families
Team Science STEM Sponsors: NuVision’s
sponsorship assisted in funding the transfer of
an Aero Institute Simulation for the Science,
Technology, Engineering & Math Program (STEM)
program.
NuVision Scholarship Program: July 2015.
Ten $1,000 scholarships were awarded to students
attending four-year, public or private colleges and
universities, or pursuing trade certification at
vocational/technical schools.
Huntington Beach Fourth of July Celebration,
Parade and Pier Festival: July 4, 2015. NuVision
sponsored the event, which included a parade float
with Miss Huntington Beach and her court, a booth
at the Pier Festival and judging homes on Main
Street for the best Fourth of July decorations.
Team Science Summer Science Camp Sponsors:
July 2015. NuVision’s sponsorship benefited local
K-12 students participating in the camp.
NuVision Backpack Giveaway for the Huntington
Beach Youth Shelter: August 2015. NuVision
donated backpacks filled with school supplies
to children in the community.
HB Youth Shelter Light a Light of Love Snowflake
Sponsors: December 6, 2015. Sponsorships
benefited Community Service Programs Inc.,
which operates a local Huntington Beach youth
shelter providing emergency shelter to homeless,
abused and struggling youth and focuses on
reuniting children with their families.
Adopt-a-Family from a School for Christmas:
December 2015. NuVision adopted eight families
from Oak View and Dolores Elementary Schools
for the holiday season.
Leukemia & Lymphoma Society Light The Night
Sponsorship: September 19, 2015. Promoted
research to find cures and ensure access to
treatments for all blood cancer patients.
CHOC Walk at Disneyland Park: October 11, 2015.
NuVision raised funds for and participated in the
walk, raising more than $3,500 through staff
fundraisers.
McKenna Claire Foundation Golf Sponsorship:
October 16, 2015. Proceeds benefited the Foundations’ support of pediatric cancer research at
Stanford and Weill Cornell Universities.
Carson Boys & Girls Club KidsFest Sponsorship:
November 5, 2015. NuVision’s sponsorship
supported the Carson Boys & Girls Club.
Adopt-a-Family from a School for Thanksgiving:
November 2015. NuVision donated food baskets
to 23 families in need at 20 area schools.
Toys for Tots with the Marines: December 2015.
NuVision partnered with the U.S. Marine Corps,
collected toys in the retail branches and distributed
the toys to disadvantaged students in the community.
2015 Annual Report NuVision Federal Credit Union
Credit Union for Kids Wine Auction: March 2,
2015. Proceeds benefit Children’s Hospitals in
California and Nevada.
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2015 Annual Report NuVision Federal Credit Union
8
Jim Meyer
Luchus Mack
Michael Donohue
Marykay Shelton
Robert Geraci
Ted Humphrey
Jim Le Pere
Steve Vogeding
Board of Directors
Jim Meyer
Luchus Mack
Michael Donohue
Marykay Shelton
John Cullum
Robert Geraci
Ted Humphrey
Jim Le Pere
Steve Vogeding
Chairman
Vice-Chair
Treasurer
Secretary
Director
Director
Director
Director
Director
Executive Officers
Roger Ballard
Barbara Barry
Brian Hershfield
James McHale
Tamara Ortega
Teri Rapp
Chief Executive Officer
Chief Member Experience Officer
Chief Financial Officer
Chief Risk Officer
Chief People Development Officer
Chief Credit Officer
John Cullum
Supervisory Committee
Larry Bertino, Chairman
Doug Haigh
Jason Webb
Holly Williams
Matt Woodruff
Branches
Orange County
Los Angeles County
Arizona
Costa Mesa
Carson
3195 Harbor Boulevard, Suite 1
Costa Mesa, CA 92626
(Tesoro Corporate Office)
2350 East 223rd Street
Carson, CA 90810
5000 East McDowell Road
Building 540
Mesa, AZ 85215
Bolsa
5912 Bolsa Avenue, Suite 100
Huntington Beach, CA 92649
Lakewood
2660 Carson Street
Lakewood, CA 90712
Edinger
7812 Edinger Avenue
Huntington Beach, CA 92647
Huntington Beach
Employee Service Center
Building 11-1
Employee Service Center
Huntington Beach, CA 92647
La Verne
(Inside Vons Supermarket)
1600 Foothill Boulevard
La Verne, CA 91750
Downtown Los Angeles
Magnolia
(Inside Gas Company Tower)
555 W. Fifth Street
Concourse Level
Los Angeles, CA 90013
20100 Magnolia Street
Huntington Beach, CA 92646
Monterey Park
Laguna Hills
2095 S. Atlantic Boulevard
Monterey Park, CA 91754
23020 Lake Forest Drive
Laguna Hills, CA 92653
Leisure World
(Leisure World Residents Only)
1419 (A) Northwood Road
Seal Beach, CA 90704
800.444.6327 www.nuvisionfederal.org