2015 Annual Report - Cabrillo Credit Union

2015 Annual Report
President/Chairman Report
Cabrillo Credit Union had another great year. We ended 2015 with a 10.63% Net Worth ratio, exceeding
our goals, even in this low-rate environment. Although delinquencies and charge-offs are on the rise
nationwide, we came in below projections at .21% and .40% respectively. Deposits increased 14.24% in
2015 and our membership grew from 25,502 to 26,352. Our strong relationships with the U.S. Border
Patrol and other Federal Agencies, Sharp HealthCare and the City of Carlsbad, all continue to contribute
to our growth in San Diego. Our partnership with the Fraternal Order of Retired Border Patrol Officers
(FORBPO) continues to help us expand our membership to agents outside California.
Cabrillo Credit Union received favorable reports from Richards & Associates. We completed a number of
major projects in 2015, including the rollout of our new, chip-enabled credit and debit cards, the launch of our new eBranch (online and mobile
banking platform), the implementation of a new, state-of-the-art phone system and much more. We converted to an afterhours / overflow call
center, to provide exceptional member support for card related issues, in the evenings and on weekends.
Cabrillo remains a stable and growing financial institution that continues to evolve and meet the changing needs of our members. We continue to
remain strong and vibrant. As we enter 2016, Cabrillo Credit Union is celebrating our 60 year Anniversary, with events and activities
commemorat-ing this huge milestone. From its humble beginnings at the Chula Vista Border Patrol Station, to a $242 million dollar, member-run
institution, you can be proud to be part of Cabrillo Credit Union.
Robin Lentz
President/CEO
Bruce May
Chairman, Board of Directors
Supervisory Committee Report
The Supervisory Committee is comprised of volunteer members appointed by the Board of Directors. The Supervisory Committee’s role is
to ensure that fiscal operations and internal controls follow regulations that govern credit unions. The Committee coordinates an annual
independent audit with an external certified public accounting firm in order to fulfill its role.
The Supervisory Committee is proud to report that Cabrillo Credit Union recently received a favorable opinion audit from the firm, Richards & Associates, Certified Public Accountants. Richards & Associates is a well-qualified auditing firm that follows the generally accepted
auditing standards in the United States of America and in their examination of Cabrillo’s financial statements and internal controls.
After conducting a thorough evaluation, Richards & Associates opined that Cabrillo Credit Union is a safe and well-managed financial
institution.
It is also worth noting that in 2015, for the third year in a row, independent rating service providers Bauer Financial® and Weiss Ratings
awarded Cabrillo their highest rating for its financial soundness.
Thank you for your continued membership with Cabrillo Credit Union. The Supervisory Committee would also like to thank Cabrillo’s
management and staff in their accomplishments in strengthening our financial position.
Richard Amezcua
Chairman, Supervisory Committee
Financials
Income & Expenses
Interest on Loans
Investment Income
Other Operating Income
Gross Income
Compensation/Benefits
Training and Conference
Office Operations/Occupancy
Marketing
Loan Servicing
Professional Services
Provision for Loan Losses
Other Operating Expenses
Total Expenses
Income from Operations
Non-Operating Gain/Loss
Income before Dividends
Dividends
Net Income
2014
2015
$7,091,002
$602,947
$4,321,072
$12,015,020
$4,531,009
$239,708
$1,520,162
$343,684
$1,439,722
$296,280
$578,126
$1,354,884
$10,347,682
$1,667,338
($32,261)
$1,603,335
$340,850
$1,262,485
$7,215,411
$789,540
$4,205,274
$12,210,225
$4,838,556
$249,003
$1,449,282
$307,161
$1,530,558
$369,858
$775,000
$1,582,719
$11,102,136
$1,108,089
($59,652)
$1,048,437
$267,587
$780,850
Financials
Assets
Loans to Members
Allowance for Loan Loss
Net Loans
Cash
Investments
Other Assets
Total Assets
Liabilities & Equity
2014
2015
$126,319,350
($1,028,947)
$125,363,741
$10,127,006
$71,044,120
$2,944,029
$213,309,629
$130,101,372
$(1,296,458)
$128,804,914
$11,237,941
$79,911,912
$21,612,417
$241,567,184
2014
Accounts Payable
Accrued Expenses
Total Liabilities
Savings
Checking
Money Market
IRA
Share Certificates
Reserves
Total Equity
Total Liabilities & Equity
Cabrillo Credit Union is federally insured by NCUA
$1,580,368
$635,071
$2,215,439
$83,856,527
$38,566,300
$37,080,626
$6,961,246
$19,727,403
$24,902,087
$211,094,190
$213,309,629
2015
$2,517,162
$662,790
$3,179,952
$92,535,388
$56,989,818
$37,019,949
$7,137,586
$19,021,555
$25,682,937
$238,387,233
$241,567,184