Pelican State Credit Union

Pelican State Credit Union
2008 Annual Report
Financial Fitness: Let’s Get Fiscal
Table of Contents
2.........Mission Statement
3.........Board of Directors
4 ........Chair’s Message
6.........Management’s Report
7-8......Management Team & Staff
9.........Products & Services
10.......Savings Comparison
11.......Loan Portfolio
12.......E-Commerce Report
13.......Income Statement
14......Statement of Condition
4th Annual
Kid’s Bike Race
Denham Springs
July 27, 2007
Mission Statement
To enhance the financial welfare and social
responsibility of the membership by
providing safe, competitive, economically sound
products and educational service through
professional management and competent staff,
under a democratic Board of Directors.
2
Board of Directors
Emeritus Directors:
Linda Brassette
Director
1st Vice President
Gary Crockett
Director
2nd Vice President
Bob Wilson
Director
Secretary-Treasurer
Lorain Cazenave
Director
Alex Bourgeois
George Bostick
Roy Bostick
Austin Glass
John London
Joseph Martinez
Edwin Wright
Supervisory Committee:
Larry Dorsey, Chairman
Ken Corkern
Sue Tolbert
William Coffey
Director
Gary Grand
Director
CUNA Diamond Awards
Aryon McGuire
Director
Pelican won two national marketing awards at the
CUNA Diamond Award Ceremony in Nashville, TN.
Diamond Award - 2007 Visa Campaign
Merit Award - Planner
3
William Mullinnix
Director
Chair’s Message
In 2007 we had one of the most successful years in our history. We met a
number of challenges that required us to evaluate our organization and make
changes to improve. The challenges were met successfully by your Board of
Directors and staff and have thus resulted in improvements to services. The
Board of Directors and Management continued to follow the Strategic Plan for
the Credit Union while reviewing operations, reducing expenses, increasing
revenues and measuring service levels.
Throughout the year our dividend rates remained above the averages and as the
year came to a close our hard work provided us the opportunity to declare a
$300,000 extraordinary bonus dividend. We delivered that dividend to our
membership prior to the holidays at the closing of the year. We know our
members have choices but we desire to be, “Your Credit Union of Choice.sm ”
Samuel McDaniel
Chairman of the Board
Special Member Dividend
Our Volunteer Board of Directors approved a cash distribution
of $300,000 back to qualified Member-owners in the form of
Special Member Dividends, just in time for the holidays!
4
Jeffrey K. Conrad
Chief Executive Officer
Annette Thames
Senior Vice President
Ronnie Stephens
Senior Vice President
Annual Credit Union Charity
Golf Tournament
March 19, 2007
5
Management’s Report
Pelican State Credit Union strives to improve the financial
positions of our members by offering great rates and terms
on products and services. Each year we find ways to surpass
the previous year in bringing new product enhancements and
developments to meet members’ needs. 2007 made its own
mark in history and brought about numerous changes to the
greater fulfillment of our mission statement. We introduced
a full time Credit Management Department which focuses
on financial education and the improvement of our members’
financial lives. We helped over 420 individuals learn how to
read their credit reports by traveling the state to conduct
Free Financial Literacy Workshops.
We didn’t stop there. We provided budgeting courses and
debt repayment plans to assist those members in need of
professional guidance. The courses included serious
commitments by our members so that they were empowered
with knowledge to prevent the reoccurrence of debt
problems. Over 100 members have enrolled in the program in
search of help.
We also revised our youth products to tie them in with
education. Our objective was to start teaching children about
finances to make an early impact on their lives. The process
was endorsed so heavily that we now offer annual
scholarships around the state of Louisiana to benefit our
student members.
While these changes were taking place our staff was out
working in the communities in which our members live. We
volunteered our time and efforts in over 18 events for our
members, charities and communities. We raised over $25,000
for charities in 2007. We attended 24 benefit fairs,
workshops and membership drives to empower our members
with the knowledge of the Credit Union and strengthen our
relationships with them.
The whole time we focused on improving the credit union,
we continued to service our members. We signed up over
4,161 new members for the Credit Union. We processed
22,000 loan applications and loaned out $43 million in loans
that our members requested. By listening to our members,
we enhanced home banking with new features and alternate
logons. We added points to our Visa Cards, which could be
used for cash or gift cards.
To ensure that we surpassed our previous years of
performance, we adopted best practices and sought out ways
to improve our operations by increasing revenues and
decreasing expenses. We used secret shopper programs,
human resource surveys, member surveys and various tools
to provide information. Every single department in the Credit
Union experienced changes through revisions to policies,
procedures and operations. We took that same philosophy
and we increased accountability and expectations at all levels
of the staff, management and the Board of Directors. Our
objective was to recognize the need to change and embrace
better models to lead us into the future.
Jeffrey K. Conrad
CEO/President
The Little Guy
Non-profit credit unions exist to make a big difference
in the life of the Little Guy—hardworking Americans
of modest means who just can’t jump through assorted
hoops or stomach high fees.
6
Management Team
Paul Waild
Vice President
Mortgage &
Business Lending
Melissa Ott
Manager
Accounting
Michael Morgan
Vice President
Information Systems
Paige Corcoran
Vice President
E-Commerce
Charlie Moore
Manager
Collections & Lending
Stephanie Cartwright
Manager
Compliance
Michelle Ford
Manager
Human Resources
7
Lynn Dogan
Baton Rouge
Branch Manager
Rechelle Austin
Call Center
Manager
Kim Saia
Manager
Electronic Services
Sharon Collins
Manager
Facilities
Dannakia Dunn-Bougere’
Manager
Member Services
Sonya Allen
Manager
Marketing
Brandy Guerra
Chalmette
Branch Lead
Lindsey Richard
Vice President
Operations
Melanie Wheeler
Denham Springs
Branch Manager
Katherine Scales
Jackson
Branch Officer
Staff
Misty Adamo
Latasha Adams
Susan Bear
Brittany Bell
Kimberlyn Belone
Bryan Belue
Teresa Bercegeay
Debra Bergeron
Kathy Burns
Melissa Cameron
Paulette Carter
Christy Cassels
Cieara Charles
CaCynthia Clark
Ashley Collett
Melanie Cotchery
Rebecca Daniels
Annette Davis
Philip Davis
Nicole Dearman
Janine DeMari
John Denman
Sonya Ebey
Kimberly Elliott
Bene Ethridge
Karen Ewing
Laurie Faul
Aloma Fauria
Jori Fauria
Camille Fontenot
Kimberly Franks
Sherry Garcia
Bryan Gerace
Mary Glover
April Gomez
Tianna Gradney
Brandy Gueho
Brandy Guerra
Leigh Hargroder
Robinette Harleaux
Manuella Harrison
Nikki Hebert
Dan Henry
Stephanie Herring
Marlin Hollins
Ladonne Hood
Vera Howard
Ina Hyde
BJ Jackson
Latrista Jackson
Nekiba Johnson
Chanelle Jones
Renee Kozak
Karen Lands
Brandy Lee
Brandi Lewis
Sharon Lewis
Lakeeshia Lollis
Nicole Lovas
Cathy Matthews
Johnette Mauldin
Kasey May
Willie Porter
Mid City
Branch Manager
Jennifer McAlister
Chris Milton
Debra Morehead
Stephanie Nellon
Dawn Noble
Daina Nobles
Jessica Oliver
Krystal O’Neal
Heather Orso
Justin Owens
Melanie Pace
Roeshay Patrick
Dawn Peck
Christy Pentz
Mary Ann Peterson
Kathy Phelps
Paul Pickens
Jeremy Pope
Kyle Primes
Matthew Rabalais
Jean Reed
Nicole Richard
Carol Robin
Katherine Rogers
Lilshalle Rome
Alyssa Rountree
Troy Ann Rushing
Christina Sattler
Don Scott
Iris Scott
Sarah Scott
Rachel Hollier
Opelousas
Branch Manager
Penny Spradley
Bridgette Spriggs
Brandi Talkington
Jason Thomas
Kaya Tomlinson
Melissa Turner
Tamara Ventress
Dana Vessell
Bianca Washington
Danielle Washington
Shandra Williams
Corinda Winfree
Deborah Wright
Lawanda Young
Rebecca Daniels
Pineville
Branch Manager
Dan Henry
Operations Manager
Northern Division
Lisa Cupit
Operations Manager
Southern Division
8
Products & Services
Savings:
Regular Shares
High Yield Shares
IRA Shares
Commercial Shares
Freedom Shares
Bonds, IRAs, CDs
Christmas Club
Vacation Club
Super Savers (12 & Under)
Team Varsity (Ages 13-17)
Cash Club (Ages 18-25)
Checking:
FREE Basic
50+ Club
Pelican Preferred
Commercial
Student
HSA
Business Basic
Business Reward
Toys For Tots
Christmas 2007
9
Mortgages:
First & Second Mortgages
Home Equity
Lines of Credit
Adjustable Rate Mortgage
Construction
Other Products:
Credit Life & Disability
Guaranteed Asset Protection
Automobile Warranties
Lending:
Auto Loans (New & Used)
Green Auto Loans
Signature Loans
Small Loans
Tax Loans
Indirect Auto Loans
Share Pledge Loans
Loan Advances
Consolidation Loans
Commercial Lending
Mobile Home Loans
Motorcycle/ATV Loans
Watercraft Loans
Recreational Vehicle Loans
Visas:
Classic
Gold
Platinum
Titanium
Student
Share Pledge
Business
Debit Cards
Other Services:
Account Reconciliation
ACH Origination & Transactions
Loans by Phone (24/7)
Bank Wires
Electronic Notices
Electronic Statements
Online Bill Payer
Payroll Deduction
Direct Deposit
Service Center Outlets
Call Center
Pelican Teller
Pelican@Net
ATM Machine Locations
ATM Networks: Plus & Pulse
Credit Management Services
Service Center Network
Extras:
Traveler’s Cheques
Foreign Currency
US Postage Stamps
Safety Deposit Boxes
Money Orders
Savings Comparison
As of December 31, 2007
3.50%
3.00%
3.04%
PSCU
2.50%
Eagle FCU
2.00%
LaCap FCU
1.76%
1.50%
1.55%
1.51%
1.50%
LaDOTD FCU
1.36%
1.00%
Campus FCU
Barksdale FCU
0.50%
0.00%
PSCU
Eagle FCU
La Capital
FCU
LaDOTD
FCU
Campus FCU
Barksdale
FCU
This chart represents Pelican’s average savings rate compared to that of local credit unions.
10
Loan Portfolio
As of December 31, 2007
Visa 7%
Secured 52%
Mortgage 27%
Commercial 2%
Unsecured 12%
Commercial..........2%
Visa.......................7%
Unsecured............12%
Mortgage..............27%
Secured.................52%
The segregated Loan Portfolio above represents the different loan types
and the percentages of the dollar amount in each category.
Employee Picnic
May 5, 2007
PSCU-What a great place to work!
11
2007 E-Commerce Report
Audio Response
Share Transactions
Loan Transactions
Average Call Length
Pelican@Net
Share Transactions
Loan Transactions
Loan By Phone
# of Applications
Internet Loans
# of Applications
PSCU Web site
# of Hits
PSCU ATM’S
# of Transactions
ACH Transactions
# of Items
ACH Origination
# of Items
Bill Payer
# of Bills Paid
Debit Cards
Total Cards
December 2006
December 2007
Annual Growth
1,935
176
1.50
2,385
150
1.54
450
-26
0.04
6,583
785
8,442
1,343
1,859
558
1,292
1,473
181
120
40
-80
137,740
138,800
1,060
15,209
18,892
3,683
19,564
22,658
3,094
504
544
40
537
766
229
7,496
8,586
1,090
12
Income Statement
Income
Interest on Loans
Interest on Investments
Fees and Charges
Other Income
Investments Gain/Loss
Total Income
Expenses
Salaries and Benefits
Travel & Dues
Maintenance of Buildings
Rent Expense
Communications
Furniture & Eqt. Maintenance
Supplies, Forms & Statements
Bond Insurance
Depreciation
Corporate Service Charges
Other Office Operating Expenses
Educational & Promotional
Loan Servicing Expenses
Professional/ Outside Services
Member Insurance
Operating Fees
Other Operating Expenses
Provision for Loan Losses
Dividend Expenses
Total Expenses
Net Income
2007 Charities of Choice
Boys Hope Girls Hope
St. Jude Children’s Hospital
March of Dimes
CHRISTmas for Teens
13
9,408,620.81
667,955.57
4,580,801.91
838,473.85
50,555.64
15,546,407.78
5,360,682.78
156,665.09
415,320.60
439,563.12
650,313.91
354,624.92
268,202.07
127,176.37
803,435.60
14,420.23
734,032.47
197,313.79
225,489.52
126,631.27
47,122.99
35,000.00
30,902.09
167,093.92
3,434,048.81
13,588,039.55
1,958,368.23
*In our opinion, the financial statements
referred to above present fairly, in all
material respects, the consolidated
financial position of Pelican State Credit
Union and Subsidiary as of December
31, 2007 and 2006 and the consolidated
results of its operations and its cash flows
for the years then ended, in conformity
with accounting principles generally
accepted in the United States of America.
Statement of Condition
Assets
Cash
Investments
Net Loans
Collateral in Process of Liquidation
Accounts Receivable
Allowance for Loan Loss
Prepaid Assets
Fixed Assets
Other Assets
Total Assets
Liabilities
Accounts Payable
Dividends Payable
Taxes Payable
Employee Insurance Payable
Other Liabilities
Total Liabilities
Equity
7,548,707.18
4,016,841.50
109,927,325.59
141,427.80
130,707.90
(768,216.88)
256,223.62
3,167,625.02
1,968,485.18
126,389,126.91
454,603.56
286,890.13
5,192.92
7,290.37
72,136.75
826,113.73
Member Shares
Regular Reserves
Undivided Earnings
Unrealized Gain/Loss
Net Income
113,381,017.17
4,701,161.49
7,480,767.60
66.92
-
Total Equity
125,563,013.18
Total Equity & Liabilities
126,389,126.91
14
Pelican State
credit union
®
Your Credit Union of Choice
sm