Georgia`s Own Credit Union Annual Report 2013

Statement of Financial
Condition
December 31, 2013
Assets
Cash and cash equivalents
$
Investment securities:
Available for sale
Held-to-maturity
Total investment securities
Loans held for sale
Total Assets
Interest Income
Interest on loans
Interest on investment securities
59,723,126
87,270,395
146,993,521
Total Interest Income
1,367,984,778
(18,910,798)
1,349,073,980
Accrued interest receivable
Property and equipment
NCUSIF insurance deposit
Prepaid expenses and other assets
4,164,803
16,028,105
15,469,445
42,829,038
$ 1,777,033,647
Liabilities and Members' Equity
Checking accounts
Share accounts
Money market accounts
Certificates of deposit
Individual retirement accounts
Total shares and deposits
Accrued interest payable
Other liabilities
Total Liabilities
Statutory reserve
Undivided earnings
Accumulated other comprehensive loss
Total Members' Equity
Total Liabilities and Members' Equity
$
Year Ended December 31, 2013
201,875,605
599,150
Loans
Allowance for loan losses
Loans, net of allowance for loan losses
Statement of Income
237,845,983
547,476,180
303,745,358
286,018,179
194,611,462
1,569,697,162
6,524
22,303,873
1,592,007,559
29,222,710
173,060,935
(17,257,557)
185,026,088
$ 1,777,033,647
$
54,787,244
2,901,803
57,689,047
Interest Expense
Dividends/interest on shares, deposits and borrowings
6,113,290
Net Interest Income
51,575,757
Provision for Loan Losses
9,000,000
Net Interest Income after Provision
for Loan Losses
42,575,757
Noninterest Income
Fees for deposit services
Visa ATM/debit card income
Visa credit card income
Commission on insurance sales
Loan fees
Net gain (loss) on disposition of assets
Other income
10,558,933
7,160,414
3,272,361
1,708,065
1,653,858
(158,197)
3,463,296
Total Noninterest Income
27,658,730
Operating Expenses
Compensation and benefits
Professional and outside services
Office operations
Loan servicing
Marketing and sales
Occupancy
Other expenses
29,349,621
8,164,249
6,669,238
5,748,829
4,787,162
4,752,909
2,770,366
Total Operating Expenses
62,242,374
Net Income
$
7,992,113
Statement of Members’ Equity
Year Ended December 31, 2013
Accumulated Other
Comprehensive
Income
Statutory
Reserve
Undivided
Earnings
Balance at January 1, 2013
Other comprehensive income, net
Net income
$ 29,222,710
‐
‐
$ 165,068,822
‐
7,992,113
$ (21,321,628)
4,064,071
‐
$ 172,969,904
4,064,071
7,992,113
Balance at December 31, 2013
$ 29,222,710
$ 173,060,935
$ (17,257,557)
$ 185,026,088
Total
Georgia’s Own Credit Union
georgiasown.org
404.874.1166
1155 Peachtree Street NE
P.O. Box 105205
800.533.2062
Atlanta, GA 30348
Georgia’s Own Credit Union Annual Report 2013
As we embark on our 80th year of service to our members, we’ve
taken this opportunity to reflect on who we are as a company, how
our past has molded our business and our culture and what this
institution has meant to the hundreds of thousands of members that
have been part of the Georgia’s Own family over the years. What
we’ve discovered is that the same formula of individualized attention
and unmatched service that our founding owners employed in 1934
is what accounts for our success today and why more and more
Georgians are entrusting the Credit Union with their finances. How
we’ve proven ourselves over the past eight decades is as varied and
diverse as our membership itself- we’ve helped students and parents
prepare for college expenses, walked professionals through their future
via retirement planning, assisted couples with the purchase of their
first home and delighted in the sight of bright eyes holding the keys
to a new car. We’ve seen members through debt consolidation and
investment decisions, through day-to-day budgeting and long-term
financial strategy. We’ve been with them during their highs and lows,
during the unexpected and unexplainable. But one thing that has
remained constant is that we have always been there and always will
be- for you, for your family, for your future.
Growing, Together
Georgia’s Own was founded and still operates as a financial
cooperative, where the correlation between the company’s growth
and the members’ prosperity is directly linked. In 2013, our collective
future grew brighter as we saw record numbers once again in nearly
every major metric. Our membership was up from 2012, with a
year-end total of 174,339, and our assets grew steadily over the same
time period, ending the year at $1,777,033,647. Our loan portfolio
increased throughout the year as well, with total growth of over $150
million. And, we were proud to return over $6.1 million in dividends
and interest to our members. We also expanded our Field of
Membership with the addition of 45 new Premier Partners and the
residents of Barrow County.
Our mortgage offerings continued to grow with the introduction of our Concierge Mortgage,
which allows greater flexibility for individuals who are self-employed or have variable sources
of income and a strong asset base. Georgia’s Own made the auto loan process even easier
by offering VIP Express Check, which gives members the power of a cash buyer at the
dealership. Finally, we upgraded our online banking platform with enhanced functionalities,
a more user-friendly design and a mobile banking component.
Reached $1,777,033,647 in assets, up 2.79% over 2012
David A. Preter
Maintained a healthy net worth capital ratio of 11.38% as of
December 31, 2013, well above what regulators consider
well-capitalized
Joseph M. Mauriello
Our Employees
Returned $6.1 million in dividends and interest
Patrick H. Casey
Tr e a s u r e r
Introduced a new online banking system with a mobile solution
Joan Sims
Secretary
Awarded $15,000 in college scholarships
Richard Burns
Increased our Field of Membership with the addition of 45
Premier Partners
William Conine
We realize the great potential we have to make a positive impact on our members’ lives in terms
of empowering them to reach their goals and fuel their futures. We also understand –and
embrace- what a significant role we play in shaping our employees’ futures and are constantly
challenging ourselves to make Georgia’s Own Credit Union an employer of choice, personal
growth and opportunity. In 2013, we continued to offer extremely competitive compensation
and benefits packages, including comprehensive investment plans and guidance from the
experts at Fidelity. We focused heavily on our Sales & Service initiative, Game Changer, which
is rooted in the philosophy that true progress is created by holistically developing employees
and teams throughout the organization. Highlights of Game Changer included staff-wide events
such as the Victory Lap Celebration and GOCYou Day, where employees who went above and
beyond to ‘change the game’ were recognized in front of their peers. We also gave our employees
the opportunity to give back to the causes that mean the most to them with our continued
Volunteer Time Off (VTO) program.
In the Community
At Georgia’s Own, we believe the best way to ensure a better future for all is to give back now
to the communities in which we operate. Whether in sponsorships, donations of time or money
or opening up our branches for fundraising or awareness campaigns, we always aim to outdo
the previous year when it comes to our community involvement. 2013 was no exception as we
contributed over $205,000 to community efforts. We also gave away a total of $15,000 in college
scholarships to eight deserving Georgia college students and dedicated a combined 3,400
volunteer hours.
Organizations that we were proud to support this year include Junior Achievement of Georgia,
L.E.A.D., the Brian Jordan Foundation, Samaritan’s Feet, Action Ministries, the United Way and
Children’s Miracle Network.
New Products & Services
Being able to respond to the needs of our members, no matter how
big or small, immediate or far-reaching they may be, has always been
a top priority at Georgia’s Own. This year, we added several new
products and services designed to give our members even more
options for shaping their future.
We launched two new certificate of deposit products, the Own Your
Rate and the Laddering Certificate. The Own Your Rate Certificate
grants members the reassurance of being able to ‘bump’ their rate
should a higher rate become available for that term and the Laddering
Certificate maximizes the member’s overall return by splitting the
investment into 5 terms. We also introduced Account to Account and
Peer to Peer transfers within our online banking system, which
gives our members the freedom to make transactions without the
hassle of carrying cash or the expense of more traditional transfer
methods. The Best Price Guarantee was also unveiled this year,
which assures members using our Carfinder service that they’ll
receive the best price on their new-model vehicle or else they’ll
receive $300.
As we look ahead to 2014 and the 80th anniversary of Georgia’s Own Credit Union, and prepare
for what our legacy will be many years down the road, we feel confident that the numbers
displayed in this report are a direct reflection of the strong foundation our founders built for us
80 years ago and of a future that becomes more vibrant each day. However, our greatest
confidence lies in the people that make up our Georgia’s Own family- our members, our
directors, our employees, our vendors, our community partners- you. Thank you for your
support throughout the past year and always.
Sincerely,
David A. Preter, President/CEO
Chairperson
Michael Baumgartner
Vice Chairperson
David Dickey
Added Barrow County into our Field of Membership
Larr y Fowler
Participated in and donated to various community and charitable
causes including Junior Achievement of Georgia, L.E.A.D., The
Brian Jordan Foundation, Samaritan’s Feet, Action Ministries, the
United Way and Children’s Miracle Network
Contributed over $205,000 to community involvement, $80,000
directly from staff fundraising and nearly 3,400 volunteer hours
Gary Ludgood
E r v i n Wa l ke r
C. Edward Heath
Director Emeritus
John White
Director Emeritus
Maintained our official partnership with Junior Achievement
of Georgia
Official Credit Union of Georgia State University Athletics
Senior Executives
Cindy Boyles
SVP Organizational
Development
Proud Partner of the Atlanta Braves
Eric Broome
SVP Enterprise Risk
Management & General Counsel
John Carew
Ke l l y G a r m o n , P h . D.
Bonnie Kimmey
Joseph M. Mauriello, Chairperson
President/CEO
Chip Lusk
SVP Strategy & Product
Management
Chief Membership Officer
SVP Operations
Chief Operating Officer
As we embark on our 80th year of service to our members, we’ve
taken this opportunity to reflect on who we are as a company, how
our past has molded our business and our culture and what this
institution has meant to the hundreds of thousands of members that
have been part of the Georgia’s Own family over the years. What
we’ve discovered is that the same formula of individualized attention
and unmatched service that our founding owners employed in 1934
is what accounts for our success today and why more and more
Georgians are entrusting the Credit Union with their finances. How
we’ve proven ourselves over the past eight decades is as varied and
diverse as our membership itself- we’ve helped students and parents
prepare for college expenses, walked professionals through their future
via retirement planning, assisted couples with the purchase of their
first home and delighted in the sight of bright eyes holding the keys
to a new car. We’ve seen members through debt consolidation and
investment decisions, through day-to-day budgeting and long-term
financial strategy. We’ve been with them during their highs and lows,
during the unexpected and unexplainable. But one thing that has
remained constant is that we have always been there and always will
be- for you, for your family, for your future.
Growing, Together
Georgia’s Own was founded and still operates as a financial
cooperative, where the correlation between the company’s growth
and the members’ prosperity is directly linked. In 2013, our collective
future grew brighter as we saw record numbers once again in nearly
every major metric. Our membership was up from 2012, with a
year-end total of 174,339, and our assets grew steadily over the same
time period, ending the year at $1,777,033,647. Our loan portfolio
increased throughout the year as well, with total growth of over $150
million. And, we were proud to return over $6.1 million in dividends
and interest to our members. We also expanded our Field of
Membership with the addition of 45 new Premier Partners and the
residents of Barrow County.
Our mortgage offerings continued to grow with the introduction of our Concierge Mortgage,
which allows greater flexibility for individuals who are self-employed or have variable sources
of income and a strong asset base. Georgia’s Own made the auto loan process even easier
by offering VIP Express Check, which gives members the power of a cash buyer at the
dealership. Finally, we upgraded our online banking platform with enhanced functionalities,
a more user-friendly design and a mobile banking component.
Reached $1,777,033,647 in assets, up 2.79% over 2012
David A. Preter
Maintained a healthy net worth capital ratio of 11.38% as of
December 31, 2013, well above what regulators consider
well-capitalized
Joseph M. Mauriello
Our Employees
Returned $6.1 million in dividends and interest
Patrick H. Casey
Tr e a s u r e r
Introduced a new online banking system with a mobile solution
Joan Sims
Secretary
Awarded $15,000 in college scholarships
Richard Burns
Increased our Field of Membership with the addition of 45
Premier Partners
William Conine
We realize the great potential we have to make a positive impact on our members’ lives in terms
of empowering them to reach their goals and fuel their futures. We also understand –and
embrace- what a significant role we play in shaping our employees’ futures and are constantly
challenging ourselves to make Georgia’s Own Credit Union an employer of choice, personal
growth and opportunity. In 2013, we continued to offer extremely competitive compensation
and benefits packages, including comprehensive investment plans and guidance from the
experts at Fidelity. We focused heavily on our Sales & Service initiative, Game Changer, which
is rooted in the philosophy that true progress is created by holistically developing employees
and teams throughout the organization. Highlights of Game Changer included staff-wide events
such as the Victory Lap Celebration and GOCYou Day, where employees who went above and
beyond to ‘change the game’ were recognized in front of their peers. We also gave our employees
the opportunity to give back to the causes that mean the most to them with our continued
Volunteer Time Off (VTO) program.
In the Community
At Georgia’s Own, we believe the best way to ensure a better future for all is to give back now
to the communities in which we operate. Whether in sponsorships, donations of time or money
or opening up our branches for fundraising or awareness campaigns, we always aim to outdo
the previous year when it comes to our community involvement. 2013 was no exception as we
contributed over $205,000 to community efforts. We also gave away a total of $15,000 in college
scholarships to eight deserving Georgia college students and dedicated a combined 3,400
volunteer hours.
Organizations that we were proud to support this year include Junior Achievement of Georgia,
L.E.A.D., the Brian Jordan Foundation, Samaritan’s Feet, Action Ministries, the United Way and
Children’s Miracle Network.
New Products & Services
Being able to respond to the needs of our members, no matter how
big or small, immediate or far-reaching they may be, has always been
a top priority at Georgia’s Own. This year, we added several new
products and services designed to give our members even more
options for shaping their future.
We launched two new certificate of deposit products, the Own Your
Rate and the Laddering Certificate. The Own Your Rate Certificate
grants members the reassurance of being able to ‘bump’ their rate
should a higher rate become available for that term and the Laddering
Certificate maximizes the member’s overall return by splitting the
investment into 5 terms. We also introduced Account to Account and
Peer to Peer transfers within our online banking system, which
gives our members the freedom to make transactions without the
hassle of carrying cash or the expense of more traditional transfer
methods. The Best Price Guarantee was also unveiled this year,
which assures members using our Carfinder service that they’ll
receive the best price on their new-model vehicle or else they’ll
receive $300.
As we look ahead to 2014 and the 80th anniversary of Georgia’s Own Credit Union, and prepare
for what our legacy will be many years down the road, we feel confident that the numbers
displayed in this report are a direct reflection of the strong foundation our founders built for us
80 years ago and of a future that becomes more vibrant each day. However, our greatest
confidence lies in the people that make up our Georgia’s Own family- our members, our
directors, our employees, our vendors, our community partners- you. Thank you for your
support throughout the past year and always.
Sincerely,
David A. Preter, President/CEO
Chairperson
Michael Baumgartner
Vice Chairperson
David Dickey
Added Barrow County into our Field of Membership
Larr y Fowler
Participated in and donated to various community and charitable
causes including Junior Achievement of Georgia, L.E.A.D., The
Brian Jordan Foundation, Samaritan’s Feet, Action Ministries, the
United Way and Children’s Miracle Network
Contributed over $205,000 to community involvement, $80,000
directly from staff fundraising and nearly 3,400 volunteer hours
Gary Ludgood
E r v i n Wa l ke r
C. Edward Heath
Director Emeritus
John White
Director Emeritus
Maintained our official partnership with Junior Achievement
of Georgia
Official Credit Union of Georgia State University Athletics
Senior Executives
Cindy Boyles
SVP Organizational
Development
Proud Partner of the Atlanta Braves
Eric Broome
SVP Enterprise Risk
Management & General Counsel
John Carew
Ke l l y G a r m o n , P h . D.
Bonnie Kimmey
Joseph M. Mauriello, Chairperson
President/CEO
Chip Lusk
SVP Strategy & Product
Management
Chief Membership Officer
SVP Operations
Chief Operating Officer
As we embark on our 80th year of service to our members, we’ve
taken this opportunity to reflect on who we are as a company, how
our past has molded our business and our culture and what this
institution has meant to the hundreds of thousands of members that
have been part of the Georgia’s Own family over the years. What
we’ve discovered is that the same formula of individualized attention
and unmatched service that our founding owners employed in 1934
is what accounts for our success today and why more and more
Georgians are entrusting the Credit Union with their finances. How
we’ve proven ourselves over the past eight decades is as varied and
diverse as our membership itself- we’ve helped students and parents
prepare for college expenses, walked professionals through their future
via retirement planning, assisted couples with the purchase of their
first home and delighted in the sight of bright eyes holding the keys
to a new car. We’ve seen members through debt consolidation and
investment decisions, through day-to-day budgeting and long-term
financial strategy. We’ve been with them during their highs and lows,
during the unexpected and unexplainable. But one thing that has
remained constant is that we have always been there and always will
be- for you, for your family, for your future.
Growing, Together
Georgia’s Own was founded and still operates as a financial
cooperative, where the correlation between the company’s growth
and the members’ prosperity is directly linked. In 2013, our collective
future grew brighter as we saw record numbers once again in nearly
every major metric. Our membership was up from 2012, with a
year-end total of 174,339, and our assets grew steadily over the same
time period, ending the year at $1,777,033,647. Our loan portfolio
increased throughout the year as well, with total growth of over $150
million. And, we were proud to return over $6.1 million in dividends
and interest to our members. We also expanded our Field of
Membership with the addition of 45 new Premier Partners and the
residents of Barrow County.
Our mortgage offerings continued to grow with the introduction of our Concierge Mortgage,
which allows greater flexibility for individuals who are self-employed or have variable sources
of income and a strong asset base. Georgia’s Own made the auto loan process even easier
by offering VIP Express Check, which gives members the power of a cash buyer at the
dealership. Finally, we upgraded our online banking platform with enhanced functionalities,
a more user-friendly design and a mobile banking component.
Reached $1,777,033,647 in assets, up 2.79% over 2012
David A. Preter
Maintained a healthy net worth capital ratio of 11.38% as of
December 31, 2013, well above what regulators consider
well-capitalized
Joseph M. Mauriello
Our Employees
Returned $6.1 million in dividends and interest
Patrick H. Casey
Tr e a s u r e r
Introduced a new online banking system with a mobile solution
Joan Sims
Secretary
Awarded $15,000 in college scholarships
Richard Burns
Increased our Field of Membership with the addition of 45
Premier Partners
William Conine
We realize the great potential we have to make a positive impact on our members’ lives in terms
of empowering them to reach their goals and fuel their futures. We also understand –and
embrace- what a significant role we play in shaping our employees’ futures and are constantly
challenging ourselves to make Georgia’s Own Credit Union an employer of choice, personal
growth and opportunity. In 2013, we continued to offer extremely competitive compensation
and benefits packages, including comprehensive investment plans and guidance from the
experts at Fidelity. We focused heavily on our Sales & Service initiative, Game Changer, which
is rooted in the philosophy that true progress is created by holistically developing employees
and teams throughout the organization. Highlights of Game Changer included staff-wide events
such as the Victory Lap Celebration and GOCYou Day, where employees who went above and
beyond to ‘change the game’ were recognized in front of their peers. We also gave our employees
the opportunity to give back to the causes that mean the most to them with our continued
Volunteer Time Off (VTO) program.
In the Community
At Georgia’s Own, we believe the best way to ensure a better future for all is to give back now
to the communities in which we operate. Whether in sponsorships, donations of time or money
or opening up our branches for fundraising or awareness campaigns, we always aim to outdo
the previous year when it comes to our community involvement. 2013 was no exception as we
contributed over $205,000 to community efforts. We also gave away a total of $15,000 in college
scholarships to eight deserving Georgia college students and dedicated a combined 3,400
volunteer hours.
Organizations that we were proud to support this year include Junior Achievement of Georgia,
L.E.A.D., the Brian Jordan Foundation, Samaritan’s Feet, Action Ministries, the United Way and
Children’s Miracle Network.
New Products & Services
Being able to respond to the needs of our members, no matter how
big or small, immediate or far-reaching they may be, has always been
a top priority at Georgia’s Own. This year, we added several new
products and services designed to give our members even more
options for shaping their future.
We launched two new certificate of deposit products, the Own Your
Rate and the Laddering Certificate. The Own Your Rate Certificate
grants members the reassurance of being able to ‘bump’ their rate
should a higher rate become available for that term and the Laddering
Certificate maximizes the member’s overall return by splitting the
investment into 5 terms. We also introduced Account to Account and
Peer to Peer transfers within our online banking system, which
gives our members the freedom to make transactions without the
hassle of carrying cash or the expense of more traditional transfer
methods. The Best Price Guarantee was also unveiled this year,
which assures members using our Carfinder service that they’ll
receive the best price on their new-model vehicle or else they’ll
receive $300.
As we look ahead to 2014 and the 80th anniversary of Georgia’s Own Credit Union, and prepare
for what our legacy will be many years down the road, we feel confident that the numbers
displayed in this report are a direct reflection of the strong foundation our founders built for us
80 years ago and of a future that becomes more vibrant each day. However, our greatest
confidence lies in the people that make up our Georgia’s Own family- our members, our
directors, our employees, our vendors, our community partners- you. Thank you for your
support throughout the past year and always.
Sincerely,
David A. Preter, President/CEO
Chairperson
Michael Baumgartner
Vice Chairperson
David Dickey
Added Barrow County into our Field of Membership
Larr y Fowler
Participated in and donated to various community and charitable
causes including Junior Achievement of Georgia, L.E.A.D., The
Brian Jordan Foundation, Samaritan’s Feet, Action Ministries, the
United Way and Children’s Miracle Network
Contributed over $205,000 to community involvement, $80,000
directly from staff fundraising and nearly 3,400 volunteer hours
Gary Ludgood
E r v i n Wa l ke r
C. Edward Heath
Director Emeritus
John White
Director Emeritus
Maintained our official partnership with Junior Achievement
of Georgia
Official Credit Union of Georgia State University Athletics
Senior Executives
Cindy Boyles
SVP Organizational
Development
Proud Partner of the Atlanta Braves
Eric Broome
SVP Enterprise Risk
Management & General Counsel
John Carew
Ke l l y G a r m o n , P h . D.
Bonnie Kimmey
Joseph M. Mauriello, Chairperson
President/CEO
Chip Lusk
SVP Strategy & Product
Management
Chief Membership Officer
SVP Operations
Chief Operating Officer
As we embark on our 80th year of service to our members, we’ve
taken this opportunity to reflect on who we are as a company, how
our past has molded our business and our culture and what this
institution has meant to the hundreds of thousands of members that
have been part of the Georgia’s Own family over the years. What
we’ve discovered is that the same formula of individualized attention
and unmatched service that our founding owners employed in 1934
is what accounts for our success today and why more and more
Georgians are entrusting the Credit Union with their finances. How
we’ve proven ourselves over the past eight decades is as varied and
diverse as our membership itself- we’ve helped students and parents
prepare for college expenses, walked professionals through their future
via retirement planning, assisted couples with the purchase of their
first home and delighted in the sight of bright eyes holding the keys
to a new car. We’ve seen members through debt consolidation and
investment decisions, through day-to-day budgeting and long-term
financial strategy. We’ve been with them during their highs and lows,
during the unexpected and unexplainable. But one thing that has
remained constant is that we have always been there and always will
be- for you, for your family, for your future.
Growing, Together
Georgia’s Own was founded and still operates as a financial
cooperative, where the correlation between the company’s growth
and the members’ prosperity is directly linked. In 2013, our collective
future grew brighter as we saw record numbers once again in nearly
every major metric. Our membership was up from 2012, with a
year-end total of 174,339, and our assets grew steadily over the same
time period, ending the year at $1,777,033,647. Our loan portfolio
increased throughout the year as well, with total growth of over $150
million. And, we were proud to return over $6.1 million in dividends
and interest to our members. We also expanded our Field of
Membership with the addition of 45 new Premier Partners and the
residents of Barrow County.
Our mortgage offerings continued to grow with the introduction of our Concierge Mortgage,
which allows greater flexibility for individuals who are self-employed or have variable sources
of income and a strong asset base. Georgia’s Own made the auto loan process even easier
by offering VIP Express Check, which gives members the power of a cash buyer at the
dealership. Finally, we upgraded our online banking platform with enhanced functionalities,
a more user-friendly design and a mobile banking component.
Reached $1,777,033,647 in assets, up 2.79% over 2012
David A. Preter
Maintained a healthy net worth capital ratio of 11.38% as of
December 31, 2013, well above what regulators consider
well-capitalized
Joseph M. Mauriello
Our Employees
Returned $6.1 million in dividends and interest
Patrick H. Casey
Tr e a s u r e r
Introduced a new online banking system with a mobile solution
Joan Sims
Secretary
Awarded $15,000 in college scholarships
Richard Burns
Increased our Field of Membership with the addition of 45
Premier Partners
William Conine
We realize the great potential we have to make a positive impact on our members’ lives in terms
of empowering them to reach their goals and fuel their futures. We also understand –and
embrace- what a significant role we play in shaping our employees’ futures and are constantly
challenging ourselves to make Georgia’s Own Credit Union an employer of choice, personal
growth and opportunity. In 2013, we continued to offer extremely competitive compensation
and benefits packages, including comprehensive investment plans and guidance from the
experts at Fidelity. We focused heavily on our Sales & Service initiative, Game Changer, which
is rooted in the philosophy that true progress is created by holistically developing employees
and teams throughout the organization. Highlights of Game Changer included staff-wide events
such as the Victory Lap Celebration and GOCYou Day, where employees who went above and
beyond to ‘change the game’ were recognized in front of their peers. We also gave our employees
the opportunity to give back to the causes that mean the most to them with our continued
Volunteer Time Off (VTO) program.
In the Community
At Georgia’s Own, we believe the best way to ensure a better future for all is to give back now
to the communities in which we operate. Whether in sponsorships, donations of time or money
or opening up our branches for fundraising or awareness campaigns, we always aim to outdo
the previous year when it comes to our community involvement. 2013 was no exception as we
contributed over $205,000 to community efforts. We also gave away a total of $15,000 in college
scholarships to eight deserving Georgia college students and dedicated a combined 3,400
volunteer hours.
Organizations that we were proud to support this year include Junior Achievement of Georgia,
L.E.A.D., the Brian Jordan Foundation, Samaritan’s Feet, Action Ministries, the United Way and
Children’s Miracle Network.
New Products & Services
Being able to respond to the needs of our members, no matter how
big or small, immediate or far-reaching they may be, has always been
a top priority at Georgia’s Own. This year, we added several new
products and services designed to give our members even more
options for shaping their future.
We launched two new certificate of deposit products, the Own Your
Rate and the Laddering Certificate. The Own Your Rate Certificate
grants members the reassurance of being able to ‘bump’ their rate
should a higher rate become available for that term and the Laddering
Certificate maximizes the member’s overall return by splitting the
investment into 5 terms. We also introduced Account to Account and
Peer to Peer transfers within our online banking system, which
gives our members the freedom to make transactions without the
hassle of carrying cash or the expense of more traditional transfer
methods. The Best Price Guarantee was also unveiled this year,
which assures members using our Carfinder service that they’ll
receive the best price on their new-model vehicle or else they’ll
receive $300.
As we look ahead to 2014 and the 80th anniversary of Georgia’s Own Credit Union, and prepare
for what our legacy will be many years down the road, we feel confident that the numbers
displayed in this report are a direct reflection of the strong foundation our founders built for us
80 years ago and of a future that becomes more vibrant each day. However, our greatest
confidence lies in the people that make up our Georgia’s Own family- our members, our
directors, our employees, our vendors, our community partners- you. Thank you for your
support throughout the past year and always.
Sincerely,
David A. Preter, President/CEO
Chairperson
Michael Baumgartner
Vice Chairperson
David Dickey
Added Barrow County into our Field of Membership
Larr y Fowler
Participated in and donated to various community and charitable
causes including Junior Achievement of Georgia, L.E.A.D., The
Brian Jordan Foundation, Samaritan’s Feet, Action Ministries, the
United Way and Children’s Miracle Network
Contributed over $205,000 to community involvement, $80,000
directly from staff fundraising and nearly 3,400 volunteer hours
Gary Ludgood
E r v i n Wa l ke r
C. Edward Heath
Director Emeritus
John White
Director Emeritus
Maintained our official partnership with Junior Achievement
of Georgia
Official Credit Union of Georgia State University Athletics
Senior Executives
Cindy Boyles
SVP Organizational
Development
Proud Partner of the Atlanta Braves
Eric Broome
SVP Enterprise Risk
Management & General Counsel
John Carew
Ke l l y G a r m o n , P h . D.
Bonnie Kimmey
Joseph M. Mauriello, Chairperson
President/CEO
Chip Lusk
SVP Strategy & Product
Management
Chief Membership Officer
SVP Operations
Chief Operating Officer
Statement of Financial
Condition
December 31, 2013
Assets
Cash and cash equivalents
$
Investment securities:
Available for sale
Held-to-maturity
Total investment securities
Loans held for sale
Total Assets
Interest Income
Interest on loans
Interest on investment securities
59,723,126
87,270,395
146,993,521
Total Interest Income
1,367,984,778
(18,910,798)
1,349,073,980
Accrued interest receivable
Property and equipment
NCUSIF insurance deposit
Prepaid expenses and other assets
4,164,803
16,028,105
15,469,445
42,829,038
$ 1,777,033,647
Liabilities and Members' Equity
Checking accounts
Share accounts
Money market accounts
Certificates of deposit
Individual retirement accounts
Total shares and deposits
Accrued interest payable
Other liabilities
Total Liabilities
Statutory reserve
Undivided earnings
Accumulated other comprehensive loss
Total Members' Equity
Total Liabilities and Members' Equity
$
Year Ended December 31, 2013
201,875,605
599,150
Loans
Allowance for loan losses
Loans, net of allowance for loan losses
Statement of Income
237,845,983
547,476,180
303,745,358
286,018,179
194,611,462
1,569,697,162
6,524
22,303,873
1,592,007,559
29,222,710
173,060,935
(17,257,557)
185,026,088
$ 1,777,033,647
$
54,787,244
2,901,803
57,689,047
Interest Expense
Dividends/interest on shares, deposits and borrowings
6,113,290
Net Interest Income
51,575,757
Provision for Loan Losses
9,000,000
Net Interest Income after Provision
for Loan Losses
42,575,757
Noninterest Income
Fees for deposit services
Visa ATM/debit card income
Visa credit card income
Commission on insurance sales
Loan fees
Net gain (loss) on disposition of assets
Other income
10,558,933
7,160,414
3,272,361
1,708,065
1,653,858
(158,197)
3,463,296
Total Noninterest Income
27,658,730
Operating Expenses
Compensation and benefits
Professional and outside services
Office operations
Loan servicing
Marketing and sales
Occupancy
Other expenses
29,349,621
8,164,249
6,669,238
5,748,829
4,787,162
4,752,909
2,770,366
Total Operating Expenses
62,242,374
Net Income
$
7,992,113
Statement of Members’ Equity
Year Ended December 31, 2013
Accumulated Other
Comprehensive
Income
Statutory
Reserve
Undivided
Earnings
Balance at January 1, 2013
Other comprehensive income, net
Net income
$ 29,222,710
‐
‐
$ 165,068,822
‐
7,992,113
$ (21,321,628)
4,064,071
‐
$ 172,969,904
4,064,071
7,992,113
Balance at December 31, 2013
$ 29,222,710
$ 173,060,935
$ (17,257,557)
$ 185,026,088
Total
Georgia’s Own Credit Union
georgiasown.org
404.874.1166
1155 Peachtree Street NE
P.O. Box 105205
800.533.2062
Atlanta, GA 30348
Georgia’s Own Credit Union Annual Report 2013
Statement of Financial
Condition
December 31, 2013
Assets
Cash and cash equivalents
$
Investment securities:
Available for sale
Held-to-maturity
Total investment securities
Loans held for sale
Total Assets
Interest Income
Interest on loans
Interest on investment securities
59,723,126
87,270,395
146,993,521
Total Interest Income
1,367,984,778
(18,910,798)
1,349,073,980
Accrued interest receivable
Property and equipment
NCUSIF insurance deposit
Prepaid expenses and other assets
4,164,803
16,028,105
15,469,445
42,829,038
$ 1,777,033,647
Liabilities and Members' Equity
Checking accounts
Share accounts
Money market accounts
Certificates of deposit
Individual retirement accounts
Total shares and deposits
Accrued interest payable
Other liabilities
Total Liabilities
Statutory reserve
Undivided earnings
Accumulated other comprehensive loss
Total Members' Equity
Total Liabilities and Members' Equity
$
Year Ended December 31, 2013
201,875,605
599,150
Loans
Allowance for loan losses
Loans, net of allowance for loan losses
Statement of Income
237,845,983
547,476,180
303,745,358
286,018,179
194,611,462
1,569,697,162
6,524
22,303,873
1,592,007,559
29,222,710
173,060,935
(17,257,557)
185,026,088
$ 1,777,033,647
$
54,787,244
2,901,803
57,689,047
Interest Expense
Dividends/interest on shares, deposits and borrowings
6,113,290
Net Interest Income
51,575,757
Provision for Loan Losses
9,000,000
Net Interest Income after Provision
for Loan Losses
42,575,757
Noninterest Income
Fees for deposit services
Visa ATM/debit card income
Visa credit card income
Commission on insurance sales
Loan fees
Net gain (loss) on disposition of assets
Other income
10,558,933
7,160,414
3,272,361
1,708,065
1,653,858
(158,197)
3,463,296
Total Noninterest Income
27,658,730
Operating Expenses
Compensation and benefits
Professional and outside services
Office operations
Loan servicing
Marketing and sales
Occupancy
Other expenses
29,349,621
8,164,249
6,669,238
5,748,829
4,787,162
4,752,909
2,770,366
Total Operating Expenses
62,242,374
Net Income
$
7,992,113
Statement of Members’ Equity
Year Ended December 31, 2013
Accumulated Other
Comprehensive
Income
Statutory
Reserve
Undivided
Earnings
Balance at January 1, 2013
Other comprehensive income, net
Net income
$ 29,222,710
‐
‐
$ 165,068,822
‐
7,992,113
$ (21,321,628)
4,064,071
‐
$ 172,969,904
4,064,071
7,992,113
Balance at December 31, 2013
$ 29,222,710
$ 173,060,935
$ (17,257,557)
$ 185,026,088
Total
Georgia’s Own Credit Union
georgiasown.org
404.874.1166
1155 Peachtree Street NE
P.O. Box 105205
800.533.2062
Atlanta, GA 30348
Georgia’s Own Credit Union Annual Report 2013
Statement of Financial
Condition
December 31, 2013
Assets
Cash and cash equivalents
$
Investment securities:
Available for sale
Held-to-maturity
Total investment securities
Loans held for sale
Total Assets
Interest Income
Interest on loans
Interest on investment securities
59,723,126
87,270,395
146,993,521
Total Interest Income
1,367,984,778
(18,910,798)
1,349,073,980
Accrued interest receivable
Property and equipment
NCUSIF insurance deposit
Prepaid expenses and other assets
4,164,803
16,028,105
15,469,445
42,829,038
$ 1,777,033,647
Liabilities and Members' Equity
Checking accounts
Share accounts
Money market accounts
Certificates of deposit
Individual retirement accounts
Total shares and deposits
Accrued interest payable
Other liabilities
Total Liabilities
Statutory reserve
Undivided earnings
Accumulated other comprehensive loss
Total Members' Equity
Total Liabilities and Members' Equity
$
Year Ended December 31, 2013
201,875,605
599,150
Loans
Allowance for loan losses
Loans, net of allowance for loan losses
Statement of Income
237,845,983
547,476,180
303,745,358
286,018,179
194,611,462
1,569,697,162
6,524
22,303,873
1,592,007,559
29,222,710
173,060,935
(17,257,557)
185,026,088
$ 1,777,033,647
$
54,787,244
2,901,803
57,689,047
Interest Expense
Dividends/interest on shares, deposits and borrowings
6,113,290
Net Interest Income
51,575,757
Provision for Loan Losses
9,000,000
Net Interest Income after Provision
for Loan Losses
42,575,757
Noninterest Income
Fees for deposit services
Visa ATM/debit card income
Visa credit card income
Commission on insurance sales
Loan fees
Net gain (loss) on disposition of assets
Other income
10,558,933
7,160,414
3,272,361
1,708,065
1,653,858
(158,197)
3,463,296
Total Noninterest Income
27,658,730
Operating Expenses
Compensation and benefits
Professional and outside services
Office operations
Loan servicing
Marketing and sales
Occupancy
Other expenses
29,349,621
8,164,249
6,669,238
5,748,829
4,787,162
4,752,909
2,770,366
Total Operating Expenses
62,242,374
Net Income
$
7,992,113
Statement of Members’ Equity
Year Ended December 31, 2013
Accumulated Other
Comprehensive
Income
Statutory
Reserve
Undivided
Earnings
Balance at January 1, 2013
Other comprehensive income, net
Net income
$ 29,222,710
‐
‐
$ 165,068,822
‐
7,992,113
$ (21,321,628)
4,064,071
‐
$ 172,969,904
4,064,071
7,992,113
Balance at December 31, 2013
$ 29,222,710
$ 173,060,935
$ (17,257,557)
$ 185,026,088
Total
Georgia’s Own Credit Union
georgiasown.org
404.874.1166
1155 Peachtree Street NE
P.O. Box 105205
800.533.2062
Atlanta, GA 30348
Georgia’s Own Credit Union Annual Report 2013