Our 2015 Annual Report is now available
Transcription
Our 2015 Annual Report is now available
2015 ANNUAL REPORT A JOINT MESSAGE From Our Board Chairman and President/CEO Your Credit Union continued its growth trajectory in 2015 in membership, loans, core deposits and assets. We welcomed another credit union to our family, introduced technological enhancements to our mobile and online channels, and put a new focus on our culture and employees. On September 10, members of British Airways Employees Federal Credit Union (BAEFCU) voted overwhelmingly to approve the merger with SkyOne Federal Credit Union, expanding our family by 2,204 members and $21 million in assets. We also welcomed aboard all of the BAEFCU employees, who were instrumental in helping members transition smoothly to SkyOne. As of December 31, 2015, our assets are $450 million, a 6.98% growth since 2014. We also saw a 10.29% increase in total loans, ending the year with $277 million in our loan portfolio. Our total deposits grew by 7.39% to $398 million, and our membership grew by 4.62% to 36,199 members. We continue to manage our underwriting responsibly. Our delinquency ratio and charge-off ratio remained low at 0.62% and 0.36%, respectively, resulting in our Loan Quality Index of 0.98%. We also remained diligent in recovering charged-off loans. We had a 28% recovery ratio, bringing nearly $380,000 in loan payments back to the credit union. We ended the year with the net income of $698,565 and a return on assets ratio of 0.16%. Our net worth grew to $48.5 million, ending the year with a strong net worth ratio of 10.77%. This categorized SkyOne as “well-capitalized” under the requirements of our federal regulator, the National Credit Union Administration (NCUA). Our investment services program continued to perform well. Through our partnership with our broker-dealer, CUSO Financial Services, L.P., we continued to bring personal attention and an educational perspective on financial planning to our members. By cultivating existing and new relationships, the investment services program reached $51 million in total assets that we manage for SkyOne members. Thank you for 67 years We continued to strive to provide members with convenience. In January, we launched a new online loan and membership application system. This user-friendly system enabled members to open an account for their minor children, apply for a loan, and open a checking account in just a few minutes, and it’s safe and secure. In the fall of 2015, we launched Apple PayTM for SkyOne debit and credit cards, providing members the added convenience of making purchases with just a touch of their finger. We also launched several enhancements to our iSky Mobile app, including Quick Balance, Fingerprint Login, and eStatements. We continued to give back to our community. Throughout the year, SkyOne employees organized and participated in fundraising events to benefit Credit Unions for Kids, a nationwide alliance of credit unions that raises funds for Children’s Miracle Network Hospitals. We’re proud to report that from SkyOne employees alone, we raised $26,000. We also gave back to our local community. During the holiday season, SkyOne employees donated presents and blankets to teens and young adults through the help of Covenant House California, a non-profit organization who reaches out to at-risk homeless youth living on the streets and offers them hope and opportunities to turn their lives around. In addition to serving members and our community, we also recognized the importance of engaging our employees. We believe that having a strong team of employees who are passionate about their work will enable the credit union to better serve our members. So we began a multi-year initiative to define and build our corporate culture. A team of SkyOne employees led the effort to identify core values that we all share and live by: integrity, passion, communication, teamwork, empowerment, and family. We strive to weave these core values into the fabric of culture, and provide even better service to our members and more robust financial solutions. In 2016 and beyond, we will continue to look for ways to better serve your needs. We thank you for your loyalty, and invite you to visit us often (online, over the phone, via social media, and at our branches) to connect with us. Willoughby E. Henshaw Chairman, Board of Directors Eileen C. Rivera President/CEO Supervisory Committee Report Each year, the Board of Directors selects a Supervisory Committee whose duty is to make certain the general safety and security of the Credit Union. This dedicated group of volunteers oversees the Credit Union’s compliance with the National Credit Union Administration (NCUA) and our Board of Directors’ policies and procedures. The Committee also collaborates with third party auditors to ensure that the Credit Union’s security defenses and the integrity of our daily enterprise are sound, and to assess the risks the Credit Union may face in the near future. Protecting the safety of your information and assets continues to be our top priority. We continue to go above and beyond federally mandated audits and conduct extensive tests and audits to help strengthen our commitment to responsible and secure financial practices. The audit firm of Orth, Chakler, Murnane and Company, CPAs performed an Opinion Audit for the twelve months ending on June 30, 2015. We are pleased to report that the results of the opinion audit by the audit firm of Orth, Chakler, Murnane and Company, CPAs, have determined the Credit Union to be financially sound. In addition to the audits performed by regulators and independent auditing firms, our Risk Management team conducted numerous internal audits throughout the year. CastleGarde, a specialist in information security assessments, conducted an exhaustive security analysis of our computer and network systems, including attack and penetration testing (trying to hack into our servers), onsite branch assessments (to determine the adequacy of our physical security), and social engineering tests (designed to test internal security measures, policies, and procedures). We’re pleased to report that CastleGarde failed to infiltrate our network or gain entry into our servers, and have declared our systems to be secure. The Supervisory Committee plays a critical role in the Credit Union by keeping our members’ privacy and the safety of the Credit Union intact. I would like to express my gratitude to our dedicated Supervisory Committee volunteers. On behalf of the Committee, I would like to extend our appreciation to all the employees of SkyOne and its Board of Directors, for their ongoing efforts to ensure the safety and soundness of the Credit Union. Theodore P. Byrne Chairman, Supervisory Committee SPECIAL THANKS To the following employees for their dedication in serving our members OVER 5 YEARS Thomas Nakagiri OVER 15 YEARS OVER 20 YEARS Alma Rodriguez Anni Haroutunian Adriana Gonzalez Greg Daley Amy Saldana Jeff Smith Armando Gonzalez Jennifer Gonzalez Art Nunez Maria Freeman Astrid Rives Maria Perez Cassie York Melinda Pitts Andy Catania Karla Mabrie Cesar Ramos Nesha Ellis Brenda Sheppard Kathy Cunico Cristina Hartmark Nikki Colon Curtis Martin Kelly Chaves Crystal Stokes Olivia Carter Jonathan Fernandez Sonja Flagg Dan Mostovoy Rod Jacobs Khristopher Hartmark Dan Schuck Rodney Brown Lourdes Ruano Frank Merino Teresa Sandoval Stephen Haskell Trina Alli Virgie Chavira OVER 10 YEARS Bambi Louie Dina Earl Douglas Abrams Ed Salazar Ismael Rodriguez Sandra Jenkins Victoria Lohmann OVER 25 YEARS Charlmaigne Chavez Eileen Rivera Shaher Jiwani Tom Dempsey Comparative Statement of Financial Condition 2015 2014 2013 10,876,574 7,857,741 11,055,339 Investments 126,755,604 127,530,965 121,372,876 Loans 277,349,767 251,476,503 218,159,143 (1,745,214) (828,814) (1,814,085) Fixed Assets 7,250,231 7,647,722 7,867,312 Other Assets 29,493,895 26,928,198 24,979,837 $449,980,857 $420,612,314 $381,620,422 398,366,022 370,967,090 339,983,699 5,689,185 5,173,253 4,854,275 $404,055,207 $376,140,343 $344,837,974 4,391,442 4,391,442 4,391,442 38,698,731 38,000,166 34,066,178 Equity Acquired from Merger 5,734,532 4,010,400 1,094,404 Unrealized Accumulated Comprehensive Gain/(Loss) (2,899,054) (1,930,037) (2,769,576) $45,925,650 $44,471,971 $36,782,448 $449,980,857 $420,612,314 $381,620,422 Assets Cash Allowance for Loan Losses Total Assets Liabilities Members’ Deposit Accounts Other Liabilities Total Liabilities Equity Regular Reserve Undivided Earnings Total Equity Total Liabilities and Equities 2015 2014 2013 12,180,044 11,849,741 11,192,057 Interest on Investments 2,233,151 2,359,197 1,712,520 Other Income 5,196,759 5,263,115 4,598,493 $19,609,954 $19,472,053 $17,503,070 15,044,508 13,964,873 12,374,791 Provision for Loan Losses 1,902,260 (378,599) (2,200,596) Member Dividends 1,964,110 1,951,790 1,899,749 512 0 0 0 0 250,444 $18,911,389 $15,538,064 $12,324,388 $698,565 $3,933,988 $5,178,682 Revenues Total Revenue Expenses Operating Expenses Interest on Borrowed Funds NCUSIF Stabilization Expenses Total Expenses Net Income Eileen C. Rivera President/Chief Executive Officer Astrid A. Rives Chief Marketing Officer Lourdes Ruano Chief Financial Officer Jeff Smith Chief Operating Officer Comparative Income Statement Interest on Loans Management Team For 12 months ending December 31. Totals or subtotals may reflect a $1 difference due to rounding. Jaime Vasquez Chief Technology Officer Board of Directors Willoughby E. Henshaw John G. Clancy Malachy T. Coghlan Douglas R. Murphy M. Wayne Lynch Rick Thompson Chairman Vice Chairman Recording Officer Treasurer Director Director Supervisory Committee Theodore P. Byrne Antonia L. Garcia Robin Rush Agustin Salinas Chairman Member Member Member SkyOne.org 800.421.7111 Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.
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