Annual Report 2015

2015 ANNUAL REPORT
ONE VOICE
+
222,000 STRONG
TDECU.org | 800.839.1154
Federally insured by NCUA.
10445-2016
ONE VOICE
+
222,000 STRONG
MESSAGE FROM THE PRESIDENT
The independent spirit of our Members is what started the great organization
we know as TDECU just over sixty years ago in 1955. What has kept us
growing strong throughout those six decades is our ability to combine the
best from each of us and to come together as one united voice to grow our
communities, support the financial needs of the Member-owned cooperative,
and to look to each other to find the best path forward. We are one voice. And
together, we have grown to more than 222,000 strong – an increase of nearly
19,000 Members in 2015 – and we are on the road to reach $3 billion in assets
in 2016.
Our year in 2015 was another great example of what we at TDECU can do
when we come together. The year ended with our computer systems upgrade
and the start of a new era of more efficient and effective Member service that
will come from upgraded systems. And while we did encounter a few
forecasted bumps along the way to more secure and Member-focused
systems, our employees and Members remained patient and supportive in
reaching a successful outcome.
The year also saw an incredible level of value returned to our Members in the
form of competitive deposit and loan rates. As of December 2015, our
Members saved over $400,000 on Buc-ee’s gasoline purchased using TDECU
credit cards. And in comparison with national averages of interest-earning
checking accounts, TDECU checking accounts provide Members with twice
Front Cover Image Guide
Top left: Ferris Wheel at State Fair of Texas, Dallas
Top right: Shrimp Fleet, Freeport
Bottom left: Victoria County Courthouse, Victoria
Bottom right: TDECU Stadium, University of Houston
the dividends. Auto loans with TDECU saved our Members $959 on average,
and our credit card rates average 34% lower than the competition. These real
world savings help the real world bottom line of each of our Members and
show what it truly means to have strength in numbers.
Our relationship with the University of Houston expanded in 2015 to include
new on-campus activities, in-classroom projects and collaboration with
administration and faculty. Taken together, these initiatives allowed TDECU
to reach over 245,000 students, faculty, staff and alumni with our message.
Our sponsorship of TDECU Stadium helped us efficiently grow awareness of
TDECU among potential new Members by generating an audience reach of
nearly 71 million via media coverage in television, newspaper, magazine,
online and social media outlets. More than 6,000,000 were reached via game
day broadcasts and brand exposure in and around the stadium.
As we look to 2016, our focus continues to be on you, the Member. With our
expansion into Dallas/Fort Worth, new member centers scheduled for Port
Lavaca and Texas City, and enhancements to web and mobile banking, we
look forward to growing our strength in numbers in the coming year.
YOUR CREDIT UNION
IN 2015
I would like to thank each and every Member, our TDECU Board of Directors,
and our loyal, dedicated employees for your continued commitment to the
vision and future of TDECU. TDECU truly is “Your Credit Union”.
Stephanie Sherrodd
President and Chief Executive Officer
Buffalo Bayou, Houston
222,000+ Members
$2.7+ Billion in Assets
$1.4+ Billion in New Loans
$318+ Million in New Mortgage Loans
$31+ Million Saved with Better Rates and Lower Fees
$432,532 Saved at Buc-ee’s with a TDECU Credit Card
$388,902 Saved with TDECU Real Estate Rewards Program
$177,142 in Student Loans
$3+ Billion Cleared Checks
55+ Million Debit Card Transactions
4.2+ Million ATM Transactions
2.2+ Million Online Banking Transactions
1.3+ Million Calls Answered by Member Care
27,491 New Checking Accounts
3,407 TDECU Insurance Policies
726 Employees
$840,000 Donated to Community Organizations
$53,000 in Livestock Purchased at Auction from Local 4-H Programs
$42,000 Awarded in Scholarships
100,000+ Visitors at Fun on the Farm (Houston Livestock Show & Rodeo™)
4,200+ School Supply Donations
3,000 Miles for the BP MS150
1,770+ Food Drive Donations
1,200+ Volunteer Hours in Local Communities
100+ Hours of Financial Literacy Classes for Youth
87 Financial Education Events
ONE VOICE
+
222,000 STRONG
MESSAGE FROM THE PRESIDENT
The independent spirit of our Members is what started the great organization
we know as TDECU just over sixty years ago in 1955. What has kept us
growing strong throughout those six decades is our ability to combine the
best from each of us and to come together as one united voice to grow our
communities, support the financial needs of the Member-owned cooperative,
and to look to each other to find the best path forward. We are one voice. And
together, we have grown to more than 222,000 strong – an increase of nearly
19,000 Members in 2015 – and we are on the road to reach $3 billion in assets
in 2016.
Our year in 2015 was another great example of what we at TDECU can do
when we come together. The year ended with our computer systems upgrade
and the start of a new era of more efficient and effective Member service that
will come from upgraded systems. And while we did encounter a few
forecasted bumps along the way to more secure and Member-focused
systems, our employees and Members remained patient and supportive in
reaching a successful outcome.
The year also saw an incredible level of value returned to our Members in the
form of competitive deposit and loan rates. As of December 2015, our
Members saved over $400,000 on Buc-ee’s gasoline purchased using TDECU
credit cards. And in comparison with national averages of interest-earning
checking accounts, TDECU checking accounts provide Members with twice
Front Cover Image Guide
Top left: Ferris Wheel at State Fair of Texas, Dallas
Top right: Shrimp Fleet, Freeport
Bottom left: Victoria County Courthouse, Victoria
Bottom right: TDECU Stadium, University of Houston
the dividends. Auto loans with TDECU saved our Members $959 on average,
and our credit card rates average 34% lower than the competition. These real
world savings help the real world bottom line of each of our Members and
show what it truly means to have strength in numbers.
Our relationship with the University of Houston expanded in 2015 to include
new on-campus activities, in-classroom projects and collaboration with
administration and faculty. Taken together, these initiatives allowed TDECU
to reach over 245,000 students, faculty, staff and alumni with our message.
Our sponsorship of TDECU Stadium helped us efficiently grow awareness of
TDECU among potential new Members by generating an audience reach of
nearly 71 million via media coverage in television, newspaper, magazine,
online and social media outlets. More than 6,000,000 were reached via game
day broadcasts and brand exposure in and around the stadium.
As we look to 2016, our focus continues to be on you, the Member. With our
expansion into Dallas/Fort Worth, new member centers scheduled for Port
Lavaca and Texas City, and enhancements to web and mobile banking, we
look forward to growing our strength in numbers in the coming year.
YOUR CREDIT UNION
IN 2015
I would like to thank each and every Member, our TDECU Board of Directors,
and our loyal, dedicated employees for your continued commitment to the
vision and future of TDECU. TDECU truly is “Your Credit Union”.
Stephanie Sherrodd
President and Chief Executive Officer
Buffalo Bayou, Houston
222,000+ Members
$2.7+ Billion in Assets
$1.4+ Billion in New Loans
$318+ Million in New Mortgage Loans
$31+ Million Saved with Better Rates and Lower Fees
$432,532 Saved at Buc-ee’s with a TDECU Credit Card
$388,902 Saved with TDECU Real Estate Rewards Program
$177,142 in Student Loans
$3+ Billion Cleared Checks
55+ Million Debit Card Transactions
4.2+ Million ATM Transactions
2.2+ Million Online Banking Transactions
1.3+ Million Calls Answered by Member Care
27,491 New Checking Accounts
3,407 TDECU Insurance Policies
726 Employees
$840,000 Donated to Community Organizations
$53,000 in Livestock Purchased at Auction from Local 4-H Programs
$42,000 Awarded in Scholarships
100,000+ Visitors at Fun on the Farm (Houston Livestock Show & Rodeo™)
4,200+ School Supply Donations
3,000 Miles for the BP MS150
1,770+ Food Drive Donations
1,200+ Volunteer Hours in Local Communities
100+ Hours of Financial Literacy Classes for Youth
87 Financial Education Events
ONE VOICE
+
“This Way, That Way” Street Signs, Lake Jackson
222,000 STRONG
MESSAGE FROM THE CHAIRMAN
It is with great satisfaction and pride that I can report to you, our Members,
that 2015 was another outstanding year at your credit union. TDECU assets
grew to $2.7 billion and the credit union increased membership to over
222,000. We provided over $318 million in mortgage loans and more than
$683 million in auto loans enabling our Members to have the homes and
automobiles they wanted and needed to improve their lives. We converted to
a new core computer system that will allow us to provide new, more efficient,
and faster services to our Members. We expanded into Dallas/Fort Worth
through a merger with Texas Catholic Community Credit Union, and we
look forward to bringing new and improved financial services in 2016 to their
more than 7,000 Members. And importantly, we achieved this growth while
maintaining the high level of safety and soundness that are the cornerstone
of our operations, ending the year with a solid capital ratio of 8.38%.
Even as we grow though, we remain equally focused on enriching and
strengthening the communities we serve. TDECU’s outreach efforts in 2015
allowed us to give back through financial literacy programs, scholarships for
deserving students, and in support of local charities that serve as the
backbone of our communities. In 2015, our employees volunteered over 1,200
hours of their time to support local charitable efforts. And as an
organization, we contributed financial support to organizations like the
Houston Livestock Show and Rodeo™, the MS Society, and local food banks,
to name a few.
WE’RE HERE TO
SERVE YOU
Looking ahead to 2016, we have new and updated member centers scheduled
for several locations and are planning to bring improvements to TDECU’s
web and mobile banking services.
As we continue to grow, we also continue to build a team with visionary,
forward-looking thinkers who can help us on our journey toward improving
financial lives. To this end, we added three new Advisory Board Members in
2015. These individuals integrate with and support the Board and Executive
Team to bring additional expertise to the table, and to help us look at new
and innovative ways to provide an even better Member experience through
enhanced technologies and digital channels.
Thank you to our Members, our Board and our dedicated team for making
2015 a year of impressive accomplishments for TDECU. It is an honor and a
pleasure to serve as your Chairman.
Richard Smith
Chairman, TDECU Board of Directors
TDECU PROUDLY SUPPORTED THE FOLLOWING ORGANIZATIONS IN 2015:
5K Hero Run
AAMA
AHA Heart and Stroke Walk
BACH
Bluebonnet Youth Ranch
Boys and Girls Club
Brazoria County Dream Center
Brazoria County Hispanic Chamber
of Commerce
Brazoria County Livestock Show
Brazosport Chamber Taste of the Town
Chambers in all TDECU markets
Cuero Livestock Show
Edna Chili Fest
Edna Livestock Show
Freeport Fishin’ Fiesta
Greater Fort Bend Economic
Development Council
Greater Houston Black
Chamber of Commerce
Greater Houston Partnership
Habitat for Humanity
Hallettsville Kolache Fest
Hallettsville Livestock Show
Heights Crawfish Festival
Houston Hispanic Chamber of Commerce
Fun on the Farm at the
Houston Livestock Show and Rodeo™
Lemonade Day
Missouri City Crawfish Festival
MS 150 Bike Ride
Pasadena Strawberry Festival
Port Lavaca Livestock Show
Robert Garner Firefighters Foundation
Run for the Rose
School partners in all markets
Seadrift Shrimp Fest
Susan G. Komen Run
Texas Zoo Wild About Wine
True to Life Ministries
University of Houston
Victoria Bootfest
Victoria Livestock Show
Warriors Weekend Muster
Yoakum Livestock Show
*This list includes only a portion of the organizations TDECU supported in 2015.
ONE VOICE
+
“This Way, That Way” Street Signs, Lake Jackson
222,000 STRONG
MESSAGE FROM THE CHAIRMAN
It is with great satisfaction and pride that I can report to you, our Members,
that 2015 was another outstanding year at your credit union. TDECU assets
grew to $2.7 billion and the credit union increased membership to over
222,000. We provided over $318 million in mortgage loans and more than
$683 million in auto loans enabling our Members to have the homes and
automobiles they wanted and needed to improve their lives. We converted to
a new core computer system that will allow us to provide new, more efficient,
and faster services to our Members. We expanded into Dallas/Fort Worth
through a merger with Texas Catholic Community Credit Union, and we
look forward to bringing new and improved financial services in 2016 to their
more than 7,000 Members. And importantly, we achieved this growth while
maintaining the high level of safety and soundness that are the cornerstone
of our operations, ending the year with a solid capital ratio of 8.38%.
Even as we grow though, we remain equally focused on enriching and
strengthening the communities we serve. TDECU’s outreach efforts in 2015
allowed us to give back through financial literacy programs, scholarships for
deserving students, and in support of local charities that serve as the
backbone of our communities. In 2015, our employees volunteered over 1,200
hours of their time to support local charitable efforts. And as an
organization, we contributed financial support to organizations like the
Houston Livestock Show and Rodeo™, the MS Society, and local food banks,
to name a few.
WE’RE HERE TO
SERVE YOU
Looking ahead to 2016, we have new and updated member centers scheduled
for several locations and are planning to bring improvements to TDECU’s
web and mobile banking services.
As we continue to grow, we also continue to build a team with visionary,
forward-looking thinkers who can help us on our journey toward improving
financial lives. To this end, we added three new Advisory Board Members in
2015. These individuals integrate with and support the Board and Executive
Team to bring additional expertise to the table, and to help us look at new
and innovative ways to provide an even better Member experience through
enhanced technologies and digital channels.
Thank you to our Members, our Board and our dedicated team for making
2015 a year of impressive accomplishments for TDECU. It is an honor and a
pleasure to serve as your Chairman.
Richard Smith
Chairman, TDECU Board of Directors
TDECU PROUDLY SUPPORTED THE FOLLOWING ORGANIZATIONS IN 2015:
5K Hero Run
AAMA
AHA Heart and Stroke Walk
BACH
Bluebonnet Youth Ranch
Boys and Girls Club
Brazoria County Dream Center
Brazoria County Hispanic Chamber
of Commerce
Brazoria County Livestock Show
Brazosport Chamber Taste of the Town
Chambers in all TDECU markets
Cuero Livestock Show
Edna Chili Fest
Edna Livestock Show
Freeport Fishin’ Fiesta
Greater Fort Bend Economic
Development Council
Greater Houston Black
Chamber of Commerce
Greater Houston Partnership
Habitat for Humanity
Hallettsville Kolache Fest
Hallettsville Livestock Show
Heights Crawfish Festival
Houston Hispanic Chamber of Commerce
Fun on the Farm at the
Houston Livestock Show and Rodeo™
Lemonade Day
Missouri City Crawfish Festival
MS 150 Bike Ride
Pasadena Strawberry Festival
Port Lavaca Livestock Show
Robert Garner Firefighters Foundation
Run for the Rose
School partners in all markets
Seadrift Shrimp Fest
Susan G. Komen Run
Texas Zoo Wild About Wine
True to Life Ministries
University of Houston
Victoria Bootfest
Victoria Livestock Show
Warriors Weekend Muster
Yoakum Livestock Show
*This list includes only a portion of the organizations TDECU supported in 2015.
ONE VOICE
+
222,000 STRONG
BOARD OF DIRECTORS
Richard Smith
Chairman
(term ends March 2018)
Daniel Buche
Vice Chairman
(term ends March 2017)
George Hornback, Jr.
Secretary
(term ends March 2018)
Roland Hendricks
Treasurer
(term ends March 2018)
Eileen Campbell
Director
(term ends March 2016)
Frank Coe
Director
(term ends March 2018)
Carrie Fisher
Advisory Board Director
(term ends October 2017)
Peggy Miltenberger
Director
(term ends March 2016)
David Ozuna
Director
(term ends March 2017)
Anita Sehgal
Advisory Board Director
(term ends October 2017)
David Sikora
Advisory Board Director
(term ends October 2017)
Edward Speed
Director
(term ends March 2016)
Ed Zingleman
Director
(term ends March 2017)
TDECU — YOUR CREDIT UNION.
Founded in 1955, TDECU is the fourth largest credit union in
Texas and the largest in the Houston area. We offer all types
of financial products including banking, investments,
insurance and real estate.
With more than 222,000 Members and greater than $2.7 billion
in assets, we are committed to providing the highest quality
service and financial products to our Members.
OFFICERS
Stephanie Sherrodd
President &
Chief Executive Officer
Tim Bennett
Vice President,
Chief Brand Officer
Courtland Crouchet
Senior Vice President,
Chief Retail Officer
Isaac Johnson, IV
Senior Vice President,
Chief Risk Officer
Rhonda Kleinecke
Senior Vice President,
Chief Financial Officer
Chuck Smith
Senior Vice President,
Chief Lending Officer
Steve Stevens
Senior Vice President,
Retail Lending
Andrew Wayman
Vice President,
Digital Strategy
TDECU currently provides convenient access online,
by phone and through our 40 service locations, including
34 member centers, and offers a complete selection of
convenient, innovative, and competitive products and services.
Stock Yards, Fort Worth
ONE VOICE
+
222,000 STRONG
BOARD OF DIRECTORS
Richard Smith
Chairman
(term ends March 2018)
Daniel Buche
Vice Chairman
(term ends March 2017)
George Hornback, Jr.
Secretary
(term ends March 2018)
Roland Hendricks
Treasurer
(term ends March 2018)
Eileen Campbell
Director
(term ends March 2016)
Frank Coe
Director
(term ends March 2018)
Carrie Fisher
Advisory Board Director
(term ends October 2017)
Peggy Miltenberger
Director
(term ends March 2016)
David Ozuna
Director
(term ends March 2017)
Anita Sehgal
Advisory Board Director
(term ends October 2017)
David Sikora
Advisory Board Director
(term ends October 2017)
Edward Speed
Director
(term ends March 2016)
Ed Zingleman
Director
(term ends March 2017)
TDECU — YOUR CREDIT UNION.
Founded in 1955, TDECU is the fourth largest credit union in
Texas and the largest in the Houston area. We offer all types
of financial products including banking, investments,
insurance and real estate.
With more than 222,000 Members and greater than $2.7 billion
in assets, we are committed to providing the highest quality
service and financial products to our Members.
OFFICERS
Stephanie Sherrodd
President &
Chief Executive Officer
Tim Bennett
Vice President,
Chief Brand Officer
Courtland Crouchet
Senior Vice President,
Chief Retail Officer
Isaac Johnson, IV
Senior Vice President,
Chief Risk Officer
Rhonda Kleinecke
Senior Vice President,
Chief Financial Officer
Chuck Smith
Senior Vice President,
Chief Lending Officer
Steve Stevens
Senior Vice President,
Retail Lending
Andrew Wayman
Vice President,
Digital Strategy
TDECU currently provides convenient access online,
by phone and through our 40 service locations, including
34 member centers, and offers a complete selection of
convenient, innovative, and competitive products and services.
Stock Yards, Fort Worth
ONE VOICE
+
Asiel’s Restaurant, Lake Jackson
222,000 STRONG
TREASURER’S REPORT
2015 was another strong year to add to TDECU’s proud history of financial
strength, safety and security. Our forward-thinking approach to credit union
products, services and the Member experience helped us end the year with
an increase of over $300 million in assets to reach $2.7 billion in total.
TDECU’s total equity grew to an impressive $233 million. It is with pride
that I can report on behalf of our Board of Directors and TDECU’s
leadership team a year of continued financial strength and stability for
the organization.
As we continue to focus on improving financial lives, our lending solutions
give our Members a cost-effective way to reach their goals. In 2015, we
worked with our Members to fund a record $2.5 billion in total loans,
compared with just under $2.2 billion in 2014. Also in 2015, we introduced
student loans to our wide offering of services which will enhance our
commitment to provide lending solutions to Members at all stages of their
lives. I am delighted to report we assisted 17 students in their quest for
higher education by providing over $177,142 in new student loans.
As you know, a benefit to your membership at TDECU is represented by the
dividends earned on your deposits. Deposits increased by $183 million in
2015 and TDECU paid over $12 million in dividends on Member deposits. I
am also pleased to report we grew TDECU’s membership by more than 9%,
which took us from 203,128 Members in 2014 to 222,118 Members in 2015.
On behalf of the Board of Directors and TDECU’s Executive Team, I want to
assure you we will continue to direct and manage the credit union with your
best interests in mind. I thank you for allowing me the privilege to serve as a
steward for this organization, and look forward to continuing to serve the
needs of TDECU – Your Credit Union.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
As of December 31, 2015
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the year ending December 31, 2015
EARNING ASSETS
Total Loans, net of allowance
Total Investments
Total Earning Assets
INTEREST INCOME
Loans to Members
Investments and Cash Equivalents
Total Interest Income
OTHER ASSETS
Land, Premises & Equipment
Accounts Receivable
National Credit Union Share Insurance Fund Deposit
Miscellaneous Other Assets
Total Other Assets
TOTAL ASSETS
LIABILITIES
Total Shares & Deposits
Other Liabilities
Borrowings
Roland Hendricks
Treasurer, TDECU Board of Directors
EQUITY
Retained Earnings (Capital/Member Equity)
TOTAL LIABILITIES AND EQUITY
2,496,024,089
164,083,766
2,660,107,855
53,630,092
11,082,756
19,100,184
29,849,609
113,662,641
$2,773,770,496
2,236,943,150
53,495,541
250,227,267
233,104,538
$2,773,770,496
*Detailed audited Financial Statement with Report of Independent Auditors for the fiscal year ended
December 31, 2014, and monthly interim unaudited Financial Statements are available for members
at each TDECU member center. Federally insured by NCUA.
INTEREST EXPENSE
Shares & Deposits
Borrowed Funds
Total Interest Expense
Net Interest Income
Provision for Loan Losses
Net Interest Income After Provision for Loan Losses
NON-INTEREST INCOME
Fee Income
Other Income
Total Non-Interest Income
118,216,137
244,218
118,460,355
12,703,243
2,463,339
15,166,582
103,293,773
18,418,398
84,875,375
20,692,457
36,357,130
57,049,587
NON-INTEREST EXPENSE
Operating Expenses
Non-Operating Income
Total Non-Interest Expense
123,388,522
1,570,534
121,817,988
NET INCOME
$20,106,974
ONE VOICE
+
Asiel’s Restaurant, Lake Jackson
222,000 STRONG
TREASURER’S REPORT
2015 was another strong year to add to TDECU’s proud history of financial
strength, safety and security. Our forward-thinking approach to credit union
products, services and the Member experience helped us end the year with
an increase of over $300 million in assets to reach $2.7 billion in total.
TDECU’s total equity grew to an impressive $233 million. It is with pride
that I can report on behalf of our Board of Directors and TDECU’s
leadership team a year of continued financial strength and stability for
the organization.
As we continue to focus on improving financial lives, our lending solutions
give our Members a cost-effective way to reach their goals. In 2015, we
worked with our Members to fund a record $2.5 billion in total loans,
compared with just under $2.2 billion in 2014. Also in 2015, we introduced
student loans to our wide offering of services which will enhance our
commitment to provide lending solutions to Members at all stages of their
lives. I am delighted to report we assisted 17 students in their quest for
higher education by providing over $177,142 in new student loans.
As you know, a benefit to your membership at TDECU is represented by the
dividends earned on your deposits. Deposits increased by $183 million in
2015 and TDECU paid over $12 million in dividends on Member deposits. I
am also pleased to report we grew TDECU’s membership by more than 9%,
which took us from 203,128 Members in 2014 to 222,118 Members in 2015.
On behalf of the Board of Directors and TDECU’s Executive Team, I want to
assure you we will continue to direct and manage the credit union with your
best interests in mind. I thank you for allowing me the privilege to serve as a
steward for this organization, and look forward to continuing to serve the
needs of TDECU – Your Credit Union.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
As of December 31, 2015
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
For the year ending December 31, 2015
EARNING ASSETS
Total Loans, net of allowance
Total Investments
Total Earning Assets
INTEREST INCOME
Loans to Members
Investments and Cash Equivalents
Total Interest Income
OTHER ASSETS
Land, Premises & Equipment
Accounts Receivable
National Credit Union Share Insurance Fund Deposit
Miscellaneous Other Assets
Total Other Assets
TOTAL ASSETS
LIABILITIES
Total Shares & Deposits
Other Liabilities
Borrowings
Roland Hendricks
Treasurer, TDECU Board of Directors
EQUITY
Retained Earnings (Capital/Member Equity)
TOTAL LIABILITIES AND EQUITY
2,496,024,089
164,083,766
2,660,107,855
53,630,092
11,082,756
19,100,184
29,849,609
113,662,641
$2,773,770,496
2,236,943,150
53,495,541
250,227,267
233,104,538
$2,773,770,496
*Detailed audited Financial Statement with Report of Independent Auditors for the fiscal year ended
December 31, 2014, and monthly interim unaudited Financial Statements are available for members
at each TDECU member center. Federally insured by NCUA.
INTEREST EXPENSE
Shares & Deposits
Borrowed Funds
Total Interest Expense
Net Interest Income
Provision for Loan Losses
Net Interest Income After Provision for Loan Losses
NON-INTEREST INCOME
Fee Income
Other Income
Total Non-Interest Income
118,216,137
244,218
118,460,355
12,703,243
2,463,339
15,166,582
103,293,773
18,418,398
84,875,375
20,692,457
36,357,130
57,049,587
NON-INTEREST EXPENSE
Operating Expenses
Non-Operating Income
Total Non-Interest Expense
123,388,522
1,570,534
121,817,988
NET INCOME
$20,106,974
ONE VOICE
+
222,000 STRONG
AUDIT COMMITTEE REPORT
The Audit Committee of Texas Dow Employees Credit Union (TDECU) acts
as your independent representative to ensure the financial condition of the
credit union is safe and sound. The Audit Committee is an extension of the
Board of Directors and has oversight responsibilities for the financial
reporting control process, the system of internal control, the audit process,
monitoring compliance with laws and regulations, and monitoring the
compliance of operating policies and procedures for TDECU and
its subsidiaries.
Throughout the year, internal audits, external audits, and regulatory
examinations are performed to carry out these responsibilities in an efficient
and prudent manner. The Texas Finance Code requires an annual audit of the
financial records of the credit union. To accomplish this in 2015, the Audit
Committee engaged the services of Doeren Mayhew, one of the top accounting
firms serving credit unions in the United States, to audit the financial
statements. Doeren Mayhew performed the financial audit as of December 31,
2015. Based on the audit, Doeren Mayhew rendered an unmodified opinion on
the financial statements as of December 31, 2015. The audit report as of
December 31, 2015, will be completed in the second quarter of 2016.
In 2015, the following bylaw changes were made:
2. TDECU also updated its Nomination By Petition which now states,
“Nominations for vacancies may also be made by petition signed by one (1%)
percent of Members as of June 30th of the current year. The petition form
must include the mailing address as reflected on TDECU’s records and the
last four (4) digits of the signing Member’s account number in order to verify
the person signing the petition is a Member of TDECU in good standing. The
Board will make available a copy of the petition form to be used. Each
nominee by petition must submit a brief statement of qualifications and
biographical data in a form approved by the Board of Directors.”
For 2015, the Board of Directors meeting fee was $750 per Board of Directors’
meeting and $375 per committee meeting.
TDECU GROWTH OVER FIVE YEARS.
$2,773,770,497
$2,165,845,406
$1,841,513,451
$1,538,744,290
2011
2012
2013
2014
2015
2011
$1,728,901,609
2012
$2,053,394,955
2011
$1,632,984,143
2012
$1,922,650,804
2013
2014
2015
LOANS
ASSETS
$1,508,833,506
Roland Hendricks
Audit Committee Chairman, TDECU Board of Directors
$2,182,605,094
$1,984,102,082
As TDECU grows in both its geographic market coverage and technology
offerings, the Audit Committee will provide a matrix of specialty audit firms
to audit various components of TDECU. This will allow us to monitor our
direction and remain on our well-established path of financial safety and
soundness. In closing, the Audit Committee commends the entire TDECU
staff and volunteers for serving the membership and making 2015 a
successful year.
1. TDECU field of membership expanded to include employees of Buc-ee’s Ltd.
who work in, or are paid or supervised from its headquarters in Lake Jackson,
Texas; and Members of Texas Catholic Community Credit Union (TCCCU)
from its merger with TDECU.
$2,520,159,135
$2,430,226,806
$2,236,943,150
222,118
203,128
$1,823,228,436
182,747
2013
DEPOSITS
2014
2015
163,802
167,735
2011
2012
2013
MEMBERS
2014
2015
ONE VOICE
+
222,000 STRONG
AUDIT COMMITTEE REPORT
The Audit Committee of Texas Dow Employees Credit Union (TDECU) acts
as your independent representative to ensure the financial condition of the
credit union is safe and sound. The Audit Committee is an extension of the
Board of Directors and has oversight responsibilities for the financial
reporting control process, the system of internal control, the audit process,
monitoring compliance with laws and regulations, and monitoring the
compliance of operating policies and procedures for TDECU and
its subsidiaries.
Throughout the year, internal audits, external audits, and regulatory
examinations are performed to carry out these responsibilities in an efficient
and prudent manner. The Texas Finance Code requires an annual audit of the
financial records of the credit union. To accomplish this in 2015, the Audit
Committee engaged the services of Doeren Mayhew, one of the top accounting
firms serving credit unions in the United States, to audit the financial
statements. Doeren Mayhew performed the financial audit as of December 31,
2015. Based on the audit, Doeren Mayhew rendered an unmodified opinion on
the financial statements as of December 31, 2015. The audit report as of
December 31, 2015, will be completed in the second quarter of 2016.
In 2015, the following bylaw changes were made:
2. TDECU also updated its Nomination By Petition which now states,
“Nominations for vacancies may also be made by petition signed by one (1%)
percent of Members as of June 30th of the current year. The petition form
must include the mailing address as reflected on TDECU’s records and the
last four (4) digits of the signing Member’s account number in order to verify
the person signing the petition is a Member of TDECU in good standing. The
Board will make available a copy of the petition form to be used. Each
nominee by petition must submit a brief statement of qualifications and
biographical data in a form approved by the Board of Directors.”
For 2015, the Board of Directors meeting fee was $750 per Board of Directors’
meeting and $375 per committee meeting.
TDECU GROWTH OVER FIVE YEARS.
$2,773,770,497
$2,165,845,406
$1,841,513,451
$1,538,744,290
2011
2012
2013
2014
2015
2011
$1,728,901,609
2012
$2,053,394,955
2011
$1,632,984,143
2012
$1,922,650,804
2013
2014
2015
LOANS
ASSETS
$1,508,833,506
Roland Hendricks
Audit Committee Chairman, TDECU Board of Directors
$2,182,605,094
$1,984,102,082
As TDECU grows in both its geographic market coverage and technology
offerings, the Audit Committee will provide a matrix of specialty audit firms
to audit various components of TDECU. This will allow us to monitor our
direction and remain on our well-established path of financial safety and
soundness. In closing, the Audit Committee commends the entire TDECU
staff and volunteers for serving the membership and making 2015 a
successful year.
1. TDECU field of membership expanded to include employees of Buc-ee’s Ltd.
who work in, or are paid or supervised from its headquarters in Lake Jackson,
Texas; and Members of Texas Catholic Community Credit Union (TCCCU)
from its merger with TDECU.
$2,520,159,135
$2,430,226,806
$2,236,943,150
222,118
203,128
$1,823,228,436
182,747
2013
DEPOSITS
2014
2015
163,802
167,735
2011
2012
2013
MEMBERS
2014
2015
2015 ANNUAL REPORT
ONE VOICE
+
222,000 STRONG
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10445-2016