Annual Report for 2015
March 5, 2016
82nd Annual Meeting
01.2016
Copyright © 2011 Fiserv, Inc. All rights reserved.
March 5, 2016
Agenda
Registration
5:00 – 5:30
Margarita Harper, Cameron Anderson,
Sonia Flora, Tami Chapman
Welcome
George Creel, Chairman of the Board
Invocation
Cameron Anderson
Dinner – Served at 5:00 pm
Reading of the Minutes
Tony Lockridge, Sec-Treas
Chairman’s Report
George Creel, Chairman of the Board
Election of Directors
Nominating Committee: Jimmy Griffin,
Charlene Overall, Bob Renson
President’s Report
Sherri McElyea, President
New Products Report
Cameron Anderson
Loan Products Report
Old Business
George Creel, Chairman of the Board
New Business
George Creel, Chairman of the Board
Recognition Awards
Joan Smith, Vice Pres., George Creel
Chairman of the Board
Door Prizes
Sherrie McFarlin, Sonia Flora, Cameron
Anderson
Adjourn
Core Values and Beliefs of United Credit Union
01.2016
Copyright © 2011 Fiserv, Inc. All rights reserved.
•
We Value:
–
•
People:
•
We support our employees and their individual strengths and goals, our members for their dreams and
goals, and our local community with our time and support.
•
We approach member relationships by being intentional with our service and aiming for awesomeness.
We believe in:
–
Integrity
•
–
–
–
–
Development
•
We consider it a privilege to help our membership reach their financial goals
•
Education and advocating are key, for both our members and our staff
•
Life is stressful enough! We take finances seriously, but when you come in United CU to work or conduct
business, we want to uplift our members and employees. We want them to experience a smile, to laugh,
and leave knowing you were among friends.
Fun
Loyalty and Commitment
•
We are dedicated to working together as a staff, and with our members, in a positive and supportive
environment.
•
We believe in “We got your back!”.
Teamwork
•
01.2016
We believe in being honest, trustworthy and authentic.
We are dedicated to work together as a team with each other and our members in a positive and
supportive environment.
Copyright © 2011 Fiserv, Inc. All rights reserved.
Chairman’s Report
It is with great pleasure and pride that I welcome you to the 82nd annual meeting of United Credit Union I am humbled by the
trust you've placed in me and my fellow board members. In fact, I'd like to take this opportunity to thank my fellow board
members for their dedicated service, commitment, and passion. Our success is due in large part because of their efforts.
2015 has been an exciting year of growth.

We reached the milestone of exceeding 30 million in assets.

We expanded our community membership field to include portions of Smith and Van Zandt counties

When we moved to our location on Old Jacksonville Hwy we estimated it would be 10 years before we
filled all the space. Well it’s been 10 years and we are out of space. We are currently adding additional
office space and reconfiguring the existing layout to position us for continued growth
As not-for-profit cooperatives, credit unions are different than banks. Though we have to make a profit to keep the doors open,
we don't work for shareholders demanding to collect their profits.
We are excited about the bright future that lies ahead of us. It's a future we can all share in, and one that encourages our highest
potential and ensures our best purpose in serving you, our members.
In closing, I'd like to express my confidence in the our leadership team , the wisdom and guidance of our board of directors, the
commitment of our dedicated staff, and the support and loyalty of our members.
Thank you ladies and gentlemen. I wish you the very best for the coming year!
Presidents Report
Once again I would like to thank you for coming out tonight and participating. Just like the first membership meeting in 1933 the
cooperative philosophy “of people helping people” remains. We celebrate our unique business model that empowers every single
member to have a voice. And that's "One member, one vote."
When you participate in your credit union, you are contributing to its growth, and that's why this credit union continues to thrive
year after year.
Cybersecurity became an even higher-profile matter in 2015, along with hot-button regulatory issues such as risk-based capital
and other regulatory burdens. All of those critical issues need our attention, It is important to continue to advocate with our
lawmakers on behalf of credit unions.
As our membership grows, so do our assets, and we reached a milestone this year.
In the last 10 years we have grown our Assets from $14.6 million to our current total of $30.1 million Assets. That is
phenomenal!
01.2016
Copyright © 2011 Fiserv, Inc. All rights reserved.
To look at just last year:
Assets grew 19%
Loans grew 21%
Shares grew 21%
Membership at increased by 218 new members and now stands at 2,633.
When loan demand increases 21%, we expect the potential of an increase in delinquencies.
We have seen effects from the continued downturn in the oil and gas industry. When adversity hits a member of United Credit
Union it is a chance to put value on people. I believe that when you value people good things happen.
I'm thrilled to point out that [insert name of CU] is a well-capitalized financial institution, with a strong net worth ratio of [insert
percentage]. To put that in perspective, a net worth position above 7 percent is considered well capitalized by our regulators.
We are also an integral part of the community. That's important to us. I would like to highlight our participation in organizations
and community activities.





We participated in the CU Ride delivering gifts for Children’s Miracle Network
We participated in Komen Race for Cure 5K run/walk
Participated in the Tyler Area Chapter of CU’s “Shred it” Event
Participated in local business expo
Served on the Board of Directors of Tyler Area Chapter of CU’s
Our very talented team of professionals report to work every day with one objective: to help our members meet their financial
goals. Our accomplishments would not have been possible without their steadfast commitment and unified efforts. Their passion
inspires me, and I thank them for their loyalty and commitment to providing great service.
As we grow, we will keep our focus on doing what’s right. We will continue to provide better services and more convenience for
our members.
In closing I would like thank you for placing your confidence and trust in me to lead your credit union.
We will continue to place our value on people first. It’s what makes our credit union different, and what makes us strong.
As we embark on the year ahead, my commitment to you today is that at United Credit Union we will continue




To promote and value People, both members and staff to reach for your dreams and goals.
To approach every opportunity with integrity
To educate and advocate for members and staff
To work as a team with loyalty and dedication
New Electronic Services
I have met most of you but for those who do not know me I am Cameron Anderson. I work with our technology
products for members and also our Technology and Security for the credit union. At United we believe in a mix of
01.2016
Copyright © 2011 Fiserv, Inc. All rights reserved.
products to serve you both in person and online. We have added some new technology products to give you, our
member, and the ability to conduct business when you need it. We like to see you face to face but we know that
sometimes our busy lives make it necessary to have options.
In addition to our existing home and mobile banking services we have added:
Mobile Deposit
Mobile Check deposits gives you the ability to deposit a check from anywhere if you have a smartphone and have it in
your account within one business day. The app is available on both iTunes and google store but you do have to notify
the office that you would like to be added to this service.
E-Receipts
Never lose a receipt again! We are offering e-Receipts! Save paper - go green? We are now offering this for all
members. All we need is a good email and you can get e-receipts.
e-Notices
E-notices is another new product we are offering for all members. Don’t want to get your notices via mail anymore? All
you need is online banking! Go to self-services and sign up for it now! It also gives you the option to receive a notice
within 24 hours.
If you have any questions about these new products contact the Credit Union or fill out the slip in your bags and we will
get you that information and forms!
01.2016
Copyright © 2011 Fiserv, Inc. All rights reserved.
Board of Directors
Directorship term expire at the Annual Meeting of the year of expiration.
Name
George Creel - Chairman
Nancy Parker – Vice Chairman
Tony Lockridge - Sec-Treas.
Clifton Gee
Gene Merriman
James McLeroy
John Daniels
Expiration
2016
2016
2016
2017
2017
2018
2018
Credit Union Staff
Sherri McElyea - President
Joan Smith – Vice President
Sherrie McFarlin – Service Manager
Anita Lewis - Accounting
Margarita Harper – Loan Processing
Lee Reynolds – Loan Officer
Cameron Anderson – Technology Products, IT, Security
Sonia Flora – Member Services
Tami Chapman – Loss Prevention
Martin Herrera – Loan Clerk
Dylan Ivey – Part time Member Services
Amy McGough – Part time Member Services
01.2016
Copyright © 2011 Fiserv, Inc. All rights reserved.
United Credit Union
Page: 8
Income Statement Comparison to Model 2015 Budget
--MONTH - TO - DATE FIGURES--
Run: 01/12/2016
As of: 12/31/2015
Budgeted
Actual
Amount
Results
--YEAR - TO - DATE FIGURES-$ Var
Budgeted
Actual
% Var
Amount
Results
$ Var
% Var
0.00
0.00
0.00
Income from Credit Card Loans
5,778.40
3,029.99
(2,748.41)
-47.56
60,156.29
36,080.99
(24,075.30)
-40.02
Income from Unsecured Loans
INTEREST INCOME
11,901.21
12,518.46
617.25
5.19
129,399.62
133,474.24
4,074.62
3.15
Income from Courtesy Pay Loans
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Income from Default Balance Loans
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Income from New Vehicle Loans
9,665.80
14,399.76
4,733.96
48.98
102,978.72
174,699.31
71,720.59
69.65
Income from Used Vehicle Loans
51,559.51
67,177.06
15,617.55
30.29
574,493.59
710,797.45
136,303.86
23.73
Income from Recreational Vehicles
7,390.09
7,198.03
(192.06)
-2.60
84,177.66
97,378.89
13,201.23
15.68
Income from 1st Mortgage Loans
7,856.02
7,932.68
76.66
0.98
105,782.21
104,243.17
(1,539.04)
-1.45
345.65
0.00
(345.65)
0.00
3,858.46
782.87
(3,075.59)
-79.71
0.00
248.76
248.76
0.00
0.00
2,009.89
2,009.89
0.00
125.55
504.26
378.71
301.64
973.66
6,440.41
5,466.75
561.46
Income from Mortgage Loans CU Members
Income from Delayed Funding CU Members
Income from Real Estate Loans
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Income from Mobile Home Loans
647.28
424.07
(223.21)
-34.48
7,461.36
5,857.00
(1,604.36)
-21.50
Income from Home Equity Loans
3,580.19
2,849.29
(730.90)
-20.42
42,562.47
37,410.88
(5,151.59)
-12.10
Income from Home Improvement Loans
695.02
559.57
(135.45)
-19.49
7,827.00
7,157.80
(669.20)
-8.55
10,534.73
3,687.77
(6,846.96)
-64.99
115,988.84
35,318.92
(80,669.92)
-69.55
Total Loan Income
110,079.45
120,529.70
10,450.25
9.49
1,235,659.88
1,351,651.82
115,991.94
9.39
Interest Adjustment
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
110,079.45
120,529.70
10,450.25
9.49
1,235,659.88
1,351,651.82
115,991.94
9.39
Income from Share Secured Loans
Income from All Other Loans
Net Loan Income
Total Investment Income
Total Interest Income
Interest on Deposits
Interest On Borrowed Money
Total Interest Expense
2,921.22
3,622.52
701.30
24.01
32,975.13
38,858.91
5,883.78
17.84
113,000.67
124,152.22
11,151.55
9.87
1,268,635.01
1,390,510.73
121,875.72
9.61
11,102.96
16,967.79
5,864.83
52.82
124,301.50
160,851.45
36,549.95
29.40
0.00
0.00
0.00
0.00
0.00
0.66
0.66
0.00
11,102.96
16,967.79
5,864.83
52.82
124,301.50
160,852.11
36,550.61
29.40
101,897.71
107,184.43
5,286.72
5.19
1,144,333.51
1,229,658.62
85,325.11
7.46
Provision For Loan Loss Expense
10,000.00
(8,536.81)
(18,536.81)
-185.37
40,000.00
142,048.83
102,048.83
255.12
Net Interest Income after Provisions
91,897.71
115,721.24
23,823.53
25.92
1,104,333.51
1,087,609.79
(16,723.72)
-1.51
0.00
0.00
0.00
30,404.51
31,374.00
969.49
3.19
342,938.95
380,597.43
37,658.48
10.98
Net Interest Income
OPERATING EXPENSES
Salaries
Pension
Employee Benefits
Contract Labor
Travel & Conference
Association Dues
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
7,350.04
9,634.36
2,284.32
31.08
86,266.14
123,593.21
37,327.07
43.27
0.00
2,455.94
2,455.94
0.00
0.00
3,633.42
3,633.42
0.00
2,600.00
2,591.81
(8.19)
-0.32
31,600.00
38,436.27
6,836.27
21.63
709.86
765.92
56.06
7.90
8,518.32
9,560.32
1,042.00
12.23
Office Occupancy
5,827.55
3,369.10
(2,458.45)
-42.19
68,397.02
47,392.17
(21,004.85)
-30.71
Office Operations
9,180.60
10,069.62
889.02
9.68
105,555.26
112,437.57
6,882.31
6.52
Education & Marketing
4,500.00
4,907.47
407.47
9.05
50,000.00
56,272.42
6,272.42
12.54
Loan Servicing
2,067.31
2,426.55
359.24
17.38
23,769.16
26,193.43
2,424.27
10.20
19,984.59
28,380.71
8,396.12
42.01
234,556.38
289,406.52
54,850.14
23.38
Outside Services
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
548.21
578.67
30.46
5.56
6,578.52
6,116.00
(462.52)
-7.03
Cash Over/Short
0.00
(21.05)
(21.05)
0.00
0.00
406.68
406.68
0.00
Annual Meeting
0.00
0.00
0.00
0.00
0.00
1,913.62
1,913.62
0.00
5,738.38
6,908.75
1,170.37
20.40
66,786.08
66,214.98
(571.10)
-0.86
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Member Insurance
Examination Fees
Misc. Operating Exp.
NCUSIF Premium Expense
01.2016
Copyright © 2011 Fiserv, Inc. All rights reserved.
United Credit Union
Page:
2
Income Statement Comparison to Model 2015 Budget
--MONTH - TO - DATE FIGURES--
Run: 01/12/2016
As of: 12/31/2015
Depreciation Expense-Building & Leased A
Depreciation Expense-Furniture, Fixtures
Total Operating Expenses
OTHER OPERATING INCOME
Fees & Charges
Miscellaneous Income
Trading Investment Profits / (Losses)
Total Other Operating Income
--YEAR - TO - DATE FIGURES--
Budgeted
Actual
Budgeted
Actual
Amount
Results
$ Var
% Var
Amount
Results
$ Var
% Var
3,405.79
2,379.30
(1,026.49)
-30.14
33,577.79
28,748.46
(4,829.33)
-14.38
2,874.31
1,595.99
(1,278.32)
-44.47
33,301.27
20,895.35
(12,405.92)
-37.25
95,191.15
107,417.14
12,225.99
12.84
1,091,844.89
1,211,817.85
119,972.96
10.99
0.00
0.00
0.00
14,746.52
24,344.59
9,598.07
65.09
163,376.58
246,788.29
83,411.71
51.05
408.38
510.83
102.45
25.09
4,695.56
11,199.75
6,504.19
138.52
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
15,154.90
24,855.42
9,700.52
64.01
168,072.14
257,988.04
89,915.90
53.50
0.00
NON-OPERATING INCOME
0.00
0.00
(Gain) / Loss on Sale Of Investments
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(Gain) / Loss on Sale Of Assets
0.00
15,825.69
15,825.69
0.00
0.00
39,862.95
39,862.95
0.00
Other Non-Operating (Gain) / Loss
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total Non-Operating Income
0.00
15,825.69
15,825.69
0.00
0.00
39,862.95
39,862.95
0.00
11,861.46
17,333.83
5,472.37
46.14
180,560.76
93,917.03
(86,643.73)
-47.99
Net Income
01.2016
Copyright © 2011 Fiserv, Inc. All rights reserved.
Run:
01/11/2016
Monthly Balance Sheet
As of: 12/31/2015
LOANS & CASH
Credit Card Loans
Unsecured Loans
Courtesy Pay Loans
Default Balance Loans
New Vehicle Loans
Used Vehicle Loans
Recreational Vehicles
1st Mortgage Loans
Mortgage Loans CU Members
Real Estate Loans
Mobile Home Loans
Home Equity Loans
Share Secured Loans
All Other Loans
Total Loans
Allowance for Loan and Lease Loss
Net Loans Outstanding
Accounts Receivable
Non-Interest Earning Cash
INVESTMENTS
Overnight Investments
All Other Investments
Total Investments
Net Investments
OTHER ASSETS
Prepaid & Deferred Expenses
Land and Building
Accumulated Building Depreciation
Land & Building (Net)
Furniture, Fixtures & Equipment
Accumulated F.F. & E. Depreciation
Furniture, Fixtures & Equip (Net)
Accrued Income
NCUSIF
All Other Assets
Page:
390,655.40
1,526,883.32
2,459.36
4,920.97
2,089,732.73
11,751,102.02
1,684,810.24
1,856,814.52
70,035.39
101,771.55
55,122.17
592,034.52
166,225.27
1,580,652.11
21,873,219.57
(84,995.29)
21,788,224.28
25.99
285,454.48
2,791,632.91
3,792,000.00
6,583,632.91
6,583,632.91
23,834.44
1,292,761.43
(293,547.99)
999,213.44
258,306.06
(170,983.40)
87,322.66
70,183.95
230,530.52
39,369.28
TOTAL ASSETS
LIABILITIES AND EQUITY
Accounts Payable
TOTAL LIABILITIES
Regular Shares
Other Shares
Share Draft Accounts
Certificate Shares
IRA Certificate Shares
IRA Shares
Money Market Shares
TOTAL SHARES
Regular Reserve
Other Comprehensive Income
Undivided Earnings
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY
01.2016
1
30,107,791.95
193,439.39
193,439.39
5,763,002.71
523,412.02
1,788,422.15
13,625,847.30
806,933.47
1,341,774.73
3,932,710.54
27,782,102.92
468,760.85
(365,511.15)
2,028,999.94
29,914,352.56
30,107,791.95
Copyright © 2011 Fiserv, Inc. All rights reserved.
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1
01.2016
Copyright © 2011 Fiserv, Inc. All rights reserved.