2015
BIG STEPS TO ADVANCE OUR FUTURE
Two thousand and fifteen was a transformative year
for Credit Union of New Jersey. The successful
completion of the System Upgrades will allow us to
take advantage of technological advancements,
create additional efficiencies and ultimately provide
a better member experience.
CREDIT UNION OF NEW JERSEY EXISTS FOR ONE MAIN PURPOSE:
“To ensure its members and future members will have the knowledge and ability to be in control of their financial
lives.”
LOOKING BACK AT 2015
Credit Union of New Jersey strives to fulfill its purpose through its three Brand Promises. Here is a snapshot of 2015 to
demonstrate our efforts.
WE’LL TAKE CARE OF YOU
• System upgrades were made to enable staff to spend more time with members to improve the member experience.
• 29 webinars and seminars were conducted to promote financial literacy.
• 24,361 views of our monthly electronic newsletter.
• Free member friendly events such as Easter Bunny photos, Santa photos and CUNJ member COSTCO shopping days.
• Conducted our annual Reality Fair, which teaches students financial literacy, for approximately 150 students at
Ewing High School.
• Over $35,000 given back to the local communities, which includes (2) $2,500 College Scholarships, through our
charitable foundation, The Credit Union of New Jersey Foundation.
WE’LL GIVE YOU A GOOD DEAL
• According to a recent study, CUNJ has saved its members over $4.8 million ($119 per member) in the form of
better rates and more favorable fees when compared to other financial institutions in New Jersey.
• Additional member benefits were offered to give members discounts on photography, IT/computer services
and more!
WE’LL MAKE IT EASY
• Extension of Call Center hours to 7 days a week from 7 am to 8 pm were made available starting November 2015.
• In e-Banking, additional functionality to re-order checks, place a stop payment on a check and see pending
transactions on Debit Cards was added.
• Mobile e-Deposit access was expanded for improved member convenience.
• Enhanced payroll options were made available to business members through our new partner, PayChex.
• A NEW mobile and online friendly loan application system was introduced in November 2015.
2016 AND BEYOND
In 2016, we look forward to utilizing our recent system upgrades to deliver additional features/functionality, improved
membership benefits and continue to improve your member experience.
We would like to thank our valued members, our
Board of Directors and our dedicated employees
for making 2015 another great year. We invite you
to review the financial status of your credit union in
the included financial statements. On behalf of the
Board of Directors, Examining Committee, executive
team and staff, we thank you for your business and
commitment to the credit union.
Andrew L. Jaeger,
President/CEO
Gary K. Chizmadia
Chairman
Board of Directors
Examining Committee
Gary K. Chizmadia, Chairman
Louis D. Leigh, Chairman
Paul G. Bertuccini, Vice Chairman
Joseph J. Licari
Thomas J. Valeri, Jr., CCD, Treasurer
Michael J. MacFeeters
Leon J. Fulginiti, CCD, Secretary
Donald N. Chiacchio
Guy J. DiMemmo
J. Eric Kraehenbuehl
Ronald P. Lunetta
Bethanne L. Mowery
Betty L. Stockton, CCD
Louis M. Tondini
Directors Emeriti
John R. Christian
Darryl C. Jennus
Michael A. Lemmo
Management Team
Andrew L. Jaeger, President/CEO
Soma Sarkar, Executive Vice President/COO
Patricia Fisk, Senior Vice President/CAO
Robert Vuocolo, Senior Vice President/CFO
Robin Brunner, Vice President (Marketing & Business Development)
Claudia Colon, Vice President (Operations)
Christopher Hartsough, Vice President (Lending)
Deepti Parmar, Vice President (Information Systems)
STATEMENT OF
INCOME
Years Ended December 31,
2015
2014
$14,511,604
$13,647,242
217,931
245,026
$14,729,535
$13,892,268
806,637
1,044,579
19,216
9,353
Total Interest Expense
$825,853
$1,053,932
Net Interest Income
13,903,682
12,838,336
2,683,978
2,362,275
11,219,704
10,476,061
4,468,907
4,858,630
2,126,278
2,094,803
–
31,934
$6,595,185
$6,985,367
Salaries, Benefits and Payroll Taxes
7,820,848
7,442,425
Occupancy and Office Expenses
2,100,776
1,961,989
6,770,449
6,616,210
$16,692,073
$16,020,624
$1,122,816
$1,440,804
Interest Income
Interest and Fees on Loans
Interest on Investment Securities and Interest Bearing Accounts
Total Interest Income
Interest Expense
Dividends on Members’ Shares and Savings Accounts
Interest on Borrowed Funds
Provision for Possible Loan Losses
Net Interest Income After Provision for Possible Loan Losses
Non-Interest Income
Service Fees
Other
Gain on Sale of Securities Available for Sale
Total Non-Interest Income
Non-Interest Expenses
Other
Total Non-Interest Expense
Net Income
December 31,
2015
2014
$294,198,851
$285,272,695
2,802,257
3,349,509
8,291,171
10,915,677
Securities Available for Sale
4,244,987
5,697,657
Accrued Interest Receivable
1,306,139
1,054,652
7,459,025
6,445,584
2,878,115
2,943,972
2,097,906
1,670,527
$323,278,451
$317,350,273
$295,551,049
$288,913,202
75,842
90,766
1,640,261
3,501,487
$297,267,152
$292,505,455
26,011,299
24,844,818
$323,278,451
$317,350,273
Assets
Loans to Members, Net
Cash and Cash Equivalents
Interest Bearing Accounts
Property, Equipment, and Leasehold Improvements, Net
Share Insurance Deposits
Prepaid Expenses and Other Assets
Total Assets
Liabilities and Members’ Equity
Liabilities:
Members’ Shares and Savings Accounts
Accrued Dividends Payable
Accounts Payable and Accrued Expenses
Total Liabilities
Members’ Equity
Total Liabilities And Members’ Equity
STATEMENT OF
FINANCIAL CONDITION
STATEMENT OF
MEMBER’S EQUITY
RESTRICTED
REGULAR RESERVE
FUND
UNRESTRICTED
UNDIVIDED
EARNINGS
ACCUMULATED
OTHER
COMPREHENSIVE
INCOME (LOSS)
TOTAL
$2,733,377
$20,627,839
($56,033)
$23,305,183
Net Income
—
1,440,804
—
1,440,804
Unrealized gains on securities
—
—
40,768
40,768
BALANCE, DECEMBER 31, 2013
Merger, other
—
58,063
—
58,063
$2,733,377
$22,126,706
($15,265)
$24,844,818
Net Income
—
1,122,816
—
1,122,816
Unrealized gains on securities
—
—
43,665
43,665
BALANCE, DECEMBER 31, 2015
$2,733,377
$23,249,522
$28,400
$26,011,299
BALANCE, DECEMBER 31, 2014
The December 31, 2015 and 2014 Statements of Financial Condition and the related Statements of Income, Members’
Equity, and Cash Flows for the years then ended were audited by Reinsel, Kuntz Lesher LLP, Certified Public
Accountants. These reports are available for review at the Credit Union’s Administrative Office by appointment.
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Mailing Address
P.O. Box 7921
1301 Parkway Avenue
Ewing, NJ 08628
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