CONSOLIDATED STATEMENTS
OF FINANCIAL CONDITION
ASSETS
Loans to Members, net
2014
2013
$285,272,695
$272,050,168
Cash and Cash Equivalents
3,349,509
4,366,221
Interest Bearing Accounts
10,915,677
15,608,381
Securities Available for Sale
5,697,657
11,072,465
Accrued Interest Receivable
1,054,652
927,680
Improvements, net
6,445,584
6,338,009
Share Insurance Deposits
2,943,972
2,990,668
Prepaid Expenses and Other Assets
1,670,527
6,822,142
$317,350,273
$320,175,734
Property, Equipment, and Leasehold
TOTAL ASSETS
LIABILITIES AND MEMBERS’ EQUITY
Liabilities
Members’ Shares and Savings Accounts
Accrued Dividends Payable
Accounts Payable and Accrues Expenses
TOTAL LIABILITIES
$288,913,202
$295,293,720
90,766
133,970
3,501,487
1,442,861
292,505,455
296,870,551
COMMITMENTS AND CONTINGENCIES
Members’ Equity
TOTAL LIABILITIES AND MEMBERS’ EQUITY
24,844,818
23,305,183
$317,350,273
$320,175,734
CONSOLIDATED STATEMENTS OF INCOME
INTEREST INCOME
Interest and Fees on Loans
2014
2013
$13,647,242
$12,578,444
245,026
283,582
$13,892,268
$12,862,026
1,044,579
1,625,987
Interest on Investment Securities
and Interest Bearing Accounts
TOTAL INTEREST INCOME
At Credit Union of New Jersey, we know that TOGETHER…we’re better.
And to add to our strength in numbers, we’re proud to welcome
City of Trenton Employees Credit Union members to the CUNJ family.
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." We're happy to report another successful year, not just from a financial stability standpoint, but from living our
purpose through our three Brand Promises:
We’ll Make it Easy
Knowing how much our members are on the move, we made it even
easier in 2014 to transact business with CUNJ. We launched our
Person-to-Person and Account-to-Account upgrades making it quick
and easy to send money to anyone you owe – on the go! We also made
more members eligible for e-Deposits from smart phones and tablets,
which is a major time-saver when it comes to managing day-to-day
finances. 2015 is on schedule to bring even more efficiencies to help
make the member experience seamless and effortless.
We’ll Give You a Good Deal
When it comes to good deals, our proof is in the numbers. According to
the Credit Union National Association (CUNA), CUNJ saved members
$4,174,750 as a result of more favorable rates and fees when compared
with averages in the state of New Jersey. This is an average savings of
$99 per member! Our Relationship Rewards program played a huge role
in the savings we delivered to our members by providing rate and fee
incentives as a benefit directly associated with the amount of business
being done at the credit union. The more accounts held at CUNJ – the
higher the level of reward! Couple that with a few new membership
discounts such as BJ’s and Cherry Hill Health & Racquet Club and it’s
easy to see the financial gain our members see each and every day.
We thank you for being a dedicated member of Credit Union of New
Jersey, and invite you to review the strong financial status of your credit
union in the included financial statements. On behalf of the Board of
Directors, executive team and staff, we thank you for your business and
commitment to the credit union. We will continue to work hard to earn
your business each and every day.
9,353
46
Total Interest Expense
1,053,932
1,626,033
NET INTEREST INCOME
12,838,336
11,235,993
2,362,275
1,491,000
10,476,061
9,744,993
Provision for Possible Loan Losses
for Possible Loan Losses
Andrew L. Jaeger, President/CEO
4,858,630
4,417,972
Other
2,094,803
2,296,583
Gain on Sale of Securities Available for Sale
TOTAL NON-INTEREST INCOME
31,934
0
6,985,367
6,714,555
NON-INTEREST EXPENSES
BALANCE, DECEMBER 31, 2012
J. Eric Kraehenbuehl, Chairman
Governance with Excellence
The Board of Directors is elected by the membership to represent the members of
the credit union, as a whole. The Board works on a voluntary basis, receiving no
pay for the time spent ensuring the members’ success. The purpose of Credit Union
of New Jersey is that members have the knowledge and ability to be in control of
their financial lives at a cost justified by the results. The Volunteer Board continues
to develop sound policies through diligent planning that will ensure all Credit Union
of New Jersey members receive the valuable benefits of membership.
UNRESTRICTED
UNDIVIDED EARNINGS
ACCUMULATED OTHER
COMPREHENSIVE
INCOME (LOSS)
TOTAL
$2,733,377
$19,827,935
$211,849
$22,773,161
799,904
Unrealized gains (losses) on
investment securities
7,229,797
BALANCE, DECEMBER 31, 2013
1,980,525
Comprehensive Income
Other
6,616,210
6,222,869
NET INCOME
799,904
Other Comprehensive Income
1,961,989
(267,882)
(267,882)
$2,733,377
$20,627,839
($56,033)
$23,305,183
1,440,804
Net Income
1,440,804
Unrealized gains (losses) on
0
226,453
15,659,644
$1,440,804
$799,904
Betty L. Stockton
Thomas J. Valeri, Jr.
EXAMINING COMMITTEE
Michael J. MacFeeters
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
Claudia Colon, Vice President
Operations
Robin Hickey, Vice President
Marketing & Business Development
RESTRICTED REGULAR
RESERVE FUND
Net Income
7,442,425
16,020,624
Bethanne L. Mowery
Darryl C. Jennus
CONSOLIDATED STATEMENT OF MEMBERS’ EQUITY
Occupancy and Office Expenses
Fund Premium Assessment
Ronald P. Lunetta
Christopher Hartsough, Vice President
Lending
Salaries, Benefits and Payroll Taxes
TOTAL NON-INTEREST EXPENSE
Guy J. DiMemmo
John R. Christian
Comprehensive Income
NCUA Stabilization
Donald N. Chiacchio
DIRECTORS EMERITI
Comprehensive Income
Service Fees
Gary K. Chizmadia, Treasurer
Joseph J. Licari
Net Interest Income after Provision
NON-INTEREST INCOME
Paul G. Bertuccini, Secretary
Louis D. Leigh, Chairman
Dividends on Members’ Shares
Interest on Borrowed Funds
J. Eric Kraehenbuehl, Chairman
Louis M. Tondini, Vice Chairman
Leon J. Fulginiti
We’ll Take Care of You
When asked in a recent member survey “How would you rank the personal
service you receive from CUNJ employees?” – members rated CUNJ at an
average of 9.08 out of 10! But our commitment to taking care of you goes
above and beyond transactions. We also work hard to lend a hand in the
community and we take our involvement very seriously. In response to the
2014 explosion in Ewing, CUNJ offered a special disaster relief loan to help
those in need get back on their feet. The CUNJ Foundation also implemented fundraising efforts including a Bingo Night, clothing/toiletry drive,
provided daily items as needed, and participated in other special events
that raised over $17,000 for those affected by the disaster.
INTEREST EXPENSE
and Savings Accounts
BOARD OF DIRECTORS
40,768
investment securities
58,063
Merger, other
40,768
58,063
Comprehensive Income
BALANCE, DECEMBER 31, 2014
$2,733,377
$22,126,706
($15,265)
$24,844,818
The December 31, 2014 and 2013 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.
Deepti Parmar, Vice President
Information Systems