What Makes a Good Year?
A message from John D. Iglesias, President and CEO of Northwest Community Credit Union
What makes a good year? For me, it’s about people and purpose: Did we enrich people’s lives and fulfill our purpose?
In 2017, in addition to achieving business goals for the credit union’s financial well-being, we stretched into new areas of employee development, and increased our commitment to community support. Being at our best for members, and actively opening opportunities for community partners are important foundations for the financial cooperative’s success.
Every employee, every member, and every community partner has our support for growth. Fifteen employees received a total of $50,547 of college tuition reimbursement this year, and 273 employees spent a combined total of 2,184 hours in NWCU Development Days growing their knowledge to provide optimum service. Employees also saved 4,035 hours with process improvements in 2017, creating more time and attention for our members.
NWCU employees also serve our communities: In 13 Oregon cities, employees contributed 3,634 hours of volunteer service to nonprofit, educational, or charitable causes. Employees also reviewed and awarded $58,000 in 32 scholarships to qualifying members for continuing education.
Finally, as 2017 drew to a close, 64 Oregon educators received a total of $58,000 in Project Community mini-grants. Employees presented 54 schools in 19 Oregon communities with giant checks in surprise visits to classrooms. These awards help educators create meaningful learning experiences for kids that might not otherwise be funded by school budgets. We’re honored to recognize these teachers!
Just as education builds strong communities, it is also the heart of employee development. I deeply appreciate the dedication NWCU employees demonstrate daily as they grow, learn, and serve: People and purpose.
Sustaining Growth
A message from Brad Anderson, Northwest Community Credit Union Board Chair
The financial statement for 2017 reflects our commitment to removing friction and providing more value and security in financial activities done by our members and our employees:
- Financial Health: All three key financial ratios (net worth ratio, operating expense ratio and ROAA) improved from 2016 to 2017, indicating enhanced financial health. We achieved greatest improvement in the operating expense ratio through efficiency gains and diligent expense control.
- Organic Growth: We achieved sustainable asset growth of around 5%.
- Lending: In addition to 16,878 new member loans, we achieved significant credit card, home equity, and mortgage portfolio growth.
- Deposits: A new checking account with better features and incentives for digital tools attracted 3,154 new checking accounts. Round Up & Save helped members save $86,796; members also opened 616 new Save to Win accounts with 98 winners receiving bonus cash prizes.
- Product Development and Innovation: A brand new NWCU.com website now provides members mobile responsive access to online banking. CardValet and mobile pay tools in Google, Samsung, and Apple Pay formats add ease and security in card transactions.
Members and employees alike can take pride in our financial performance for 2017.
Message from the Supervisory Committee
The Supervisory Committee is a group of appointed members who serve a vital role as trustees providing oversight in the interest of Northwest Community Credit Union’s members. The committee is responsible for making sure that the credit union’s financial records are in order and internal controls are in place to protect the assets of the credit union and its members. During the year, the committee retained Moss Adams, LLP to conduct the annual financial statement audit of your credit union.
Moss Adams completed its audit and has issued an unqualified (clean) auditor’s opinion on the financial statements for the year ending December 31, 2017. In addition, Moss Adams did not note any material internal control deficiencies or major issues during its fieldwork.
The internal auditor reviewed the membership records, accounts and other areas as directed by the committee to ensure that adequate internal controls are established and maintained to safeguard the credit union’s assets. Internal audit did not report any significant weakness in internal controls or other areas covered during its internal audits.
As the credit union continues to grow, we look forward to another successful year and would like to express our appreciation to the dedicated employees, management, and Board of Directors of our credit union.
2017 Financials
Balance sheet totals as of December 31, 2017:
| Assets
|
|
|---|---|
| Loans (Net)
|
$1,015,629,615
|
| Cash
|
$51,755,162
|
| Investments
|
$19,018,138
|
| Land and Buildings (Net)
|
$38,063,662
|
| National Credit Union Share Insurance Fund
|
$9,786,591
|
| Other Assets
|
$15,608,825
|
|
Total Assets
|
$1,149,861,993
|
| Liabilities and Equity
|
|
|---|---|
| Deposits
|
$1,019,828,902
|
| Borrowings
|
$4,000,000
|
| Other Liabilities
|
$19,004,472
|
| Member Equity
|
$107,076,459
|
| Unrealized Gain/Loss on Investments
|
($47,840)
|
|
Total Liabilities and Equity
|
$1,149,861,993
|
Income Statement: 12-Month Period Ending December 31, 2017
| Income
|
|
|---|---|
| Interest on Loans
|
$43,738,308
|
| Income from Investments
|
$754,037
|
| Other Income
|
$16,225,933
|
|
$60,718,278
|
|
| Expenses
|
|
|---|---|
| Compensation and Benefits
|
$23,402,261
|
| Operations
|
$16,098,574
|
| Occupancy
|
$2,740,254
|
| Provision for Loan Losses
|
$6,557,547
|
| Marketing
|
$1,032,425
|
| Interest on Deposits
|
$4,234,232
|
| Interest on Borrowed Money
|
$716
|
|
$54,066,008
|
|
| Net Income | $6,652,270 |
|---|