Sean Costello Chairman of the Board. John Bernie Winne President/CEO. Sean P. Costello Chairman of the Board. John Bernie Winne President/CEO

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1 T H E D I F F E R E N C E B O S T O N F I R E F I G H T E R S C R E D I T U N I O N A N N U A L R E P O R T

2 B O A R D O F D I R E C T O R S Sean P. Costello, L-19, Gr. 2 Chairman of the Board Joseph Finn, Fire Commissioner and Chief of Department Clerk Ralph Dowling, FAO, Gr. 2 Vice Chairman Robert Ford, Headquarters Treasurer Charles M. Buchanan, Jr., E-24 - Retired William G. Dewan, E-10 - Retired Richard T. Kelleher, FAO - Retired Daniel Magoon, E-21, Gr. 3 Thomas W. Matthews, HQ - Retired Kevin Meehan, E-7, Gr. 4 Joseph Nee, Maint. - Retired Tom McCann, E-39 - Retired Edward Paris, Jr., E-18, Gr. 1 George Patukonis, Training - Retired Edmund M. Street, L-18 - Retired E M P LO Y E E S John Bernie Winne - President/CEO Cathy Boucher - Executive Vice President Katie Armstrong - Vice President of Finance John C. Maguire - Vice President of Lending Catherine Lydon - Assistant Vice President Member Service Kaitryn Thornton - Assistant Vice President Loan Origination Tracy Kaplan - Branch Manager Susan Walsh - Electronic Services Manager Sarah Butler - MSR I Anna Collins - Loan Processor Elizabeth Cicerone - Electronic Services Clerk Joanne Concannon - Business Development Representative Jennifer Cook - Assistant Branch Manager Timothy Daley - Loan Servicing Specialist Tracey Falcone - MSR I Cathie Fleming - File Clerk Mary Kate Flynn - Business Development Representative Karen Guiliano - Loan Servicing Manager Alexa Karski - MSR II Rebecca Kulesza - Teller Oanh Le - Staff Accountant Freda Manning - MSR II Judy McKee - Switch Board Operator Judy Miller - Senior Loan Officer Nancy McEachern - MSR II Carol Noenickx - Bookkeeper Jean O Malley - MSR I Kristen Russell - Executive Assistant Kelly Tewksbury - MSR II Courtney Wells - Teller

3 C H A I R M A N & P R E S I D E N T S M E S S A G E T H E It s been another great year for Boston Firefighters Credit Union and our members! We ve experienced continued financial success, maintaining the sound financial strength that members can absolutely depend on year after year. We are proud of that achievement, but it s only part of the story. We are prouder still of the role we continue to play in creating the opportunity for our members to achieve their financial goals. That is what drives us, and that is why we are your Credit Union! For the third consecutive year we were honored at the Credit Union National Association Government Affairs Conference with the award for being the credit union in our asset class to return the greatest value to its members. This is the BFCU Difference. As a banking institution owned and operated by our members not stockholders we really have only one concern: the financial well-being of those we serve. The products and services we offer differ from those of other institutions because they are expressly designed for our members, with a unique understanding of the specific needs and lifestyles of those who will use them. An example of this is the Veterans Mortgage that was delivered to members for the first time in Hearing stories of frustration with the government program and recognizing the large numbers of members we have who served our country so well, we developed a product to help these members buy their first homes. And it s been a great success! We are happy to report that, as of this writing, we have successfully originated more than $5 million of new mortgage loans. It s a great example of members helping members to the benefit of all. The BFCU Difference also goes beyond innovative products. It s about respectful, courteous, helpful and knowledgeable personal service. We ask our staff to listen carefully to the needs of each member, and we empower them with the decision-making ability to work with members to solve problems. A rather unique approach in today s banking-for-profit landscape. Looking forward to 2015, we are excited about our recent membership expansion. We are happy to welcome the Boston and State Police as well as Suffolk County Sheriff s Department employees. We know these new members will find BFCU to be everything they re looking for in a financial partner and easily see how we have successfully serviced our members needs for more than 65 years. Please also join us in thanking our dedicated Board of Directors and hard-working staff for a great year. They make the success we all share possible every day. D I F F E R E N C E Sean Costello Chairman of the Board John Bernie Winne President/CEO Sean P. Costello Chairman of the Board John Bernie Winne President/CEO

4 C O M PA R AT I V E S TAT E M E N T O F C O N D I T I O N for the period ending December 31, /31/14 12/31/13 Assets Cash 785, ,216 Investments 56,175,521 49,871,514 Total Loans 142,521, ,482,964 Fixed Assets 3,968,363 4,065,952 Total Other Assets 5,634,562 3,791,107 Total Assets 209,085, ,792, ANNUAL REPORT Liabilities & Surplus Total Shares and Deposits 183,563, ,016,683 Notes Payable 0 0 Other Liabilities 610, ,059 Total Liabilities 184,174, ,674,742 Total Reserves and undivided earnings 24,910,297 23,118,011 Total Liabilities and Reserves 209,085, ,792,753 COMPAR ATIVE STATEMENT OF INCOME AND EXPENSE for the period ending December 31, /31/14 12/31/13 Interest on Loans 2,701,503 2,525,132 Interest on Mortgages 3,968,172 3,862,658 Investment Income 403, ,640 Other Income 896,566 1,022,061 Total Income 7,969,507 7,749, ANNUAL REPORT Dividends 1,504,223 1,575,446 Interest 0 0 Dividend/Interest Expense 1,504,223 1,575,446 Expenses Employee Comp. & Benefits 2,441,824 2,298,131 Travel and Conference 240, ,219 Office Occupancy 245, ,822 Office Operations 930, ,721 Education and Promotional 182, ,044 Loan Servicing 185, ,896 Professional and Outside Services 562, ,439 Member Insurance 25, ,825 Operating Fees 25,531 22,423 Miscelaneous Expense 36,866 31,564 Non-Interest Expense 4,877,625 4,691,044 Provision for Loan Losses 10,000 75,000 Net Operating Income 1,577,659 1,408,001

5 C A P I TA L G R O W T H ,910, ,118, ,958, ,567, ,545, ,365,813 0 $5 M $10 M $15 M $20 M $25M G R O W T H T R E N D S $220 M $200 M $180 M $160 M Assets 209,085,028 Loans 187,164,328 * Deposits 183,563,818 $140 M $120 M * Loan numbers include mortgages sold but services kept at BFCU. S O U R C E S O F I N C O M E 50% Interest on Morgages Interest on Loans 34% 5% Investment Income Other Income 11%

6 M E M B E R S E R V I C E S Tailored Financial Products Outstanding Personal Service Free Checking Easy, Convenient Access Better Rates Offering members over 30,000 fee-free ATMs and 5,000 shared branches nationwide DEPOSITS Free Checking Regular Savings Money Market Accounts CDs IRAs & IRA CDs All Purpose Club Christmas Club Jake Jr. Account HS/College Student Accounts REAL ESTATE LOANS Mortgages Veterans Mortgage Home Equity Lines of Credit Investment Property PERSONAL LOANS Unsecured Vacation Tuition Holiday Line Of Credit Share Secured CONSUMER LOANS Automobile/Motorcycle Loans VISA Credit Card eservices Mobile/Text Banking Mobile/Remote Check Deposits Direct Deposit Online Banking Bill Pay estatements Debit Card SERVICES Surcharge Free ATM Networks Shared Branching Payroll Deduction Wire Transfers Finance Works Pre-Authorized Payments Property & Casualty Insurance 24 Hour Hotline Notary VISA Gift Cards Extended Car Warranties GAP Insurance Federally Insured by NCUA Equal Opportunity Lender bosfirecu.com

7 T H E D I F F E R E N C E WE RE #1 TO YOU! For the third year running, BFCU has been nationally named the #1 Credit Union in our asset class in Member Benefits. When we say that our members always come first you know we really mean it! WE FIT YOU TO A TEE! BFCU members never have to settle for off the rack financial services. We know our members and tailor our products and services to fit the specific needs and lifestyles of those we serve. WE GET TO KNOW YOU! We take the time to get to know our members so we can best work with you to help you achieve your financial goals. It s something that many banking institutions these days don t spend much time on, but at BFCU, you re always a member first!

8 BFCU PROUDLY WELCOMES OUR PUBLIC SAFETY FRIENDS We are excited to welcome the Boston Police, Massachusetts State Police and Suffolk County Sheriff s Department to the BFCU family. This represents a great victory for both current and new members as the addition of more of our brothers and sisters will allow our Credit Union to grow stronger and offer the best banking services with the fewest/lowest fees and most advantageous interest rates. We look forward to responding for you!

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