Health Care Associates Credit Union

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1 Our strength - creating opportunities for our members. Every member counts 2008 Annual Report

2 Message from the Chairman and the President During 2008, the terms bailout, failure, acquired by, TARP and others dominated the national parlance. Quite simply, there was no good news to be had at the macro financial level. A review of results for HealthCare Associates Credit Union, however, tells a far different, and favorable, story. The credit union s financial performance for 2008 was highly positive on every front. At year-end, Total Assets had grown to $195 million; Total Loans were 8.3% higher than the prior year, and Savings increased 2%. The ratio of Return on Assets, perhaps the most significant benchmark for financial institutions, was 1.3% for HealthCare Associates; this level is more than double that achieved, on average, by credit unions nationally. In this turbulent and highly uncertain financial environment, it is important to note that your credit union has never and will never risk investing in unstable or speculative opportunities. We have not and will not take any action that puts the viability of HealthCare Associates at risk. And, for the benefit of the members and their peace of mind, we continue to provide insurance coverage of $250,000 on deposit accounts over and above the current federal level of $250,000. During 2008 the Board and management staff of your credit union maintained a consistent focus on producing strong financial results. At the same time, there continues to be an overriding recognition that new products and enhanced access to information, along with increased convenience, are key to providing improved benefit to members. In November, HealthCare Associates converted its internet branch and bill pay systems to a new platform and service provider. As a result of the conversion, which generated a new look and feel for our web site, members now have the capability of remote (wireless) connectivity to the internet branch via cell phone. There is now confirmation of transactions, and alerts to provide special notices about account activity.

3 20 08 The internet branch platform also provides a new feature that has been requested by members for quite some time. Members will soon have the capability to send funds to, and receive funds from, other financial institutions (replacing wire transfers and paper checks). These open transfers thus allow a member to send funds to, or receive funds from, family members, friends, or others without credit union accounts. support of our members, the staff and Board of HealthCare Associates remain confident in being able to achieve continued success. Annual Report Lastly, a new loan product was introduced just before the end of the year. A reverse mortgage is a specialized type of loan allowing a member to draw down the equity in a home to provide retirement funds (either a lump sum or a succession of payments) without having to repay a loan. Looking forward to 2009, uncertainty is the watchword from nearly every perspective. Economic forecasters are quite consistent in projecting a prolonged and deep recession. The ripple effect of this downturn will affect the credit union to some degree, but the extent of the impact is unknown. Fortunately, the credit union has a sound financial base (with ample reserves), a well-developed operational base, and an ethos of proactive flexibility. With the continued Jane E. Brannon President/ CEO Kenneth J. Rojek Chairman

4 Officers The Board, comprised of volunteers working throughout the healthcare field, provides oversight and governance of the credit union. Chairman Kenneth J. Rojek President & General Manager ACL Laboratories Big Rock, Illinois (Committees: Executive, Governance, Compensation) Vice Chairman Margaret McDermott Executive Vice President & CEO Saints Mary and Elizabeth Medical Center Chicago, Illinois (Committees: Executive, Governance, Compensation) Treasurer/Secretary John J. Yep Director of Business Development Central DuPage Health Winfield, Illinois (Committees: Executive, ALCO) President/CEO Jane E. Brannon President & CEO HealthCare Associates Credit Union Naperville, Illinois (Committees: Executive, ALCO)

5 Directors William J. Huff Chief Executive Officer Marshall Browning Hospital DuQuoin, Illinois (Committees: Executive, Supervisory, Governance, Compensation) Al Lewis Vice President Human Resources, Workforce Diversity Advocate Health Care Oak Brook, Illinois (Committees: Compensation, Credit ) J. Chris Mahaffey, MS, CAE Executive Director American College of Foot and Ankle Surgeons Chicago, Illinois (Committees: Supervisory, Membership) John F. Morgan President Gottlieb Memorial Hospital Melrose Park, Illinois (Committees: Governance, Membership) John J. Raleigh Executive Vice President Illinois Hospital Association Naperville, Illinois (Committees: Supervisory, ALCO) Kenneth C. Robbins President Illinois Hospital Association Naperville, Illinois (Committee: Membership) Board of Directors Leadership

6 2008 At a Glance During 2008 our members continued to be able to rely on the safety of their deposits as well as the availability of loans throughout the year s unstable economic environment. HealthCare Associates Credit Union remained well capitalized and positioned to handle economic downturns demonstrated by our strong financials and growth. Despite the financial crisis, HealthCare Associates continued to strive to give back to our members, collaborate with colleagues of other healthcare-related credit unions across the nation, and reach out to those less fortunate in our community. HealthCare Actual Total Capital to Total Assets Ratio Capital Level to be well Capitalized June 30, % 7.0% Sept. 30, % 7.0% Dec. 31, % 7.0% Two Times the Insurance In 2008, the U.S. government temporarily increased insurance coverage on all deposits from $100,000 to $250,000 through year-end of This increase added another $150,000 to what we already purchase for our members in excess share insurance; bringing the total amount of insurance to $500,000 per accountholder. Free Checks for Life In addition to FREE bill pay and presentment, FREE mobile banking, FREE Balance program, FREE Internet banking, and FREE deposit insurance, we also offer to the membership FREE CHECKS FOR LIFE. Not just the standard first box of checks when opening the account, but all of the checks, all of the time and any style. New Website & Bill Pay 2008 marked the year for several changes to our electronic services. One key change was a new look and design to our website, This change made more information available to help individuals make sound financial decisions for themselves and their families. It also made finding what you need easier by making the site more user-friendly. Mobile Banking The upgrade to the new Internet Branch and Bill Pay also brought along an exciting new feature - Mobile Banking! With Mobile Banking members can securely view account balances, transfer funds between accounts, pay bills electronically, and receive notifications anytime, anywhere, using their cell phone, PDA or other wireless device.

7 20 08 Pre-Approved Auto Loans Five thousand members received a pre-approval offer to refinance their auto loan and extend the term of their loan to lower their payment. By completing a simple acceptance certificate, members were able to lower their monthly payments by refinancing their car loans from other financial institutions. The promotion yielded $2.9 million in new loan balances. Share a Smile We once again have been in the fortunate position to support our community with the Share a Smile program which donated toys and necessities to children and hospitals. St. Bernard Hospital Employees Federal Credit Union Merger We successfully completed the merger with St. Bernard Hospital Employees FCU and welcomed them into our family. We now have a stand alone branch located in St. Bernard Hospital. Our new branch is serviced by Marty Reynolds, a 13 year employee of St. Bernard Hospital Employees FCU. The Year at a Glance Association of Healthcare Credit Unions In May we hosted the second annual Healthcare Credit Unions conference in Chicago, Illinois. The conference covered topics such as: the current restructuring of the nation s financial institutions, critical issues regarding the economy and how it relates to the healthcare industry, and establishing programs specific to the Association s unique membership. Business Services Our nationwide business loan portfolio reached an all time high in 2008 with $8.9 million on the books at year-end. From coast-to-coast we funded loans for many purposes, including land development and a water park. Residents and Physicians Program In 2008 we were successful in creating a one-stop-shop for the benefits of our medical professionals. Our residents and physicians take advantage of the sources for asset protection, tax mitigation, corporate structure and our loan program. Financial services are available, including FREE CHECKING accounts, business loans, below-market rates for practice acquisition, equipment purchases and working capital lines of credit.

8 Balance Sheet Assets Loans: Vehicle and Signature $ 48,843 $ 43,963 VISA 13,318 12,894 Home Mortgages 31,181 30,581 Home Equity Loans 66,668 61,665 Member Business Loans 8,924 6,929 Reserve for Loan Losses (1,537) (1,300) Total Loans (Net) $ 167,397 $ 154,732 Cash on Hand 2,089 2,127 Investments 21,577 28,263 Accrued Income NCUSIF Deposit 1,561 1,501 Other Assets 1,507 1,480 Total Assets $ 194,897 $ 188,874 $188.9 $158.9 $174.2 $147.8 $ $ Assets ($ in millions) Liabilities Accounts Payable $ 350 $ 397 Accrued Expenses Total Liabilities $ 1,231 $ 1,157 Membership Equity Regular Share Savings $ 59,710 $ 57,026 Secondary and Club Accounts 3,705 3,865 Checking 16,882 17,479 Money Markets 49,409 38,795 Certificates and IRAs 35,542 44,897 Total Membership Shares $ 165,248 $162,062 Regular Reserves 6,906 6,874 Undivided Earnings 21,512 18,781 Total Membership Equity $ 28,418 $ 25,655 Total Liabilities & Membership Equity $ 194,897 $ 188,874 $156.0 $124.0 $140.1 $108.4 $ $ Loans ($ in millions) Unaudited Balances as of December 31, 2008 (in thousands)

9 Income Statement Income Loan Income $ 11,064 $ 10,450 Investment Income 777 1,524 Other Income 4,112 3,974 Total Income $ 15,953 $ 15,948 Provision for Loan Losses Dividends 3,138 3,433 Income Before Operating Expenses 12,129 12,082 Operating Expenses 9,507 8,881 Net Income Before Member Give Back $ 2,622 $ 3,201 Member Give Back Net Income $ 2,553 $ 2,942 $16.1 $17.9 $19.9 $22.7 $25.7 $28.4 Capital ($ in millions) Financial Statements Return on Average Assets 1.3 % 1.6 % Capital to Assets 14.6 % 13.6 % Unaudited Balances as of December 31, 2008 (in thousands) Business Loans 5% Visa 8% 18% First Mortgages Checking 10% Secondary & Club Savings 2% 22% Certificates & IRAs Home Equity 40% Money Market 30% 29% Vehicle & Signature 36% Regular Share Savings Loans Savings

10 Branch Locations HealthCare Associates Credit Union Call Center for All Locations: (outside the Chicagoland area) ATM and Night Deposit Box Available for after-hours usage * ATM and Night Deposit Box Available for after-hours usage ATM and Night Deposit Box Available for after-hours usage * In 2009 the Park Ridge Branch will be relocating to a new, larger location in Des Plaines. The New Address will be 249 South River Road Des Plaines, IL 60016

11 30 Years of Fiscal Responsibility and Member Support Looking forward to our 30th Anniversary! About Us $200 $200 Coming in 2009 Reverse Mortgages $150 $150 New Telephone Teller (PAM gets a makeover) $100 $100 Shared Branching $50 $50 Park Ridge Branch Relocation $ $ th Anniversary Oct Total Assets $ in millions Total Loans $ in millions In 1979 we started out with 15 members and $75 in assets - our philosophy: HealthCare Associates, where members count.

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