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1 2014 ANNUAL REPORT Federally Insured by NCUA

2 Table of Contents Board of Directors... 2 Minutes of the 61st Annual Meeting... 3 Chairman s Report... 4 Chief Executive Officer s Report... 5 Treasurer s Report... 6 Credit Committee s Report... 7 Audit Committee s Report... 8 Consolidated Statement of Income & Comprehensive Income... 9 Consolidated Statement of Financial Condition Board of Directors Edward J. Leshinsky, Chairman William M. Sackett, Vice Chairman Richard Pokerwinski, Secretary Michael E. Rawson, Treasurer Clyde A. Ghee, Member Richard A. Savale, Member 2

3 Minutes of the 61st Annual Meeting Livonia Office April 9, 2014 Board members present: Edward J. Leshinsky, Chairman, William Sackett, Vice Chairman, Michael Rawson, Secretary & Treasurer, Barry Brown, Clyde Ghee, Richard Pokerwinski Board members absent: Richard Savale, Board Emeritus Others present: Martin Carter, CEO, Management, Staff, and member The meeting was called to order at 5:32 p.m. Secretary Michael Rawson confirmed that a quorum was present. Motion to approve the minutes of the 60th annual meeting by Clyde Ghee and supported by Richard Pokerwinski. Motion carried. Chairman Edward J. Leshinsky opening comments. Treasurer s report was presented by Michael Rawson. Credit Committee Report was presented by Joy Michelle-Bobby, Loan Manager. Audit Report was presented by William Sackett, Chairman of the audit committee. Nominating Committee Chairman Clyde Ghee made a motion coming out of committee to elect Ed Leshinsky a three year term as Director of the Board of Parkside Credit Union. Motion was supported by Michael Rawson. Motion carried. New Business: None A motion to adjourn the meeting at 5:42 pm was made by William Sackett and supported by Michael Rawson. Motion carried. 3

4 Chairman s Report I m pleased to report that Parkside Credit Union experienced another financially successful year in Your Credit Union remains financially strong and sound, having grown our Net Worth to 14.97% of Assets over the past year. The National Credit Union Administration (NCUA) considers any credit union with a Net Worth of over 7.00% to be well capitalized. Because of your participation, Parkside continues to remain competitive and is able to build on our financial strength, while keeping expenses in line and gaining efficiency. This enables us to take advantage of opportunities to invest in our future, and expand the breadth and quality of the services we provide to our membership. Our Credit Union was founded 61 years ago, and today we remain focused on our original mission serving our members. We accomplish this by helping members through both the good and tough times. We strive to assist in building their future by providing guidance as well as products and services that meet their individual needs. The way most Americans look at money, whether saving, borrowing or investing, has changed dramatically since the recent financial crisis. Through it all, Parkside has remained focused on being there for you. In light of the challenges posed by the uncertainties of our recent past and current economic environment, Parkside members have been smartly paying down their debt. As a result, Parkside CU member s loan balances have been declining, while our funds available for loans have been increasing. This trend poses a current and future concern for Parkside, as loans, not fees to members, should be the primary source of income for your credit union. Our future success, and ability to sustain our current financial success, is highly dependent upon the revenues we are able to generate through member loans. Our 2014 membership survey results showed us that there is pent-up demand for loans, as 50% of our members expressed they are anticipating a need to obtain a loan in 2015 to assist in purchases of new and used autos, homes and home improvements. Approximately 77% of our members consider Parkside Credit Union to be their Primary Financial Institution. With that foundational information, we hope that you will look to Parkside as your first resource in support of all of your future borrowing needs. We encourage you to recommend your credit union to family and friends, and keep us in mind anytime you have a need for financing. As always, your board will continue to keep the financial strength of Parkside Credit Union as a primary focus. On behalf of your board and myself, I would like to thank you, our membership, for the confidence you demonstrate by using your credit union as your primary financial institution. Edward J. Leshinsky Chairman 4

5 Chief Executive Officer s Report 2014 brought a number of progressive changes to your Credit Union, focused on providing greater membership value to our member-owners, and ensuring that we re living our Service Mission Your Financial Prosperity Is Our Priority. In January, Parkside CU re-launched our Member Relationship Rewards program, bringing new reward points and redemption categories to our members, based on their loan, deposit and self-service relationships. In February we introduced our re-structured product and services fee schedule, which brought Parkside CU s product-service fees into alignment with our local competition, and encouraged higher levels of member participation through fee discounts that are based upon the members Relationship Tier. We implemented a new Member Shoppers program in February, which enlists Parkside Credit Union members to provide us with monthly feedback regarding the level of service received through our branch office and telephone service delivery channels. We re pleased to report that the service scores we ve received from our members throughout 2014 consistently exceeded the National Averages for Credit Unions. Additional member feedback regarding Parkside Credit Union product and service satisfaction was received as a result of a membership survey that was conducted in June. Feedback obtained from our membership survey showed that 77% of Parkside CU members consider Parkside to be their Primary Financial Institution, and 95% of Parkside CU members were satisfied, or very satisfied with the service provided to them by Parkside CU. In April, we introduced our new Kasasa Rewards Checking accounts, and experienced an immediate and very positive membership response and adoption of this highly competitive rewards checking program. Kasasa Rewards offers members three different types of rewards options, including; a high-interest checking account, cashback rewards, and shopping rewards redeemable through Amazon.com and itunes. As of the end of the 2014 year, over 2,100 members opened a Kasasa Rewards Checking account. With the knowledge gained from our 2014 membership survey that over 50% of our members will be looking to obtain a loan in 2015, we plan to focus more of our resources towards seeking out and making more loans to our membership. Additionally, in light of the rising tide of information security breaches being experienced at major retailers, Parkside Credit Union will be introducing two new initiatives in 2015, which will be aimed at reducing the levels of identity theft and plastic card fraud being experienced by our membership. In April we re planning to launch a new debit card, card control smartphone application, called CardNav. This new application will be downloadable from the internet, into iphone and Android phones, and will allow members the ability to control the availability and use of their Parkside CU debit card through their smartphones. Additionally, we will begin converting our current credit card base to the new EMV chip card technology, in the fourth quarter of On behalf of the staff and Management of Parkside Credit Union, I want to express my sincere appreciation for your continued membership and contributions to our success. Martin R. Carter Chief Executive Officer 5

6 Treasurer s Report Parkside Credit Union remains financially sound after closing 2014 and moving into We re proud to note that Bankrate.com has placed Parkside Credit Union on its top 100 Safe and Sound List for Parkside s asset ratio as of December 31, 2014 is 14.18% which is a slight decrease from 2013 of 10 basis points. This is also well over The National Credit Union Administration s established regulatory standard of a minimal allowable capital level of 7%. Parkside s assets were $80 million at the close of 2014 which is almost $4 million more than As of December 31, 2014 Parkside posted net income of $889,755. Parkside s total revenue for the year was $5,065,713 and annual expense was $4,175,959. Return on Average Assets was 97 basis points for Loan delinquency ratio increased to 1.42; however, Net Loan Charge Offs decreased by 17% from was, again, a financially challenging year. Loan demand continued to decrease and loan principle pay downs continued at a high rate; however, with a huge effort by our loan staff our loan portfolio grew by $353,063 to $32.2 million. Note that loans are being made at lower interest rates which caused our loan interest income to decline by $100, The economic outlook for 2015 is, again, predicted to improve; however, the competition for loan dollars will remain challenging for the financial industry. The Parkside Board of Directors remain confident that with the support of management and staff, Parkside will continue to deliver the highest quality service, which the membership has come to expect. Our members can feel confident knowing that Parkside is financially safe, sound, operating normally and will continue to be focused on serving our members financial needs. Michael E. Rawson Treasurer 6

7 Credit Committee s Report The Credit Committee of Parkside Credit Union met as necessary throughout the year to act on loan applications and to review individual loan officer limits. In 2014 Parkside Credit Union disbursed 2,172 loans totaling $11,248,146 with outstanding loan balances totaling $32,232,125. Loan disbursements increased by 12% ($9.9 million), and our outstanding loan balances improved by 1% ($353,063). The auto industry continued to report increased new car sales volume with auto leasing contributing a significant number of these sales. Parkside does not offer an auto lease alternative, which resulted in a shift of focus to auto loan refinances. A year-long promotion was launched with a goal of saving our members money by offering a rate reduction on their non-parkside auto loans. At year end, auto refinancing efforts contributed to 37% ($2 million) of total auto loan disbursements. Visa Credit Cards continued to be a focus. Through targeted marketing efforts and front-line staff discussions, Parkside saw an increase of approximately $1 million in new credit limits. As the economy continued to recover, the mortgage market experienced a shift from refinance applications to new home purchase applications. To control risk, the primary mortgage objective was to invest in 10- and 15-year term purchases and refinances. These efforts resulted in less than $1 million in mortgage/refinance loan disbursements. Our members financial prosperity is our priority; with this service mission driving the philosophy at Parkside, it has been necessary to engage in training initiatives to assist in achieving this mission. Each Parkside loan underwriter attended specialized training where they learned to better underwrite high-risk loans that can help credit-challenged members. An analysis of our loan portfolio and application trends show that Parkside continues to experience a high volume of payoffs and pay-downs and also continues to see lower loan amounts per household than households at other credits unions of similar size. To better serve members, Parkside eased credit restrictions in the loan underwriting policy. As a result, member service representatives and loan officers spend more time interviewing loan applicants so that they can better recognize needs and opportunities. These efforts should result in the disbursement of more loans and achieving our mission of helping members become more financially prosperous. Looking forward, 2015 is expected to be a better year. Our staff is better trained in underwriting high-risk applications and seeking lending opportunities to improve our members financial lives. An increase in new loan disbursements and overall loan balances is projected for Thank you to the entire Parkside Credit Committee and Lending Team for their time and effort over the last year. They have done a tremendous job in helping our members become financially prosperous. Joy-Michelle Bobby Chairperson 7

8 Audit Committee s Report For the year ending in 2014, the Audit Committee has engaged the services of Financial Standards Group (FSG) to conduct a comprehensive audit for Parkside Credit Union. FSG has over 250 credit union clients of all asset sizes and unlike other audit firms, credit unions are their only clients. The audit ensures that risks are being properly monitored and do not pose financial, operational, or regulatory threats. From the tests performed, FSG was able to conclude that the financial statements fairly and accurately represent the condition of Parkside Credit Union. The audit performed by FSG is done as a safeguard for our membership and for Parkside Credit Union to ensure practices and policies are in accordance with Generally Accepted Accounting Principles (GAAP). The Audit Committee is comprised of the following individuals, Michael Rawson, Richard Savale, and Bill Sackett. We would like to thank our members for entrusting the audit to us in Respectfully submitted, William Sackett Audit Committee Chairman 8

9 Consolidated Statement Of Income and Comprehensive Income December 31, 2014 INTEREST INCOME Interest on loans to members... $2,004,029 Interest on investments and cash equivalents... $515,017 $2,519,046 INTEREST EXPENSE Dividends on member shares... $157,291 Interest on borrowed funds... $0 $157,291 NET INTEREST INCOME... $2,361,755 Provision for loan losses... $70,000 Net income after provision for loan losses... $2,291,755 NON-INTEREST INCOME Fee and other income... $2,546,668 GENERAL AND ADMINISTRATION EXPENSES Salaries and benefits... $1,365,959 Other general and administration expenses... $1,703,356 NCUSIF & Corporate Stabilization Assessment... $0 Professional and outside services... $197,721 Occupancy... $265,190 Marketing, promotional and dues... $170,019 Loan processing... $246,421 NET INCOME... $889,757 9

10 Consolidated Statement of Financial Condition December 31, 2014 ASSETS Cash and cash equivalents...$8,385,698 Investments available-for-sale/held-to-maturity...$2,889,000 All other investments...$33,885,210 Loans to members, net...$31,936,402 Accrued interest receivable...$164,851 Property and equipment...$1,559,842 National Credit Union Share Insurance Deposit...$368,600 Other assets...$1,297,289 Total Assets...$80,569,670 LIABILITIES AND MEMBERS EQUITY Liabilities Member shares...$67,809,594 Borrowed funds...$0 Accrued expenses and other liabilities...$445,666 MEMBERS EQUITY Undivided earnings...$9,143,889 Regular reserve...$2,947,557 Unrealized net gain/loss on investment...$222,964 Total liabilities and members equity...$80,569,670 10

11 2014 Scholarship recipients (left to right: Ryan Pace; Parkside CE O, Martin Carter; Anthony Davis Jr.; Kayla Dempster) Spiderman made an appearance at the 9th Annual Parkside Staff in their Ugly holiday sweaters and Halloween costumes. Classic Car Show.

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