How to Become a Successful Manager

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1 BUILDING ON 2014 ANNUAL REPORT SUCCESS

2 vision: Your partner of choice for financial success mission: Working together to exceed members expectations

3 2014 ANNUAL REPORT CONTENTS Chairman and President s Report...Pages 1-3 Supervisory Committee Report...Page 4 Financial Information...Pages 5-6 Board of Directors...Page 7 Management Team...Page 7 Langley Branch Locations...Page 8 General Information...Page 8

4 CHAIRMAN AND PRESIDENT S REPORT 2014 YEAR IN REVIEW As the title of our annual report suggests, this was a year that we were Building On Success that had been achieved in the past. We are pleased to report that 2014 was another positive year at Langley for our members and the Credit Union. Products and services were expanded, pricing improved, convenience and access to your Credit Union was enhanced, and service levels were strengthened. Our Vision has not wavered as we continue to be Your Partner of Choice for Financial Success. Our Mission is singularly focused on Working Together to Exceed s Expectations while we deliver The Langley Experience in every member interaction Make It Easy, Make A Difference and Do The Right Thing. FINANCIAL SUCCESS Langley s financials continue to be a source of strength for the organization despite the low rate environment. We finished the year with $1.93 billion in assets which was right on plan, grew deposits to $1.53 billion, surpassed the billion dollar mark in loans for the first time in our history Langley s financials continue to be a source of by increasing loans 37% to strength for the organization $1.28 billion. This achievement resulted in a loan to share ratio that rose to 84% by year end, meaning that we have effectively loaned out 84 cents of every dollar on deposit at Langley. PRODUCT AND SERVICE GROWTH Our dedicated team of Langley professionals proudly served over 209,000 members, as over 25,000 new members joined the credit union during the year. Our team was and will always be committed to listening carefully to your needs in order to provide solutions that met or exceeded your expectations, while exploring ways to save you money on the products and services that you use every day. As a result of those interactions, we saw steady increases in members utilizing more of our products and services, including a 9% increase in Checking Accounts and 16% growth in the When it comes to loans, members responded in record numbers again this year number of members who used Online Banking. In 2014, Langley Financial Services (LFS) experienced another successful year. We helped more members plan for their financial future by helping them with their tax, investment and insurance needs. LENDING SUCCESS When it comes to loans, members responded in record numbers again this year as we continued to build on our success, telling members and non-members that We re Langley, and We re Lending. Langley now has a network of 235 auto dealer relationships resulting in $749.3 million in member auto loan balances at year end. That translated into over 23,000 auto loans to our members in 2014, a remarkable achievement. We originated over $60 million in mortgages in 2014, helping more than 480 members in the process. We also originated over $60 million in home equity loans and lines of credit, assisting over 1,120 members in the process. Business Loan balances increased by $15 million as we focused on increasing lending LINDA 2007 BOB 2001 Page 1 AMANDA 2014 ABUDU 2010

5 to businesses in Hampton Roads. This strategy allowed us to maintain our #1 position in Small Business Administration (SBA) lending among credit unions in the greater Hampton Roads region. In June, Langley was awarded a top Credit Union award by the Richmond District Office of the Small Business Administration for our lending efforts to small businesses, a proud accomplishment. Our initiatives to educate business owners about government guaranteed financing and our partnership with small businesses in our community has now firmly established Langley as one of the most active SBA lenders among credit unions in Virginia. Langley s members We completed many have embraced our three variablerate VISA credit exciting organizational projects designed to benefit members cards through a series of moneysaving promotions including low rate balance transfers, valuable rewards, and cash back opportunities. We saw balances increase by $24 million, a 30% jump, resulting in total credit card balances of $104 million at the end of the year. SUCCESSFUL PROJECTS AND MILESTONES In 2014, we completed many exciting organizational projects designed to benefit members and make it easier to do business with Langley. We wanted to make it easier to join the Credit Union, make it simpler to add deposit and loan products, and improve our overall lineup to be more competitively priced. In early 2014, we rolled out our newly enhanced Active Rewards relationship program which included more benefits for members who had deeper relationships with the Credit Union. In the fall, we implemented an Online Account Opening system for new members that made the joining process faster and easier. We continued our staff training designed to save members money and add to their relationships at Langley. We took the proactive step to transition all of our credit cards to VISA to deploy the latest EMV security chip technology that helps protect members from fraud. In an effort to make it easier for members to make their loan payments, we also introduced our new Payment Center which allowed online payments to be made electronically from other financial institutions. Continuing our commitment to member education, our employees conducted a series of well-received Online Banking seminars that helped members learn the basics of home banking including the use of Online Bill Payment. We also hosted the College Bound series for high school juniors and seniors and their parents along with a long-term care seminar that explored the financial issues members should be aware of when faced with decisions about care for their loved ones. Based on the positive feedback received during the year on all of these sessions, we plan on offering these seminars and some new educational topics in NEW BRANCHES AND ACCESS TO LANGLEY In January, we made the difficult decision to close the Coast Guard branch as the volume of activity no longer could support the need for a full-service branch. In July, the Stoneybrook branch moved into a new freestanding We proudly opened the doors of our third Southside location in early March 2015 building which features two drivethru lanes, two ATMs and offices for five member service staff. The Warwick branch was relocated in mid-september. This new storefront branch features a full-service ATM and six financial service offices. Feedback on this relocated branch has been positive, and members have told us that they find the new location to be more conveniently located with ample parking and easier access. GERSON 2004 MIKE Page 2 REINETTE 2012 CHRISTINE 1982

6 After a long search, a new branch location was chosen in the Virginia Beach area and is conveniently located in the Marketplace at Hilltop shopping center at First Colonial and Laskin Roads. Construction began in October and we proudly opened the doors of our third Southside location in early March The Contact Center call volume increased significantly in 2014; as a result we have hired additional staff to ensure we maintain our service level. The Contact Center was relocated to City Center in Newport News. This new location allows for future expansion and growth for this critical member communication channel. PLANS FOR 2015 Our 2015 plans are in motion and we have many exciting initiatives underway to improve the ease of doing business with us. During the year ahead, we will introduce a new Online Banking system, improving the online and mobile banking experience. We will also reissue our debit cards to include the new EMV chip to enhance security and fraud protection. We also plan to implement an online IRA Information Center to better meet your needs. We re proud to say that your Credit Union has never been stronger and we are excited about delivering even more convenience for our members in On behalf of the entire Langley team, we are honored to serve you. CHARITABLE GIVING/ LANGLEY FOR FAMILIES FOUNDATION Langley remains deeply committed to continuing our long legacy of giving back to the communities where we do business. In 2014, Langley donated more than $350,000 back to the community in the form of donations to non-profit organizations in Hampton Roads. Another proud contribution was made through volunteerism, as the entire senior management team and many other members of the management team began serving Langley donated more than $350,000 back to the community on local non-profit boards. In addition, we established the Langley for Families Foundation, a charitable 501c(3) organization. The foundation was introduced to the community with a Visit With Santa event during Hollydazzle in Newport News. We launched the Foundation s new website, and look forward to holding many new fundraising events in William E. Griffith Jr. Chairman, Board of Directors Thomas K. Ryan President/CEO VIRGIE 1980 JARRED 2014 Page 3 LARRY 1978 EVELYN

7 SUPERVISORY COMMITTEE REPORT Supervisory Committee members are appointed by the Langley Federal Credit Union Board of Directors. The Supervisory Committee s tasks include ensuring the security of your Credit Union, protecting your assets, and maintaining compliance with the governing directives established by the National Credit Union Administration (NCUA). The Board of Directors and Management maintain a system of internal controls designed to ensure that assets are safeguarded against loss or unauthorized use. Management reviews daily reports to ensure all transactions are recorded properly and in a timely manner in the accounting system, and also maintains an intricate computer system which provides state-of-the-art services related to money management. Under the direction of the Supervisory Committee, the accounting firm of CliftonLarsonAllen, LLP, performed an audit of the 2014 accounting records in accordance with generally accepted auditing standards. As added assurance that your assets are safeguarded, the NCUA conducted its annual examination and provided a report reflecting outstanding leadership and performance. Based on issued reports, and other examinations, Langley Federal Credit Union continues to provide a financially sound and operationally effective credit union. During 2014, Langley grew significantly in loans, membership and checking accounts and greatly improved its performance relating to Loan-to-Share Ratio and Asset Quality. For example, during 2014 member loans grew by 37% to in excess of $1.2 billion and membership grew 12.1% to over 209,000. At the same time, Langley remains well funded with a net worth ratio in excess of 12%. This growth is attributed to an aggressive Strategic Plan and the enthusiastic attitude of the Langley staff. Langley is performing very well. Page 4 Langley and its Supervisory Committee urge members to be diligent regarding the care and protection of debit and credit cards. Protect them from use by unauthorized personnel and review your accounts and statements often to detect and report unauthorized use. If you note questionable transactions, contact Langley s Contact Center immediately. This action may prevent losses to you and the credit union. Langley recognizes its responsibility to conduct business in accordance with the highest ethical standards. This responsibility is reflected in a comprehensive code of business conduct that, among other things, addresses potentially conflicting outside interests of employees and Board members and provides guidance as to the proper conduct of activities. Ongoing communications and review programs are designed to help ensure compliance with these standards. The Supervisory Committee and Chief Executive Officer provide oversight to an Internal Audit Department, which reviews and monitors the credit union operations to ensure they comply with the applicable regulations, laws and credit union policies. We commend the Langley Board of Directors and the diligent staff for a job well done. It has been our pleasure to serve fellow member-owners of Langley Federal Credit Union. John H. Crumpler Supervisory Committee Chairman SUPERVISORY COMMITTEE Paul V. Koehly James M. Michael Jr. James R. Motley

8 FINANCIAL INFORMATION Total Loans Outstanding: $ Billion $1.285 Billion Auto $749 Graph Amounts in Millions Credit Cards $104 59% 8% 4% 14% Business & Participation $53 5% 10% Fixed Real Estate $182 Personal/Other $65 Adjustable Real Estate $132 Total Deposits: $ Billion $1.529 Billion Graph Amounts in Millions Money Market Accounts $599 39% 21% 2% IRA Certificates and Certificates $325 Money Market IRA $35 Savings $312 21% 17% Checking $258 Page 5

9 FINANCIAL INFORMATION $2.0 $1.95 $2. $1.95 $1.9 $1.9 $1.85 $1.85 $1.8 $1.8 $1.75 $1.75 $1.7 $1.65 $1.6 $1.55 $1.5 $1.5 $1.55 $1.6 $1.55 $1.5 $1.45 $1.45 $1.4 $1.4 $1.35 $1.35 $1.3 $1.25 $1.2 $1400 $1400 $1300 $1300 $1200 $1200 $1100 $1100 $1000 $1000 $900 $900 $800 $800 $700 $700 $600 $600 $500 $500 $1.590 $ $1.387 $1.652 $1.432 Total Assets (Billions) Total Assets (Billions) $1.652 $1.724 $1.724 Total Deposits (Billions) Total Deposits (Billions) $1.529 $ Total Loans (Millions) $1.840 $1.840 $1.506 $1.931 $ $1.387 $1.432 $1.492 $ $1.529 $1285 $1285 $956 $956 $713.4 $619 $598.3 $713.4 $619 $ Page 6 Total Assets (Billions) Total Deposits (Billions) Total Loans (Millions)

10 BOARD OF DIRECTORS (Standing, l-r) RICHARD A. BIEGE, Assistant Secretary; PETER A. MORLEY (CMSgt. USAF - Ret.), Director; BRUCE R. HOOGSTRATEN, Secretary; R. LESTER WINGROVE JR., Vice Chairman (Sitting, l-r) EDWARD G. HENIFIN, Director; JOYCE M. WRIGHT, Director; WILLIAM E. GRIFFITH JR., Chairman Director Emeritus: GEORGE R. HAYES (not shown) TOM RYAN President/Chief Executive Officer MANAGEMENT TEAM INGO HUEMER Vice President/Risk Management CURTIS BAKER Senior Vice President/Lending GREG MANWEILER Senior Vice President/Chief Financial Officer VICTOR PULIAFICO Senior Vice President/Langley Financial Services DEB VOLLMER Senior Vice President/Branch Services TAMMY GELLES Vice President/Mortgage Lending MARILYN KUHN Vice President/Human Resources MICHAEL McNABB Vice President/Consumer Lending NATASHA MERZ Vice President/Commercial Lending RANDY SALTZMAN Vice President/Marketing FRANK WILLIAMS Vice President/Chief Information Officer Page 7

11 LANGLEY BRANCH LOCATIONS ABERDEEN 409 Aberdeen Road Hampton CHESAPEAKE SQUARE 2600 Taylor Road Chesapeake COLISEUM 1055 W. Mercury Boulevard Hampton DENBIGH Jefferson Avenue Newport News EAGLE HARBOR Carrollton Blvd. Unit A Carrollton HAYES 3140 George Washington Memorial Highway Hayes HILLTOP 741 First Colonial Road Suite 101 Virginia Beach LANGLEY AIR FORCE BASE 157 Sweeney Boulevard Bldg. 467 Hampton NASA 2 Lindberg Way Bldg. 1310, LaRC Hampton OYSTER POINT Jefferson Avenue Newport News POQUOSON 415 Wythe Creek Road Poquoson STONEYBROOK Warwick Boulevard Newport News WARDS CORNER 7420 Granby Street Norfolk WARWICK Warwick Boulevard Suite 11, Newport News WILLIAMSBURG CITY 1222 Richmond Road Unit 16 Williamsburg WILLIAMSBURG NEW TOWN 5220 Monticello Avenue Williamsburg WILLOW OAKS 225 Fox Hill Road Suite D5, Hampton YORKTOWN 4822 George Washington Memorial Highway Grafton GENERAL INFORMATION MAILING ADDRESS Langley Federal Credit Union P.O. Box Newport News, VA ON THE WEB langleyfcu.org facebook.com/langleyfcu twitter.com/langleyfcu linkedin/company/langleyfcu CONTACT CENTER or TELEPHONE BANKING or PERSONAL LOANS or Page 8 MORTGAGE LENDING or FAX: COMMERCIAL LENDING or Federally insured by the NCUA

12 New Hilltop Branch New Stoneybrook Branch New Warwick Branch