2015 ANNUAL SERVING 565,000 MEMBERS REPORT. Federally insured by NCUA
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1 2015 ANNUAL REPORT SERVING 565,000 MEMBERS Federally insured by NCUA
2 Contents The Board of Directors and President s Report Lending Report Treasurer s Report Supervisory Committee Report Financial Reports 2015 Officials 2015 Executive Staff 2015 Annual Report 1
3 The Board of Directors and President s Report Bobby W. Alexander Chairman Ken D. Campbell 1st Vice Chairman Ronald E. Lee 2nd Vice Chairman Gary L. Sholly Secretary-Treasurer Gene M. Burker Lorran J. Skinner Geri M. Wacker William B. Eckhardt President & CEO We are very pleased to present this 2015 Annual Report as it summarizes an outstanding year in Alaska USA s history in terms of membership growth, lending and financial performance. It also celebrates Alaska USA s 67 years of serving members. Since chartered in 1948, the credit union s mission has been to provide financial services to members, affordably, conveniently and professionally. In 2015, the credit union set new records for membership, deposits, loans, capital, net worth, and assets, while reporting record net income of $49.39 million. At year end, assets totaled $6.14 billion with regulatory capital of $589 million and the credit union membership totaled 564,057. The credit union s successful performance in 2015 is particularly significant given the economic environment, but also because of the challenges associated with the political environment and the federal government s focus on consumer protection and reforming Wall Street. The cumulative complexity of ever-changing state and federal laws, and the rules and regulations of dozens of regulatory agencies profoundly impacts credit union operations, services and the related cost of monitoring and compliance. During 2015, a total of 184 proposed, new and revised laws and regulatory matters were tracked by the credit union and required changes were implemented. It is estimated that the cost of regulatory compliance for the credit union in 2015 totaled $31 million or $55 per member. As stated in the enclosed Treasurer s Report, in terms of financial performance, 2015 was the most successful year in the credit union s history. The credit union was able to reduce the rate of growth in operating expenses by focusing on expense control. This is evidenced by an increase of only 2.79% in overall expenses, a rate substantially below benchmark measures such as membership growth of 8.06% and deposit growth of 7.46%. The operating expense to average asset ratio for 2015 was 3.58, which is the fifth straight year of improvement in this efficiency measurement. At the same time, the credit union expanded and enhanced services and processed a record 275 million transactions and a record 125,000 new loans. The majority of this loan volume was consumer loans as the credit union continued to expand its market presence and members were in a position to benefit from Alaska USA s historically low loan interest rates. In terms of service, significant enhancements were made during the year to make the credit union more convenient for members. This included expansion of the Member Service Center hours of operation to 24 hours a day and 365 days a year. Members now can talk to a credit union Member Service Representative any time day or night, any day of the year, including all holidays. The credit union also joined an extensive, international ATM network providing members with access to 55,000 surcharge-free ATMs worldwide. In addition, four new branch offices were opened. At year end, the credit union operated 74 branches in four states and eight financial centers in three of those states. MEMBERS , , , , , ,057 2 Alaska USA Federal Credit Union
4 Alaska USA, as a member-owned cooperative, transfers value to members by providing services more cost effectively than other financial organizations. To measure the credit union s success in this regard, the value transferred is rigorously calculated based on the dollar benefit Alaska USA members receive from higher rates on deposits, lower loan rates and lower fees compared to those of competing banking institutions. We are pleased to report that this value transfer to members in 2015 was a record $112.9 million, an increase of $23.6 million or 26% over The average value transfer per member in 2015 was $199. Another way the credit union measures its success in serving members is to conduct regular surveys asking members their opinion about the level of service the credit union provides. This member service survey has been conducted each month for the last 17 years. In 2015, the survey revealed high levels of member service satisfaction each month. In addition, the credit union was again selected by consumers as the favorite financial institution in Alaska, as well as the credit union s largest market area in California. Also, mortgage operations received several first place awards as the best mortgage company and the credit union business and commercial lending program was honored once again by receiving an award recognizing it for providing the largest number of SBA 504 loans in Alaska. Alaska USA has a 67-year history and proud record of serving members and helping them during both good and bad economic times. Alaska USA is uniquely positioned to do so because of its very strong balance sheet, membership diversification by geography and industry, experienced management and staff, significant earnings capacity, broad range of services and diversified business activities. In addition to the credit union s traditional savings and lending services, business activities include Alaska USA Insurance Brokers, Alaska USA Mortgage Company, and Alaska USA Trust Company, all wholly owned subsidiaries of the credit union. Throughout the credit union s 67 years of operations, it has remained true to its purpose and a reliable partner to its members by providing them a safe place to save and earn highly competitive rates on savings and, at the same time, an available source of low cost credit. We are confident that Alaska USA s experience, sound business philosophies and practices, and strong financial foundation position the credit union well to meet the many challenges and opportunities that lie ahead. We are certain that Alaska USA s 68th year of operation will be another year of success in serving members financial needs. We want to thank the membership for their 67 years of support and participation in the credit union. We also want to congratulate and thank the volunteer officials and all the employees for their service to members and contributions to Alaska USA in ASSETS (in billions) $4.26 $4.71 $5.19 $5.42 $5.73 $ Annual Report 3
5 Lending Report Wayne Bailey Chief Lending Officer The credit union continued to experience positive performance from its portfolio of loans in The effects of the economic recession that impacted most of the country have continued to abate and are reflected in the performance described below. The credit union made loans to members at a record pace throughout Total funding of new loans by the credit union and its subsidiary mortgage company during 2015 was over $4.27 billion. A record 124,943 consumer, real estate and business loans were approved and closed by the credit union and its mortgage subsidiary during the year. Loans outstanding at December 31, 2015, totaled 402,800, for $5.01 billion, an increase of 41,777 loans and $573 million over year-end During the credit union s 67 year history, over 2.6 million loans totaling nearly $41 billion have been granted to members by Alaska USA. Total outstanding consumer loan and credit card balances increased $560.9 million, or more than 15.35% during the year, to over $4.21 billion. The basic soundness of the overall loan portfolio and the quality of underwriting are reflected in the 1.09% delinquent loan ratio at year end, down from 1.29% in Member business loans outstanding grew 11.07% in 2015, with $146.2 million in new business loans during the year. Business loans in portfolio at year end totaled 1,180 for $381.1 million and 11 were reportable delinquent. The credit union and its mortgage subsidiary granted over $1.19 billion in mortgage and real estate loans during Most of the mortgage loans were sold to secondary market investors or pooled into mortgage backed securities and sold in the financial markets. By taking this approach, the credit union is able to offer members a wide variety of mortgage programs and, at the same time, significantly reduce the credit and interest rate risks associated with portfolio real estate lending. The credit union retains the servicing rights on many of those sold loans, thereby providing borrowers with quality servicing from a trusted source. At year end, the credit union s mortgage loan servicing portfolio included 27,444 loans totaling $5.2 billion. LOANS (in billions) $3.04 $3.23 $3.51 $3.77 $4.43 $ Alaska USA Federal Credit Union
6 Real estate loans held in portfolio and held for sale decreased $31.0 million in 2015 to a total of $402.1 million. During the past several years, the real estate market in Alaska remained relatively healthy, and the markets in Washington and California continued to rebound. The real estate and mortgage loan delinquency ratio decreased from 5.84% in 2014 to 4.98% in Net loan charge offs in 2015 were $23.9 million, up from $21.6 million in The credit union remains committed to ensuring that all members receive comprehensive consumer, mortgage and business loan services, and a fair and timely review of their loan requests. Given the challenges represented by the economy, the credit union has taken appropriate action to ensure the loan portfolio continues to grow and remains strong in the years ahead. These actions will also ensure the credit union maintains its 67-year tradition of being a trusted and reliable source of credit for members. LOANS GRANTED ,009 83,345 95, , , , Annual Report 5
7 Treasurer s Report Gary L. Sholly Secretary-Treasurer In terms of financial results, 2015 was the most successful year in the credit union s 67 year history. At year end, membership totaled 564,057, an increase of over 42,000 members, or 8.06% over Member deposits totaled $5.63 billion, an increase of $ million, or 7.46% over Loans in portfolio grew by 12.92% to $5.01 billion. Assets at year end totaled $6.14 billion, which represents an increase of $ million, or 7.17% over Operating revenue for the year totaled $ million, an increase of $17.85 million, or 5.63% over This increase was largely due to the growth in the loan portfolio while services fees and charges decreased by over $7 million during the year. Operating expenses totaled $ million, an increase of $6.6 million, or 2.79% over The operating expense-to-average-asset ratio for 2015 was 3.58%, a significant improvement over the 2014 ratio of 3.65%. Net income was $49.34 million, a new record. This increase in net income is a direct result of the expansion of consumer lending activities and the controlled growth of operating expenses. Alaska USA s regulatory capital at year end totaled $589 million, exceeding the record level set in 2014 by $49 million or 9.14%. The regulatory capital to assets ratio was 9.58% at year end, far exceeding the 7% threshold that is required to be considered well capitalized by the National Credit Union Administration, the credit union s federal regulatory agency. Total Reserves, including regular reserves, allowances and undivided earnings at year- end totaled $623.6 million, an increase of $44.9 million, or 7.77% over The credit union s 2015 financial reports reflect solid and increasingly efficient performance in virtually every operational area. Solid performance is expected in 2016, with budgeted operating revenue of $317 million, and net income of $36.3 million. Regulatory capital is expected to exceed $625 million by the end of DEPOSITS (in billions) $3.94 $4.38 $4.74 $4.97 $5.24 $ Alaska USA Federal Credit Union
8 Supervisory Committee Report Kent B. Berthiaume Chairman Craig S. Wood Secretary Nathan A. Braspenninckx Richard F. Hawley Will Lacy The credit union s Supervisory Committee is comprised of five volunteer members who function as the credit union s audit committee. It is the Committee s responsibility to ensure that internal controls are effectively maintained; accounting records and reports are promptly prepared and accurately reflect the results of operations; the operation of the credit union is in accordance with the policies and procedures established by the Board of Directors; and member account inquiries are promptly and fairly considered. Your Supervisory Committee has fulfilled these responsibilities during the past year as follows: Retained Crowe Horwath, a certified public accounting firm, to conduct the credit union s annual audit; Worked with the credit union s Internal Audit Department to ensure that internal controls were maintained; Responded directly to members with account inquiries; Completed a random sample verification of member account balances and of closed accounts through direct correspondence; and Met regularly, and as required, to consider matters that were within the Supervisory Committee s area of responsibility. It is our opinion that the enclosed financial statements fairly and accurately reflect the financial condition of Alaska USA Federal Credit Union on December 31, 2015, and that the credit union operates and is managed on a sound basis, in accordance with current federal regulations. TOTAL RESERVES, ALLOWANCES, AND UNDIVIDED EARNINGS (in millions) $413.3 $454.8 $504.9 $544.1 $578.6 $ Annual Report 7
9 Consolidated Statements of Financial Condition Alaska USA Federal Credit Union and Subsidiaries Years Ended December 31, 2015 and 2014 (Dollars in thousands) Assets Cash and due from financial institutions $360,705 $469,838 Interest-bearing deposits in other financial institutions 1,762 1,578 Securities purchased under agreements to resell 9,047 - Total cash and cash equivalents 371, ,416 Investment securities available for sale 414, ,538 Member loans Loans to members, net 4,758,940 4,273,076 Real estate loans held for sale 131, ,792 Auto loans held for sale 118,115-5,008,062 4,434,868 Deposits in National Credit Union Share Insurance Fund 49,814 47,103 Federal Home Loan Bank stock, at cost 6,870 14,463 Accrued interest receivable 11,937 11,102 Other receivables 2,124 12,238 Premises and equipment, net 155, ,827 Assets acquired in liquidation of loans, net 9,220 10,091 Goodwill 22,930 22,930 Intangible assets, net 5,036 6,132 Mortgage servicing rights 38,424 35,317 Net pension asset 38,900 52,351 Other assets 7,884 8,702 Total assets $6,142,937 $5,732,078 Liabilities and Members Equity Liabilities Members share accounts $5,631,731 $5,240,658 Accrued expenses and accounts payable 86,260 96,628 Total liabilities 5,717,991 5,337,286 Members equity Statutory reserves 42,658 42,658 Undivided earnings 546, ,119 Accumulated other comprehensive loss (164,173) (144,985) Total members equity 424, ,792 Total liabilities and members equity $6,142,937 $5,732,078 8 Alaska USA Federal Credit Union
10 Consolidated Statements of Income Alaska USA Federal Credit Union and Subsidiaries Years Ended December 31, 2015 and 2014 (Dollars in thousands) Interest income Interest and fees on loans $182,479 $169,341 Interest on investment securities 10,289 12,855 Other interest income , ,201 Interest expense Dividends on members shares 22,669 23,644 Borrowings 6-22,675 23,644 Net interest income 170, ,557 Provision for loan losses 19,454 21,585 Net interest income after provision for loan losses 150, ,972 Noninterest income Service fees and charges $54,737 $62,415 Interchange fees 34,328 28,830 Net gain on sale of real estate loans 16,314 12,418 Net gain on sale of auto loans 1,324 - Net gain on sale of investment securities Other 34,681 30,446 Total noninterest income 142, ,041 Noninterest expense Compensation and benefits $156,550 $135,830 Occupancy and equipment 42,753 46,155 Other 44,323 55,022 Total noninterest expense 243, ,007 Net income 49,342 35,006 Net income attributable to noncontrolling interest - (147) Net income attributable to Alaska USA Federal Credit Union $49,342 $34, Annual Report 9
11 2015 Officials Board of Directors Bobby W. Alexander, Chairman Ken D. Campbell, 1st Vice Chairman Ronald E. Lee, 2nd Vice Chairman Gary L. Sholly, Secretary-Treasurer Gene M. Burker, Director Lorran J. Skinner, Director Geri M. Wacker, Director Supervisory Committee Kent B. Berthiaume, Chairman Supervisory Committee Craig S. Wood, Secretary Nathan A. Braspenninckx, Member Richard F. Hawley, Member Will Lacy, Member 10 Alaska USA Federal Credit Union
12 2015 Executive Staff Bill Eckhardt, President Geoff Lundfelt, Executive Vice President Wayne Bailey, Chief Lending Officer Norm West, Chief Financial Officer John Shipe, Chief Information Officer Cory Schwab, Chief Risk Officer Tim Maudsley, President, Alaska USA Insurance Brokers Dave Hamilton, Executive Director, Business & Commercial Services Debbie Ingle, Executive Director, Mortgage & Real Estate Lending Scott Hansen, Executive Director, Consumer Lending Brian Wolf, Executive Director, Retail Financial Services Janell Adams, Senior Vice President, Branch Administration Liz Behlke, Senior Vice President, Marketing Kent Bills, Senior Vice President/General Manager, Alaska USA Mortgage Company Mike Brady, Senior Vice President, IM Governance Tamara Budahl, Senior Vice President, Special Credits Susan Ferrell, Senior Vice President, IM Technical Services Kay Huebner, Senior Vice President, Member Service Center Steve Larson, Senior Vice President, Mortgage Finance and Servicing Mike Longlet, Senior Vice President, IM Applications Nelson Lowe, Senior Vice President, Treasury Dan McCue, Senior Vice President, Corporate Administration Troy Shelden, Senior Vice President, Accounting Rachel Norman, Senior Vice President, Human Resources Brian Spink, Senior Vice President, Internal Audit Marci Aguayo, Vice President, Branch Administration, SW Region Vilma Chavez, Vice President, Commercial Services Administration Camille Cohen, Vice President, Operations Joe Crosson, Vice President, Direct Consumer Lending Mendy Daugherty, Vice President, Operations Center Holli Frenchik, Vice President, Consumer Loan Administration Cindy Fry, Vice President, Branch Administration, PNW Region Robert McNaughton, Vice President, Business and Commercial Lending Tod Miller, Vice President, Indirect Consumer Lending Julie Moore, Vice President, Mortgage Operations Joel Swanson, Vice President, Electronic Services Bob Thompson, Vice President, Corporate Properties and Supply Chris Wilder, Vice President, Branch Administration, AK Region 2015 Annual Report 11
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