2014 Annual Report. Federally insured by NCUA cport is an Equal Housing Lender NMLS ID:

Transcription

1 2014 Annual Report Federally insured by NCUA cport is an Equal Housing Lender NMLS ID:

2 2014 in Review Confidence We are financially strong and operate responsibly to generate long-term value and stability. cport saw strong financial performance in all key growth areas in We grew our loan balance by 15.8% and net income by 9.51% compared with We also reached a milestone 15,000 members in 2014, and grew our overall membership by 7.2%. Character We treat you honestly and with respect, dignity, fairness, and professionalism. In 2014, we launched our vision statement: to deliver the best financial experience to our members. Every member of our dedicated team of employees is focused on our vision every day so that you have the best possible experience banking with cport. We also heard from hundreds of members about their financial experience through our membership survey in July, helping to guide our member service efforts. Augusta branch dressed for Festive Friday Riverside branch in Portland

3 Current We continuously strive to deliver innovative and leading-edge technology solutions to meet your changing needs. We made a number of improvements in 2014 to our products and services to better serve our members. We added the ability to offer you debit cards instantly at all of our branches. With Online Account Opening, members can also add new accounts through online banking, and new members can join cport online, as well. In November, we renovated our Riverside Branch and Main Office in Portland to offer a more comfortable experience for our members and to position our operations departments for our future growth. Riverside branch lobby before Riverside branch lobby after

4 Cooperative We value our relationship with you and provide the best and most appropriate services for our members. At cport, we strive to provide our members with the best products and services to meet all of your financial needs. In 2014, we added private student loan and student loan consolidation options for members to help finance their aspirations for higher education. We also now offer wedding loans to help engaged couples and their families budget and plan for their weddings with financial flexibility. To show our appreciation to our members, we also held some fun, new events in We hosted Membership Appreciation Week in August, featuring Members enjoying Membership Appreciation Week a food truck each day at each our branches. Members enjoyed music, prizes, and great food at each event. We also held our second annual cport Night at Sea Casco Bay Cruise and thanked our loyal members with a night of dinner and dancing. Members enjoying cport Night at Sea Perfect night for a cruise around Casco Bay

5 Community We are local and care deeply about the communities in which we live and work. cport s College Aspirations Scholarship Program, our signature community involvement effort, continued to expand in Held at seven elementary schools in Portland and Augusta, nearly 800 students participated in the program, and we awarded 70 college scholarships! Be sure to watch our video summary of the program on our website at cportcu.org/collegeaspirations. cport s mascot, Earnie the Earnie high-fiving a Starfish, had a busy year fan at Scarborough s appearing at community events Summerfest celebration like Scarborough Summer and Winterfests, the Augusta Whatever Family Festival, Portland Sea Dogs games, and more! Earnie hanging out with friends at the Augusta Whatever Family Festival Ocean Avenue Elementary students in Portland show off their college scholarships from cport

6 cport Credit Union Comparative Balance Sheet (Unaudited) As of December 31, 2014, and December 31, 2013 Assets Dec. 31, 2014 Dec. 31, 2013 Increase (Decrease) Cash & Overnight Deposits $ 18,926,977 $ 19,570,225 $ (643,248) Investments 12,857,817 18,147,148 (5,289,331) Unsecured Loans 8,148,621 6,458,732 1,689,889 Vehicle Loans 15,330,544 16,221,301 (890,757) Real Estate Loans 86,870,635 71,528,038 15,342,597 Higher Education Loans 2,677,707 3,119,319 (441,612) All Other Loans 3,074,826 3,076,130 (1,304) Allowance for Loan Losses (492,163) (545,641) 53,478 Furniture & Fixtures 832, ,257 78,065 Land & Building 6,332,945 6,083, ,358 Other Assets 5,900,495 5,056, ,196 Total Assets $ 160,460,726 $ 149,469,395 $ 10,991,331 Liabilities Other Liabilities $ 1,134,880 $ 836,708 $ 298,172 Savings Accounts 40,917,650 34,695,202 6,222,448 Money Market Accounts 30,988,906 29,743,684 1,245,222 Club Accounts 2,702,565 2,146, ,743 Checking Accounts 24,482,465 20,225,625 4,256,840 IRA Savings Accounts 3,520,372 3,144, ,727 IRA Certificates 8,742,393 8,885,609 (143,216) Certificates 32,621,991 35,291,614 (2,669,623) Total Shares 143,976, ,133,201 9,843,141 Regular Reserves 6,862,630 5,982, ,000 Undivided Earnings 8,468,313 8,559,831 (91,519) Unrealized Gain(Loss) on Securities 18,561 (42,975) 61,537 Total Equity 15,349,504 14,499, ,018 Total Liabilities & Equity $ 160,460,726 $ 149,469,395 $ 10,991,331 Members 15,700 14,648 1,052 Loans 7,286 6,

7 cport Credit Union Statement of Income & Expense (Unaudited) For the Period Ended December 31, 2014 Income Interest from Loans $ 5,186,180 Interest from Investments 174,127 Miscellaneous Income 2,211,120 Total Income 7,571,427 Expenses Compensation & Benefits 2,695,433 Travel & Conference 80,161 Office Occupancy 397,879 Office Operations 949,084 Education & Promotion 332,319 Loan Servicing 89,940 Professional & Outside Services 1,239,733 Member Insurance 8,995 Operating Fees 34,824 Miscellaneous Operating Expense 53,685 Loan Loss Provision 97,390 Disposal of Fixed Assets 28,558 NCUA Assessment 0 Total Non Interest Expense 6,008,001 Dividends Paid on Shares 774,945 Net Income $ 788,481 cport Credit Union Board of Directors Scott A. Paquet, Chair Paul Young, Vice Chair James Cloutier, Treasurer Mark Fernandez, Secretary Eugene Ardito Susan Dostie Quincy Hentzel Arthur MacVane Linda McLean Lea A. Tunney

8 cport Credit Union was founded in 1931 as the Federal Employees Credit Union of Maine. What started as an organization run out of our first manager s desk drawer grew to occupy the post office building at 125 Forest Avenue in Portland. Our headquarters moved to 555 Forest Avenue in 1986, and ten years later moved to our current location at 50 Riverside Industrial Parkway. cport has four branches located in Portland, Augusta, and Scarborough. Previously, our membership consisted solely of government employees, such as postal workers and military personnel. In 2005, we changed our name to cport Credit Union to better reflect the change in our charter, which allows us to offer membership to anyone who lives or works in one of five counties: Cumberland, Kennebec, Androscoggin, Sagadahoc and York. At cport, we strive to deliver the best financial experience to our members. We connect with you, our members, through a high level of personalized service, through convenient banking technology, and we connect with our communities, giving back to the areas that we serve. Portland I Augusta I Scarborough cportcu.org