Welcome! Please review your Annual Meeting Packet and help yourself to refreshments. The meeting will convene at 3:05. 2019 Annual Membership Meeting
Agenda 3:05 ▪ Call to Order ___________________________________ 3:08 ▪ Minutes ________________________________________ 3:10 ▪ Governance Reports (Printed) ______________________ 3:10 ▪ 2018 Community Impact Report _____________________ 3:20 ▪ 2018 Treasurer’s Report ___________________________ 3:50 ▪ Elections _______________________________________ 4:05 ▪ Unfinished Business _______________________________ 4:05 ▪ New Business: Community Initiatives, _________________ _______ Board Initiatives, & Succession Planning ▪ Q&A __________________________________ ______ 4:40 4:55 ▪ Election Results __________________________________ 4:55 ▪ Meeting Evaluation _______________________________ 5:00 ▪ Adjournment & Dinner _____________________________ 3/31/2019 2 Cooperative Federal Annual Meeting
Governance Reports (Printed Reports) • Board of Directors’ Report • Supervisory Committee Report • Credit Committee Report
Community Impact Christina Sauve, Chief Operating Officer/Assistant Treasurer
Loan Impact Summary Loans Opened Loans Granted Loans Outstanding $6.0 M $ 9 M $21.7 M New loans opened in Loan funds disbursed in Aggregate loan and 2018 (approved loan 2018 (LOC draws and LOC balances amount and LOC limits) term loan disbursements) at 12/31/18 Homeownership $3.3 M Homeownership $3.3M Homeownership $13.4M Personal $2.3 M Personal $4.4M Personal $ 4.7M Small Business $522 K Small Business $1.2M Small Business $ 3.6M 3/31/2019 5 Cooperative Federal Annual Meeting
81% to Syracuse Residents ➔ 62% in Census Tracts with High Poverty ➔ 69% in Census Tracts with Above Average Poverty Geographic Impact 2018 Loans Originated 3/31/2019 6 Cooperative Federal Annual Meeting
Chelsea joined the First Home Club at Cooperative Federal and fulfilled her dream of homeownership. She also joined the team powering the credit union, and has helped others walk into a house knowing they made it their very own home – with loans, grants, and advising from Coop Fed. Home Ownership Strengthening neighborhoods. Building a sense of “home.” 3/31/2019 7 Cooperative Federal Annual Meeting
Home Ownership ▪ 2018 Home Lending – Owner Occupied • Purchase, refinance, improvement and repair • Home Equity Lines of Credit • ROC Manufactured Homes Loans Opened 2018 ($) Home Loans Originated: 42 $3.3 million 3/31/2019 8 Cooperative Federal Annual Meeting
Home Ownership ▪ 2018 Home Lending • Total Originated: 42, $3.3 million Loans Opened 2018 ($) Purchase Loans: 32 $2.9 M 3/31/2019 9 Cooperative Federal Annual Meeting
Home Ownership ▪ 2018 Home Lending • Total Originated: 42, $3.3 million – Purchase Loans: 32, $2.9 M Loans Opened 2018 ($) 76% to First Time Homebuyers ($) 3/31/2019 10 Cooperative Federal Annual Meeting
Home Ownership ▪ 2018 Home Lending • Total Originated: 42, $3.3 million – Purchase Loans: 32, $2.9 M o 76% to First Time Homebuyers ($) • Home Equity LOC Disbursements: $181 K 3/31/2019 11 Cooperative Federal Annual Meeting
Home Ownership ▪ Financial Counseling • HUD-approved housing and financial counseling • Credit advising • Open to members and nonmembers • 99 households served in 2018 3/31/2019 12 Cooperative Federal Annual Meeting
Home Ownership ▪ Homebuyer Matched Savings • Open to low and moderate-income first time buyers • Participants get at least $7,500 in matching grants • 17 members received $132,500 in downpayment assistance matching grants in 2018 • 25 members enrolled as of 12/31/18 3/31/2019 13 Cooperative Federal Annual Meeting
Mark knew he needed a chance to do his banking better. The Start Over & Credit Builder program helped him boost his credit score by 100 points. Now, he’s a graduate of the First Home Club. Personal Finance Affordable credit. Gateway to asset-building. 3/31/2019 14 Cooperative Federal Annual Meeting
Personal Finance ▪ 2018 Consumer Lending • New/used auto, debt consolidation, credit builder, credit cards, lines of credit, and other personal uses Loans Opened 2018 ($) Personal Loans Originated: 448 $2.3 million 15 3/31/2019 Cooperative Federal Annual Meeting
Personal Finance ▪ 2018 Consumer Lending • Personal Loans Originated: 448, $2.3 million Loans Opened 2018 ($) Alternative to Predatory: 201 $540 K 3/31/2019 16 Cooperative Federal Annual Meeting
Personal Finance ▪ 2018 Consumer Lending • Personal Loans Originated: 448, $2.3 million – Alternative to Predatory Loans: 201, $560 K • Line of Credit & Credit Card Disbursements: $2.5 million 3/31/2019 17 Cooperative Federal Annual Meeting
Personal Finance ▪ Financial Capability • Workshops and courses on banking, credit, money management, homeownership, car buying and more • English, ESL, and other languages with volunteer translators • 700 adult and youth participants in 2018 3/31/2019 18 Cooperative Federal Annual Meeting
Lanel kicked off her business with funding from Coop Fed and training from Up Start. “For them to offer me what they offered me when I started, I was over the moon. I didn’t expect that much.” Co-Owners of Tboy Shique, Clarissa and Lanel (left to right) Small Business Building an independent, local economy. 3/31/2019 19 Cooperative Federal Annual Meeting
Small Business ▪ 2018 Small Business Lending • Microloans, working capital, equipment, commercial real estate and responsible, local landlords • Businesses, non-profits, & co-ops Business Loans Originated: 21 $522 K 3/31/2019 20 Cooperative Federal Annual Meeting
Small Business ▪ 2018 Small Business Lending • Business Loans Originated: 21, $522 K Loans Opened 2018 ($) 43% (#) to M/WBE, Co-ops, Non-Profits 34% ($) to M/WBE 3/31/2019 21 Cooperative Federal Annual Meeting
Small Business ▪ 2018 Small Business Lending • Business Loans Originated: 21, $522 K – Average non-RE loan size: $16,900 – 40 local jobs supported • Revolving Credit Disbursements: $936 K 3/31/2019 22 Cooperative Federal Annual Meeting
Small Business ▪ Education & Advising • Individual assistance with credit building, business financing, and business plan feedback • Classes with community partners • Referrals to partners for courses, mentorship opportunities, and intensive business planning assistance • Over 120 participants in 2018 3/31/2019 23 Cooperative Federal Annual Meeting
“I want to learn to save money to help control my spending,” said Lal, a senior at the Public Service Leadership Academy @ Fowler High School. Coop Fed’s In School Savings Branches help students like Lal take control of their own financial education. Lal is saving for a Go Pro camera so he can make even better videos for his You Tube channel and, maybe someday, become a videographer. In School Savings Branches Hands-on learning in under-served communities. 3/31/2019 24 Cooperative Federal Annual Meeting
In-School Savings Branches ▪ 2018 Initiatives: • School-based branches at Fowler, Nottingham and Henninger High Schools • Ongoing partnership with REACH CNY • Student Saving Days at Ed Smith K-8 • Treehouse Saver accounts for any member • 208 active Youth Credit Union members as of 12/31/18 3/31/2019 25 Cooperative Federal Annual Meeting
Jim Doyle Susan Hamilton 4/5/19 3/17/19 Congratulations on Your Retirement!!! These folks help make it all happen. 3/31/2019 26 Cooperative Federal Annual Meeting
In Memory: Greg Knipe Colleague, “Loan Arranger,” Friend 3/31/2019 27 Cooperative Federal Annual Meeting
Treasurer’s Report Ron Ehrenreich, Treasurer/CEO *Please see the Welcome table for copies of our Summary Financial Statement, Ratio Analysis and FPR Guide
Key Financial Ratios ▪ Earnings ▪ Capital Adequacy ▪ Asset Quality ▪ About Peer Ratios • Average for CUs with $10 - $50 million in assets • Less than 4% of all CUs are certified Community Development Financial Institutions (CDFIs) 3/31/2019 29 Cooperative Federal Annual Meeting
Key Ratio 1: Earnings Return On Average Assets (%) 0.6 0.4 0.2 0.0 12/14 12/15 12/16 12/17 12/18 -0.2 -0.4 -0.6 -0.8 -1.0 Net Income / Average Assets (annualized) Peer 3/31/2019 30 Cooperative Federal Annual Meeting
Earnings ▪ Loss in 2018 for second consecutive year ▪ Thin margins are typical • Cost of fulfilling our mission: hands on, high touch • More staff and more branches than peer CUs ▪ Slower growth in interest income • 6% up in 2018, compared to 10% avg 2015-17 • Lost income from refinanced mortgages ▪ Unusually high Provision for Loan Loss • Expense set aside to fund Allowance for Loan Loss • Determined by historic and projected loss trends 3/31/2019 31 Cooperative Federal Annual Meeting
Earnings Provision for Loan Loss ($) 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 2014 2015 2016 2017 2018 3/31/2019 32 Cooperative Federal Annual Meeting
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