Blue Federal Credit Union 2023 Annual Impact Report

Realized

Table of Contents

Our Differentiation

At Blue, our bond with our members and communities stands out. We act as a dedicated partner for life, offering an unparalleled experience that supports and advances the goals of our members and communities.

By fostering connections rooted in community values, we redefine the financial services journey. Our commitment is to empower our members and communities to navigate towards their aspirations.

Our Mission

Our Purpose

Members deserve a community built around authentic connections.

Our Values

Boundless Optimism

We bring positivity, humor, and energy. We know there is always more.

Unwavering Confidence

Our competence, consistency, and follow through build a foundation of trust.

Uniquely Us

Our passion and personality energize an uncommon commitment to each other and our communities.

Over The Top

We go further to make a difference, win for members, and grow Blue.

We Continue To Be Award Winning

Diamond Awards

Credit Union National Association (CUNA)

2023 winner in 4 categories

Best Credit Union to Work For

American Banker in conjunction with Best Companies Group

Great Place to Work®

Certified 2022 & 2023

Favorite Credit Union

Our Broomfield™Favorites 2023

Best Bank

Sky-Hi News - Granby

Best Credit Union

Best of the BestCheyenne

Leadership Overview

For over seven decades, Blue Federal Credit Union has proudly served as a beacon of support for its members in Wyoming, Colorado, and beyond, illuminating their path toward achieving their dreams. Our mission is deeply rooted in empowering you to reach your fullest potential through unparalleled service, innovative products, and customized resources. We are more than just a financial institution; we are a dedicated partner in your journey toward success, committed to uplifting our communities every step of the way.

As the landscape of our world and industry transforms, Blue’s dedication to excellence shines brighter than ever. We are passionate about offering superior services, which include competitive rates, minimal fees, and impactful community initiatives such as donations, volunteering, and financial literacy programs.

Significant strides in our growth include the inauguration of new branches in Superior and Loveland, Colorado, and the modernization of our 7th Avenue location. These expansions clearly demonstrate our unwavering commitment to enhancing our service to the community. Our new partnerships with Blue Sport Stable, Laramie County Community College Recreation & Athletic Complex (RAC), and Blue Arena further amplify our engagement and investment in the community’s well-being.

A groundbreaking advancement for us is the introduction of our new online banking platform, Blue Digital. This initiative underscores our commitment to providing a modern, user-friendly, and secure digital banking experience.

Despite facing challenges, such as significant interest rate increases in 2023, we have triumphantly protected our members’ savings. Our relentless focus on exceptional member service, financial resilience, and operational excellence has borne fruit, and we have surpassed these objectives with flying colors.

Looking forward with optimism, we are thrilled about the future. Guided by the “People Helping People” philosophy of credit unions, our goal is to profoundly enrich the lives of our members and communities. This annual report celebrates our accomplishments in 2023 and outlines an exciting vision for 2024 and beyond. The merger with Aventa Credit Union opens a new chapter of possibilities, promising to extend our reach and enrich our offerings to members. This merger is a significant landmark in our journey, heralding a future filled with greater strength, resources, and opportunities for expansive growth and development.

In 2024, our commitment to delivering outstanding member experiences and maintaining financial and operational excellence is unwavering and stronger than ever.

We extend our deepest gratitude to our Board of Directors, employees, and members for their enduring trust and support. The year 2023 was truly exceptional for Blue as we helped our members navigate their paths to success and fulfillment more profoundly than ever before – unlocking endless possibilities for a brighter tomorrow.

Stephanie Teubner President & Chief Executive Officer

Deanne Vogel Chairman of the Board of Directors

Inspiring Our Members

Blue serves as a beacon of inspiration for our members, going beyond expectations to deliver not just services but also genuine motivation and steadfast support. We take pride in customizing solutions that uniquely cater to each member’s journey toward success, empowering them to set and reach their financial goals with the utmost confidence. Our dedication turns the financial path into a collective adventure of growth and achievement, ensuring that every member feels deeply valued and supported in their pursuits. This approach transforms each interaction into a stepping stone toward realizing dreams, fostering a community where every member thrives.

119 , 777

Total members at the end of 2023

$19 .

85M

Paid in total dividends

1, 712

Total employee volunteering hours

2 .

97M

In branch transactions

Scholarships Awarded

In 2023, celebrating the legacy of Myrtle Knight, The Blue Foundation Scholarship proudly offered six $2,000 scholarships to dedicated high school seniors within our credit union family. Moreover, in a special tribute to former Blue CEO, Shirley Howard, one deserving student at Laramie County Community College in Wyoming was honored with a $500 Blue Foundation Scholarship. These scholarships underscore our commitment to nurturing the dreams and ambitions of our members, illuminating their paths to success.

2023 Scholarship Recipients

Angelo Lopez - The Blue Foundation Scholarship Recipient Centaurus High School | Lafayette, CO University of Colorado | Colorado Springs, CO

Allison Bromley - The Blue Foundation Scholarship Recipient Encampment High School | Encampment, WY University of Wyoming | Laramie, WY

Adam Zelenikar - The Blue Foundation Scholarship Recipient Middle Park High School | Granby, CO WyoTech | Laramie, WY

Katherine Olsen - The Blue Foundation Scholarship Recipient Burns Jr./Sr. High School | Burns, WY University of Wyoming | Laramie, WY

Madison Tate - The Blue Foundation Scholarship Recipient Broomfield High School | Broomfield, CO

Colorado School of Mines | Golden, CO

Elizabeth Stump - The Blue Foundation Scholarship Recipient Central High School | Cheyenne, WY

University of Wyoming | Laramie, WY

Yulia Lenz - Shirley Howard Scholarship Recipient

Central High School | Cheyenne, WY

Laramie County Community College | Cheyenne, WY

Serving Our Communities

Blue shines in delivering personalized financial services, expertly tailored to meet the distinct needs of our members. We pride ourselves on offering competitive rates, enriching educational resources, and more. Our dedication extends beyond financial transactions; we are passionately committed to enriching our communities through diverse initiatives that drive economic growth and enhance well-being.

At Blue, it’s all about nurturing enduring connections and making a positive difference in the lives of our members and the broader community. Our holistic approach focuses on enhancing financial health and fostering community success, reflecting our deep commitment to making a meaningful impact and serving our communities.

Discovery Day Volunteering

This year, Blue’s employee Discovery Day was a hit! 336 employees participated, giving 1,098 hours in total to local non-profits, charities, and other organizations in need throughout Colorado and Wyoming.

That was about one and a half months of time of community service completed in a single day!

Organizations served on Discovery Day:

• A Precious Child - Broomfield

• Alliance of Therapy Dogs

• Black Dog Animal Rescue

• Court Appointed Special Advocates (CASA) of Larimer County

• Cheyenne Animal Shelter

• Cheyenne Botanic Gardens

• Cheyenne Children’s Village

• Cheyenne Regional Cancer Center

• Family Tree, Inc. –House of Hope

• Imagine! Colorado

• LAWS

• Life Care Center

• Meals on Wheels

• Mountain Family Center in Granby

• Needs Inc.

• Precious Child

• Sister Carmen Community Center

• Sleep in Heavenly Peace

• The Farm at Lee Martinez Park

1 , 098

Hours Volunteered in One Day 336

Total Volunteers

• The Gardens on Spring Creek

• Unaccompanied Students Initiative

• VA Hospital

• Veterans Community Project

• YMCA

• YMCA – Senior Expo

Blue’s Community Event Center

Blue Community Events Center at Blue World Headquarters combines a distinctively modern venue with timeless mountain elegance. Located in Wyoming’s capital, Cheyenne, this premier space spans nearly 7,000 square feet and is equipped with state-of-the-art audio and visual equipment, along with an outdoor plaza. It stands out as a top choice for gatherings, with the flexibility to customize the space to fit any need, making it an ideal location for memorable occasions.

192

Total days the event center was utilized by Blue and members of the community

$230 ,

000

Total value in donated event center space usage

2023 Blue Community Event Space Usage

Corporate Social Non-Profit Weddings

Organizations Sponsored by Blue

Blue's support is crucial for FRIENDS as it enables the organization to sustain vital services for individuals with intellectual and developmental disabilities, ensuring they can lead meaningful and fulfilling lives... The support from BLUE plays a pivotal role in fostering inclusivity and improving the overall quality of life for FRIENDS' 230+ participants. -

Strengthening Our Bonds

Blue strengthens ties with our members through heartfelt engagement with community partners, immersing itself in the very places our members thrive. This strategy enables us to forge genuine connections, gaining direct insights into their dreams and needs.

By leveraging the unique capabilities of our community partners, we transcend traditional financial services, offering a supportive network that enhances our members’ financial well-being and adds vibrancy and resilience to the communities we cherish. Our dedication to being approachable and attentive ensures we create significant, positive impacts in our members’ lives, nurturing a warm sense of trust and belonging across our communities.

$46 . 2M

In funded business loans in 2023 (Up 200% from 2022)

$33 . 9M

Total funded first Mortgages in 2023

$243 , 521

In total dividends paid to NOVA Perks ™ Elite and Premium Checking account holders since it’s launch in 2023

46

New Select Employer Groups (SEGs) joined in 2023

Blue FCU has been a great partner to Laramie Main Street. We value continued learning and education for our staff, volunteers, and board. Blue has helped us send more people to the National Main Street Conference so we can bring new and exciting initiatives to our downtown.

- Laramie Main Street

Working in partnership with Blue Federal Credit Union has accelerated our business, immensely. We are very fortunate to have them in our community!

- Eden Health

Blue Arena

Loveland, CO

475 , 550

Blue is thrilled about our new partnership with the Blue Arena, a collaboration that’s all about enriching community life and creating unforgettable memories. Together, Blue and the Blue Arena are excited to offer our members not just exclusive benefits but also moments that will turn into cherished stories. We aim to be more than a financial institution; we’re here to strengthen our community bonds as we build a brighter, more connected future together.

Total visitors to the Blue Arena in 2023

124

Total events held, including Colorado Eagles hockey games, concerts, rodeos, and much more

Blue Sport Stable

Superior, CO

Blue’s exciting partnership with the Blue Sport Stable in Superior, Colorado, heralds a bright future for community engagement and local sports development. This alliance unlocks a wealth of opportunities, providing unparalleled resources and support to athletes and sports enthusiasts across the region. Moreover, it does more than enhance our community’s sports scene; it deepens our commitment to promoting health, wellness, and a vibrant sense of togetherness. This partnership is a shining example of how positive collaborations can foster a supportive environment for local talent, thereby weaving stronger community ties and sparking joy and inspiration for all involved.

2 , 000 , 000

Estimated total visitors to the Blue Sport Stable in 2023

2 , 032

Total events held at the Blue Sport Stable in 2023

The

Ascendant

presented by Blue Berthoud, CO

Blue and The Ascendant, a prestigious event on the PGA Korn Ferry Tour, represents a groundbreaking collaboration. They not only showcase Blue’s commitment to professional athletes but also underscore its dedication to community involvement and the promotion of excellence in golf. By aligning with one of the PGA Tour’s most anticipated events, Blue is able to create memorable experiences for both participants and spectators.

6 . 4M PGA Broadcast Views

$78 , 319

In total donations made to local charities

Cheyenne Frontier Days

Cheyenne, WY

Our commitment to deepening community connections and celebrating local traditions reaches a new height of success with our longstanding partnership with Cheyenne Frontier Days (CFD). This collaboration is a vibrant testament to Blue’s unwavering dedication to nurturing the cultural heritage of Cheyenne, playing a pivotal role in elevating one of the world’s most beloved annual events. As the world’s largest outdoor rodeo and western celebration, CFD draws visitors from every corner of the globe. Blue, as a Titanium level sponsor, proudly amplifies its commitment to community, financial literacy, and cultivating a dynamic local culture through its partnership with CFD. Together, by creating unforgettable memories, this partnership guarantees Blue members and CFD attendees a uniquely inspiring experience that radiantly celebrates the spirit of the West and the timeless values of community and cooperation.

269 , 542

Total attendance to rodeos and night show concerts

18 , 588

Served with blueberries at pancake breakfasts

Initial artist rendering provided in early 2023.

Laramie County Community College’s Blue Recreation & Athletic Center (RAC)

Cheyenne, WY

Blue’s partnership with Laramie County Community College’s (LCCC) Recreation Athletic Center (RAC), slated to open in 2024, will focus on boosting community wellness and financial literacy and will change the community for the better. Most importantly, this collaboration is anchored by a robust commitment to enhancing students’ financial education, reflecting Blue’s dedication to building a financially educated community. Through this partnership, Blue will deliver essential financial literacy programs, equipping students with the skills needed for lasting success. This initiative not only supports physical and recreational engagement but also places a strong emphasis on financial well-being as a fundamental aspect of overall health. By teaming up with LCCC’s Blue RAC, Blue reaffirms a commitment to fostering a positive and informed future, making financial literacy a cornerstone of community enrichment.

LCCC is proud to partner with a Blue FCU whose mission so uniquely connects with ours. We both are striving to create pathways to success through the services and support that we can provide our customers and stakeholders. We are excited to see where this community engagement partnership can lead both of our institutions through a focus on financial literacy, personal growth, and unidentified possibility.

- Dr. Joe Schaffer President of Laramie County Community College

Serving All Our Members Throughout Colorado, Wyoming, and Online

Colorado

119th Avenue

6850 W 119th Ave

Broomfield, CO 80020

Agate Avenue

129 E Agate Ave

Granby, CO 80446

Highway 287

2410 So, US-287

Lafayette, CO 80026

Sculptor Drive

1371 Sculptor Dr

Loveland, CO 80537

Yale Avenue

6460 E Yale Ave

Denver, CO 80222

Wyoming

7th Avenue

114 E 7th Ave

Cheyenne, WY 82001

Dell Range Boulevard

3810 Dell Range Blvd

Cheyenne, WY 82009

South Greeley Highway

700 S Greeley Hwy

Cheyenne, WY 82007

5th Street at Ridley’s

7670 5th St

Wellington, CO 80549

Boardwalk Drive

181 W Boardwalk Dr

Fort Collins, CO 80525

Huron Street

13625 Huron St

Broomfield, CO 80023

Superior Marketplace

400 Center Dr

Superior, CO 80027

Arapahoe Avenue

2800 Arapahoe Ave

Boulder, CO 80303

Drake Road

2261 E Drake Rd, Ste 110

Fort Collins, CO 80525

Old Town

136 W Mountain Ave

Fort Collins, CO 80524

Vista Ridge

2080 Village Vista Dr

Erie, CO 80516

Blue Diamond Center

2300 Chestnut Dr, Ste #100

Cheyenne, WY 82001

F. E. Warren AFB

5105 Randall Ave

Cheyenne, WY 82005

UW Plaza

2405 Grand Ave, Ste F

Laramie, WY 82070

Blue World Headquarters

2401 E Pershing Blvd

Cheyenne, WY 82001

Grand Ave. at Ridley’s

3112 Grand Ave

Laramie, WY 82070

Yellowstone Road

6523 Yellowstone Rd

Cheyenne, WY 82009

Grand Opening of the Superior Marketplace Branch

In January of 2023, we celebrated the grand opening of the Superior Marketplace Branch in Superior, CO! Demonstrating to the residents living in the Superior and Louisville area that we are an integral part of their community, and we stand ready to serve all their banking needs.

Grand Re-Opening of the 7 th Avenue Branch

In February of 2023, we celebrated the grand re-opening of the 7th Avenue Branch in Cheyenne, WY! Staying true to our commitment to a premier member experience and continued investment in our Cheyenne community.

Grand Opening of Our Newest Branch Location — Loveland, CO

In October of 2023, we celebrated the grand opening of the Sculptor Drive Branch! Our newest Blue branch, in Loveland, CO, expands our service to the Loveland, Johnstown, and Berthoud communities. Our team stands ready and eager to support all our members in the area.

Statement of Income and Financial Condition

As your trusted lifelong partner for more than 70 years, Blue continues to build on its proud legacy through expanded investments in members and communities, enabling the pursuit of the highest aspirations and dreams. Blue is committed to every stage of your financial journey, helping you realize pathways to the future you are building for yourself and those you love. And true to our cooperative principles, our investment in each member’s success extends opportunity to new members and communities, spreading hope and vitality.

Blue strengthened its financial foundation in 2023 despite the economic uncertainty and challenges that served as a throughline of the past 12 months. During the year, total assets expanded to almost $1.88 billion, even as net worth as a percentage of assets grew to 9.00%. As a strong, well-capitalized credit union, with shares and deposits insured through the National Credit Union Share Insurance Fund, Blue remains positioned to serve you, whatever the future may bring.

Through sound and prudent management, Blue grew its total income in 2023 by more than 25% from 2022. We are pleased to report that this additional income was returned to our members, with share dividends more than doubling from less than $7.3 million in 2022 to more than $19.8 million in 2023. Profitability, as measured by net income, fell slightly in 2023 to $6.8 million due to our record dividend return, but we were able to fund more than $500 million in loans, proudly serving as investments in the future of our nearly 120,000 members.

With a foundation of financial strength and stability, continually renewed over the past seven decades, Blue looks forward to sharing a bright future with our members. Our leadership team holds more than 100 years of combined experience and remains focused on strengthening our financial legacy for the benefit of all our current and future members.

Neal Weber Chief Financial Officer

$1.42B

In

By investing in members and the vitality of our communities, we continually reaffirm our commitment to realizing the possibilities of a better tomorrow. Our financial strength is achieved through this unique partnership with our members and the communities we call home: when they succeed, we succeed.

Financial Statements

The Supervisory Committee is comprised of five elected volunteers. Its primary responsibility is to safeguard member assets by overseeing the financial and internal control systems and policies related to credit union operations.

In 2023, we achieved our objective in two ways. First, we employed the services of an outside auditing firm. In addition, we conducted and reviewed various audits and researched questions from the Board of Directors and credit union members with the assistance of the credit union’s Internal Audit Department.

At this time, based on the financial statement, internal audits, and regulatory examinations, the Supervisory Committee believes the Credit Union’s financial condition and its internal controls are sound.

INSURED BY NCUA | AN EQUAL HOUSING LENDER