2019 ANNUAL REPORT
Board Chair Report
On behalf of your Board of Directors, I am happy to report that the strength and stability of your credit union remain strong. Our “People Helping People� philosophy is our driving force. This philosophy is about more than helping our members; we also strive to improve the lives of our employees and the community. Our return on assets for 2019 was 1.44%. 2019 was a successful year for loan and share growth. We paid our members over $1.3 million in the form of dividends. We granted nearly $43.4 million in loans to our members and over $12 million mortgages sold. Our employees continued to focus on providing you with exceptional service, whether you called, visited our branches, or accessed your accounts remotely. Thank you to the employees, my fellow board members, and all other volunteers for your commitment to WFCU. Thank you, my fellow members, for your membership. The growth and success of the credit union are dependent on your membership. Please share the credit union difference (#CUdifference) with your friends and family. Respectfully submitted,
Shirley Rogers Board Chair
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Treasurer Report
As we look back on the past year, we reflect on a year of growth. This growth is reflected in our financial performance over the past year, and also in our commitment to member satisfaction. Total assets grew 22.1% to over $132.3 million. Deposits grew to $111.6 million, a 24.4% increase. Loans increased to $106.8 million, a 13.7% increase. The lending policies and collection processes resulted in a delinquency ratio of 0.69% and a charge-off ratio of 0.63%. The credit union generated $1.7 million in net income in 2019, resulting in a 14.73% net worth-to total assets ratio. We continue to grow as an organization because of our member first philosophy. Thank you for your membership this past year, and we look forward to serving you in the years to come. Respectfully submitted,
Jay Hinkel
Secretary/Treasurer
wichitafcu.com
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Supervisory Committee Report
The Supervisory Committee ensures that management has appropriate policies in place that direct the diversification of WFCU’s loan and investment portfolios to reduce any concentration of risk and have followed practices in line with those policies. Management should continue to administer such practices along with plans, policies, and control procedures established by the Board of Directors to safeguard members’ assets. The committee keeps the Board of Directors and the WFCU management team apprised of all audits and any related committee recommendations. As the Supervisory Committee Chair, I am pleased to report that all audits conducted in 2019 yielded no significant deficiencies. The Supervisory Committee members are Jeff VanZandt, Doris Leslie, Trinh Bui, Kenneth Witzell Jr., and Rick Firner. Thanks to the Board of Directors and WFCU staff for their support and cooperation with our efforts in 2019, and we look forward to continued success in the years to come. Respectfully submitted,
Rick Firner
Chair, Supervisory Committee
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Nominating Committee Report
The Nominating Committee, consisting of Wayne Riddle, Brad Crisp, and Jay Hinkel, is pleased to nominate the following for positions on the Board of Directors of Wichita Federal Credit Union: To the Board of Directors: Three-Year Term: • John Davis • Michael Greene • Jay Newton Respectfully submitted,
Jay Hinkel
Chair, Nominating Committee
wichitafcu.com
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President/CEO Report
Wow, what a year 2019 was! We continue to have success as an organization because we remain true to our focus – guiding you through every stage of your life to bring you financial peace of mind. From your first child to your first car loan to retirement – we are here for you every step of the way. None of our success could be possible without our dedicated staff that works hard to provide you with an exceptional experience. Our team keeps member value at the core of what we do, and they work hard to offer you a solution, no matter the situation you may be facing. Throughout this report, we have highlighted our financial performance over the past year. Our balance sheet remains strong, and as we move forward, we are well-positioned to provide enhanced products and services to our members. Thank you for being a part of our credit union family We thank you for your support of the credit union movement. I invite you to share the credit union difference (#CUdifference) with your friends, family, and co-workers. Respectfully submitted,
Ashley N. Bautista
President/CEO
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2019 Performance Growth Loans
$94,180,280 $106,981,684
+13.7%
Deposits
$89,745,334 $111,665,211
+24.4%
Assets
$108,379,397 $132,333,852
+22.1%
Membership
10,661
+6.3%
11,333 2018 wichitafcu.com
2019 7
Statement of Income For the year ending Dec. 31, 2019
For the year ending Dec. 31, 2018
6,564,942
5,168,769
Income from Investments
315,761
247,294
Other Investmernt Income
100,471
152,637
2,595,402
2,479,734
$9,576,576
$8,048,433
Wichita Federal Credit Union
INCOME Income from Loans
Fee and Other Income Total Income
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Statement of Income Wichita Federal Credit Union
For the year ending Dec. 31, 2019
For the year ending Dec. 31, 2018
EXPENSES Employee Compensation and Benefits
3,325,933
3,003,871
162,859
118,629
31,285
28,718
Office Occupancy Expense
323,349
312,996
Office Operation Expense
1,132,867
1,022,800
Marketing
186,457
138,322
Loan Servicing Expense
267,379
256,223
Professional and Outside Services
379,673
360,280
Actual and Potential Losses
700,808
910,752
Federal Operating Fees
29,197
27,618
Miscellaneous Expenses
1,687
2,306
1,305,192
712,875
85
887
$7,846,772
$6,896,277
$1,729,804
$1,152,157
Travel and Conference Expense Association Dues
Dividend Expense Interest on Borrowed Money Total Expenses NET INCOME
wichitafcu.com
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Statement of Financial Condition For the year ending Dec. 31, 2019
For the year ending Dec. 31, 2018
106,981,684
94,180,280
-959,080
-955,435
6,180,750
1,755,620
10,624,291
6,500,115
253,417
305,960
3,538,860
3,635,513
Accrued Interest
401,217
256,626
NCUSIF Deposit
1,047,941
894,238
132,333,851
1,806,480
$132,333,851
$108,379,397
Wichita Federal Credit Union
ASSETS Loans to Members Allowance for Losses Cash Investments Prepaid Expenses Fixed Assets
Other Assets TOTAL ASSETS
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Statement of Financial Condition Wichita Federal Credit Union
For the year ending Dec. 31, 2019
For the year ending Dec. 31, 2018
LIABILITIES Liabilities Accounts Payable
161,032
106,314
Dividends Payable
154,299
116,598
1,407
0
741,607
648,143
99,782
79,654
$1,158,127
$950,708
Taxes Payable Accrued Expenses Suspense & Clearing Accounts TOTAL LIABILITIES Member’s Equity Total Shares
111,665,211
89,745,334
19,510,514
17,683,355
TOTAL MEMBER EQUITY
$131,175,725
$107,428,689
TOTAL LIABILITIES & EQUITY
$132,333,852
$108,379,397
Total Reserves
wichitafcu.com
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9835 E. 21st St. N. Wichita, KS 67206
455 N. Main St., Rm. 410 Wichita, KS 67202
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wichitafcu.com 316.941.0600
3730 W. 13th St. N. Wichita, KS 67203