2020 ANNUAL REPORT
Board Chair Report
First and foremost, I would like to thank our members for working with us over the past year through the many changes that came with the Pandemic. We value each and every one of you and thank you for your partnership. As you continue to utilize our products and services, the strength of our cooperative grows, allowing us to give back to you and our community. I am pleased to say that the financial strength and stability of your credit union are strong. It’s because of you I can share that in 2020, your credit union was once again profitable. Our “People Helping People” philosophy is more than just about helping our members; we also strive to improve the lives of our employees and those in our community. We understand that you need a financial partner during each stage of life, and we are committed to being there with you every step of the way while always having your best interests in mind. We will remain dedicated to providing you the best experience during these uncertain times and focus on continuously improving our products and technology. I want to thank the WFCU employees, my fellow board members, and all other volunteers for their commitment to WFCU. As I conclude my two years as Board Chair, I thank our members once again for your participation in the credit union. I am proud to be involved in a financial cooperative in which each of us plays a part in our growth and success. I encourage you to invite your friends and family to share the experience of a credit union. Respectfully submitted,
Shirley Rogers Board Chair 2
Treasurer Report
The year 2020 saw unexpected volatility in politics, society, and financial markets. We are pleased to note that through it all, it has been a year of continued growth for our credit union in several important measures. This growth is reflected in our financial performance over the past year and also in our commitment to member satisfaction. Total assets grew 12.3% to over $148.6 million. Deposits grew to $125.5 million, a 12.4% increase. Loans increased to $117.5 million, a 9.8% increase. Our net promoter score of 93% – a measure of customer satisfaction continues to strongly outperform the peer averages of 81%. The lending policies and collection processes continue to work effectively and resulted in a delinquency ratio of 0.87% and a charge-off ratio of 0.78%. The credit union generated just over $2 million in net income in 2020, resulting in a 14.53% 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
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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 and 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 2020 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 2020, and we look forward to continued success in the coming years. Respectfully submitted,
Rick Firner
Chair, Supervisory Committee
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Nominating Committee Report
The Nominating Committee, consisting of John Davis, Mike Greene, and Jay Newton, 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: • Mark L. Manning • Gavin Seiler • Shirley Rogers Respectfully submitted,
Mike Greene
Chair, Nominating Committee
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President/CEO Report
I am pleased to report that Wichita Federal Credit Union experienced another successful year marked by growth and financial stability. We continue to have success as an organization because we remain true to our focus – our members. We will continue to work hard to offer you a solution, no matter the situation you may be facing. In 2020, we extended many options to our members during the Pandemic. We worked together to find solutions to help with finances, including deferred payments on loans, consolidation loans, and payment plans, to name a few. We truly exist to help people and will continue to be of service to our members when you need us most. As we enhance products and services, we will keep member value in mind and continue to invest in products and services that will bring convenience to you. On behalf of our Board of Directors and staff, thank you for being a part of our credit union family. We appreciate the opportunity to serve you and your families, and we thank you for choosing us to be your financial partner. Respectfully submitted,
Ashley Bautista President/CEO
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2020 Performance Growth Loans
$106,981,684
+9.86%
$117,527,756 Deposits
$111,665,211
+12.42%
$125,530,299 Assets
$132,333,852
+12.33%
$148,656,800 Membership
11,333
+5.55%
11,962 2019 wichitafcu.com
2020 7
Statement of Income For the year ending Dec. 31, 2020
For the year ending Dec. 31, 2019
7,520,336
6,564,942
Income from Investments
141,061
315,761
Other Investment Income
163,662
100,471
3,240,798
2,595,402
$11,065,857
$9,576,576
Wichita Federal Credit Union
INCOME Income from Loans
Fee and Other Income Total Income
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Statement of Income For the year ending Dec. 31, 2020
For the year ending Dec. 31, 2019
3,855,355
3,325,933
Travel and Conference Expense
89,334
162,860
Association Dues
31,648
31,285
Office Occupancy Expense
344,304
323,349
Office Operation Expense
1,231,264
1,132,867
Marketing
125,516
186,457
Loan Servicing Expense
286,592
267,379
Professional and Outside Services
385,494
379,673
1,286,732
700,808
Federal Operating Fees
36,054
29,197
Miscellaneous Expenses
1,073
1,687
1,284,772
1,305,192
0
85
Wichita Federal Credit Union
EXPENSES Employee Compensation and Benefits
Actual and Potential Losses
Dividend Expense Interest on Borrowed Money Non-Operating Expenses Total Expenses NET INCOME
wichitafcu.com
9,197 $8,967,335
$7,846,772
$2,098,522
$1,729,804
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Statement of Financial Condition For the year ending Dec. 31, 2020
For the year ending Dec. 31, 2019
117,527,756
106,821,016
-1,333,589
-959,080
Cash
9,337,365
6,180,750
Investments
6,997,809
10,624,291
226,824
253,417
3,528,735
3,538,860
Accrued Interest
492,173
401,217
NCUSIF Deposit
1,188,850
1,047,941
10,690,877
4,425,440
Wichita Federal Credit Union
ASSETS Loans to Members Allowance for Losses
Prepaid Expenses Fixed Assets
Other Assets TOTAL ASSETS
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$148,656,800 $132,333,852
Statement of Financial Condition For the year ending Dec. 31, 2020
For the year ending Dec. 31, 2019
Accounts Payable
170,774
161,032
Dividends Payable
136,283
154,299
999
1,407
Accrued Expenses
971,295
741,607
Suspense & Clearing Accounts
127,065
99,782
$1,406,416
$1,158,127
125,530,299
111,665,211
21,720,084
19,510,514
Wichita Federal Credit Union
LIABILITIES Liabilities
Taxes Payable
TOTAL LIABILITIES Member Equity Total Shares Total Reserves TOTAL MEMBER EQUITY
$147,250,383 $131,175,725
TOTAL LIABILITIES & EQUITY
$148,656,799 $132,333,852
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wichitafcu.com
9835 E. 21st St. N. Wichita, KS 67206
455 N. Main St., Rm. 410 Wichita, KS 67202
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316.941.0600
3730 W. 13th St. N. Wichita, KS 67203