2021 ANNUAL REPORT
Board Chair Report
On behalf of our Board of Directors, I want to thank you for your membership with Wichita Federal Credit Union. Our members gave us the momentum to thrive during another challenging year. I'm proud to see our members experience the value of our products and services as this continues to strengthen our cooperative and grow our membership. This allows us to sustain our commitment to giving back to you and our community. This year, we will remain dedicated to providing you with a positive member experience while we continue to work on improving our products and technology. As I conclude the year as your Board Chair, I want to thank the staff, my fellow board members, and all other volunteers for their commitment to WFCU. The volunteers give freely of their time each month and work with management to ensure ongoing improvement and development. I thank our members for your trust in us to be your financial partner. I'm honored to be part of an organization that puts people first as each of us assists in the success of the Wichita Federal Credit Union. Respectfully submitted, Jay Newton Board Chair
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Treasurer Report
Wichita Federal Credit Union continues to see growth in many different areas. The proof is in our financial performance and member satisfaction in 2021. Our total assets grew 6.22% to nearly $158 million. Deposits grew to over $132 million, a 5.30% increase. Loans increased to over $124 million, a 5.69% increase. Our net promoter score (NPS) of 97% – a measure of member satisfaction continues to strongly outperform the peer averages of 80%. The lending policies and collection processes continued to work effectively and resulted in a delinquency ratio of 84 basis points and a charge-off ratio of 62 basis points. The credit union generated nearly $2.8 million in net income in 2021, resulting in a 15.43% net worth-to-total assets ratio. We continue to grow as an organization because of our member-first philosophy. We encourage you to reach out and let us know if there are services or products you would like to see to make your credit union even better. Thank you for your membership this past year, and we look forward to serving you, your friends, and your family in the years to come. Respectfully submitted,
Mike Greene 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. Additionally, it ensures that WFCU follows practices aligned with those policies to safeguard members' assets. Management should continue to administer such practices, plans, policies, and control procedures established by the Board of Directors. The committee keeps the Board of Directors, and the WFCU leadership team apprised of all audits and any related committee recommendations. As the Supervisory Committee Chair, in 2021, all conducted audits resulted in satisfactory reports. The Supervisory Committee includes the following members: Trinh Bui, Stephen Coberley, Rick Firner, Kenneth Witzell Jr., and myself, Jeff VanZandt. I am looking forward to the continued success of WFCU. I am grateful for the efforts of our Board of Directors, WFCU's staff, and our members. I am confident we will be able to extend this success in 2022! Respectfully submitted,
Jeff VanZandt Chair, Supervisory Committee
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Nominating Committee Report
The Nominating Committee, consisting of Shirley Rogers, Gavin Seiler, and myself, Mark Manning, 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: • Wayne Riddle •
Jay Hinkel
•
Anne Anderton Warren
Respectfully submitted, Mark Manning Chair, Nominating Committee
wichitafcu.com
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President/CEO Report
I am so honored to be part of an organization that can report another year of overall growth and success, especially during a globally challenging year for everyone. No matter the circumstance, we as an organization were able to strengthen our brand by being member-focused. Our members matter. In 2021 we continued to help people with low-interest rates, 0% interest-free credit cards, payment plans, and more! In the meantime, we have been working on making your lives more convenient with enhanced products and services such as video banking, which I'm incredibly excited for, coming this year. On behalf of our Board of Directors and staff, thank you for being a part of our credit union family. We know you have a choice when it comes to selecting a financial institution, and we appreciate you have chosen us to be your financial partner. Thank you for allowing us to serve you and your families. Respectfully submitted,
Ashley Bautista President/CEO
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2021 Performance Growth Loans
$117,527,756
+5.69%
$124,214,958 Deposits
$125,530,299
+5.30%
$132,184,676 Assets
$148,656,800
+6.22%
$157,899,220 Membership
11,962
+3.71%
12,406 2020 wichitafcu.com
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Statement of Income For the year ending Dec. 31, 2021
For the year ending Dec. 31, 2020
7,831,052
7,520,336
Income from Investments
135,874
141,061
Other Investment Income
162,249
163,662
3,375,826
3,240,798
$11,505,001
$11,065,857
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, 2021
For the year ending Dec. 31, 2020
EXPENSES Employee Compensation and Benefits
$4,079,142
3,855,355
Travel and Conference Expense
95,435
89,334
Association Dues
32,681
31,648
Office Occupancy Expense
394,286
344,304
Office Operation Expense
1,392,200
1,231,264
Marketing
286,209
125,516
Loan Servicing Expense
270,093
286,592
Professional and Outside Services
406,358
385,494
Actual and Potential Losses
879,182
1,286,732
Federal Operating Fees
30,871
36,054
Miscellaneous Expenses
3,579
1,073
849,179
1,284,772
Interest on Borrowed Money
0
0
Non-Operating Expenses
0
9,197
$8,719,215
$8,967,335
$2,785,786
$2,098,522
Dividend Expense
Total Expenses NET INCOME
wichitafcu.com
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Statement of Financial Condition For the year ending Dec. 31, 2021
For the year ending Dec. 31, 2020
124,214,958
117,527,756
Allowance for Losses
-1,387,438
-1,333,589
Cash
11,082,450
9,337,365
Investments
12,951,254
6,997,809
211,734
226,824
4,584,474
3,528,735
Accrued Interest
543,379
492,173
NCUSIF Deposit
1,284,426
1,188,850
Other Assets
4,413,983
10,690,877
Wichita Federal Credit Union
ASSETS Loans to Members
Prepaid Expenses Fixed Assets
TOTAL ASSETS
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$157,899,220 $148,656,800
Statement of Financial Condition For the year ending Dec. 31, 2021
For the year ending Dec. 31, 2020
Accounts Payable
298,104
170,774
Dividends Payable
92,713
136,283
0
999
Accrued Expenses
896,144
971,295
Suspense & Clearing Accounts
104,124
127,065
$1,391,085
$1,406,416
132,184,676
125,530,299
24,323,459
21,720,084
Wichita Federal Credit Union
LIABILITIES Liabilities
Taxes Payable
TOTAL LIABILITIES Member Equity Total Shares Total Reserves TOTAL MEMBER EQUITY
$156,508,135 $147,250,383
TOTAL LIABILITIES & EQUITY
$157,899,220 $148,656,799
wichitafcu.com
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wichitafcu.com
9835 E. 21st St. N. Wichita, KS 67206
455 N. Main St., Rm. 410 Wichita, KS 67202
WEES
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CIT Y H
ALL O
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316.941.0600
3730 W. 13th St. N. Wichita, KS 67203