2022 ANNUAL REPORT
Board Chair Report
On behalf of your Board of Directors, I’m pleased to note that 2022 has been a year of continued growth for our credit union.
Serving over 13,000 members and protecting $191 million in assets is a team effort. I commend our management team under President/CEO
Ashley Bautista for their continuous hard work and dedication. We also have dedicated volunteers who serve on the Board and its committees. These volunteers freely give their time each month and work with management to ensure ongoing improvement and development.
We continue to grow as an organization because of our member-first philosophy. A significant milestone in the credit union's growth is the new Operations Center, which is complete and plays a crucial role in our future expansion. I expressly acknowledge the Building Committee Chairman, Mike Greene, for his dedication in following this project through to completion. He and a few members of the WFCU management team spent countless hours managing the project, doing a fantastic job!
As I conclude my year as Chairman, thank you for your membership, and we look forward to serving you in the coming years.
Respectfully submitted,
Jay Hinkel Board Chair
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Treasurer Report
On behalf of our Board of Directors, thank you for your membership in Wichita Federal Credit Union. 2022 was an unexpected year of tremendous growth for our credit union. This growth is reflected in our financial performance over the past year and our commitment to member satisfaction.
Our total assets grew an astounding 21.05%, to $191 million. Deposits grew to over $163 million, an impressive 23.82% increase. Loans increased to over $154 million, a 24.74% increase. Our net promoter score (NPS) of 89%, a measure of member satisfaction continues to strongly outperform the peer averages of 80%.
The lending policies and collection processes continued to work effectively, resulting in a delinquency ratio of 0.91% and a charge-off ratio of 0.46%. The credit union generated over $2.6 million in net income in 2022. Membership grew by nearly 8%, with over 13,300 members. Member equity grew by 20.97%, totaling over $189,300,000.
The credit union continues to grow due mainly to our members-first philosophy. We thank you for your membership and look forward to serving you and your families in 2023 and beyond.
Respectfully submitted,
Anne Anderton Warren Secretary/Treasurer
Anne Warren 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. 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 2022, all conducted audits resulted in satisfactory reports. The Supervisory Committee includes the following members: Kenneth Witzell Jr., Stephen Coberley, Rick Firner, Jeff VanZandt, and myself, Trinh Bui.
Thank you to the Board of Directors and WFCU staff for your support and cooperation with our efforts in 2022, and we look forward to continued success in the coming years.
Respectfully submitted,
Trinh Bui Chair, Supervisory Committee
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Nominating Committee Report
The Nominating Committee, consisting of Wayne Riddle, Jay Hinkel, and Anne Anderton Warren, 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,
Wayne Riddle Chair, Nominating Committee
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President/CEO Report
Throughout this report, we’ve highlighted our financial performance over the past year. We continue to have success because we remain true to our focus, which is you, our members.
We are committed to enhancing products and services that will bring you convenience and provide you with the exceptional member experience you deserve from your credit union.
Our newly opened Operations Center provides more growth opportunities at each of our branches. It allows for a better, more efficient member experience by utilizing technology and the option to work with your favorite Team Member via Live Video from the Member Suites in our branches.
In 2022, we launched our Mobile Wallet, Video Banking for Loans, Online Scheduling for Loans, and Text Communications for Payments. This year, we’re adding online account openings, our new Video Banking app, WFCU on the GO, and more. Stay connected with your emailed newsletter on our website and social media, where new products and services are shared as they become available.
On behalf of our Board of Directors and staff, thank you for your membership in Wichita Federal Credit Union. We appreciate the opportunity to serve you and your families, and we thank you for choosing us as your financial partner.
Respectfully submitted,
Ashley Bautista President/CEO
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2022 Performance Growth 7 wichitafcu.com Deposits Membership Assets $157,899,220 $191,142,891 +21.05% $132,184,676 $163,674,766 +23.82% Loans +24.74% $124,214,958 $154,951,197 +7.74% 12,406 13,366 2021 2022
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Wichita Federal Credit Union For the year ending Dec. 31, 2022 For the year ending Dec. 31, 2021 INCOME Income from Loans 8,740,381 7,831,052 Income from Investments 306,464 135,874 Other Investment Income 155,344 162,249 Fee and Other Income 3,179,929 3,375,826 Total Income $12,382,118 $11,505,001
Statement of Income
9 wichitafcu.com Statement of Income Wichita Federal Credit Union For the year ending Dec. 31, 2022 For the year ending Dec. 31, 2021 EXPENSES Employee Compensation and Benefits $4,648,618 $4,079,142 Travel and Conference Expense 210,046 95,435 Association Dues 34,999 32,681 Office Occupancy Expense 429,028 394,286 Office Operation Expense 1,523,208 1,392,200 Marketing 324,101 286,209 Loan Servicing Expense 406,652 270,093 Professional and Outside Services 461,338 406,358 Actual and Potential Losses 484,167 879,182 Federal Operating Fees 25,607 30,871 Miscellaneous Expenses 11,458 3,579 Dividend Expense 1,132,206 849,179 Interest on Borrowed Money 35 0 Non-Operating Expenses $0 Total Expenses $9,691,463 $8,719,215 NET INCOME $2,690,655 $2,785,786 0
Statement of Financial Condition
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Wichita Federal Credit Union For the year ending Dec. 31, 2022 For the year ending Dec. 31, 2021 ASSETS Loans to Members 154,951,197 124,214,958 Allowance for Losses -1,152,689 -1,387,438 Cash 16,062,754 11,082,450 Investments 9,636,614 12,951,254 Prepaid Expenses 187,119 211,734 Fixed Assets 5,598,234 4,584,474 Accrued Interest 801,035 543,379 NCUSIF Deposit 1,388,920 1,284,426 Other Assets 3,669,707 4,413,983 TOTAL ASSETS $191,142,891 $157,899,220
11 wichitafcu.com Statement of Financial Condition Wichita Federal Credit Union For the year ending Dec. 31, 2022 For the year ending Dec. 31, 2021 LIABILITIES Liabilities Accounts Payable 354,137 298,104 Dividends Payable 351,307 92,713 Taxes Payable 1,583 0 Accrued Expenses 1,049,147 896,144 Suspense & Clearing Accounts 61,989 104,124 TOTAL LIABILITIES $1,818,164 $1,391,085 Member Equity Total Shares 163,674,766 132,184,676 Total Reserves 25,649,962 24,323,459 TOTAL MEMBER EQUITY $189,324,728 $156,508,135 TOTAL LIABILITIES & EQUITY $191,142,891 $157,899,220
EAST OFFICE CITY HALL OFFICE WEEST OFFICE 9835 E. 21st St. N. Wichita, KS 67206 455 N. Main St., Rm. 410 Wichita, KS 67202 3730 W. 13th St. N. Wichita, KS 67203 wichitafcu.com 316.941.0600