2023
Board Chair Report
Welcome to the 83rd Annual Meeting of Wichita Federal Credit Union. Thank you for being here. Our success depends on the involvement of our memberowners, and we appreciate each of you for demonstrating your involvement here tonight.
As we adjust to the ever-changing economic landscape, Wichita Federal Credit Union continues to perform well, as seen in the Annual Report.
In 2023, our credit union hit a milestone with over $200 million in assets. Membership increased 4.9% percent and now stands at over 14,000. WFCU remains a well-capitalized financial institution with a net worth ratio of 13.60%.
We continue to grow as an organization because of you, our members. Thank you for trusting WFCU for your banking and lending needs.
As I conclude my two years as Chairman, I commend our management team under the leadership of President/CEO Ashley Bautista, and our Board and Committee Volunteers who freely give their time and work with management to ensure ongoing improvements and development. Thank you for your membership, and we look forward to serving you in the coming years.
Respectfully submitted,
Jay Hinkel Board Chair
Treasurer Report
On behalf of our Board of Directors, thank you for your membership in Wichita Federal Credit Union.
The year 2023 was another year of 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 5.82%, to $202 million. Deposits grew to over $174 million, a 6.40% increase. Loans increased to over $170 million, a 9.91% increase. Our current 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 1.53% and a charge-off ratio of 0.94%. The credit union generated over $1.7 million in net income in 2023. Membership grew by nearly 5%, with over 14,000 members. Member equity grew by 5.86%, totaling over $200 million.
The credit union is diligently working to adapt to the ever changing economic landscape. We thank you for your membership and look forward to serving you and your families in 2024 and beyond.
Respectfully submitted,
Anne Anderton Warren Secretary/Treasurer
Anne Warren Secretary/Treasurer
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 2023, all conducted audits resulted in satisfactory reports. The Supervisory Committee includes the following members: Trinh Bui, Stephen Coberley, Rick Firner, Jeff VanZandt, and myself, Kenneth Witzell Jr.
Thank you to the Board of Directors and WFCU staff for your support and cooperation with our efforts in 2023, and we look forward to continued success in the coming years.
Respectfully submitted,
Kenneth Witzell Jr. Chair, Supervisory Committee
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
• Shirley Rogers
• Gavin Seiler
Respectfully submitted,
John Davis Chair, Nominating Committee
President/CEO Report
We all know that credit unions are different. That’s why we’re here today. As members, you are equal owners, and we are accountable to you. Thank you for taking time out of your busy schedule to be here and take an active role in your credit union.
WFCU is committed to enhancing products and services that will bring you convenience and provide the exceptional member experience you deserve. We're also aware of the risks of technology and continue to take steps to safeguard your assets, data, and privacy.
We diligently monitor issues and trends and how they may affect our members. For example, we supported efforts to defeat the recent Credit Card Competition Act, and together with members of our Board, participate in many Governmental Affairs events as the voice of our members.
Our team serves others through the inspireICT volunteer initiative and invested over $27,000 back into our community through volunteering, donations, and sponsorships in 2023.
We continue to support financial education in Sedgwick County High Schools by sponsoring 100% of the Banzai Financial Education Program, with over 4,000 students completing the program to date. Additionally, we offer Banzai Financial Education for free on our website. The Dana Winkler Scholarship program has invested over $143,000 in 159 local students since 2004.
I’m delighted to report that in 2024 we’ll offer a new online banking platform, a new mobile app, our new WFCU On the Go app with Video Banking, financial education events, and more. Stay connected with your emailed newsletter, our website, and social media, where new products and services are shared as they become available.
As the financial landscape continues to shift, we are committed to providing the best possible service to our members and support to our community. On behalf of the Board of Directors and Staff, thank you for being a member of our credit union.
Respectfully submitted,
Ashley Bautista President/CEO
Loans +9.91%
$154,951,197
$163,674,766 $174,144,493 +6.40%
Assets
$191,142,891 $202,263,321 Membership +5.82%
$170,299,489 +4.93%
13,366 14,025 2022
8,740,381
306,464
3,179,929
$12,382,118
$9,691,463
Statement of Financial Condition
170,299,489 154,951,197
16,062,754
9,636,614
