annual report 2015 - summit credit unionbecca & joel 2015 $10,000 winners. the power to spend...

ANNUAL REPORT 2015

THE POWER TO SPEND SMART

THE POWER TO SAVE MORE

THE POWER TO GIVE BACK

SUMMIT CREDIT UNION2

SUMMIT’S VISION: CONNECT PEOPLE AND INSPIRE ACTION TO CREATE MEMBER AND COMMUNITY WEALTH

3

CHAIR/CEO REPORT 06

THE POWER TO

SPEND SMART08

THE POWER TO

GIVE BACK16

THE POWER TO

SAVE MORE20

TREASURER’S REPORT22

INCOME STATEMENT & STATEMENT OF FINANCIAL CONDITION24

Fun and cupcakes at Member Fest 2015

Going social at Co-op Connection 2015

CONTENTS

Dave Reszel TreasurerRetiredMilwaukee Journal Sentinel

Mike O’Brien ChairLocal Sales ManagerJournal Broadcast Group

Mary Turke DirectorManaging Partner, Attorney at LawTurke & Strauss LLP

Mike Schenk SecretaryVice President Economics & StatisticsCredit Union National Association

Dennis Sauey Immediate Past ChairRetired Business OwnerNorse Leasing Corporation

Bob Lindner DirectorVice President Director of SalesMadison Investment Advisors

John Litscher Vice ChairPartner & Private Wealth PlannerThe Capital Group

Stefanie Norvaisas DirectorDirector Design Strategy & Research and PrincipalDesign Concepts

Dan Kaiser DirectorSenior Vice President Product Innovation & DevelopmentCUNA Mutual Group

2015YOUR 2015 BOARD OF DIRECTORS


2015 AWARDS AND RECOGNITIONCUDL Diamond Award for Excellence in Lending (National) Awarded by Credit Union Direct Lending (CUDL) for outstanding achievement in our auto lending program

Outstanding Business Award Awarded by the Association of Fundraising Professionals, Greater Madison Chapter in honor of Summit’s contributions to financial education of youth. Nominated for the impacts of STAR Credit Union by the Boys and Girls Club of Dane County

Small Business Administration Lender of the Year Most SBA loans by a credit union in Wisconsin (5 years in a row)

United Way – Top 10 in Six Award Categories For employers with more than 350 employees: • Community Growth for percent increase in new donors • Community Chest for percent increase in employee giving • Employee Engagement for participation in an employee campaign • Red Feather for dollar increase in employee giving (2 years in a row) • Bronze Award for average employee giving (2 years in a row) • Best Practices Award for execution of the best practices, strategies and an overall increase in giving (2012 & 2014, too)

Best of Awards • Credit Unions – Star of Madison (6 years in a row) • Financial Institutions – Best of Sun Prairie (6 years in a row) • Financial Institutions – Best of Waunakee (6 years in a row)

Brian Howell Excellence in Innovation Award Awarded to Summit’s CEO/President, Kim Sponem, by Madison Magazine as part of their Best in Business awards, for her leadership in innovative financial education, including her work as a co-founder of STAR Credit Union

Women’s Day Magazine January, 2015 issue included Summit’s Project Money winner’s money advice

Green Professional Designation by Wisconsin Sustainable Business Council for taking actions on sustainability

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Dear Members,It’s a pleasure to report to you that 2015 was an exceptional year of growth for your credit union, financially and in member growth. It’s an indication we are doing the right things for our members and communities. What excites us most about growth? It positions us, as a financial cooperative, to help even more people reach their goals and dreams with products, services, conversations and conveniences that make life richer.Here are a few of the highlights of 2015: • As a cooperative, we saved our members $21 million in 2015 over for-profit financials in Wisconsin1. That includes our $1.7 million board-approved member giveback, Cash Boomerang. Cash Boomerang is provided on top of significant everyday savings to members based on how much members build the cooperative by checking, saving and borrowing with Summit. • We welcomed the members and employees of Educational Employees Credit Union in Janesville and now serve our Janesville area members locally. And we opened new branches in Franklin and Waukesha. • We provided more than $1.6 billion in loans to members to help them reach their dreams and won a national award for our lending program that helps members get Summit’s auto financing right from the dealership. • The number of members using Summit’s easy, free mobile app went up 68% in 2015! Another way to say that we made managing money easier for 18,164 more members! In 2015 alone, Summit members made 212,105 mobile deposits for more than $71 million, and that saves time, money and fuel!

Mike O’Brien, Board Chair Kim Sponem, CEO/President

CHAIR/CEO REPORT

Federally insured by NCUA 1. Savings over the average cost of doing business with a for-profit banking institution in WI. CUNA Economics & Statistics Department, Customized Analysis of Member Benefits for Summit Credit Union for the 12 months ending December 31, 2015.2. SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in May, 2015.3. 2015 savings in lower average closing costs than other area financial institutions and in interest savings when refinancing.

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• As a leader in financial education, we provided resources and programs to thousands of members and the wider community online, in person and in the media. We were recognized as 2015’s Outstanding Business by the Association of Fundraising Professionals, Greater Madison Chapter for our contribution to financial education of youth. • We continued as the Small Business Administration’s number one SBA lender among credit unions2 in Wisconsin since 2011. • And we continued to be the number one mortgage lender in Dane County providing more than $1.79 million3 in mortgage savings in 2015. • Our total membership grew by 9,754 in 2015 to 152,634 as of December 31.In the pages of your annual report, you’ll find more highlights of 2015, awards and recognition (p. 5), impacts we make together (p. 8 - 21), member stories (p. 26 - 27), and information you can use (p. 28). We appreciate your trust in us to provide returns you won’t find anywhere else – from genuine savings, to money know-how, to richer lives and strong, thriving communities. Thank you, members, employees and board members for owning the possibilities!

Mike R. O’Brien Board Chairman

Kim M. Sponem CEO/President

As a Summit Credit Union member, the more you do business with Summit

the more you’ll know about your money and the more you’ll save

so you’ll be happier and tell your friends to join

and return even more to you and the community

and Summit will grow

and the richer your life becomes!

Your savings federally insured to at least $250,000and backed by the full faith and credit of the United States Government

National Credit Union Administration, a U.S. Government Agency

NCUA


Summit believes anyone can be financially successful, and we can help. As a financial cooperative, we exist to serve our members’ financial well-being, not to benefit stockholders. We offer financial guidance, education, tools, one-on-one coaching and innovative financial programs to meet you wherever you are in your financial journey.As a leader in financial education, Summit Credit Union helps members and the wider community grow and thrive by changing the conversation around money and providing the kind of money smarts anyone can use to create a richer life.

“When people get involved in their finances with conscious daily decisions about saving, spending and giving, they are owning their financial lives. That’s how they get what they want and create lasting change for themselves, their families and the community.” — Kim Sponem, CEO/President



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In 7 Project Money seasons, 28 participants:Together, 2015 Project Money participants

increased their savings by $26,395 and decreased their debt by $49,064 in

seven months.

Carrie & Chris

Project Money — changing lives Summit’s annual Project Money challenge helps participants and thousands of others make the small changes that add up to big improvements in their financial lives. In 2015 alone, there were more than 52,400 participant blog post page views full of real-life tips. Project Money gives the community access to the collaboration and financial guidance we provide our members every day.

In January, 2015 Woman’s Day magazine included a former Project Money winner in an article to inspire other women across America to own their financial wellness.

savings $218,495

increased

debt $305,549decreased

savings $218,495

increased

debt $305,549decreased

2015 $2,500 Winners

Sheba & Karim

Alane

Becca & Joel

2015 $10,000 Winners



Teens teach teens money smarts in Summit’s scholarship challenge Year two of Summit’s award winning Project Teen Money scholarship challenge included six participants selected from their video applications. The students, from high schools where Summit has branches to serve them, start with some money know-how from Summit, then create their own short videos to inspire their peers to save more, spend smart and give back! The videos

are shared online so everyone wins!We’ve added students from East High School in Madison, home of our newest high school branch, for 2016’s scholarship challenge!

2014 winnerA national financial education award within the credit

union movement recognizing outstanding financial education for youth.

2015 Project Teen Money participants

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Summit’s in-person financial education impacts lives As a leader in financial education, Summit provides free, live financial education programs to the community, schools and the workplace. In 2015, we reached more than 5,000 people with 225 free, live education events.

Impacts of Summit’s in-person financial education

2014 winner

Impacted by education events in 2015

“I really love the self-advocacy approach. It’s very much appreciated when I see ways to approach these discussions positively in terms

of opportunity and goal-setting, instead of just piling on the dire warnings.”

– Cynthia Chin – East HS Teacher

“Enlightening and entertaining … Your advice to always develop an annual

budget and track spending were especially useful.”

– Aggo Akyea, African Association of Madison, Inc.

“I truly enjoy working with you and the staff at Summit Credit Union

in bringing financial literacy to LIFE and making it REAL for our students.”

–Darrin Graham, Business/Marketing Educator, La Follette HS

“Thank you for speaking with my students. You set the ‘wheels turning’— so important as they get set to transition

into the ‘real’ world next year.” – Anne Knezevic,

Memorial HS Teacher

5,000 people

“Growing up I did not have many financial knowledge resources, Summit’s seminars have helped me learn the basics to start thinking about investments and

basic money management.” -Franella Ngboh-Smart,

Summit Member & UW Student


CUatWork brings financial education to the workplaceThrough Summit’s award-winning workplace financial education program, CUatWork, businesses provide employees a benefit that reduces money stress, increases productivity

and makes lives richer. Business partners choose from a variety of in-person and online educational options that meet the needs of their employees. In 2015, twelve businesses with 9,000 employees joined CUatWork. We now partner with 79 businesses with 47,000 employees.

The more you know

The greater control you have

The fewer financial worries you have

Which means less stress

Better health

And a more stable personal life

Which makes you happier in the really important, outside-of-work,

rest-of-your-life.

The more you know

The greater control you have

The fewer financial worries you have

Which means less stress

Better health

And a more stable personal life

Which makes you happier in the really important, outside-of-work,

rest-of-your-life.

CUatWork is the recipient of a 2014 Governor’s Financial

Literacy award

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STAR Credit Union members created money posters for display at the 10th birthday party

Summit teaches money skills for a lifetime In response to a request by the Madison Area School District to partner in providing students the resources they need to be financially successful, Summit opened our first in-school branch in Madison’s La Follette High School in 2011. In 2013, Summit added a branch to Memorial High School, and in 2015 we prepared to open our third in East High School in early 2016. Through these branches we provide teachers a collaborative partner in developing ongoing financial education. We also teach students money skills, offer our Project Teen Money scholarship challenge and provide employment opportunities. Summit provides FoolProof for free to students, educators and parents. FoolProof is an engaging online resource that helps young people avoid costly mistakes.

In 2015, STAR (Save To Achieve Results) Credit Union celebrated 10 years of teaching young people money skills to last a lifetime. In 2015, STAR added services and programming to the Boys and Girls Club Allied Drive location. At year end, there were 675 STAR members earning money on their savings and learning good financial habits though activities, games, simulations

and educational programs. STAR Credit Union was a key factor in Summit being awarded the 2015 Outstanding Business Award by the Association of Fundraising Professionals, Greater Madison Chapter, in honor of our contributions to financial education of youth.

Members celebrating 10 years of STAR Credit Union

®®



The business of cookies Summit and Badgerland Council of Girl Scouts worked together to create financial education activities to empower girls to run their cookie business: identifying and handling money, filling in deposit slips, and setting goals to have fun and help others with their cookie money. Red SHOES – financial wellness ready when you areWhen you’re ready to make changes in your financial wellness, Summit’s exclusive Red SHOES program is there with steps, encouragement and support to help you make smart money decisions and reach your million — whether that’s a million dollars or something else. Our self-paced, customizable program includes a workbook, online support with tracking and tools, inspirational reminders and events and, if you choose, a Red SHOES coach. With Red SHOES, action takes over for wishing and wondering. Spend time wisely – own it In 2015, 18,164 more Summit members downloaded Summit’s free mobile app with mobile deposit! In all, members deposited more than $71 million just by snapping a picture of their checks. We’re excited members are choosing this tool to make banking easier and greener!

Download Summit’s mobile app today!

“Everyone loved the sessions for our Girl Scout Cookie Boss & Cookie

Blast o� programs. I heard nothing but great reviews from leaders.” - Courtney Feuquay, Troops & Resources Program Manager

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Set goals and partner with Summit to help you realize them.

Sheba and Karim said their Summit coach helped them

develop goals and keep them

on track. “He helps us realize that we could be living in our own home – with our own front porch and our own backyard – for not much more than what we are currently paying in rent.” Summit employees work with hundreds and hundreds of people, and they are happy to bring that expertise to you. Track expenses and take action on what you learn.

Becca and Joel said they “used to wonder

where our money was

going, leaving us living paycheck-to-paycheck.”

They found that tracking their spending “led to more awareness so that we can take action to reduce our spending.” Tracking and taking action took away a lot of financial strain and allowed them to save almost $700 a month. “The stress is melting away.”

Create a budget, and don’t leave excess money in your checking account. Carrie and Chris learned that having less money easily accessible in the checking account after expenses means less temptation to spend. On the advice of their coach, they divvied up the excess money over budgeted expenses and put some in savings, “which we could easily access if something happened, and making extra payments on our debts.” They found it “simple and easy to do,

especially using the budget worksheet as a guide.” Staying as close to zero as possible helped them avoid temptation to spend unnecessarily, make extra payments on loans and keep savings.

Take action to save money and give back.Alane found that having friends over instead of going out saved money, but she wanted to give back to her community, too, so she planned time with friends volunteering. That saved money and provided time with friends. As Alane notes, “Since not everyone has extra money that they are able to donate to support agencies that provide services to those in need, volunteering your time and talents is just as rewarding, if not more.”

FOUR TIPS TO TAKE CONTROL OF YOUR MONEYFrom our 2015

Project Money Participants

Tip #1

Tip #2

Tip #3

Tip #4


Lasting impactsAs part of Summit’s unique approach to giving back, we created two three-year strategic partnerships in 2012 with American Heart Association and DAIS – Domestic Abuse Intervention Services. We concluded those impactful relationships of both financial and volunteer support at the end of 2015 and are grateful for the opportunity to have made an impact on women’s wellness through our partnerships. We are creating strategic partnerships with A Fund for Women in their focus on empowering women financially and with Goodman Community Center’s Girls Inc. program beginning in 2016.

“When our 150,000 plus members choose Summit products and services, they don’t just save money. They strengthen the credit union to make greater impacts in the community. It’s one of the beauties of a cooperative.” — Kim Sponem, CEO/President

THE POWER TO GIVE BACK

SUMMIT GIVES

BACK

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Summit’s Gary H. builds for Habitat for Humanity

STAFF VOLUNTEER HOURS IN 2015

Summit donated to more than 225 local non-profit organizations in 2015

2,048

HOURS

225

47,000 meals in 2015

provided to Second Harvest Foodbank through employee and

member donations, food collection and employee volunteer help in the

Second Harvest warehouse

“Through this partnership, prevention and awareness

efforts have allowed women to take charge of their health. Thank you to

the Summit Credit Union team for your support, volunteerism and impact.

The hearts of women across Dane County are full

and grateful!”

Summit employees working at Second Harvest Foodbank’s warehouse, September, 2015

“The investment Summit Credit Union has made

in Madison’s Go Red for Women movement over the past 3 years has truly made a direct impact in the health of the Madison community. Summit’s support allows the American Heart Association to provide generous grant money to local research

projects which advance survival rates in the case of cardiac events. These projects lay groundwork,

allowing Madison to stay a health hub, both medically and in lifestyle.”

— Britni Welsh, Corporate Events Director, Go Red for Women, Madison


Summit sustainability highlights for 2015 At Summit, giving back also means being green. In 2015, Summit: • Helped members shred and recycle 20+ tons of paper through Milwaukee and Madison ShredFests we co-sponsored with the Better Business Bureau • Completed landscaping projects to: • Control storm water, helping prevent erosion and contaminants from reaching Madison lakes • Reduce the need for wood mulch, saving money and resources • Expand our organic weed control program • Received the “Green Professional” designation in the Green Masters Program from the Wisconsin Sustainable Business Council for taking action on sustainability • Continued special energy efficiency loans through the city of Milwaukee • Engaged members in Go Green Go Mobile for Earth Day. In one week 340 more members signed up and started saving trips to the credit union • Continued to offer a 0.25% interest rate discount to members on loans for hybrid vehicles • Completed year two of a Community Supported Agriculture (CSA) program for employees to enjoy fresh produce and support local farmers • Continued recycling/repurposing cubicles and office furniture, saving them from landfills (and saving Summit more than $50,000) • Retro-fitted lights with LED fixtures, saving energy (and more than a third in operating costs per fixture per year)

“Summit Credit Union employees have volunteered at the DAIS facility numerous times and most recently

provided a financial literacy training to our staff. DAIS and Summit’s mutual focus on

empowerment has helped to build a strong and fruitful relationship that

we believe has improved our community.”

“DAIS is honored to have worked with Summit Credit Union over the last three

years. Through their partnership, Summit was a lead sponsor of our annual Celebrate Independence

Luncheon. Not only did this sponsorship allow DAIS to grow this event every year in both attendance and revenue, it also helped to bring the issue of domestic

violence into the community dialogue. We are so grateful to have worked with a business that was

truly connected to our mission and supported that mission well beyond

event sponsorship.”— Emily Barnes, Director of Development & Communications, DAIS (Domestic Abuse Intervention Services)

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“My oldest daughter ran in one of the obstacle races and

ended up coming in first place. My daughter is so proud of her medal,

and it sits on her nightstand.” – 2015 Member Fest attendee Fun at Member Fest 2015

“We thoroughly enjoyed the day.

Thank you!” – 2015 Member Fest attendee

Co-op Connection milestone — 5 yearsOn October 3, 2015 more than 4,000 visitors to Co-op Connection learned more about what co-ops are and what they have to offer, and had a great time, too. Summit hosts the annual public event in collaboration with more than 25 area cooperatives and cooperative support organizations, in partnership with the UW-Center for Cooperatives, CUNA Mutual, and the Cooperative Network.

Summit Fest (formerly Member Fest) is our way to say thanks to you, our members! In 2015, attendance nearly doubled to 1,895 for this family event with annual meeting, obstacle courses, picnic, gifts, prizes and activities.

Over 4,000 visitors joined us to learn about cooperatives at Co-op Connection 2015

LOC

AL. TRUSTED. SERVING Y

OU

.

CO-O

P CONNECTION

Join us for the 6th Annual Co-op Connection, Sat. Oct. 1, 2016100 Block of Martin Luther King Jr. Blvd. 8:30 - noon

Watch SummitCreditUnion.com for info on Summit Fest 2017

Summit gives members a big thank you!


Summit members save millions in 2015As you get involved in your finances with conscious daily decisions about saving, spending and giving, you are owning your financial life. And that’s when you really appreciate the savings you enjoy as a member of Summit Credit Union. CUNA Research reports that in 2015 alone, Summit Credit Union members saved more than $21 million1 compared to doing business at Wisconsin’s for-profit financial institutions. That’s an average of $271 per household, and the savings only grow as you use more Summit products and services. We also help make saving fun. We share guidance and stories, help you find ways to save by setting up multiple savings accounts for each goal, set up automatic deposits to increase your saving success and we celebrate your success.

“There are many ways to save at Summit, and that’s good news. After all, you can’t spend your way to wealth.” — Kim Sponem, CEO/President

THE POWER TO SAVE MORE

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2015 member savings

$21 MILLION1

total member benefit

Average of:

$142 PER MEMBER

$271 PER HOUSEHOLD

$859 PER HIGH-USE MEMBER

#

3

Together, 3,205 members saved more than $1.79 million2 by getting their mortgages at Summit! These member savings, an exceptional online mortgage process and Summit’s experienced guidance combined to help Summit retain its position as number one mortgage lender in Dane County in 20153.

As a member of a cooperative, every time you choose a Summit financial product or service, you’re not just helping yourself. You’re helping every member and the overall success of our credit union. Because we like to thank you for that, your Summit Checking account includes the potential for a Cash Boomerang, a member

giveback dividend for building the cooperative. The more you save and borrow at Summit, the more cash you could get back in your Cash Boomerang. Our second Cash Boomerang was $1.7 million4. New in 2015: members could claim their Cash Boomerang on their mobile devices, there was a credit added for long-term members, and there was an option for members to donate their Cash Boomerang to Summit’s Money Smarts Fund. Through mem-ber donations, we raised more than $7,000 to support A Fund for Women’s focus on women’s financial empowerment.

Federally insured by NCUA 1. Savings over the average cost of doing business with a for-profit banking institution in WI. CUNA Economics & Statistics Department, Customized Analysis of Member Benefits for Summit Credit Union for the 12 months ending December 31, 2015. 2. 2015 Savings in lower average closing costs than other area financials and in interest savings when refinancing. 3. #1 mortgage lender based on number of mortgages recorded with Dane Co. register of deeds. 4. Based on our financial performance as authorized by our board.

Your savings federally insured to at least $250,000and backed by the full faith and credit of the United States Government

National Credit Union Administration, a U.S. Government Agency

NCUA

WO

W!


Summit Credit Union achieved significant growth and financial progress in 2015. Among the highlights were: • Total assets grew by $313 million, to $2.39 billion. Our annual growth rate of assets was 15%. • Member savings increased by $204 million, to $1.96 billion, for an annual growth rate of 12%. Checking and savings account balances grew the fastest. • Loans outstanding to members grew by $256 million, or 16%. Our fastest-growing loan categories were mortgage loans, home equity loans and vehicle loans.Our 2015 growth rates were higher than the average growth rates for credit unions nationwide. Our growth reflects our commitment to member service as well as our continuing efforts to offer rates and fees that are among the most attractive in our market areas.The credit union earned $108 million in total revenue during 2015. Our largest revenue source is interest earned on loans to members.Our revenue was used to pay dividends on member accounts and also operating expenses incurred in providing services to members.

Dave Reszel, Treasurer

TREASURER’S REPORT

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Our operating expenses for 2015 were smaller than typical for a credit union our size, and that efficiency allows us to return more to members while also building our capital base. Our credit union earned $29 million in net income after expenses, which was added to the credit union’s capital or net worth to provide additional financial stability and to fund future growth.Our ratio of net worth to total assets stood at a very strong 11.4% on December 31, 2015. Summit Credit Union is well-positioned to continue providing high quality, affordable financial services to its members from a foundation of sound financial management.

Risk Management Committee ReportSummit Credit Union’s Risk Management Committee engaged the firm of CliftonLarsonAllen to audit the credit union as of December 31, 2015. A copy of this audit report is available upon request.

Risk Management Committee Members:Mike Schenk, ChairJohn LitscherKarl BetzScott SysolDeborah Kretchmar

In 2015:

Total assets grew to

$2.39 BILLION

Member savings increased to

$1.96 BILLION Loans to members grew to

$1.81 BILLION

WO

W!


2015 2014INTEREST INCOMEInterest on Loans $ 70,027,925 $ 62,230,189 Interest on Investments 6,575,702 8,025,298

Total Interest Income 76,603,627 70,255,487

INTEREST EXPENSEMembers’ Share and Savings Accounts 8,057,074 7,307,770 Borrowed Funds 1,489,087 504,160

Total Interest Expense 9,546,161 7,811,930

NET INTEREST INCOME 67,057,466 62,443,557

PROVISION FOR LOAN LOSSES 5,300,000 5,985,000

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 61,757,466 56,458,557

NON-INTEREST INCOMEService Charges and Fees 9,013,891 8,337,109 Other Non-Interest Income 16,694,091 14,797,548 Mortgage Servicing Rights Income 2,645,402 1,489,426 Net Gain on Sales of Loans 3,532,900 1,893,988 Net Gain on Sales of Investments 17,425 99,172 Other Non-Operating Income - 436,406Total Non-Interest Income 31,903,709 27,053,649

NON-INTEREST EXPENSEEmployee Compensation and Benefits 32,842,084 29,349,388 Office Occupancy & Operations 19,678,908 17,961,949 Other Operating Expenses 11,849,275 11,629,179 Net Loss on Sale of Fixed Assets 54,179 48,679 Net Loss on Sale of Foreclosed Assets 206,790 210,311 Total Non-Interest Expense 64,631,236 59,199,506 NET INCOME $ 29,029,939 24,312,700

Income Statement for the Years Ending December 31, 2015 & 2014 Statement of Financial Condition as of December 31, 2015 & 2014

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2015 2014ASSETSCash and Cash Equivalents $ 89,946,659 $ 19,690,145 Deposits in Other Financial Institutions 36,241,933 19,957,327 Securities - Available for Sale 337,136,962 374,790,796 Other Investments 18,495,448 18,425,454 Loans Held for Sale 6,078,012 5,125,459Loans, Net 1,810,438,815 1,554,052,289 Accrued Interest Receivable 5,983,278 5,639,156 Foreclosed Assets 865,714 1,446,277 Property and Equipment, Net 54,093,963 49,342,476 NCUSIF Deposit 17,533,795 16,168,358 Mortgage Servicing Rights 5,753,888 6,203,863 Other Assets 6,074,651 5,193,203

Total Assets $ 2,388,643,118 $ 2,076,034,803

LIABILITIESMembers’ Shares and Savings Accounts $ 1,957,778,184 $ 1,754,228,322 Borrowed Funds 130,895,267 55,089,585 Accrued Expenses & Other Liabilities 29,741,248 24,686,406 Total Liabilities 2,118,414,699 1,834,004,313

MEMBERS’ EQUITYRegular Reserves 26,984,573 26,984,573 Undivided Earnings 241,693,940 212,664,001 Accumulated Other Comprehensive Loss (3,717,166) (700,396)Acquired Equity 5,267,072 3,082,312

Total Members’ Equity 270,228,419 242,030,490 Total Liabilities & Members’ Equity $ 2,388,643,118 $ 2,076,034,803

Income Statement for the Years Ending December 31, 2015 & 2014 Statement of Financial Condition as of December 31, 2015 & 2014


SAVINGS

TRUE STORIES OF SUMMIT

A member wanted to have more cash available monthly.

During a discussion with a Summit employee, she uncovered that she was staying in, but not enjoying her home after a divorce. After some discussions, she decided to put her home on the market, bought a condo and refinanced

other loans with Summit. She’s super happy and still stays in touch!

Based on a free Summit financial review, a member

refinanced her mortgage and credit card debt into Summit’s

eight-year Express Loan. Result: $0 credit card debt, $400

additional cash flow per month, and her home will be paid for in

eight years.

One member told us she spent almost every penny on bills and was feeling overwhelmed,

desperate and bleak about her financial situation until

Summit “gave me hope. Plain and simple.”

Unhappy in her job and wanting to “make my military dreams a reality,” a member called us in July, wondering if she could make the change given her

debt load. With encouragement, she visited with one of Summit’s universal bankers for budgeting help. It worked! In a letter, the member said, “Your positive energy and belief in me was exactly what I needed!

I should have a lot of debt paid o before I leave for basic training.” One couple appreciated

Summit’s employee explaining home equity options for the extra cash they needed for projects and were thrilled to have the closing in just days after returning from

vacation. Ahhh.

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At a Summit educational seminar in June, a Summit employee

reviewed one participant’s credit with her and let her know we could save her money by refinancing her home equity loan and combining credit cards. She

was not ready then, but called Summit five months later. With our interest-only Home Equity Line of

Credit, she saved about $700 per month and 18% in interest. Plus, she is using the extra to make three

times her minimum payment to get rid of credit card debt. Yay!

By working with aSummit coach, one single

mom learned to budget her money more e�ectively. The

exciting part? Because of that change, she found a way to

leave one of her two full-time jobs and still save, freeing up

40 hours a week to spendwith her son!

A member shared thatSummit’s support as she got

her finances in order led to the unexpected benefit of helping heal

her grief after her father passed away. She said with her financial plan, she felt like she finally had

the support to move forward. Powerful.

One of our members told their daughter, who has significant

student loans from graduate school and was not a Summit member, about a Summit

financial seminar. She and her wife attended, loved what they learned and

decided to join Summit. They are so happy to have a resource for

their journey of building their credit and reducing their

debt load.


TIPS AND TIDBITSYou Can Use to

Be Greener!Use Summit’s free mobile app to make deposits. Summit members alone made 212,105 mobile deposits. Imagine the savings to members and the environment!

Don’t use pesticides and do plant milkweed, native plants and butterfly nectar plants. Pollinators, like the Monarch, are responsible for 1 out of 3 bites of food we take each day. The plants listed above support Monarchs. Use an automated thermostat to reduce costs and energy emissions. In three independent studies, an automated thermostat cut energy consumption between 5% and 16%.

Use heavier window coverings to keep out the heat and/or cold. According to the US Department of Energy, medium colored drapes backed with white plastic reduce solar heat gain by as much as 33%.

Shorten your shower and use a reduced-flow shower head. One minute off your shower time saves 550 gallons a year. Switching to a reduced flow shower head can save 2,900 gallons a year. Test your shower head using a bucket with 1 gallon marked. Turn water on to normal water pressure you use. If it takes less than 20 seconds to reach the 1-gallon mark, you could benefit from a low-flow shower head.

Stop pre-rinsing and handwashing dishes. Consumer Reports says energy-efficient dishwashers use less water (3-5 gallons per load) than handwashing the same amount of dishes (8–27 gallons). Plus, if you pre-rinse by hand, you waste, on average, 6,000 gallons of water per year. If dishes will not be run for a while, use the rinse only cycle.

Tip

Tidbit

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Christopher SchellSenior VP Marketing

Rebecca GerothanasSenior VP Operations

Keith PetersonChief Financial Officer

Mark KennedyChief Lending Officer

Kim SponemCEO/President

Nancy KastenSenior VP Human Resources

SUMMIT’SSENIOR MANAGEMENT

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34 BRANCH LOCATIONS


MADISON AREA American Parkway 4800 American Pkwy, Madison City Station 670 W Washington Ave, Madison Cottage Grove 6420 Cottage Grove Rd, Madison CUNA Branch 5810 Mineral Point Rd, Madison Downtown 307 E Wilson St, Madison East High School (No public access) 2222 E Washington Ave, Madison Fitchburg 2939 S Fish Hatchery Rd, Fitchburg Hill Farms 4802 Sheboygan Ave, Madison La Follette High School (No public access) 702 Pflaum Rd, Madison Memorial High School (No public access) 201 S Gammon Rd, Madison Old Sauk 645 Junction Rd, Madison Rimrock 2424 Rimrock Rd, Madison Stoughton 2105 McComb Rd, Stoughton Sun Prairie 1333 W Main St, Sun Prairie Sun Prairie Mortgage Loan Office 1700 Windsor St, Sun Prairie Thierer 1799 Thierer Rd, Madison Verona Mortgage Loan Office 202 E Verona Ave, Verona

Waunakee 304 E Main St, Waunakee Westport 5419 Blue Bill Park Dr, Madison Yellowstone 401 S Yellowstone Dr, Madison

MILWAUKEE AREA Franklin 7750 S Lovers Lane, Franklin Greenfield 10015 W Greenfield Ave, Milwaukee Muskego W156 S6840 Moorland Rd, Muskego Post Office (No public access) 345 W St. Paul Ave, Milwaukee Waukesha 1103 Spring City Lane, Waukesha West Allis | GMCU 1606 S 84th St, West Allis West Milwaukee | Journal 2159 Miller Park Way, Milwaukee VA Hospital 5000 W National Ave, Milwaukee OTHER LOCATIONS Baraboo 871 Commerce Ave, Baraboo Beaver Dam 104 Frances Ln, Beaver Dam Janesville 2330 Kennedy Rd, Janesville Lake Mills 141 E Tyranena Park Rd, Lake Mills Portage 110 Henry Dr, Portage Watertown Mortage Loan Office 1610 S Church St, Watertown

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