statement of financial conditionincreasing our total loan portfolio to $1,155,592,646. austin telco...
TRANSCRIPT
2018 Annual Report
Statement of Financial ConditionAssetsNet Outstanding Loans $ 1,157,868,702Loans Held for Sale $ 0Cash on Hand $ 11,005,785Investments $ 316,618,134Land & Building $ 43,049,164Furniture & Equipment $ 1,950,336Other Assets $ 24,802,472Total Assets $ 1,555,294,593
Liabilities & EquityMember Savings $ 1,346,974,718Liabilities $ 5,913,410Regular Reserves $ 5,133,801Undivided Earnings $ 207,081,257Unrealized G/L (AFS) Securities [$ 6,529,635]Other Comprehensive Income [$ 3,278,958]Total Liabilities & Equity $ 1,555,294,593
Distribution of IncomeTotal Gross Income $ 59,199,892Operating Expense $ 28,631,422Non-Operating Income $ 60,523 Gain [Loss] on Investments [$16,229] Dividend Expense $ 8,322,828Provision for Loan Losses $ 1,028,810Change to Undivided Earnings $ 21,261,125
2014 - 2018 Asset Growth
$1
.41
9 B
illio
n
$1
.35
3 B
illio
n
$1
.30
7 B
illio
n
2014 2015 2016 2017 2018
$1
.55
5 B
illio
n
$1
.46
0 B
illio
n
As we reflect upon 2018, Austin Telco has accomplished a tremendous amount this past year. Austin Telco has grown in members, assets, and loans. We currently serve 86,570 members and ended the year with $1,555,294,593 in total assets and a total loan portfolio of $1,155,592,646.
At Austin Telco, we’re able to offer beneficial financial products and services that enhance our members’ lives. This year we offered some of the best Share Certificate rates in Austin, in a wide range of flexible terms. We created a Super Jumbo Share Certificate that offers members a guaranteed high yield return. Visit our website for updated rates and terms.
In 2018, not only were our Share Certificate rates competitive, so were our mortgage, home equity, auto and commercial real estate loan rates. Our loan portfolio increased by an outstanding 24.54% ending the year at total loans $1,155,592,646. Our members value the excellent rates that we offer and have a strong commitment to Austin Telco.
We would like to thank our dedicated staff for embracing our values and goals and for delivering best-in-class service. We would also like to recognize our committed Board Members and Supervisory Committee for their responsible stewardship of our mission. They are a talented group who share their expertise and knowledge to guide Austin Telco toward continued success. Finally, we would like to acknowledge our loyal members who appreciate the many ways Austin Telco is a partner in their financial future. Because of the work we’ve all done together, Austin Telco is thriving.
As we move into 2019, our commitment to you today is that Austin Telco will continue to grow responsibly while listening and responding to your needs. We will explore innovative product and service solutions to enhance your financial life, and we will develop our staff and board so they can confidently and wisely serve your interests.
James D. PoplinPresident/CEO
Report from the Board Chairman & President/CEO
Paul PaulsenChairmanBoard of Directors
The Austin Metro and the surrounding areas continue to experience strong economic growth. This growth has helped Austin Telco Federal Credit Union remain one of the largest credit unions in the area and in the State of Texas. This allows us to continue offering great products and services along with competitive rates. Austin Telco closed the year at $1,555,294,593 in total assets. Loans increased by an outstanding 24.54%, increasing our total loan portfolio to $1,155,592,646. Austin Telco ended 2018 with a total capital increase of 11.13%. Our membership grew to 86,570, which indicates that more people in Austin are learning about the value of a credit union and making Austin Telco their primary financial institution.
Moving into 2019, Austin Telco will continue to grow and expand its products and services to better fill the needs of our increasing membership base. We will continue to work hard to be a strong and established financial institution for our members and remain competitive with our rates. I want to thank the Board of Directors, Supervisory Committee, and staff for an outstanding year of accomplishments during 2018. The Board of Directors and management team at Austin Telco thank you for your membership. Without your support, none of this would be possible.
David Westlund Treasurer
Report from the Treasurer
$ 50,518,038
$ 27,937,933
$ 16,889,148
$6,092,608
$ 185,820,131
$ 5,133,801
$ 1,641,186
$ 190,953,932
$ 1,460,986,894
$ 1,270,769,015
35,009
$ 927,899,592
$ 1,863,788
84,630
51,895
2016 2017Gross Income
Operating & Provision Expense
Net Income
Dividends
Undivided Earnings
Regular Reserves
Allowance for Loan Loss
Total Equity
Total Assets
Member Savings
Number of Loans Outstanding
Loans Outstanding
Delinquent Loans
Number of Members
Number of Checking Accounts
Treasurer’s Report
$ 45,892,928
$ 25,419,537
$ 14,317,635
$6,195,769
$ 168,930,983
$ 5,133,801
$ 1,183,516
$ 174,064,784
$ 1,419,321,196
$ 1,245,730,761
28,757
$ 723,538,912
$ 484,892
81,670
49,157
$ 59,199,892
$ 29,660,232
$ 21,261,125
$8,322,828
$ 207,081,257
$ 5,133,801
$ 1,960,484
$ 212,215,058
$ 1,555,294,593
$ 1,346,974,718
38,415
$ 1,155,592,646
$ 1,923,299
86,570
54,188
2018
Report from the Supervisory Committee Chairman
The Supervisory Committee is composed of volunteers who are appointed by the Board of Directors to review internal controls to ensure that each segment of the Credit Union is appropriately administering the plans, policies, and procedures for which it is accountable. The Committee aspires to ensure the credit union operations comply with the National Credit Union Administration (NCUA) regulations and that the credit union is protecting the members’ assets.
Our annual CPA audit is performed by the CPA firm of CliftonLarsonAllen, LLP, while Credit Union Resources, Inc. performs monthly internal audits. In addition to our audits, the committee also monitors policies and procedures to protect members from fraud and errors, review internal controls, meet with auditors and Federal regulators, consider suggested improvements to the operations of Austin Telco, and respond to any comments, concerns, or complaints that a member may have.
Austin Telco once again received the highest rating possible on this year’s examination by our federal regulators, the National Credit Union Administration, and ranks very high when compared to peer credit unions across Texas and the United States. The committee is delighted to report that Austin Telco is in excellent and stable financial condition.
We wish to express our appreciation to the Board of Directors, management, and staff for their continued support and cooperation. It has been our pleasure to serve our fellow member-owners of Austin Telco as volunteers elected from the membership of Austin Telco. We look forward to continued success throughout the years to come.
Irene Guerra Chairman
Supervisory Committee
Irene Guerra, ChairmanMarsanna Beseda, SecretaryRobert Benevides, MemberLea Luchsinger, Member
Board of Directors
Paul Paulsen Chairman
Steve Read Vice Chairman
Fran Berns Secretary
David Westlund Treasurer
Paul Tidrick Membership Officer
Joe Bain Jr. Security/Safety Officer
Management
2019 Annual Meeting Agenda
James D. Poplin, President/CEOTony Rawls, SVP, Lending/CLOKaren Smith, SVP, Human Resources & Branch OperationsRobert Hernandez, SVP, Finance/CFOJim Howey, VP, LendingRaye Anne Cawthon, VP, AccountingPamela W. Cotton, VP, Member ServicesChristopher Mraz, VP, Information Technology/CIOKathleen Miller, AVP, Administrative ServicesSandie Peña, AVP, Branch OperationsGeorgia Hayes, AVP, Information TechnologyChad Winkelmann, AVP, LendingKatrina Levenick, AVP, MarketingCharlie Angulo, AVP, Finance
InvocationCall Meeting to OrderDetermination of a QuorumReading and Approval of 2018 MinutesOfficers’ ReportsNew BusinessElection of the Board of DirectorsUnfinished BusinessAdjournment of the Meeting
Lea Luchsinger Board Member