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2018 Message to the Membership

We're pleased to report that 2017 was an excellent year for First U.S. and our membership. We remain in a strong financial position, are well capitalized, and we continue to be a preferred alternative to big banks. For over 80 years, as a not-for-profit financial institution, we've been dedicated to bringing you more value that will enhance your life.

In 2017, we welcomed 2,800 new members, consumers and businesses. We made 3,200 member loans that totaled over $74 million, doubling the number of vehicle loans made in 2016. Through lower rates, we saved members thousands on loans of all kinds, making life more affordable. We established over 1,890 new checking relationships and saved members thousands in fees. Although savings rates remain low, we offer some of the best rates available, particularly on Certificate Specials and Metal Money Markets.

Important 2017 projects included phase I of our website update, improved mobile banking and enhanced cyber security, making transactions more convenient and secure. An important part of our mobile banking app is the ability to do business conveniently from any device. This year we successfully rolled out Apple Pay, Android Pay and Samsung Pay to further expand convenience and provide you with more access to your money. Whether visiting a branch, logging on to Home Banking, calling our Phone Center or using our Mobile Banking app, we're here for you and dedicated to making it easy for you to do business with us. We also developed new abilities to instantly pre-approve you for more types of loans and expand point-of-sale approvals. Not only can you get approved at the dealer for cars and trucks, but now, you can also buy and finance RVs, boats and motorcycles on the spot.

In 2018, we continue to put you first. We're ready to roll out VA Mortgage Loans, and we expect to deploy a new Person-To-Person (P2P) capability via our mobile app. Managing your First U.S. VISA will be even easier with enhanced card controls through our mobile app. Soon we'll be able to utilize automatic calculations to show you how much you can save with First U.S. when you bring us business you may have elsewhere. Business owners, we can help you grow with a full array of business services that include Small Business Loans, SBA loans, commercial real estate and business VISAs. We pledge to bring you more value, and as always, we strive to deliver it with the personal service you deserve. Your satisfaction is our number one priority.

We hope you will continue to think of us first for all of your financial needs. We thank you for your patronage and trust. As a cooperative, we always appreciate your referrals. On behalf of the entire First U.S. team of volunteers and staff, it is a privilege to serve you.

photo of Carol Hauck

Carol M. Hauck
President & Chief Executive Officer

photo of Brian Doyle

Brian W. Doyle
Board Chairman

Supervisory Committee Report

The responsibility of the Supervisory Committee, who are elected by the membership, is to ensure the sound operation of First U.S.

In 2017, the Supervisory Committee engaged the accounting firm RSM US, LLP to conduct the annual certified audit. First U.S. continues to be well managed, financially sound and in compliance with generally accepted accounting principles.

Due to the diligence of officials, management and staff, the credit union remains in excellent condition, having met all regulatory requirements.

We encourage our members to be involved by offering suggestions and comments so that we can continue to improve our service to you. Your support and confidence in 2017 are appreciated and we look forward to ongoing success in 2018.

photo of Charles B. Johnson, Jr.

Charles B. Johnson Jr.
Supervisory Committee Chairman

Statement of Condition

Year Ended December 31, 2017

Assets 2017 2016
Loans to Members 217,555,645 192,890,913
Less Allowance (1,034,822) (914,508)
Cash 1,992,749 2,191,478
Investments 122,364,541 129,490,419
Fixed Assets 3,411,335 3,487,281
Other Assets 19,944,585 20,839,096
Total Assets $364,234,033 $347,984,679
Liabilities and Equity 2017 2016
Other Liabilities 2,711,570 2,857,796
Accrued Dividents 65,500 55,585
Total Shares 322,948,956 308,621,229
Regular Reserves 6,496,396 6,496,396
Equity Acquired in Merger 4,679,739 4,679,739
Gain (Loss) on Securities (429,449) (89,298)
Undivided Earnings 28,291,321 25,363,232
Total Liabilities & Equity $364,234,033 $347,984,679

Statement of Income

Year Ended December 31, 2017

Income 2017 2016
Interest on Loans 8,579,870 8,034,681
Income from Investments 2,164,730 1,566,282
Other Operating Income 3,021,531 2,909,117
Total $13,766,131 $12,510,080
Expenses 2017 2016
Employee Comp./Benefits 5,244,504 4,991,822
Travel & Conferences 96,628 99,518
Association Dues 43,065 44,965
Office Occupancy 560,311 609,022
Office Operations 2,035,246 1,940,324
Advertising & Promotions 340,932 316,612
Loan Servicing 897,854 945,236
Professional & Outside Services 383,010 318,844
Provision for Loan Losses 330,693 121,807
Other Operating Expenses 365,108 63,009
Total Operating Expenses $10,297,351 $9,451,159
Totals 2017 2016
Net Income Before Dividends 3,468,780 3,058,921
Less Dividends on Shares 701,529 654,930
Net After Dividends $2,767,251 $2,403,991
Non-Operating Income 2017 2016
Gain (Loss) on Assets/Investments (15) 1,678
Gain (Loss) on Sale of Real Estate 78,354 48,816
Non-Operating Income (Expense) (7,500) (252,976)
Net Income $2,838,090 $2,201,509