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2017 Message to the Membership

2016 was an excellent year. We're pleased to report that we are in strong financial condition and continue to work hard to provide you with more value every day. For over 80 years, as a not-for-profit credit union, we are dedicated to helping you meet your financial goals. We are committed to doing what is right, proud to be an alternative to big banks, with full-service financial solutions for consumers and businesses.

This year we welcomed about 2,400 new members, made more than $80 million in member loans and lines of credit, established over 1,600 new checking relationships and saved members thousands in fees. Important 2016 projects included developing ways to lend to more members and moving our Gold River Branch to a new, more convenient location. We upgraded a variety of systems, creating process efficiencies to provide faster turnaround on loans and more access to your funds. We're also constantly improving cybersecurity throughout our operation. One of the most important things we did this year was to recommit to making a difference in our members' lives. We developed a new mission statement that exemplifies that you, our members, are the motivation for everything that we do.

In 2017 we will continue to improve our service through new loan programs that will benefit more members. We are updating our website making it more accessible to everyone and we're improving the way you can do business, conveniently from any device. Soon you will have access to Apple Pay, Android Pay and Samsung Pay. Whether visiting a branch, logging on to Home Banking, calling our Phone Center or using our Mobile Banking app, we're here for you to do business with us. We are investing in staff and training to serve you better and help fulfill our goal of bringing you more value and excellent service. We hope to exceed your expectations, as member satisfaction is our top priority.

Please keep us in mind for business services that include Small Business Administration (SBA) loans, commercial real estate, business VISAs, as well as business checking, merchant card services and payroll options. We hope that we can help your business grow. Additionally, we offer financial planning and alternative investments through Lighthouse Strategic Advisors, who focus on helping you develop a customized financial strategy. We work to save you money every day on all of your financial needs and we strive to give you the personal service you deserve.

As a cooperative, we are the strongest when members fully participate. We hope you will choose us for all of your financial needs. We thank you for your patronage and trust, the officials for their dedication, and the staff for their hard work. On behalf of the entire First U.S. team, 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 2016, 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 2016 are appreciated and we look forward to ongoing success in 2017.

photo of Charles B. Johnson, Jr.

Charles B. Johnson Jr.
Supervisory Committee Chairman

Statement of Condition

Assets 2016 2015
Loans to Members 192,890,913 190,527,521
Less Allowance (914,508) (1,145,947)
Cash 2,191,478 1,977,166
Investments 129,490,419 120,828,536
Fixed Assets 3,487,281 4,291,748
Other Assets 20,839,096 19,398,512
Total Assets $347,984,679 $335,877,536
Liabilities and Equity 2016 2015
Other Liabilities 2,857,796 2,821,408
Accrued Dividents 55,585 41,538
Total Shares 308,621,229 298,869,444
Regular Reserves 6,496,396 6,496,396
Equity Acquired in Merger 4,679,739 4,679,739
Gain (Loss) on Securities (89,298) (192,712)
Undivided Earnings 25,363,232 23,161,723
Total Liabilities & Equity $347,984,679 $335,877,536

Statement of Income

Year Ended December 31, 2016

Income 2016 2015
Interest on Loans 8,034,681 7,860,915
Income from Investments 1,566,282 1,239,593
Other Operating Income 2,909,117 2,619,570
Total $12,510,080 $11,720,078
Expenses 2016 2015
Employee Comp./Benefits 4,991,822 4,743,797
Travel & Conferences 99,518 74,959
Association Dues 44,965 33,852
Office Occupancy 609,022 682,118
Office Operations 1,940,324 1,722,746
Advertising & Promotions 316,612 356,374
Loan Servicing 945,236 847,392
Professional & Outside Services 318,844 529,249
Provision for Loan Losses 121,807 423,470
Other Operating Expenses 63,009 74,328
Total Operating Expenses $9,451,159 $9,488,285
Totals 2016 2015
Net Income Before Dividends 3,058,921 2,231,793
Less Dividends on Shares 654,930 588,148
Net After Dividends $2,403,991 $1,643,645
Non-Operating Income 2016 2015
NCUSIF/Corporate Stabilization 0 0
Gain (Loss) on Assets/Investments 1,678 43,041
Gain (Loss) on Sale of Real Estate 48,816 10,570
Non-Operating Income (Expense) (252,976) 0
Net Income $2,201,509 $1,697,256