April 11, Annual Report

Transcription

1 2017 April 11, 2018 Annual Report

2 Chairperson Report Your credit union marked a milestone in 2017 celebrating 40 years of financial service to our membership. Although the name has changed along with our charter, our primary focus of member satisfaction remains the cornerstone of everything we do. Every product development, service offering and pricing decision is considered with the member in mind. And while we continue to grow and add new members to the credit union, we are keeping that same feeling from 40 years ago when you call or stop in that you are talking with a friend. We began the year by literally building upon the credit union with the opening of our flagship branch in Oaks. The site was selected because it was close to where many of our members live or work and by all metrics it has proven to be successful. In Oaks, we have helped more than 2,500 members by conducting in excess of 15,000 transactions and welcomed nearly 375 new members to Ardent. In addition, we conducted 14 seminars this past year at this location on topics including first-time home buying, how to negotiate your next car purchase, retirement planning, wine tasting and stress relief. Our goal was not to just build a branch, but a community center where we could add value to the area through seminars to promote financial wellness and fun. We are also very proud that this branch has been recognized nationally and won two awards for design. We also expanded our service offerings last year to continue to build stronger relationships with our members. By adding Kasasa Checking to our product mix, we now offer what could possibly be the only deposit account you need by paying a high rate of interest or cash back on purchases by doing what you normally do every day making purchases using your Ardent Debit Card. Protecting your accounts is also our highest priority, so we launched SecurLOCK last year, which puts you in control of your card by enabling you to receive transaction notifications and to turn off your card all from an app on your mobile phone. We hope you are taking advantage of both of these new offerings. Auto loans are a staple product of credit unions and we are no different other than how we deliver our service. During 2017, we started offering car loan seminars to teach our members what to look for in new and used cars, how to prepare to negotiate a fair price and the ins and outs of warranties. This led to members starting to call us asking great questions and looking for us to help them find the right car. From this, our Auto Buying Concierge service was born. Under the direction of our two industry-trained car guys, we now have helped put more than 100 members into the right car at the right price. And better yet, we have saved them invaluable amounts of time searching and visiting various dealers, as well as negotiating a deal. This service has received an unbelievable response from the membership, so be sure to call Steve or Pete the next time you are thinking about a car.

3 Chairperson Report-con t We also believe it is important for Ardent to be out in the community meeting with business partners, attending community events along with conducting seminars focused on financial wellness. During 2017 Ardent team members attended more than 30 events in the area. One of the other pillars of our vision for Ardent is to educate the broader community in topics related to financial wellness. Along with our seminars, we were honored to be invited to teach basic banking as part of the core curriculum to the eighth grade class at Phoenixville Middle School. These activities led to Ardent being named Co-op of the Year by PACA, a Philadelphia-area consortium of fellow community-based organizations that live by the cooperative model. We have set the course to realize the vision of a fivecounty community credit union with amazing service and excellent products. This would not be possible without all of you, our members, who we come to work for every day and who have supported the growth and direction of Ardent. As we celebrate our 41st year in 2018, we will continue to look for ways to better serve all of you, and we thank you for your membership and support. Gloria Wilson Chairperson of the Board Rob Werner President / CEO This is a tremendously exciting time at your credit union, and the accomplishments would not be possible without the amazing dedication of our entire team. This year we launched Ardent University to continue to invest in our people so they also can build on their skill sets. We thank all of them for their dedication to our mission of unparalleled service to members. We would also like to thank the Management Team, Board of Directors and Supervisory Committee for their leadership and shared vision of all that is possible at Ardent.

4 Treasurer Report As the Treasurer of Ardent Credit Union, I closely monitor the financial decisions made throughout the year on behalf of the Credit Union s membership. I am pleased to report that the financial performance of Ardent remained strong in 2017, with growth in loans, deposits and total assets, and we ended the year in a strong capital position. Net loans to members grew by 8.6% in 2017 to $435.8 million, while total assets increased by 2.2% to $645.9 million. Member deposit balances also continued to grow, rising 2.3% to $543.7 million. Ardent Credit Union reported net income of more than $3.5 million in We re encouraged by the growing economy and confident that lower unemployment rates will help both our Credit Union and our members. We remain positive on the outlook for Ardent Credit Union. The board and management team of Ardent are committed to building lasting relationships that will sustain the long-term value of membership. Audrey Klijian Treasurer The net worth of Ardent Credit Union increased to $71.2 million for the period ended December 31, 2017, up from $67.6 million at the end of the previous year. Our Net Worth Ratio is 11.0%, well above the 7.0% required to be considered well-capitalized by the National Credit Union Administration.

5 Supervisory Committee Report Ardent Credit Union s Supervisory Committee ensures that our Credit Union is managed in accordance with the rules and regulations of the National Credit Union Administration (NCUA) and the policies established by Ardent Credit Union s Board of Directors. The policies and procedures of the Credit Union, its Board governance, and the established internal control framework are designed to safeguard the assets of Ardent and comply with relevant laws and regulations. The Committee directs an annual audit of the Credit Union s financial statements as well as internal auditing of the Credit Union s controls. Pursuant to its engagement by the Committee, Doeren Mayhew CPAs and Advisors (formerly OCM & Company), a certified public accounting firm, conducted an audit of Ardent Credit Union s 2017 Financial Statements. In addition, as directed by the Committee, Accume Partners continues to perform certain internal audit functions. Accume submits its quarterly audit results to the Committee, with all observations and recommendations documented and monitored for completion by the Credit Union s compliance officer. The results of these audits satisfy this Committee that the assets of Ardent are properly safeguarded, its general operations are within the scope defined by law and policy, and that the financial statements, as reported by our treasurer, are a complete and fair representation of the Credit Union s financial position. After five years on the Supervisory Committee and two years as the Committee s Interim Chair, I will be stepping off of the Committee. I m confident that the remaining Committee members are experienced, well qualified and dedicated to continuing their work on behalf of the Credit Union membership. I am also pleased to announce that Nicholas Vance has been elected to serve as Committee Chair. The Board will be recruiting a new volunteer supervisor to fill the resulting vacancy in due course. Cecilia Silva-Pizarro Interim Supervisory Committee Chair

6 Financial Statement

7 Growth Dollars in thousands

8 Building relationships

9 Workshop Photos Organizing Stress Relief Wine Tasting

10 Building a branch network

11 Building upon our niches Opportunities to stand out! Best Auto Lender Concierge Program Best Onboarding program Best Mortgage Lender Concierge Program

12 Building a team and Ardent U

13 Awards Co-op of the Year

14 Building a vision World class financial services company focused on the needs of our members. Serve the 5-county market through great technology and products, strategically placed branches, and a team with grit. Remain true to the credit union principles of people helping people. Help elevate the overall financial wellness in the communities where we operate.

15 Why we are here (Click here)

16 Thank You