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Annual Report ANNUAL REPORT R Federal Credit Union | Friends you can bank on. Equal Housing Lender Federally Insured by NCUA Letter from the Chairperson and President/CEO Members, milestones, growth and community are four key attributes that describe our success in 2016. With the continued support of you, our members, we were able expand into the Sunbury area. Our asset growth topped $300 million! We accomplished this while remaining focused on our core values, especially supporting community, as evident by the many events and activities we supported throughout the past year. Our membership increased 7.0% to more than 27,500 members in 2016. We welcomed nearly 4,000 new members to the Service 1st family. Our membership growth continues to outpace the average Dave Cutright, Chairperson of the Board 4.5% growth that credits unions were experiencing nationally in 2016. Bill Lavage, President/Chief Executive Officer Construction began in June 2016 to transform a former video store on North Fourth Street in Sunbury into our tenth office location. The office opened in October. It features an ATM, one-lane drive through, night depository, and state-of-the-art pod stations for credit union members to conduct transactions. The pod stations are a variation of the traditional teller line, offering a more personal experience for performing transactions. We’re enthusiastic about serving our existing members and welcoming new members in the Sunbury area. Service 1st continues to grow while maintaining a strong financial position. Our total assets surpassed $300 million; ending the year at $307 million. We are currently the 24th largest credit union in the state, which places us in the top 6.0% of the 415 credit unions in Pennsylvania. Our savings increased 9.3% to $274 million. Savings in credit unions of similar asset size increased by 5.7%. Our largest areas of growth were member savings accounts and certificates, increasing $10 million and $5 million, respectively. Loans to members increased by 11.0%, led by automobile, member business, home equity and mortgage loans. Peer credit union loan growth was 8.5%. Return on Average Assets (ROA) is one measure of the financial health of a financial institution. Service 1st’s ROA in 2016 was 0.70% which compares favorably to peers of 0.50%. Our net worth remains strong at 8.3%, indicating we are well capitalized. Additionally, we continue to earn a positive report and rating from the National Credit Union Administration (NCUA), our federal regulator. As the geographic footprint we serve continues to grow, so does our outreach to our communities. Winston Churchill once said, “We make a living by what we get, but we make a life by what we give.” We say thank you to our employees and our volunteers for giving your time and resources to these events. Some of our community events are highlighted in the pages that follow. At Service 1st, we value the trust you have placed in us and we will remain focused on our core values as we evolve to meet your needs. 1 Management Team BACK ROW (L-R): Bill Lavage, President/CEO; Missy Peifer, Vice President Human Resources; Dave Shope, Assistant VP Business Development; Michael Thomas, Chief Financial Officer; Brett Johnson, Vice President Lending; Christopher Court, Vice President Accounting/Operations; Jay Reed, Chief Information Officer FRONT ROW (L-R): Colleen Phillips, Vice President Marketing; Linda Brown, Chief Administrative Officer; Elisabeth Taylor, Assistant VP Audit & Compliance; Coleen Snover, Assistant VP Training & Development; Karen Wood, Chief Experience Officer; Jeffrey Balestrini, Chief Lending Officer Board of Directors BACK ROW (L-R): Lori Wilson, Director; Eric Polczynski, Supervisory Committee Chairperson; Bill Lavage, President/CEO; Greg Burke, MD, FACP, Director; Steven Endress, Vice Chairperson; Harold Hurst, Director FRONT ROW (L-R): Barbara Criswell, Director; Tracy Shirk, Treasurer; David Cutright, Board Chairperson; Deborah Petretich Templeton, R. Ph., MHA, 2 Secretary; Kathy Linn, Director Retirement & Investment Center LEFT TO RIGHT: Matt Gardill, Registered Member Service Representative; Missy Thomas, Registered Member Service Representative; Ed Moyer, Registered Member Service Representative; Shawn Hays, Registered Member Service Representative; Gary Surak, Vice President, Wealth Management. Offered by CUNA Brokerage Service Inc., the Retirement & Investment Center is staffed by knowledgeable and experienced financial advisors devoted to serving your retirement, insurance and investment needs. Gary Surak, Vice President, Wealth Management, offers over 25 years of experience. The Retirement & Investment Center has grown to serve 1,284 members with $97,967,912 in total assets under management. In 2016, the Retirement & Investment Center expanded to include Missy Thomas, Assistant Branch Manager Bloomsburg.* *Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/ dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/ NCUSIF/FDIC insured, May Lose Value, No financial institution guarantee. Not a deposit of any financial institution. FR-1730457.1- 0317-0419 3 2016 Highlights TOP ROW (L-R): 1. Dylan Haas, DAHS Student, Katie Kelley, Student Services Coordinator, Service 1st and Beth Ann Fegley, Co-Op Student at the Danville Area High School Reality Fair 2. The Service 1st team at the 2016 March for Babies walk. 3. Bill Lavage, President/ CEO, Service 1st, presents Donna Brua with a donation to benefit the National Multiple Sclerosis Society. MIDDLE ROW (L-R): 4. Patrick Conway, PCUA President/CEO; Colleen Phillips, Vice President Marketing, Service 1st; Karen Wood, Chief Experience Officer, Service 1st and Louise Lingenfelser, President & CEO, ClearChoice FCU, proudly displaying the Desjardins Youth Financial Education Award and the Dora Maxwell Social Responsibility Award. 5. The ribbon cutting of our 10th branch located in Sunbury was held in November. 6. Linda Brown, Chief Administrative Officer, Service 1st, presents Renee Gerringer, Development Officer, Ronald McDonald House, with a donation to help support the Ronald McDonald House of Danville. BOTTOM ROW (L-R): 7. Bill Lavage, President/CEO, Service 1st, and members of the River Rat Brew Trail present Rick Lyke, founder of Pints for Prostates, with a $6,500 donation. 8. Members of the Service 1st team and their families volunteering for Toys for Tots. 9. Service 1st donated to Project Peanut Butter to help fight childhood hunger. 4 Statement of Income As of December 31, 2016 and December 31, 2015 (Unaudited - Subject to revisions.*) OPERATING INCOME 2016 2015 % Change Income from Loans $10,739,956 $9,957,037 7.9% Income from Investments 370,716 324,847 14.1% Member Services Income 249,379 243,460 2.4% Mortgage Fee Income 229,247 138,390 65.7% Other Income 3,940,543 3,613,618 9.0% TOTAL OPERATING INCOME 15,529,841 14,277,352 8.8% OPERATING EXPENSES Employee Compensation 4,767,048 4,177,892 14.1% Employee Benefits 1,202,480 1,035,412 16.1% Travel and Training 154,773 132,948 16.4% Association Dues 77,807 71,978 8.1% Office Occupancy 772,343 658,427 17.3% Office Operations 1,569,044 1,535,312 2.2% Marketing 596,156 578,828 3.0% Loan Servicing 1,037,050 937,559 10.6% Professional & Outside Services 441,918 432,386 2.2% FIS Operating Expense 860,311 893,379 -3.7% Provision for Loan Losses 495,342 679,743 -27.1% Interest on Borrowed Funds 91,101 32,127 183.6% NCUA Operating Fee 51,172 44,630 14.7% Annual Meeting 31,550 22,134 42.5% Other Expenses 112,862 86,575 30.4% NCUSIF Stabilization Expense TOTAL OPERATING EXPENSES 12,260,957 11,319,330 8.3% NET OPERATING INCOME 3,268,884 2,958,022 10.5% NON-OPERATING INCOME (EXPENSE) Gain (Loss) on Investments and 0 0 — CUSO Gain (Loss) on Disposal of Assets 25 0 — TOTAL NON-OPERATING INCOME 25 0 — (EXPENSE) ALLOCATION OF INCOME Net Income Before Dividends 3,268,909 2,958,022 10.5% 5 Dividends 1,296,639 1,178,381 10.0% NET INCOME AFTER DIVIDENDS $1,972,270 $1,779,641 10.8% Statement of Financial Condition As of December 31, 2016 and December 31, 2015 (Unaudited - Subject to revisions.*) ASSETS 2016 2015 % Change VISA Loans $ 7,370,782 $ 6,781,215 8.7% Home Equity Loans 89,162,358 86,166,032 3.5% Commercial/Business Loans 34,509,623 27,062,432 27.5% Auto Loans 82,316,408 70,245,840 17.2% Student Loans 5,128,110 6,017,089 -14.8% All Other Loans 42,442,727 38,767,724 9.5% Total Loans 260,930,008 235,040,332 11.0% Allowance for Loan Losses (1,315,777) (1,363,120) -3.5% NET LOANS OUTSTANDING 259,614,231 233,677,212 11.1% Cash 3,855,680 3,535,057 9.1% Investments 27,312,268 29,323,885 -6.9% Other Assets 15,834.575 14,662,021 8.0% TOTAL ASSETS $ 306,616,754 $ 281,198,175 9.0% LIABILITIES Total Liabilities $ 6,700,642 $ 6,829,856 -1.9% EQUITY Certificates 37,661,251 32,467,584 16.0% Checking 53,058,368 49,060,195 8.1% Money Market Accounts 70,098,877 68,294,102 2.6% IRAs 22,578,016 20,463,612 10.3% All Other Savings 91,068,471 80,734,135 12.8% Total Shares 274,464,983 251,019,628 9.3% Reserves 1,234,273 1,234,273 0.0% Undivided Earnings 24,112,814 22,140,544 8.9% Reserve for Investment Gain/Loss 104,042 (26,126) -498.2% TOTAL LIABILITIES AND EQUITY $ 306,616,754 $ 281,198,175 9.0% We have reviewed the financial statements and, based on our knowledge, the statements are true and fairly present in all material respects the credit union’s financial condition, results of operations and cash flows.
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