2020 Annual Report

2020 ANNUAL REPORT

Our mission is to help you improve your financial quality of life.

On behalf of the Board of Directors, I am prompted a refocusing of our philanthropic pleased to report that 2020 was another year efforts to better reflect our larger Front Range of exceptional performance and growth. Ent’s presence and bolster brand awareness. We assets grew by 12%, while we returned more gave more than $2.1 million in direct support to than $44 million to members, including more nonprofits providing food, COVID-19 relief, fire than $39 million in dividends paid on deposits, recovery and more. In response to the state’s and more than $5.3 million paid in Ent Extras® youth suicide epidemic, we fulfilled our second Owner Rewards. year of our more than $1.2 million partnership with the highly visible Children’s Hospital In support of our long-term goal of Colorado. Additionally, our free financial establishing a wider geographic and education programs reached more than 9,600 economic base, 2020 was also a year of people; while our co-presenting sponsorship notable and continued expansion. This of the 9News Parade of Lights provided included the opening of seven new service considerable TV and social media exposure. centers in our Denver and Fort Collins expansion areas. They include: Brighton, Ken To provide better member flow and increased Caryl, North College, Peoria, Reunion, South convenience, the Pueblo Main and Pueblo College and Timnath. West service centers were renovated. And even during a year of significant growth and This rate of expansion also required additional pandemic challenges, Ent maintained its stellar back-office employee support. Ent’s current reputation for service and security. I am proud space continued to be maxed out as staff to report that for the third consecutive year, increased by 41%. Significant progress has Ent was named Colorado’s #1 credit union by been made on the 2019 cost-conscious Forbes. Likewise, we continued our tradition decision to build a new headquarters.

A MESSAGE FROM THE CHAIRMAN THE FROM A MESSAGE of receiving multiple ‘best bank/credit union’ Construction has been largely uninterrupted, awards. even while closely adhering to COVID-19 health protocols. The five-story, 300,000 All of these efforts were planned and square foot headquarters, near I-25 and executed to maintain our strength and stability. Interquest Parkway, is on schedule to open this Ultimately, they support our ability to continue summer. providing the tools, services and education that underpin our core mission: to help improve Far and away, our most significant your financial quality of life. As always, thank accomplishment was providing uninterrupted you for being an Ent owner-member and for service and support to members during the continuing to support our success. pandemic. We quickly rallied to help members by: funding close to 10,000 emergency loans; providing 900 members with mortgage loan payment forbearance; waiving/reducing fees; offering assistance on 128 Corporate Loans; and swiftly launching health practices to keep members safe at service centers. Ronald P. Martinez, CFA Chairman Expansion, the pandemic and wildfires also Board of Directors 2020: YEAR IN REVIEW

TOTAL ASSETS 12.0% increase $7.49 BILLION ENT RETURNED Total Assets grew by $803.5 million. TO MEMBERS

TOTAL 20.8% MORE THAN increase $39M $5.87 BILLION IN DIVIDENDS Loan Portfolio grew by $1 billion. MORE THAN TOTAL MEMBERSHIP $5.3M 9.7% IN ENT EXTRAS® increase 410,606 OWNER REWARDS Membership grew by 36,220.

IN OUR COMMUNITIES

Fall Heart Forward Campaign

EMPLOYEE HOURS $17 7,671 DONATIONS 433 VOLUNTEERED

ENT WAS RECOGNIZED AS

Finalist Finalist I am pleased to report Continued member demand that Colorado’s resilient for new cars and homes economy combined with plus a record $100 million in Ent’s conservative operating Corporate Loans resulted in philosophy has yielded record loan volume. In 2020, another year of exceptional total loans grew by 20.8%, Board of Directors: financial performance. totaling $5.87 billion. Individual membership RONALD P. MARTINEZ, CFA Chairman increased by 36,220 while PAM NICHOLSON total assets rose 12% to Vice Chair $7.49 billion at year-end. CHRIS VADALA Net income was distributed Secretary to reserves and undivided WILLIAM AYEN

TREASURER’S REPORT William Ayen earnings, with total equity Treasurer Treasurer ending at $830.6 million. DEBBIE CHANDLER Board of Directors Director TIM DRUMMER Director WALTER R. GLOVER Director RICHARD A. KALLETTA Director Our Core Values: Member-Centric • Forward-Thinking • Community-Minded MEREDITH VAUGHAN Director

Ent’s Supervisory Committee, After reviewing this year’s appointed by Ent’s Board of annual audit report, the Directors, is responsible for Supervisory Committee overseeing the credit union’s unanimously agreed Ent is safety and soundness. It financially solid and is being does so by ensuring Ent operated safely and soundly. has effective oversight and The Supervisory Committee appropriate controls in place also serves as the members’ for financial, operational and representative to the Board compliance processes. In of Directors. Any member Senior Management: addition to confirming Ent’s who experiences a problem, CHAD GRAVES compliance with state and or feels an existing problem Chief Executive Officer federal regulations, credit remains unsolved after MOLLIE BELL union bylaws and generally management has become Chief Development Officer accepted accounting principles involved, may write to: MJ COON (GAAP), the Supervisory Chairman of the Supervisory Chief Financial Officer Committee evaluates Ent’s Committee, P.O. Box 10198, MATT GENDRON processes to ensure they Colorado Springs, CO 80932. Chief Engagement Officer support the credit union’s code BOB KELLNER of ethics and strategic goals. Chief Risk Officer The Committee also supervises

SUPERVISORY COMMITTEE REPORT CHRIS MARSHALL an annual external audit of the Chief Technology Officer credit union’s financial records,

verifies member accounts JON PAUKOVICH Sheri L. Trumpfheller Chief Lending Officer and reports the results to the Chairman Board. RICH SCHOLES Supervisory Committee Chief Experience Officer JENNIFER SUSSMAN Chief Marketing Officer WILLIAM VOGENEY Chief Revenue Officer CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

ASSETS DECEMBER 31, 2020 DECEMBER 31, 2019 Loans To Members (Net of Allowance) 5,871,958,263 4,862,776,133 Loans Held for Sale 169,781,718 406,630,332 Cash 54,994,474 52,765,991 Investments 1,019,299,042 1,132,853,815 Furniture and Equipment 25,104,411 13,100,571 Land and Buildings 203,683,730 107,942,47 7 National CU Share Insurance Fund 53,824,991 44,869,341 Other Assets 90,789,772 64,975,353 Total Assets 7,489,436,401 6,685,914,013

LIABILITIES, DEPOSITS AND EQUITY Accounts Payable 70,933,592 37,297,029 Notes Payable 7 7,289,968 583,475,243 Other Liabilities 141,189,021 97,157,850 Total Liabilities 289,412,582 717,930,123

Savings 1,666,750,677 1,168,095,426 Checking 1,466,477,255 1,093,076,788 Money Market 2,085,777,901 1,693,407,569 Individual Retirement Accounts 242,879,552 228,243,649 Certificates 907, 556,101 990,929,297 Total Deposits 6,369,441,487 5,173,752,729

Reserves 55,244,870 50,550,493 Undivided Earnings 7 75, 337,463 743,680,668 Total Equity 830,582,333 794,231,161

Total Liabilities, Deposits and Equity 7,489,436,401 6,685,914,013

INCOME AND DISTRIBUTION Gross Income 309,248,046 291,591,368

Distribution of Gross Income Expenses 230,982,494 167,401,991 Member Dividends/Interest Expense 41,299,684 42,459,178 Ent Extras® Owner Rewards 5,309,074 12,312,122 Net Income Distributed to Reserves 31,656,794 69,418,078 and Undivided Earnings Total Distribution of Gross Income 309,248,046 291,591,368

Components may not sum due to rounding.