2014 Annual Report lowres
O
n behalf of the Board of Directors, Supervisory Committee, and staff, it is my pleasure to present this annual report to the members of SF Fire Credit Union.
John E. Sweeney Chairman
Brook Baker Frances E. Lee
Edward A. Liggins
James P. Olson
Bridget O’Rourke Nicholas Russo
Reflecting upon the past year, it’s one I would describe as successful at the credit union. We continued carrying forward the traditions of our
Sup e rv i s o ry C o mm i t t e e
founding members, who began meeting the financial services needs of
Janet L. Brock Michael Moran Chairman Secretary
San Francisco firefighters out of a small office at 17 Engine in 1951. We strived to provide a level of personal service which embodies the values that Art McIntyre, Larry Murray, Larry Kelly, Jake Palu, Ed Mitch-
John Diluzio Kevin Kuhn
Patrick J. Rabbitt
ell, Bill Mooney, Frank Brissette, John Tully, George Kelley, and others
Leadership Team
instilled in SF Fire Credit Union over sixty years ago. Our staff and
Darren Herrmann President Chief Executive Officer
management were successful in upholding these values, and I appreciate their steadfast commitment to improving the financial lives of our members.
We also recognize and appreciate our good fortune in having a member-
Jennifer Ebert Sr. Vice President Finance/Accounting
Trey Reeme Sr. Vice President Member Connections
same. This loyalty and confidence you have in SF Fire Credit Union has always been the key to its success, and what assures us a long and prosperous future. As a member-owned financial cooperative we exist to provide you with the best possible value, and in a manner which maintains the safety and soundness of your credit union. It’s a responsibility taken very seriously, and one we consider an honor to have bestowed upon us. In closing, I thank you for being a member of SF Fire Credit Union and appreciate your continued faith in us as an organization. Best Regards,
John Sweeney
Richard Smith Sr. Vice President Member Experience
Annual Meeting of the Members
S ta f f
ship which is supportive and engaged. Many consider us their primary financial institution, and encourage their family and friends to do the
63
rd
Board of Directors
Message from the Chairman of the Board
Alden R. Aleksey C. Ana S. Angela D. Anita H. Anna F. Anna F. Ariana M. Arsen P. Ashton B. Boris B. Brian S. Brianna V. Caitlin R. Cameron B. Carlos V. Chloe K. Chris V. Cindy W. Claudia C. Corina C. Crystal L. Curtis H. Cynthia O.
Daphne C. Dave L. David L. Deanne N. Debbie C. Dennis A. Dennis P. Devin H. Eileen S. Evan A. Frank L. Gene B. Genie C. Glenn G. Hannah S. Harriett H. Herman W. Hilda M. Humphrey D. Ian W. Iwan M. Janice B. Jason W. Jeanée B.
Jeanette G. Jeanny L. Jeffrey L. Jimmy T. Joe A. Joel G. Juanita H. Judy P. Julie M. Kathy H. Larry G. Lillian T. Lory O. Maddison M. Mae P. Maiya K. Manuela F. Marat B. Margarita J. Margarita M. Maria C. Mary Grace C. Matthew C. Matthew S.
Max E. Mayte M. Melina M. Michael S. Monica C. Naazia A. Naray S. Natali C. Natalie C. Neil C. Nick C. Noemi R. Olga B. Patricia R. Patrick L. Paul G. Perla B. Rachel A. Rebecca Y. Renee R. Robert C. Robert P. Rodney B. Ron L.
Back Cover 5.75”
Rujni A. Russ S. Sam M. Sandra G. Sandra L. Shavon P. Simon C. Shelley P.H. Stephen S. Susan G. Susan T. Susana R. Tatiana J. Theresa M. Tina C. Uriel d.L. Valerie B. Vicky C. Victoria E. Viki L. William R. Xiomara H. Yen H. Yolanda W.
2013 An n ual Re port
Message from the President & Chief Executive Officer Welcome to the 63rd Annual Meeting of the Members of SF Fire Credit Union. It’s a wonderful opportunity for us to reflect on the past year, and for me to share some thoughts regarding what’s in store for us in 2014. As we look back at 2013, I’d describe it as a very good year for SF Fire Credit Union. As the owners of this financial cooperative, members should be pleased to know that our financial performance remained strong. Profitability is important for all credit unions, including ours. It’s how we ensure long-term viability, and provide members with the products and services to meet their needs in an ever-evolving financial services marketplace. SF Fire Credit Union had an operating profit of $8.5 million in 2013, which was $1.2 million more than the previous year. This brings our total reserves to over $70 million dollars, which positions us as well capitalized and provides assurance that we’ll be here to serve members well into the future. Our commitment to providing you with the best possible service remained steadfast in 2013. A new branch opened at Mint Plaza, very close to where we began at 17 Engine on Jessie Street back in 1951. Those of you with busy schedules can now make branch appointments to open new accounts, apply for loans, or meet with a financial advisor or mortgage consultant. Many of our members are entrepreneurs, so we expanded our business services program to offer SBA (Small Business Administration) loans. And knowing the importance you place on education, we expanded student loans to include kindergarten through high school and increased our Arthur F. McIntyre Scholarships from $1,000 to $2,500. In regards to what’s in store for 2014, rest assured that we’ll continue working hard to make doing business with us even easier, and with the high level of personal service you deserve. I expect a sustained recovery of our local economy, with my optimism being fueled by continued improvements in the job and real estate markets. While this should be a good year for us, it will not be one without challenges. In 2014 we will likely see renewed attacks by the banking lobby, who will aggressively lobby Congress to subject not-for-profit credit unions to for-profit corporate taxation. Many of you answered our call for help on this issue last fall, and sent over 5,200 messages to elected officials asking them not to tax our credit union. We were humbled by your response, and would greatly appreciate your standing with us again should we need your help on this or other legislative-related issues that may arise over the course of the year. In the meantime, thank you for your continued loyalty and support and know that all of us at SF Fire Credit Union consider it a privilege to be your financial institution of choice.
Sup e r v i s o r y C o mm i t t e e R e p o r t
F i n a n c i a l Summ a r y a n d h i g h l i g h t s
The Supervisory Committee independently evaluates the soundness of SF Fire
As the Senior Vice President of Finance &
Credit Union’s operations and activities, ensuring that management implements
Accounting for SF Fire Credit Union, I am
sound internal controls and maintains practices and procedures that adhere to
excited to share our 2013 financial results
accepted general accounting principles. In doing so, they carry out the following
with you.
primary responsibilities: • Protection of members’ funds and interests
• Safeguarding of assets • Compliance with regulations, policies and procedures • Reliability of financial records
We continued to see record growth in 2013 by way of new members, new loans and new deposits, while continuing our tradition of exceptional service. 2013 was also a profitable year for SF Fire Credit
The Committee meets regularly to review and discuss internal controls as well
Union, with earnings of over $8.5 million,
as auditing matters. It also retains an independent accounting firm to perform
allowing us to strengthen our equity hold-
an annual financial audit and issue certified financial statements as they relate
ings and position ourselves for continued
to the overall financial condition of SF Fire Credit Union. The Supervisory
financial health.
Committee members also serve on other standing and special committees at the
We are proud to be your financial ser-
request of the Board of Directors. Each member reviews specific areas in executing his or her responsibilities to the membership at large. Committee members are:
vices provider and look forward to serving our members for many years to come.
Janet L. Brock
John L. Diluzio
Patrick J. Rabbitt
Kevin Kuhn
Michael R. Moran
Based on the results of the 2013 annual audit performed by certified public accountants Moss-Adams LLP as well as periodic audits conducted by Ameri-
Jennifer Ebert Sr.Vice President Finance & Accounting
can Share Insurance and the California Department of Financial Institutions,
total assets (in millions)
2013 2012
$916.8 $916.8 $916.8 $854.7 $854.7 $916.8 $854.7 total loans (in millions) $854.7 $568.5 $568.5 $568.5 $482.4 $482.4 $568.5 $482.4 $482.4 total deposits (in millions) $843.9 $843.9 $843.9 $785.5 $785.5 $843.9 $785.5 $785.5 total reserves (in millions) $70.1 $70.1 $70.1 $61.6 $61.6 $70.1 $61.6 $61.6
we conclude that SF Fire Credit Union has adequate financial controls and is financially sound. Copies of these audits are available to members upon request. Distribution of deposit portfolio (as of December 31, 2013)
Regular Shares - 11%
Regular SharesRegular - 11% Shares - 11% Regular Shares - 11%
Share Drafts - 19% Share Drafts - 19% Share Drafts - 19% Share Drafts - 19%
IRAs - 5% IRAs - 5% Certificates - 25% Certificates - 25% - 25% Certificates - 25% Certificates Money Mkt Shares - 39% MktMoney Shares - 39% Mkt Shares - 39% MoneyMoney Mkt Shares - 39% Other - 1% Other - 1%Other - 1%
IRAs - 5% IRAs - 5%
Janet L. Brock Chairman
Other - 1%
President and Chief Executive Officer
Annual Meeting of the Members
$916.8 $916.8
Distribution of loan portfolio (as of December 31, 2013) Other Consumer Loans - 4%
Other Loans Consumer Other Consumer - 4%Loans - 4% Other Consumer Loans - 4% CreditCredit CardsCards - 9%- 9% Credit Cards 9% - 9% Credit -Cards Vehicle Loans10% - 10% Vehicle Loans Vehicle Loans 10% - -10% Vehicle Loans Real Estate - HELOC - 15% Real HELOC - 15% Real Estate - HELOC - 15%- 15% RealEstate Estate --HELOC Real Estate - Variable Rate Real Estate - Variable Rate -Rate 32% RealEstate Estate --Variable - 32% Real Variable Rate -3 Real Estate - Fixed Rate - 26 Real Estate Fixed Rate 26% RealEstate Estate --Fixed - 26% Real FixedRate Rate - 26% Business Loans - 4% Business Loans Loans - 4% - 4% Business
Business Loans - 4%
n behalf of the Board of Directors, Supervisory Committee, and staff, it is my pleasure to present this annual report to the members of SF Fire Credit Union.
John E. Sweeney Chairman
Brook Baker Frances E. Lee
Edward A. Liggins
James P. Olson
Bridget O’Rourke Nicholas Russo
Reflecting upon the past year, it’s one I would describe as successful at the credit union. We continued carrying forward the traditions of our
Sup e rv i s o ry C o mm i t t e e
founding members, who began meeting the financial services needs of
Janet L. Brock Michael Moran Chairman Secretary
San Francisco firefighters out of a small office at 17 Engine in 1951. We strived to provide a level of personal service which embodies the values that Art McIntyre, Larry Murray, Larry Kelly, Jake Palu, Ed Mitch-
John Diluzio Kevin Kuhn
Patrick J. Rabbitt
ell, Bill Mooney, Frank Brissette, John Tully, George Kelley, and others
Leadership Team
instilled in SF Fire Credit Union over sixty years ago. Our staff and
Darren Herrmann President Chief Executive Officer
management were successful in upholding these values, and I appreciate their steadfast commitment to improving the financial lives of our members.
We also recognize and appreciate our good fortune in having a member-
Jennifer Ebert Sr. Vice President Finance/Accounting
Trey Reeme Sr. Vice President Member Connections
same. This loyalty and confidence you have in SF Fire Credit Union has always been the key to its success, and what assures us a long and prosperous future. As a member-owned financial cooperative we exist to provide you with the best possible value, and in a manner which maintains the safety and soundness of your credit union. It’s a responsibility taken very seriously, and one we consider an honor to have bestowed upon us. In closing, I thank you for being a member of SF Fire Credit Union and appreciate your continued faith in us as an organization. Best Regards,
John Sweeney
Richard Smith Sr. Vice President Member Experience
Annual Meeting of the Members
S ta f f
ship which is supportive and engaged. Many consider us their primary financial institution, and encourage their family and friends to do the
63
rd
Board of Directors
Message from the Chairman of the Board
Alden R. Aleksey C. Ana S. Angela D. Anita H. Anna F. Anna F. Ariana M. Arsen P. Ashton B. Boris B. Brian S. Brianna V. Caitlin R. Cameron B. Carlos V. Chloe K. Chris V. Cindy W. Claudia C. Corina C. Crystal L. Curtis H. Cynthia O.
Daphne C. Dave L. David L. Deanne N. Debbie C. Dennis A. Dennis P. Devin H. Eileen S. Evan A. Frank L. Gene B. Genie C. Glenn G. Hannah S. Harriett H. Herman W. Hilda M. Humphrey D. Ian W. Iwan M. Janice B. Jason W. Jeanée B.
Jeanette G. Jeanny L. Jeffrey L. Jimmy T. Joe A. Joel G. Juanita H. Judy P. Julie M. Kathy H. Larry G. Lillian T. Lory O. Maddison M. Mae P. Maiya K. Manuela F. Marat B. Margarita J. Margarita M. Maria C. Mary Grace C. Matthew C. Matthew S.
Max E. Mayte M. Melina M. Michael S. Monica C. Naazia A. Naray S. Natali C. Natalie C. Neil C. Nick C. Noemi R. Olga B. Patricia R. Patrick L. Paul G. Perla B. Rachel A. Rebecca Y. Renee R. Robert C. Robert P. Rodney B. Ron L.
Back Cover 5.75”
Rujni A. Russ S. Sam M. Sandra G. Sandra L. Shavon P. Simon C. Shelley P.H. Stephen S. Susan G. Susan T. Susana R. Tatiana J. Theresa M. Tina C. Uriel d.L. Valerie B. Vicky C. Victoria E. Viki L. William R. Xiomara H. Yen H. Yolanda W.
2013 An n ual Re port
Message from the President & Chief Executive Officer Welcome to the 63rd Annual Meeting of the Members of SF Fire Credit Union. It’s a wonderful opportunity for us to reflect on the past year, and for me to share some thoughts regarding what’s in store for us in 2014. As we look back at 2013, I’d describe it as a very good year for SF Fire Credit Union. As the owners of this financial cooperative, members should be pleased to know that our financial performance remained strong. Profitability is important for all credit unions, including ours. It’s how we ensure long-term viability, and provide members with the products and services to meet their needs in an ever-evolving financial services marketplace. SF Fire Credit Union had an operating profit of $8.5 million in 2013, which was $1.2 million more than the previous year. This brings our total reserves to over $70 million dollars, which positions us as well capitalized and provides assurance that we’ll be here to serve members well into the future. Our commitment to providing you with the best possible service remained steadfast in 2013. A new branch opened at Mint Plaza, very close to where we began at 17 Engine on Jessie Street back in 1951. Those of you with busy schedules can now make branch appointments to open new accounts, apply for loans, or meet with a financial advisor or mortgage consultant. Many of our members are entrepreneurs, so we expanded our business services program to offer SBA (Small Business Administration) loans. And knowing the importance you place on education, we expanded student loans to include kindergarten through high school and increased our Arthur F. McIntyre Scholarships from $1,000 to $2,500. In regards to what’s in store for 2014, rest assured that we’ll continue working hard to make doing business with us even easier, and with the high level of personal service you deserve. I expect a sustained recovery of our local economy, with my optimism being fueled by continued improvements in the job and real estate markets. While this should be a good year for us, it will not be one without challenges. In 2014 we will likely see renewed attacks by the banking lobby, who will aggressively lobby Congress to subject not-for-profit credit unions to for-profit corporate taxation. Many of you answered our call for help on this issue last fall, and sent over 5,200 messages to elected officials asking them not to tax our credit union. We were humbled by your response, and would greatly appreciate your standing with us again should we need your help on this or other legislative-related issues that may arise over the course of the year. In the meantime, thank you for your continued loyalty and support and know that all of us at SF Fire Credit Union consider it a privilege to be your financial institution of choice.
Sup e r v i s o r y C o mm i t t e e R e p o r t
F i n a n c i a l Summ a r y a n d h i g h l i g h t s
The Supervisory Committee independently evaluates the soundness of SF Fire
As the Senior Vice President of Finance &
Credit Union’s operations and activities, ensuring that management implements
Accounting for SF Fire Credit Union, I am
sound internal controls and maintains practices and procedures that adhere to
excited to share our 2013 financial results
accepted general accounting principles. In doing so, they carry out the following
with you.
primary responsibilities: • Protection of members’ funds and interests
• Safeguarding of assets • Compliance with regulations, policies and procedures • Reliability of financial records
We continued to see record growth in 2013 by way of new members, new loans and new deposits, while continuing our tradition of exceptional service. 2013 was also a profitable year for SF Fire Credit
The Committee meets regularly to review and discuss internal controls as well
Union, with earnings of over $8.5 million,
as auditing matters. It also retains an independent accounting firm to perform
allowing us to strengthen our equity hold-
an annual financial audit and issue certified financial statements as they relate
ings and position ourselves for continued
to the overall financial condition of SF Fire Credit Union. The Supervisory
financial health.
Committee members also serve on other standing and special committees at the
We are proud to be your financial ser-
request of the Board of Directors. Each member reviews specific areas in executing his or her responsibilities to the membership at large. Committee members are:
vices provider and look forward to serving our members for many years to come.
Janet L. Brock
John L. Diluzio
Patrick J. Rabbitt
Kevin Kuhn
Michael R. Moran
Based on the results of the 2013 annual audit performed by certified public accountants Moss-Adams LLP as well as periodic audits conducted by Ameri-
Jennifer Ebert Sr.Vice President Finance & Accounting
can Share Insurance and the California Department of Financial Institutions,
total assets (in millions)
2013 2012
$916.8 $916.8 $916.8 $854.7 $854.7 $916.8 $854.7 total loans (in millions) $854.7 $568.5 $568.5 $568.5 $482.4 $482.4 $568.5 $482.4 $482.4 total deposits (in millions) $843.9 $843.9 $843.9 $785.5 $785.5 $843.9 $785.5 $785.5 total reserves (in millions) $70.1 $70.1 $70.1 $61.6 $61.6 $70.1 $61.6 $61.6
we conclude that SF Fire Credit Union has adequate financial controls and is financially sound. Copies of these audits are available to members upon request. Distribution of deposit portfolio (as of December 31, 2013)
Regular Shares - 11%
Regular SharesRegular - 11% Shares - 11% Regular Shares - 11%
Share Drafts - 19% Share Drafts - 19% Share Drafts - 19% Share Drafts - 19%
IRAs - 5% IRAs - 5% Certificates - 25% Certificates - 25% - 25% Certificates - 25% Certificates Money Mkt Shares - 39% MktMoney Shares - 39% Mkt Shares - 39% MoneyMoney Mkt Shares - 39% Other - 1% Other - 1%Other - 1%
IRAs - 5% IRAs - 5%
Janet L. Brock Chairman
Other - 1%
President and Chief Executive Officer
Annual Meeting of the Members
$916.8 $916.8
Distribution of loan portfolio (as of December 31, 2013) Other Consumer Loans - 4%
Other Loans Consumer Other Consumer - 4%Loans - 4% Other Consumer Loans - 4% CreditCredit CardsCards - 9%- 9% Credit Cards 9% - 9% Credit -Cards Vehicle Loans10% - 10% Vehicle Loans Vehicle Loans 10% - -10% Vehicle Loans Real Estate - HELOC - 15% Real HELOC - 15% Real Estate - HELOC - 15%- 15% RealEstate Estate --HELOC Real Estate - Variable Rate Real Estate - Variable Rate -Rate 32% RealEstate Estate --Variable - 32% Real Variable Rate -3 Real Estate - Fixed Rate - 26 Real Estate Fixed Rate 26% RealEstate Estate --Fixed - 26% Real FixedRate Rate - 26% Business Loans - 4% Business Loans Loans - 4% - 4% Business
Business Loans - 4%
