ANNUAL REPORT ANNUAL REPORT - Signal Financial Federal ...
AN RE NU PO A L RT
Simplify your banking one step at a time
2015
C & HA PR IR ES MA I D N’ E S RE NT’ PO S RT
Simplify your banking, one step at a time
In 2014, we promised to “take the next big step” in transforming the credit union to make YOUR financial experience the ultimate in quality service and convenience. Adopted that year, our vision for the future is: “To be the credit union of choice for our current and future membership as their lifelong primary financial partner.” When we began 2015, we said “How can we become the credit union of choice for our members?”
2015 was a year of exciting changes, challenges and positioning as our new leadership
»
line. No worries! Likewise, Me2Me and Pay a Person online enable you to transfer funds between accounts at other financial institutions to your Credit Union accounts or to other people. All of this is done securely and without you ever having to write a check.
»
NEW & INNOVATIVE PRODUCTS & SERVICES FOR YOU
»
SHOPPING FOR A HOME SHOULDN’T BE COMPLICATED—WE MAKE IT EASY
IT’S ALL ABOUT YOU! In 2015, we surveyed members to see what THEY wanted in terms of products and services at the credit union. The results became our blueprint for the future as we restructure and repackage products to make your financial life with us simply better!
team brought to action a plan for the future that
What did we learn about you? You really like and/or want:
revolves around
Simpler and easier banking
Convenience
Me2Me Transfers
the needs of our
More electronic banking services
More options
Remote deposit transfer of checks using smartphone
entire membership.
Knowledgeable employees
No-Fee VISA® balance transfer
Email communications (versus paper)
Online banking
Good service Friendly employees
We found out a lot about what you’d like for the future, and most importantly, where we can improve. We were surprised to learn that many members don’t know we offer a FREE checking account—our checking account has been free for many years, with no minimum balance and no item fees. This simple free checking account has grown over the years to be the center of a host of convenience services—debit cards, mobile banking, online banking with Bill Pay and more. If you don’t have our checking account, it may be time for a second look. If you already do … enjoy! Others didn’t know that we have the lowest rate and no fee on our VISA Balance Transfer. We still only charge 2.95% for 24 months or 3.95% for 36 months. Our members have options in how to manage their debt wisely. “Add More Free ATMs” was suggested by many members. Did you know that as a Signal Financial member, you have free access to over 80,000 ATMs within our Allpoint and CO-OP ATM networks?
»
SIMPLY BETTER BANKING—MOBILE SERVICES ENHANCED We’ve met the challenge by providing a full range of mobile services for anytime access— convenient for YOU. In 2015, we upgraded our mobile services to include more user-friendly screens and better access to services. Remote Deposit Anywhere (RDA) enables you to tap, snap and deposit checks via our app, saving you time and money. No trips to the branch, no waiting in
Buying a car is a BIG DEAL for most people, and we want to be a part of your journey so that you get the BEST DEAL. That’s why in 2015 we introduced the Signal Premier Auto Connection service, featuring online access through TRUECar®. Members enjoy upfront pricing, guaranteed savings and no negotiation with participating dealers. Our members saved an average of $3,342.00 off the MSRP price of their cars, and those that took advantage of our GAP insurance saved an additional $499 over what the dealers were charging. It’s a great way to save money—twice! Then with our low rate financing options—three times! There isn’t a better way to buy a new or used car.
In the Spring of 2015, Signal Financial introduced HomeAdvantageTM, a program that makes it easier for members to search for or sell a home, connect with local realtors, and receive 20% of the realtor’s commission as cash back at settlement. So, join this privileged group of members who, in 2015, received an average $1,890.00 in realtor fees back at settlement! HomeAdvantage is absolutely free to use and puts all the real estate tools you could ever want or need under one roof—ours! A great real estate service needs great loan products to go along with it. So, we launched the area’s only 5/5 Adjustable Rate Mortgage (ARM) with a maximum 1% rate adjustment after 5 years! For members looking to lock in today’s low rates, without the fear of high rates in the future, this is the product for you. This unique product allows members to build up equity and pay down principal more quickly AND get more house for less. Better yet, it has been proven to be cheaper than any fixed-rate 30-year mortgage! “We heard you!” and began offering FHA financing early in 2015 together with our 100% financing First Time Home Buyers program. We want home ownership to be affordable for more members, and this is one more way we can achieve that goal. Our mortgage professionals are trained to help members into the right home loan product. This can make all the difference, and in some cases, enable them to buy a home for the same monthly payment as their rent. Low interest rates and favorable loan terms at Signal Financial make borrowing for a home simpler and cheaper than with many other lenders. Due to popular demand, in 2015 we extended our 1.99% APR 12-month introductory rate on our Home Equity Line of Credit, helping members finance their big purchases, college tuition, additions to their homes and more.
WE’RE STILL TOPS IN THE DC AREA ON RATES! Offering competitive rates and low fees have always been an important means of providing our members excellent value for their membership. Surveys of area financial institutions continue to support that we are highly-competitive in so many areas, often surpassing the competition: fewer fees, higher-rates on term share certificates, lower rates on auto loans, mortgage loans, equity lines … you name it. We continue to shine in this category. To celebrate our 68th year, in September, we rolled out a 1.68% certificate of deposit for 36 months. Members flocked to take advantage of this promotion, which ran until year-end. The results? Members brought us $5.5 million in new deposits, which are then used to help out fellow members who wish to borrow for cars, homes or personal loans.
»
»
BUSINESS SERVICES HELPS BUSINESS COMMUNITY THRIVE Now nearly 10 years young, our thriving Business Services division continues to provide a full range of financial management services to small and medium-sized businesses in the Metro area. Excellent products and competitive rates continue to attract more business loans to Signal. We now manage over $80.4 million in our growing commercial loan portfolio, and we will increase that number dramatically in 2016.
AS PROMISED, WE’RE MAKING BANKING WITH US GREENER AND SAFER Simplifying your credit union experience starts with the ease, safety and convenience of e-Services. We’ve long advocated doing business with us using direct deposit, e-Services and other electronic services, like debit cards. We encouraged members to sign up for e-Statements to help them secure their information, save a tree, eliminate clutter, and enjoy the convenience of having their statements available online on demand. We converted all our VISA Credit Cards to the latest chip-embedded encrypted cards, adding the state-of-the-art security features to further protect our members. E-services are not only cost-effective for you, but they also save the Credit Union money, so we can return that to our members in the form of new and improved products. Through the latest technology and innovative services, we have proven that we CAN be your primary financial institution, and now we want to be your financial institution of CHOICE.
»
Capital remains very strong at $35.5 million or 10.64%, leaving us well-positioned to continue to invest in improving and expanding products and services to meet our members’ financial needs. Net Income in 2015 was $273,494, an increase of $262,899 from 2014. Overall, our assets increased to $333.3 million from $323.3 million, representing an increase of $10 Million. Of particular importance was our loan growth of 13.94%, or an increase of $31.3 million, to a new high of $256 million. Commercial loan growth of 47% was particularly striking, followed by auto loans increasing by 13.75%. Total shares increased by $3 million to $280.3 million. Members should be confident to entrust their financial well-being with credit unions; as a whole, the credit union community is very healthy. The National Credit Union Share Insurance Fund (NCUSIF) had an equity ratio of 1.29% at the end of 2015, which is excellent. Share accounts in federally insured credit unions are insured up to $250,000. The fund remains strong today as it has for 46 years when it was established in 1970. It is to provide deposit insurance to protect deposits of credit union members at insured institutions in the United States. The NCUSIF is funded completely by participating credit unions, and no taxpayer dollars have ever been used to bail out a credit union. The NCUSIF is backed by the full faith and credit of the United States government. I would like to acknowledge the support and dedication of the volunteers and staff for their hard work in protecting and managing your hard-earned money. I am confident that we will take the next steps together towards a future of growth and prosperity. Deborah Cullen, Treasurer
MOVING FORWARD ... ONE STEP AT A TIME In 2016, we will continue to streamline our products to meet your financial needs for excellent service. We will be encouraging new and existing members to sign up for a complete package of Signal Financial convenience services to save them valuable time and money. We’re convinced that once enrolled in the new product suites we will be launching, you’ll have confidence that you have an institution that listens to the needs of its members. To complement this, a new and improved website featuring an updated look and feel will launch mid-year. This new site promises simpler navigation and better access to the information you seek. Our goal is to provide you a simply better member experience! We would like to thank the Board of Directors, officials and staff of Signal Financial FCU for their service throughout the year. Our team has come together with one goal: To provide a superior experience for YOU! Thank you, members, for supporting the credit union with your financial relationship and for the trust you place in us. We’re moving in the right direction—Let’s continue this journey together! Andrew M. Mekelburg, Chair Francois R. Verleysen, President/CEO
The Supervisory Committee is responsible for overseeing the operations of the credit union. Our mission is to protect our members’ assets and make sure their funds are safeguarded. The Supervisory Committee is also responsible for making sure all internal controls are established and maintained effectively. We also ensure that all records are maintained properly and accurately. CliftonLarsonAllen, Certified Public Accountants, performed an independent financial statement audit of the year ending 2015. The Credit Union received an unmodified opinion for the audit. In addition, NCUA completed our examination in 2015, during which they observed no significant concerns. The Supervisory Committee believes all audits, verifications, examinations and compliance reviews present an accurate reflection of financial results, and the Credit Union’s assets remain sound and secure. Grant Olson, Supervisory Committee Chair
Y ' S RT OR EE O IS T T E P RV MI R PE M SU CO
Signal Financial FCU was established in 1947 as Washington Telephone FCU.
I am pleased to report that 2015 was a successful year for Signal Financial FCU, as we sustained our financial strength for a promising future.
S T R' R RE EPO SU R EA TR
»
S OF TAT FI EM N E CO AN NT ND CIA IT L IO N
T E EN OM EM IN C AT F ST O
2015
2014
can be found
Cash and Cash Equivalents Deposits in Other Financial Institutions Securities–Available for Sale Securities–Held to Maturity Other Investments Loans, Net Loans Held for Sale Accrued Interest Receivable Premises and Equipment, Net NCUSIF Deposit Other Assets
$11,503,097 1,449,000 3,768,444 47,550,747 1,414,627 256,005,508 153,919 1,223, 102 4,488,667 2,715,702 3,030,616
$9,813,450 10,014,000 4,425,805 54,614,467 1,098,341 224,656,634 – 1,082,098 4,799,646 2,672,608 10,100,033
on our website:
Total Assets
$333,303,429
$323,277,082
Years ended December 31, 2015 and 2014
Full audited financial statements
ASSETS
sfonline.org.
INTEREST INCOME AND EXPENSE Interest Income Loans Securities, Interest Bearing Deposits, Cash Equivalents Total Interest Income
Liabilities Members’ Share and Savings Accounts Borrowed Funds Accrued Interest Payable Accrued Expenses and Other Liabilities Total Liabilities
2015
2014
$280,315,103 15,150,000 242,863 2,093,909 297,801,875
$277,337,857 7,500,000 231,989 2,968,731 288,038,577
Members’ Equity Regular Reserves 6,430,310 6,430,310 Undivided Earnings 29,028,615 28,755,121 Accumulated Other Comprehensive Income 42,629 53,074 Total Members’ Equity 35,501,554 35,238,505 Total Liabilities and Members’ Equity
$333,303,429
2014
$11,775,459 828,071 12,063,530
$10,751,943 842,788 11,594,731
Interest Expense Members’ Share and Savings Accounts 1,347,384 1,299,389 Interest on Borrowed Funds 42,945 813 Total Interest Expenses 1,390,329 1,300,202 Net Interest Income
11,213,201
10,294,529
Provision for Loan Losses
1,200,436
704,119
$10,012,765
$9,590,410
2015
2014
$4,656,659 529,652 (37,155) 5,149,156
$4,139,320 401,000 28,242 4,568,562
Net Interest Income After Provision for Loan Losses LIABILITIES AND MEMBERS’ EQUITY
2015
NON-INTEREST INCOME AND EXPENSE Non-Interest Income Service Charges and Fees Other Non-Interest Income Gain (Loss) on Sale of Assets Total Non-Interest Income
Non-Interest Expense General and Administrative Employee Compensation and Benefits 7,858,347 7,826,903 Office Occupancy and Operations 2,927,185 2,939,233 Other Operating Expenses 4,102,895 3,382,241 Total Non-Interest Expense 14,888,427 14,148,377
$323,277,082 NET INCOME
$273,494
$10,595
Years ended December 31, 2015 and 2014
MARYLAND
WASHINGTON, D.C.
VIRGINIA
Kensington Branch 3015 University Boulevard, West Kensington, MD 20895 (301) 933-9100 or (800) 368-0108
CityCenterDC Branch 1201 New York Avenue NW Washington, DC 20005
Alexandria Branch 5510 Cherokee Avenue, Suite 130 Alexandria, VA 22312
Capitol Hill Branch 1391 Pennsylvania Avenue Washington, DC 20003
Ashburn Branch (restricted access) 22001 Loudoun Parkway Ashburn, VA 20147
Chesapeake Branch (restricted access) 13100 Columbia Pike Silver Spring, MD 20904
Columbia Heights Branch 1400 Irving Street, NW, Suite 115 Washington, DC 20010
Largo Branch 9500 Arena Drive, Suite 103 Largo, MD 20774
BOARD OF DIRECTORS
SUPERVISORY COMMITTEE
Andrew Mekelburg Chair
Grant Olson Chair
Mary McCormick Vice Chair
Mark Fieni Tammy Jeffers
Deborah Cullen Treasurer
Sandra Rubin
Jonathan Morrison Secretary Eileen Booker Dennis Fike Michael Harris Donna Hauprich Carl Tebell
3015 University Boulevard, West, Kensington, MD 20895 | 800-368-0108 | sfonline.org
Simplify your banking one step at a time
2015
C & HA PR IR ES MA I D N’ E S RE NT’ PO S RT
Simplify your banking, one step at a time
In 2014, we promised to “take the next big step” in transforming the credit union to make YOUR financial experience the ultimate in quality service and convenience. Adopted that year, our vision for the future is: “To be the credit union of choice for our current and future membership as their lifelong primary financial partner.” When we began 2015, we said “How can we become the credit union of choice for our members?”
2015 was a year of exciting changes, challenges and positioning as our new leadership
»
line. No worries! Likewise, Me2Me and Pay a Person online enable you to transfer funds between accounts at other financial institutions to your Credit Union accounts or to other people. All of this is done securely and without you ever having to write a check.
»
NEW & INNOVATIVE PRODUCTS & SERVICES FOR YOU
»
SHOPPING FOR A HOME SHOULDN’T BE COMPLICATED—WE MAKE IT EASY
IT’S ALL ABOUT YOU! In 2015, we surveyed members to see what THEY wanted in terms of products and services at the credit union. The results became our blueprint for the future as we restructure and repackage products to make your financial life with us simply better!
team brought to action a plan for the future that
What did we learn about you? You really like and/or want:
revolves around
Simpler and easier banking
Convenience
Me2Me Transfers
the needs of our
More electronic banking services
More options
Remote deposit transfer of checks using smartphone
entire membership.
Knowledgeable employees
No-Fee VISA® balance transfer
Email communications (versus paper)
Online banking
Good service Friendly employees
We found out a lot about what you’d like for the future, and most importantly, where we can improve. We were surprised to learn that many members don’t know we offer a FREE checking account—our checking account has been free for many years, with no minimum balance and no item fees. This simple free checking account has grown over the years to be the center of a host of convenience services—debit cards, mobile banking, online banking with Bill Pay and more. If you don’t have our checking account, it may be time for a second look. If you already do … enjoy! Others didn’t know that we have the lowest rate and no fee on our VISA Balance Transfer. We still only charge 2.95% for 24 months or 3.95% for 36 months. Our members have options in how to manage their debt wisely. “Add More Free ATMs” was suggested by many members. Did you know that as a Signal Financial member, you have free access to over 80,000 ATMs within our Allpoint and CO-OP ATM networks?
»
SIMPLY BETTER BANKING—MOBILE SERVICES ENHANCED We’ve met the challenge by providing a full range of mobile services for anytime access— convenient for YOU. In 2015, we upgraded our mobile services to include more user-friendly screens and better access to services. Remote Deposit Anywhere (RDA) enables you to tap, snap and deposit checks via our app, saving you time and money. No trips to the branch, no waiting in
Buying a car is a BIG DEAL for most people, and we want to be a part of your journey so that you get the BEST DEAL. That’s why in 2015 we introduced the Signal Premier Auto Connection service, featuring online access through TRUECar®. Members enjoy upfront pricing, guaranteed savings and no negotiation with participating dealers. Our members saved an average of $3,342.00 off the MSRP price of their cars, and those that took advantage of our GAP insurance saved an additional $499 over what the dealers were charging. It’s a great way to save money—twice! Then with our low rate financing options—three times! There isn’t a better way to buy a new or used car.
In the Spring of 2015, Signal Financial introduced HomeAdvantageTM, a program that makes it easier for members to search for or sell a home, connect with local realtors, and receive 20% of the realtor’s commission as cash back at settlement. So, join this privileged group of members who, in 2015, received an average $1,890.00 in realtor fees back at settlement! HomeAdvantage is absolutely free to use and puts all the real estate tools you could ever want or need under one roof—ours! A great real estate service needs great loan products to go along with it. So, we launched the area’s only 5/5 Adjustable Rate Mortgage (ARM) with a maximum 1% rate adjustment after 5 years! For members looking to lock in today’s low rates, without the fear of high rates in the future, this is the product for you. This unique product allows members to build up equity and pay down principal more quickly AND get more house for less. Better yet, it has been proven to be cheaper than any fixed-rate 30-year mortgage! “We heard you!” and began offering FHA financing early in 2015 together with our 100% financing First Time Home Buyers program. We want home ownership to be affordable for more members, and this is one more way we can achieve that goal. Our mortgage professionals are trained to help members into the right home loan product. This can make all the difference, and in some cases, enable them to buy a home for the same monthly payment as their rent. Low interest rates and favorable loan terms at Signal Financial make borrowing for a home simpler and cheaper than with many other lenders. Due to popular demand, in 2015 we extended our 1.99% APR 12-month introductory rate on our Home Equity Line of Credit, helping members finance their big purchases, college tuition, additions to their homes and more.
WE’RE STILL TOPS IN THE DC AREA ON RATES! Offering competitive rates and low fees have always been an important means of providing our members excellent value for their membership. Surveys of area financial institutions continue to support that we are highly-competitive in so many areas, often surpassing the competition: fewer fees, higher-rates on term share certificates, lower rates on auto loans, mortgage loans, equity lines … you name it. We continue to shine in this category. To celebrate our 68th year, in September, we rolled out a 1.68% certificate of deposit for 36 months. Members flocked to take advantage of this promotion, which ran until year-end. The results? Members brought us $5.5 million in new deposits, which are then used to help out fellow members who wish to borrow for cars, homes or personal loans.
»
»
BUSINESS SERVICES HELPS BUSINESS COMMUNITY THRIVE Now nearly 10 years young, our thriving Business Services division continues to provide a full range of financial management services to small and medium-sized businesses in the Metro area. Excellent products and competitive rates continue to attract more business loans to Signal. We now manage over $80.4 million in our growing commercial loan portfolio, and we will increase that number dramatically in 2016.
AS PROMISED, WE’RE MAKING BANKING WITH US GREENER AND SAFER Simplifying your credit union experience starts with the ease, safety and convenience of e-Services. We’ve long advocated doing business with us using direct deposit, e-Services and other electronic services, like debit cards. We encouraged members to sign up for e-Statements to help them secure their information, save a tree, eliminate clutter, and enjoy the convenience of having their statements available online on demand. We converted all our VISA Credit Cards to the latest chip-embedded encrypted cards, adding the state-of-the-art security features to further protect our members. E-services are not only cost-effective for you, but they also save the Credit Union money, so we can return that to our members in the form of new and improved products. Through the latest technology and innovative services, we have proven that we CAN be your primary financial institution, and now we want to be your financial institution of CHOICE.
»
Capital remains very strong at $35.5 million or 10.64%, leaving us well-positioned to continue to invest in improving and expanding products and services to meet our members’ financial needs. Net Income in 2015 was $273,494, an increase of $262,899 from 2014. Overall, our assets increased to $333.3 million from $323.3 million, representing an increase of $10 Million. Of particular importance was our loan growth of 13.94%, or an increase of $31.3 million, to a new high of $256 million. Commercial loan growth of 47% was particularly striking, followed by auto loans increasing by 13.75%. Total shares increased by $3 million to $280.3 million. Members should be confident to entrust their financial well-being with credit unions; as a whole, the credit union community is very healthy. The National Credit Union Share Insurance Fund (NCUSIF) had an equity ratio of 1.29% at the end of 2015, which is excellent. Share accounts in federally insured credit unions are insured up to $250,000. The fund remains strong today as it has for 46 years when it was established in 1970. It is to provide deposit insurance to protect deposits of credit union members at insured institutions in the United States. The NCUSIF is funded completely by participating credit unions, and no taxpayer dollars have ever been used to bail out a credit union. The NCUSIF is backed by the full faith and credit of the United States government. I would like to acknowledge the support and dedication of the volunteers and staff for their hard work in protecting and managing your hard-earned money. I am confident that we will take the next steps together towards a future of growth and prosperity. Deborah Cullen, Treasurer
MOVING FORWARD ... ONE STEP AT A TIME In 2016, we will continue to streamline our products to meet your financial needs for excellent service. We will be encouraging new and existing members to sign up for a complete package of Signal Financial convenience services to save them valuable time and money. We’re convinced that once enrolled in the new product suites we will be launching, you’ll have confidence that you have an institution that listens to the needs of its members. To complement this, a new and improved website featuring an updated look and feel will launch mid-year. This new site promises simpler navigation and better access to the information you seek. Our goal is to provide you a simply better member experience! We would like to thank the Board of Directors, officials and staff of Signal Financial FCU for their service throughout the year. Our team has come together with one goal: To provide a superior experience for YOU! Thank you, members, for supporting the credit union with your financial relationship and for the trust you place in us. We’re moving in the right direction—Let’s continue this journey together! Andrew M. Mekelburg, Chair Francois R. Verleysen, President/CEO
The Supervisory Committee is responsible for overseeing the operations of the credit union. Our mission is to protect our members’ assets and make sure their funds are safeguarded. The Supervisory Committee is also responsible for making sure all internal controls are established and maintained effectively. We also ensure that all records are maintained properly and accurately. CliftonLarsonAllen, Certified Public Accountants, performed an independent financial statement audit of the year ending 2015. The Credit Union received an unmodified opinion for the audit. In addition, NCUA completed our examination in 2015, during which they observed no significant concerns. The Supervisory Committee believes all audits, verifications, examinations and compliance reviews present an accurate reflection of financial results, and the Credit Union’s assets remain sound and secure. Grant Olson, Supervisory Committee Chair
Y ' S RT OR EE O IS T T E P RV MI R PE M SU CO
Signal Financial FCU was established in 1947 as Washington Telephone FCU.
I am pleased to report that 2015 was a successful year for Signal Financial FCU, as we sustained our financial strength for a promising future.
S T R' R RE EPO SU R EA TR
»
S OF TAT FI EM N E CO AN NT ND CIA IT L IO N
T E EN OM EM IN C AT F ST O
2015
2014
can be found
Cash and Cash Equivalents Deposits in Other Financial Institutions Securities–Available for Sale Securities–Held to Maturity Other Investments Loans, Net Loans Held for Sale Accrued Interest Receivable Premises and Equipment, Net NCUSIF Deposit Other Assets
$11,503,097 1,449,000 3,768,444 47,550,747 1,414,627 256,005,508 153,919 1,223, 102 4,488,667 2,715,702 3,030,616
$9,813,450 10,014,000 4,425,805 54,614,467 1,098,341 224,656,634 – 1,082,098 4,799,646 2,672,608 10,100,033
on our website:
Total Assets
$333,303,429
$323,277,082
Years ended December 31, 2015 and 2014
Full audited financial statements
ASSETS
sfonline.org.
INTEREST INCOME AND EXPENSE Interest Income Loans Securities, Interest Bearing Deposits, Cash Equivalents Total Interest Income
Liabilities Members’ Share and Savings Accounts Borrowed Funds Accrued Interest Payable Accrued Expenses and Other Liabilities Total Liabilities
2015
2014
$280,315,103 15,150,000 242,863 2,093,909 297,801,875
$277,337,857 7,500,000 231,989 2,968,731 288,038,577
Members’ Equity Regular Reserves 6,430,310 6,430,310 Undivided Earnings 29,028,615 28,755,121 Accumulated Other Comprehensive Income 42,629 53,074 Total Members’ Equity 35,501,554 35,238,505 Total Liabilities and Members’ Equity
$333,303,429
2014
$11,775,459 828,071 12,063,530
$10,751,943 842,788 11,594,731
Interest Expense Members’ Share and Savings Accounts 1,347,384 1,299,389 Interest on Borrowed Funds 42,945 813 Total Interest Expenses 1,390,329 1,300,202 Net Interest Income
11,213,201
10,294,529
Provision for Loan Losses
1,200,436
704,119
$10,012,765
$9,590,410
2015
2014
$4,656,659 529,652 (37,155) 5,149,156
$4,139,320 401,000 28,242 4,568,562
Net Interest Income After Provision for Loan Losses LIABILITIES AND MEMBERS’ EQUITY
2015
NON-INTEREST INCOME AND EXPENSE Non-Interest Income Service Charges and Fees Other Non-Interest Income Gain (Loss) on Sale of Assets Total Non-Interest Income
Non-Interest Expense General and Administrative Employee Compensation and Benefits 7,858,347 7,826,903 Office Occupancy and Operations 2,927,185 2,939,233 Other Operating Expenses 4,102,895 3,382,241 Total Non-Interest Expense 14,888,427 14,148,377
$323,277,082 NET INCOME
$273,494
$10,595
Years ended December 31, 2015 and 2014
MARYLAND
WASHINGTON, D.C.
VIRGINIA
Kensington Branch 3015 University Boulevard, West Kensington, MD 20895 (301) 933-9100 or (800) 368-0108
CityCenterDC Branch 1201 New York Avenue NW Washington, DC 20005
Alexandria Branch 5510 Cherokee Avenue, Suite 130 Alexandria, VA 22312
Capitol Hill Branch 1391 Pennsylvania Avenue Washington, DC 20003
Ashburn Branch (restricted access) 22001 Loudoun Parkway Ashburn, VA 20147
Chesapeake Branch (restricted access) 13100 Columbia Pike Silver Spring, MD 20904
Columbia Heights Branch 1400 Irving Street, NW, Suite 115 Washington, DC 20010
Largo Branch 9500 Arena Drive, Suite 103 Largo, MD 20774
BOARD OF DIRECTORS
SUPERVISORY COMMITTEE
Andrew Mekelburg Chair
Grant Olson Chair
Mary McCormick Vice Chair
Mark Fieni Tammy Jeffers
Deborah Cullen Treasurer
Sandra Rubin
Jonathan Morrison Secretary Eileen Booker Dennis Fike Michael Harris Donna Hauprich Carl Tebell
3015 University Boulevard, West, Kensington, MD 20895 | 800-368-0108 | sfonline.org
