Board of Directors. President s Message. sesloc.org

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Melvin Gilbert
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President s Message We ve had a busy and exciting year.

be completed in 2018. One major initiative is the rollout of Business Services in 2018.

It puts systems in place to meet regulatory standards for businesses; it also provides the full functionality

Many small business owners can now enjoy the same trust and service they have with their personal SESLOC accounts.

This year we provided nearly $21,000 in Education Grants to 43 schools... Board of s Dr.

Alden Shiers Board Financial Officer Barbara Melvin Secretary Tom Lebens Jim Park Jacquie Paulsen Pauline Shaffer

We know financial stress is a leading cause of physical health problems.

necessary to make sound financial decisions and achieve individual well-being.

BALANCE. We look forward to expanding this program in 2018.

This year we provided nearly $21,000 in Education Grants to 43 schools in San Luis Obispo and Northern Santa Barbara

These grants funded a wide range of projects and equipment, supporting science, social studies, robotics, listening

Your membership in the Credit Union helps build financial strength and stability not only for the Credit Union, but

1 President s Message We ve had a busy and exciting year. The core operating system conversion in early allowed us to begin laying the groundwork for large projects that will be completed in One major initiative is the rollout of Business Services in This is important for two reasons. It puts systems in place to meet regulatory standards for businesses; it also provides the full functionality required by growing businesses. Many small business owners can now enjoy the same trust and service they have with their personal SESLOC accounts.... SESLOC is still committed to our educational roots. This year we provided nearly $21,000 in Education Grants to 43 schools... Board of s Dr. Vic Buccola Anthony Cangelosi Vice Chair Dr. Alden Shiers Board Financial Officer Barbara Melvin Secretary Tom Lebens Jim Park Jacquie Paulsen Pauline Shaffer Emeritus Financial empowerment through education was another primary focus for SESLOC in. We know financial stress is a leading cause of physical health problems. SESLOC has made a commitment to providing financial education that helps our members build the knowledge and skills necessary to make sound financial decisions and achieve individual well-being. In we offered 44 learning opportunities through free in-branch seminars, online webinars and community group presentations. Members also benefited from free consultations with certified credit counselors through our relationship with BALANCE. We look forward to expanding this program in As we close our 75th year celebration, SESLOC is still committed to our educational roots. This year we provided nearly $21,000 in Education Grants to 43 schools in San Luis Obispo and Northern Santa Barbara County. These grants funded a wide range of projects and equipment, supporting science, social studies, robotics, listening centers, mathematics and art. Your membership in the Credit Union helps build financial strength and stability not only for the Credit Union, but also for you, and in turn, for the communities in which we live and work. Each month we awarded multiple SESLOC Education Grants to local schools to support projects that enriched student learning and would not be possible without outside funding. Our free financial seminars drew over 600 attendees looking for reliable information from a trusted source. In addition, we provided financial education to a variety of community groups, including high school classes, Lucia Mar School District Parents, Career Path teens, Head Start parents, and others. We supported several local nonprofit groups, including Jack s Helping Hand, Family Care Network, and our local food banks. SESLOC also had the largest fundraising team at the Miracle Miles for Kids event, which benefits local foster care programs. Geri LaChance President/CEO sesloc.org Savings are federally insured to at least $ 250,000 and backed by the full faith and credit of the U.S. Government. National Credit Union Administration, a U.S. government agency.

s Message SESLOC had some important achievements in. First, SESLOC completed a 15-month project to convert to a new core operating system.

This conversion laid the groundwork for key projects in 2018.

Your SESLOC Board of s continually reviews the rapid changes that occur in the financial marketplace and meets annually to update its five-year strategic plan, which provides a roadmap for future

As you know, loans are the foundation for healthy growth. In we originated $172 million in loans, resulting in a $37 million net growth in our loan portfolio.

2 s Message SESLOC had some important achievements in. First, SESLOC completed a 15-month project to convert to a new core operating system. The dedication and commitment of the SESLOC staff, as well our members patience and cooperation, resulted in a very smooth transition. So thank you one and all. This conversion laid the groundwork for key projects in These include a more robust online banking system, new payment systems, small business banking and lending, and remote deposit capture for merchants. Your SESLOC Board of s continually reviews the rapid changes that occur in the financial marketplace and meets annually to update its five-year strategic plan, which provides a roadmap for future growth and development and maintains SESLOC s strong reputation. Each smartphone deposit represents a person who would otherwise be standing in line at a branch. We had strong financials in. As you know, loans are the foundation for healthy growth. In we originated $172 million in loans, resulting in a $37 million net growth in our loan portfolio. Auto loans continued at a steady pace, while commercial real estate loans saw a 47% increase. HELOCs increased 24%, and we passed $200 million in residential mortgage loans, which provide housing throughout our counties. More than half of our members use online banking, and last year we processed 57,478 mobile deposits a total of $29.5 million. Each smartphone deposit represents one person who would otherwise be standing in line at a branch. SESLOC ended with assets of $797 million and a net worth of $71 million. Our capital ratio grew to 9.19%, which regulators consider well-capitalized. This growth allowed us to expand our technology infrastructure and add additional services for members, including a new ATM in the San Luis Obispo Airport. It is your confidence and use of Credit Union services that has made SESLOC the largest locally headquartered financial institution. We thank you for your trust and support. Dr. Vic Buccola of the Board

3 President s Message We ve had a busy and exciting year. The core operating system conversion in early allowed us to begin laying the groundwork for large projects that will be completed in One major initiative is the rollout of Business Services in This is important for two reasons. It puts systems in place to meet regulatory standards for businesses; it also provides the full functionality required by growing businesses. Many small business owners can now enjoy the same trust and service they have with their personal SESLOC accounts.... SESLOC is still committed to our educational roots. This year we provided nearly $21,000 in Education Grants to 43 schools... Board of s Dr. Vic Buccola Anthony Cangelosi Vice Chair Dr. Alden Shiers Board Financial Officer Barbara Melvin Secretary Tom Lebens Jim Park Jacquie Paulsen Pauline Shaffer Emeritus Financial empowerment through education was another primary focus for SESLOC in. We know financial stress is a leading cause of physical health problems. SESLOC has made a commitment to providing financial education that helps our members build the knowledge and skills necessary to make sound financial decisions and achieve individual well-being. In we offered 44 learning opportunities through free in-branch seminars, online webinars and community group presentations. Members also benefited from free consultations with certified credit counselors through our relationship with BALANCE. We look forward to expanding this program in As we close our 75th year celebration, SESLOC is still committed to our educational roots. This year we provided nearly $21,000 in Education Grants to 43 schools in San Luis Obispo and Northern Santa Barbara County. These grants funded a wide range of projects and equipment, supporting science, social studies, robotics, listening centers, mathematics and art. Your membership in the Credit Union helps build financial strength and stability not only for the Credit Union, but also for you, and in turn, for the communities in which we live and work. Each month we awarded multiple SESLOC Education Grants to local schools to support projects that enriched student learning and would not be possible without outside funding. Our free financial seminars drew over 600 attendees looking for reliable information from a trusted source. In addition, we provided financial education to a variety of community groups, including high school classes, Lucia Mar School District Parents, Career Path teens, Head Start parents, and others. We supported several local nonprofit groups, including Jack s Helping Hand, Family Care Network, and our local food banks. SESLOC also had the largest fundraising team at the Miracle Miles for Kids event, which benefits local foster care programs. Geri LaChance President/CEO sesloc.org Savings are federally insured to at least $ 250,000 and backed by the full faith and credit of the U.S. Government. National Credit Union Administration, a U.S. government agency.

4 Core system technology update to increase efficiency 50,000 members milestone Voted best financial institution 10 years in a row by New Times readers New ATM in SLO Airport Ranked as the #1 local auto lender Became the largest financial institution headquartered in San Luis Obispo County Supervisory Committee Report The Credit Union s Board of s appoints a Supervisory Committee responsible to ensure the safety and soundness of SESLOC Federal Credit Union s policies, procedures and practices, as well as to confirm the financial statements are fair and accurate. We work to substantiate records are accurate, member deposits are adequately protected, and operations are in compliance with all federal and state regulations, as well as our own bylaws, policies and procedures. In the Committee engaged Doeren Mayhew-CPAs and Advisors to conduct an independent audit of our financial statements and operations. The results of the review show that the Credit Union is performing appropriately to sustain a safe and secure future, and that it is well-managed with a strong commitment to serving the membership. The assistance and cooperation of staff, management and the Board of s in the performance of our duties is much appreciated. Thank you to our current Committee members Gary Hoskins, Charlene Rosales and Lon Magaro for their time and effort. Ken SanFilippo

5 Financial Condition Assets 2016 Loans to Members 479,694, ,852,081 Allowance for Loan Losses (1,937,813) (2,811,404) Cash 3,531,872 4,139,645 Investments 256,392, ,465,895 Fixed Assets 20,336,099 20,690,302 NCUSIF Share Insurance Fund 6,492,707 6,820,182 Other Assets 3,283,063 7,807,390 Total Assets $767,792,818 $796,964,091 Liabilities And Members Equity Shares of Members 696,442, ,183,287 Other Liabilities 6,604,075 6,988,144 Restricted Reserves 8,200,685 8,200,685 Undivided Earnings 59,047,204 65,004,096 Unrealized Gain/Loss (2,501,808) (2,412,121) Total Liabilities & Equity $767,792,818 $796,964,091 Income and Expenses Income Interest on Member Loans ,858,483 21,179,524 Income from Investments 2,781,586 3,723,429 Fees & Charges 4,527,038 5,254,539 Other Income 581, ,766 Total Gross Income $25,748,754 $30,706,258 Operating Expenses Compensation & Benefits 10,698,162 12,027,225 Travel & Conference Expenses 210, ,683 Association Dues 73,466 69,387 Office Occupancy 1,401,917 1,482,295 Office Operations 2,739,989 3,243,236 Education & Promotion 669, ,803 Loan Services Expense 472, ,584 Professional & Outside Services 2,475,522 2,222,267 Provision for Loan Losses 854,087 2,231,085 Federal Operating Fee 118, ,581 NCUA - Member Share Insurance 0 0 Losses: Checks & Share Drafts 465, ,828 Miscellaneous Expenses 40,319 61,694 Total Expenses $20,220,419 $23,058,668 Dividends 1,889,847 1,676,282 Non Operating Gain/Loss 250,596 (14,416) Net Income from Operations $3,889,084 $5,956,892

6 President s Message We ve had a busy and exciting year. The core operating system conversion in early allowed us to begin laying the groundwork for large projects that will be completed in One major initiative is the rollout of Business Services in This is important for two reasons. It puts systems in place to meet regulatory standards for businesses; it also provides the full functionality required by growing businesses. Many small business owners can now enjoy the same trust and service they have with their personal SESLOC accounts.... SESLOC is still committed to our educational roots. This year we provided nearly $21,000 in Education Grants to 43 schools... Board of s Dr. Vic Buccola Anthony Cangelosi Vice Chair Dr. Alden Shiers Board Financial Officer Barbara Melvin Secretary Tom Lebens Jim Park Jacquie Paulsen Pauline Shaffer Emeritus Financial empowerment through education was another primary focus for SESLOC in. We know financial stress is a leading cause of physical health problems. SESLOC has made a commitment to providing financial education that helps our members build the knowledge and skills necessary to make sound financial decisions and achieve individual well-being. In we offered 44 learning opportunities through free in-branch seminars, online webinars and community group presentations. Members also benefited from free consultations with certified credit counselors through our relationship with BALANCE. We look forward to expanding this program in As we close our 75th year celebration, SESLOC is still committed to our educational roots. This year we provided nearly $21,000 in Education Grants to 43 schools in San Luis Obispo and Northern Santa Barbara County. These grants funded a wide range of projects and equipment, supporting science, social studies, robotics, listening centers, mathematics and art. Your membership in the Credit Union helps build financial strength and stability not only for the Credit Union, but also for you, and in turn, for the communities in which we live and work. Each month we awarded multiple SESLOC Education Grants to local schools to support projects that enriched student learning and would not be possible without outside funding. Our free financial seminars drew over 600 attendees looking for reliable information from a trusted source. In addition, we provided financial education to a variety of community groups, including high school classes, Lucia Mar School District Parents, Career Path teens, Head Start parents, and others. We supported several local nonprofit groups, including Jack s Helping Hand, Family Care Network, and our local food banks. SESLOC also had the largest fundraising team at the Miracle Miles for Kids event, which benefits local foster care programs. Geri LaChance President/CEO sesloc.org Savings are federally insured to at least $ 250,000 and backed by the full faith and credit of the U.S. Government. National Credit Union Administration, a U.S. government agency.

2 Annua 0 17 l Report 2017

2 Annua 0 17 l Report 2017 0 Annual Report 2017 YOUR CREDIT UNION FAMILY We are California Credit Union providing our members with superior products, enhanced member services, and an exceptional branch experience. We hold a strong