A fresher, better-foryou,smarter. way to bank.

Transcription

1 A fresher, better-foryou,smarter way to bank. Annual Report 2017

2 About Us In 1951, seven Lockheed Georgia employees dreamed of a better way to bank and LGE Community Credit Union was born. Today we serve communities in Northwest Georgia as a not-for-profit financial institution. And unlike a bank, whose profits go to its shareholders, our profits go to our members in the form of better rates and lower fees. We are guided by a strong commitment to provide a better financial future for our members. Vision Statement LGE Community Credit Union is a world-class organization committed to becoming the primary financial institution for our members. We will provide services of high value that exceed expectations through the contributions of every employee, director, and committee volunteer. Member-owned, member-driven, and financially strong we will be an institution that others wish to emulate. Board of s Michael L. Brock Chairperson Frank S. Myers Vice Chairperson Jan G. Austin Treasurer Michael L. Sanseviro Secretary Monte F. Cagle Richard A. Dixon Marcia E. Farber Abraham W. Kassis Sandra L. Walls

3 Our Footprint We offer personal and business banking to all residents and employees of Cobb, Paulding, Cherokee, and Fulton counties, in addition to employees of various Partner Groups. Expansion in Cobb County In late 2017, LGE celebrated the opening of its 10th financial center in West Cobb at the Parkside Shopping Center with plans to open its 11th financial center in Smyrna in early As we move forward we're trying to deepen our relationship with the communities we serve. We believe our new model and new locations allow us to serve our members beyond simply facilitating transactions, to add the value they've come to expect from LGE Community Credit Union. -Chris A. Leggett, President/CEO

4 2017 Highlights Growth and Development Increased in asset size from $1.17 billion in 2016 to $1.24 billion in 2017 Passed the $1 billion mark in members shares and savings accounts Passed the $1 billion mark in loans Improved member experience by launching the new, more user-friendly Online Banking system Partnered with the YMCA of Metro Atlanta with a $10,000 sponsorship agreement Awarded $15,000 in scholarships through the LGE Achiever Scholarship program Participated in over 240 local events within the four-county footprint ~ ~ Expanded affiliation with Cobb County School District (CCSD) from school-level.... ~ partnerships to a county-wide relationship Contributed more than $50,000 in programs and scholarships specific to CCSD Offered financial services to all CCSD employees and families Met individually with leadership at all 112 CCSD schools., COMMUNITY IMPACT

5 Awards and Achievements 2017 AJC Top Workplace (Five years running!) 2017 Kennesaw Business Association Business of the Year 2017 Cobb Chamber of Commerce Sam Olens Business Community Service Award Nominee 2017 Canton Family Life Best of Life Award Winner: Best Financial Institution/Bank/Credit Union 2017 North Fulton Family Life Best of Life Award Winner: Best Financial Institution/Bank/Credit Union 2017 Woodstock Family Life Best of Life Award Winner: Best Financial Institution/Bank/Credit Union... :W.i.r. Dale Bu..-rrell Award KBA B\lS_"less o f fue Year 20!7 LGE -Community Credit Union LGE Community Outreach Foundation The LGE Community Outreach Foundation, a 501(c)(3) non-profit organization, was founded in 2009 as a way for LGE Community Credit Union to give back to the community. The Foundation, which is based on the credit union principle of People Helping People, represents the giving spirit of the employees of LGE Community Credit Union. In 2017, the LGE Foundation donated $170,000 to local charities and individuals. Since 2010, LGE has invested over $750,000 in the lives of those in the community. Not only is there a monetary contribution, but LGE staff members volunteer over 2,600 hours in the community annually.

6 Statement of Financials Assets December 31, Loans $1,014,270,407 $931,214,085 Investments 158,087, ,690,950 Fixed Assets 13,080,313 12,796,063 Other Assets 50,635,564 47,978,109 Cash and Cash Equivalents 7,803,767 7,272,937 Shares, Liabilities and Members Equity Total Assets $1,243,877,289 $1,165,952,144 December 31, Shares and Savings Accounts $1,026,090,638 $975,181,055 Borrowed Funds 62,000,000 50,000,000 Other Liabilities 12,524,898 9,299,354 Equity 143,261, ,471,735 Total Shares, Liabilities & Equity $1,243,877,289 $1,165,952,144 Statement of Income and Expenses December 31, Interest on Loans $36,080,250 $32,819,039 Interest on Investments 2,447,101 1,969,748 Other Income 16,986,394 15,478,307 Gross Income $55,513,745 $50,267,094 Operating Expense $36,507,111 $34,411,215 Loan Loss Provision 3,108,734 2,542,363 Dividends 4,288,239 3,682,591 Borrowed Funds 920, ,525 Total Expense $44,824,282 $41,465,694 Non-Operating (Income) Expense ($1,390,233) ($263,277) Net Income $12,079,696 $9,064,677 An annual audit of LGE Community Credit Union is conducted by Nearman, Maynard, Vallez CPAs, P.A. Periodic examinations are also made by the Georgia Department of Banking and Finance as well as the National Credit Union Administration (NCUA), the regulatory agency for all federally insured credit unions. I am pleased to report that the most recent examinations again confirm that LGE Community Credit Union continues to be financially sound and has appropriate risk management control procedures. -Marcia E. Farber, Supervisory Committee Chairperson

7 Looking Forward to 2018 In 2018, LGE will continue to build on its footprint in Cobb County by adding an additional full-service financial center. The 11th financial center will open at the Jonquil shopping center in Smyrna. The addition will feature new technology and a concierge approach to banking. The new Smyrna location comes shortly after the opening of LGE s 10th location in West Cobb in late LGE now has seven total financial centers in Cobb County out of the 11 in its four-county footprint. At LGE, it is important to us to help you simplify your finances so you can spend more time doing the things you love. Our new model and expanded presence within our footprint allows us to deepen the relationships with our members above-and-beyond your transactional needs. On behalf of the Board of s, management team, and staff of LGE Community Credit Union, we thank you for your continued support and look forward to the year ahead! Sincerely, Michael L. Brock, Chairperson

8 I Locations Marietta Kennesaw 430 Commerce Park Drive 2050 Cobb Parkway, N.W. Marietta, GA Kennesaw, GA Acworth Roswell 3891 Cobb Parkway 1010 Mansell Road Acworth, GA Suite Roswell, GA Austell Smyrna - Coming East West Connector S.W Atlanta Road Austell, GA Suite 100 Smyrna, GA Canton West Cobb 2018 Cumming Highway 3805 Dallas Highway Canton, GA Suite 108 Marietta, GA East Cobb Woodstock 4101 Roswell Road Highway 92 Suite 309 Suite 111B Marietta, GA Woodstock, GA Hiram 5875 Wendy Bagwell Parkway Hiram, GA A smarter way to bank. LGEccu.org This credit union is federally insured by the National Credit Union Administration.