2004 ANNUAL REPORT of the SUPERINTENDENT - Welcome …

[Pages:23]2004 ANNUAL REPORT

of the SUPERINTENDENT

Credit Union Division Department of Commerce

State of Iowa

Published by The State of Iowa

THOMAS J. VILSACK, GOVERNOR SALLY J. PEDERSON, LT. GOVERNOR

April 11, 2005

IOWA DEPARTMENT OF COMMERCE

CREDIT UNION DIVISION JAMES E. FORNEY SUPERINTENDENT

THE HONORABLE THOMAS J. VILSACK

Governor of Iowa State Capitol Des Moines, Iowa 50319

Governor Vilsack:

In accordance with Iowa Code section 533.61, it is my privilege to submit to you the annual report on the condition of Iowa's credit unions. The information contained in the 2004 Iowa Annual Report of the Superintendent is compiled from year-end call reports filed with this office and with the National Credit Union Administration. The statement of condition of Iowa's credit unions, included within the Report, represents the 163 statechartered and 2 federally-chartered credit unions whose principle place of business is located in this state.

Continuing the trend of previous years, the financial stability of Iowa's credit unions remains strong and demonstrates that credit unions are favorably positioned to serve the financial needs of the citizens of this state. The net worth in Iowa's credit unions remains strong, increasing to nearly $561 million which represents a 10.94% net worth to assets ratio. This ratio is an important indicator of the credit unions preparedness to meet and withstand the financial challenges of today and into the foreseeable future.

This Report also shows credit unions have responded well in meeting the borrowing and savings needs of their members. Despite a slow economic turnaround, the loan-to-share ratio is at a respectful 70.87 percent. Although income is down over $1.3 million and operating expenses increased by over 5%, the return to members in the form of dividends and interest on their savings and deposits remained strong at close to 22% of total income. These figures indicate that Iowa's credit unions are contributing to the financial well being of their members and improving the economy of the communities they serve.

It remains the policy of the Credit Union Division to perform its regulatory and supervisory responsibilities in a diligent manner, while maintaining a responsive attitude to the needs of Iowa's credit unions and the citizens of this state.

Respectfully submitted,

James E. Forney Superintendent of Credit Unions

EAST GRAND OFFICE PARK 200 EAST GRAND, SUITE 370 DES MOINES, IOWA 50309-1827 (515) 281-6514 facsimile (515) 281-7595



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Table of Contents

General Information

Letter of Transmittal, Superintendent of Credit Unions

1

Table of Contents

2

Credit Union Review Board Members

3

Credit Union Division Staff

3

Revenue and Disbursements

4

Credit Union Changes

2004 Charters Issued

5

2004 Name Changes

5

Consolidated Financial Statements

Consolidated Statement of Financial Condition

6

Consolidated State of Income

7

Summary of Key Information

Asset Growth Graph

8

History of The Number of State Chartered Credit Unions

8

Net Worth Graph

9

Asset Growth vs. Net Worth Growth

9

Credit Union Statistics

Iowa Credit Unions

10

Asset Ranking of Iowa State Chartered Credit Unions

20

2

CREDIT UNION REVIEW BOARD GUBERNATORIAL APPOINTEES

Board Members

City

Term Ending

Paul L. Becker Becky Hansen Michael Harvey Melanie Hass## Roger Reiser* Don E. Gettings** Barbara Oliver-Hall** Lorraine K. Groves Diane L. Kollasch#

Fort Dodge DeWitt Waterloo Manchester Des Moines Ottumwa Des Moines Sioux City Spirit Lake

* Chairperson ** Public Member # Replaced at end of Term 4/30/04 ## Replaced Lorraine Groves, effective 9/7/2004, who resigned

04/30/07 04/30/07 04/30/06 04/30/06 04/30/06 04/30/05 04/30/05 09/07/04 04/30/04

CREDIT UNION DIVISION STAFF

James E. Forney

Rebecca L. Vacco

Sara Pfaff

Bradley J. Huyser

Tim P. Schau

Ann E. Mulcahy

Allen M. Benson Darrell J. Busch Jami M. Weems

Kevin P. Gorman Christopher M. Kumpf Craig E. Stewart Amanda S. Swangel Angel Wallis

Superintendent

Executive Officer

Secretary

Senior Information Technology Specialist

Information Technology Specialist

Credit Union Examiner Supervisor

Senior Credit Union Examiner Senior Credit Union Examiner Senior Credit Union Examiner

Credit Union Examiner Credit Union Examiner Credit Union Examiner Credit Union Examiner Credit Union Examiner

3

CREDIT UNION DIVISION REVENUE AND DISBURSEMENTS

1/1/04 THROUGH 12/31/04

REVENUE Supervision Fees Other Total Revenue

DISBURSEMENT Salaries FICA, IPERS,INS. SUB TOTAL

Travel: Board Administration Examination SUB TOTAL

Office: Supplies Postage Telephone Building Rent Equipment Repair & Maintenance Equipment Purchases SUB TOTAL

Other Reimburse Attorney General Reimbursement to Other Agencies Outside Services NASCUS Indirect Cost Expense SUB TOTAL

TOTAL EXPENSES

Balance Carried Forward*

1,351,892 2,010

1,353,902

825,594 224,803 1,050,397

828 12,371 59,202 72,401

4,538 1,575 11,518 39,229 1,307 17,692 75,859

12,500 16,726 12,560 10,571

3,338 55,695

1,254,352

99,550

*The balance carried forward, which can be positive or negative, is applied to revenue and disbursements during the State's fiscal year of July 1 to June 30, in accordance with Iowa Code ? 533.62(1). The fees for a fiscal year are based upon the actual operating costs of the Credit Union Division for that fiscal year.

4

CREDIT UNION NAME CHANGES DURING 2004

Charter # 664

City

From

To

Mason City

Mercy-City Family

Mercy-City-Lehigh Family Credit Union

CREDIT UNIONS DISSOLVED IN 2004

Charter # 379 325 405 125 736

City Ankeny, IA Mason City, IA Waverly, IA Des Moines, IA Fort Madison, IA Dubuque, IA

Credit Union Name

Deere Community merged with John Deere Community

Lehigh Employees merged with Mercy-City-Lehigh Family Credit Union

Bantam Employees merged with Cedar Falls Community

Register & Tribune Employees merged with Premier

Sheaffer Employees merged with Iowa Community

Stockton Employees merged with Dupaco Community

5

CONSOLIDATED FINANCIAL STATEMENT OF IOWA STATE CHARTERED CREDIT UNIONS

December 2004

% Change

# / $ Change

Number of Credit Unions Number of Members

163 847,654

0.6%

4,730

ASSETS

Total Loans Allowance for Loan Loss Net Loans Loans Held for Sale

Cash Investments Fixed Assets Other Assets Insurance Fund Deposit

Total Assets

3,635,100,040 26,647,937

3,608,452,103 8,685,119

370,136,111 919,523,438 133,896,712

47,274,210 41,189,179

5,129,156,872

6.8% 8.8% 6.8% -55.3%

-6.4% 6.5% 11.5% 0.5% 7.9%

5.5%

230,775,760 2,150,776

228,624,984 (10,763,650)

(25,493,673) 55,981,782 13,809,579 253,686 3,010,711

265,423,419

LIABILITIES

Shares Share Drafts Other Shares & Deposits

Total Savings

Other Liabilities Notes Payable

Legal Reserve Other Reserves Undivided Earnings Unrealized gains/losses Other Equity

Total Equity

TOTAL LIABILITIES

1,769,340,899 604,081,115

2,011,980,084 4,385,402,098

42,341,390 140,482,249

183,247,737 119,671,133 260,226,496 (2,238,290)

24,059 560,931,135

5,129,156,872

3.4% 11.6%

5.7% 5.6%

-7.2% 1.2%

10.5% 5.9% 5.6%

185.5% 98.9% 6.9%

5.5%

58,704,292 62,679,708 109,224,259 230,608,259

(3,283,930) 1,692,917

17,362,920 6,628,223

13,857,267 (1,454,203)

11,966 36,406,173

265,423,419

December 2003

168 842,924

3,404,324,280 24,497,161

3,379,827,119 19,448,769

395,629,784 863,541,656 120,087,133

47,020,524 38,178,468

4,863,733,453

1,710,636,607 541,401,407

1,902,755,825 4,154,793,839

45,625,320 138,789,332

165,884,817 113,042,910 246,369,229

(784,087) 12,093

524,524,962

4,863,733,453

Total Capital

587,579,072

7.0%

38,556,949

549,022,123

6

* Corporate Central not included in above figures

CONSOLIDATED INCOME STATEMENT OF IOWA STATE CHARTERED CREDIT UNIONS

INCOME

Interest on Loans Less: Interest Refund Net Interest Income

Income Trading Securities Invest Income Fee Income Other Operating Income

TOTAL INCOME

2004

% of Income

219,425,751 221,171

219,204,580 0

32,177,019 38,969,953 21,021,832

311,373,384

70.47% 0.07%

70.40% 0.00%

10.33% 12.52%

6.75%

100.00%

2003

% of Income % Change

222,174,458 342,632

221,831,826 0

31,557,154 34,326,510 24,966,976

312,682,466

71.05% 0.11%

70.94% 0.00%

10.09% 10.98%

7.98%

100.00%

-1.24% -35.45%

-1.18% -1.18% 1.96% 13.53% -15.80%

-0.42%

OPERATING EXPENSE

Compensation & Benefits Travel & Conference Office Occupancy Office Operations Educational & Promotional Loan Servicing Professional Services Provision for Loan and Lease Loss Member Insurance Operating Fee Misc

TOTAL OPERATING EXPENSE

95,840,716 2,628,726

13,843,122 34,517,316

7,794,460 9,373,008 18,184,950 16,802,295 1,843,678 1,368,923 3,836,341

206,033,535

30.78% 0.84% 4.45%

11.09% 2.50% 3.01% 5.84% 5.40% 0.59% 0.44% 1.23%

66.17%

90,616,442 2,476,036

12,946,291 32,209,806

7,265,924 10,732,040 18,486,323 13,535,411

2,018,232 1,173,487 4,069,455

195,529,447

28.98% 0.79% 4.14%

10.30% 2.32% 3.43% 5.91% 4.33% 0.65% 0.38% 1.30%

62.53%

5.77% 6.17% 6.93% 7.16% 7.27% -12.66% -1.63% 24.14% -8.65% 16.65% -5.73%

5.37%

INTEREST EXPENSE

Dividends on Shares Interest on Deposits Interest on Borrowed Funds

TOTAL INTEREST EXPENSE

44,758,351 16,362,952

5,990,416

67,111,719

14.37% 5.26% 1.92%

21.55%

50,032,470 18,890,875

5,499,149

74,422,494

16.00% 6.04% 1.76%

23.80%

-10.54% -13.38%

8.93%

-9.82%

Gain/(Loss) Fixed Assets Gain/(Loss) Investments Non-Operating Income

Net Income Before Required Reserve Transfers

Required Reserve Transfer

NET INCOME

362,323 (239,819)

324,297

38,674,931

10,304,417

28,370,514

0.12% -0.08% 0.10%

12.42%

3.31%

9.11%

(31,223) 1,593,342

128,508

44,421,152

10,116,695

34,304,457

-0.01% 0.51% 0.04%

14.21%

3.24%

10.97%

-1260.44% -115.05% 152.36%

-12.94%

1.86%

-17.30%

7

* Corporate Central not included in above figures

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