YOUR FINANCIAL GUARDIAN ANGELS - Ocean Financial …

[Pages:6]YOUR FINANCIAL

GUARDIAN ANGELS

46TH ANNUAL REPORT|SUNDAY, APRIL 26, 2015

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REPORT TO THE MEMBERSHIP

Oceanside Christopher Federal Credit Union, inspired by our Catholic values, provides exceptional financial products and services

to the Catholic community.

Kevin Timoney

Joseph Garay

Chairman of the Board President/CEO

This has always been our mission and our promise to you, our member/owners. And it is one we deliver on each day. We operate solely for your benefit and as a not-for-profit cooperative, you come first in every decision we make.

Once again, we are proud to announce that 2014 was a financially sound year for Oceanside Christopher. The year 2014 saw Oceanside Christopher earning over $2 million, loan portfolio growth of 11%, delinquency and charge-off reduction and an increase of our capital ratio to over 9%.

2014 saw dramatic improvements to our Visa? card, a new satellite office for back office operations and the addition of more new members than ever before, most of which was through word of mouth.

One of our biggest achievements in 2014 was partnering with the Diocese of Rockville Centre to include all parishes in our field of membership. This addition extends our current reach and will allow us to provide our financial expertise to all parishioners on Long Island.

In 2014, Oceanside Christopher donated more than $25,000 to participating parishes through our Revenue Sharing Program. Since the start of this program in 2011, we have donated more than $120,000.

At Oceanside Christopher, we are looking forward to the different opportunities available in 2015. It is our intent to continue a credit union awareness campaign. Credit

unions, like Oceanside Christopher, are far superior to banks because we operate for you, not for the bottom line. To this end, we will continue to work with individual parishes and Catholics everywhere to grow membership and to support various projects and partnerships.

We will continue our technology focus to enhance the member experience. The launch of Remote Check Deposit, which enables members to deposit checks directly to their accounts using only their iPhone or Android, is just the first step in how we will achieve this. Also in 2015, we plan to redesign our website to make member use easier and more streamlined for a more pleasant experience.

Oceanside Christopher will be conducting a research study to provide us with the details and feedback needed to continue to be a successful financial institution for you. Some of our members may be contacted to take part in surveys or focus groups during this endeavor. We appreciate your participation and honest opinions during this time of discovery.

We are excited about the year ahead. On behalf of everyone at Oceanside Christopher Federal Credit Union, thank you for your continued support, loyalty and membership.

Sincerely,

Kevin Timoney Chairman of the Board

Joseph Garay President/CEO

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REMEMBERING

Hank Benel, Vice Chairman 1947 ? 2014

It is with great sadness that we informed our members and friends of the passing of Hank Benel in July 2014.

Hank served on the Board of Directors of Oceanside Christopher for 10 years, most recently as Vice Chairman.

Hank was a U.S. Army veteran and served as the Grand Knight of the Father Joseph O'Connell Council from 2000 ? 2001.

"Hank loved his country, the Knights of Columbus and Oceanside Christopher. He will be missed by everyone who knew and loved him," said Joseph Garay, President/CEO, Oceanside Christopher.

May God grant eternal rest to Hank Benel in heaven and may He provide support to the Benel family during this difficult time.

SUPERVISORY COMMITTEE

The Supervisory Committee is appointed by the Board of Directors and consists of independent volunteers who work on the members' behalf to ensure management practices and procedures safeguard members' assets. The Committee: n Oversees financial reporting and coordinates both internal and annual financial statement audits. n Ensures compliance with the National Credit Union Administration (NCUA) and other federal regulations. n Makes certain member complaints are thoroughly investigated, responded to and reported to the Board when necessary. The Committee engaged Nawrocki Smith LLP to conduct the 2014 annual audit. The audit resulted in an unmodified opinion on the accuracy of financial statements for the year ended December 31, 2014.

OCFCU SUPERVISORY COMMITTEE|P.O. Box 431, Oceanside, NY 11572 Jay T. Korth Committee Member Michael S. Sloan Committee Member

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FINANCIAL HIGHLIGHTS

Statements of Financial Condition

As of December 31,

Assets

Cash and cash equivalents

Investment securities:

Available for sale, net

Held to maturity, net

Federal Home Loan Bank of New York stock

Alloya Corporate Credit Union capital shares

Loans receivable, net of allowance for loan loss

Accrued interest receivable

Premises and equipment, net

National Credit Union Share Insurance Fund deposit

Prepaid expenses and other assets

Total assets

Liabilities

Members' shares and savings accounts

Accrued expenses and other liabilities

Total liabilities

Members' Equity

Appropriated regular reserve

Unappropriated earnings

Accumulated other comprehensive income (loss)

Total members' equity

Total liabilities and members' equity

2014 $ 24,517,622

74,084,084 2,457,109 257,000 80,000

170,292,934 788,522

4,519,477 2,524,877 3,201,222 282,722,847 258,509,164

842,388 259,351,552

1,007,161 24,536,070

(2,171,936) 23,371,295 $ 282,722,847

2013 $ 38,199,707

69,210,265 8,988,176 294,800 80,000

153,108,811 694,757

4,596,368 2,499,431 3,788,777 281,461,092 260,352,313

707,017 261,059,330

1,007,161 22,212,451 (2,817,850) 20,401,762 $ 281,461,092

Statements of Income

For the years ended December 31,

Interest Income

Interest on loans receivable

$

Interest on investments

Total interest income

Interest Expense

Members' shares and savings accounts

Net interest income

Provision for Loan Losses

Net interest income after provision for loan losses

Non-Interest Income

Other operating income

Fee income and charges

Gain on sale of investments

Total non-interest income

Non-Interest Expense

Compensation and benefits

Occupancy and operations

Professional and outside services

Depreciation

Education and promotion

Loan services fees

Travel and conference

Examination and supervision fees

Miscellaneous operating expenses

Member insurance

Total non-interest expense

Net income

$

2014

6,648,532 1,676,553 8,325,085 1,709,692 6,615,393

278,276 6,337,117 610,274 427,535 104,506 1,142,315 2,427,410 1,162,643 560,879 328,590 328,303 184,339

62,713 51,929 49,007

? 5,155,813 2,323,619

2013

$ 6,284,756 1,753,216 8,037,972 1,764,184 6,273,788 343,959 5,929,829 612,806 483,620 46,809 1,143,235 2,366,016 1,002,144 450,133 289,754 303,449 264,349 75,773 63,625 54,257 199,955 5,069,455

$ 2,003,609

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CREDIT UNION LEADERSHIP

BOARD OF DIRECTORS

Kevin Timoney Chairman

Paul Wigand Vice Chairman

Don Maresca Secretary/Treasurer

COUNSEL

John Morgan, Esq.

MANAGEMENT Joseph Garay President/CEO

STAFF

Jennifer Abrams Member Representative

Eileen Cahill Staff Accountant

Barbara Casap Card Services/Member Representative

Cathie Collins Supervisor

Kathy Cuervo Powers Administrative Assistant

Patricia Daley Marketing Manager

Dianna Davis Member Representative

Paul Delaney Member Representative

Norma DeJesus Member Representative

Rose Eifler Member Representative

Jay T. Korth Director

Thomas O'Brien Director

Patrick Smith Director

Muriel Steigerwald Gennosa Director

Lisa Mingoia Chief Financial Officer

David Franco IT Manager

Geri Furnari Member Representative

Irene Giannetti Supervisor

Judy Goosk Director of Human Resources

Guy Hoerner Loan Officer

Lorraine Keegan Accounting Assistant/Legal

Susan Licurse Loan Officer

Elizabeth Lora Card Services/Member Representative

Megan Messina Member Representative/ Marketing

Edward Bolmarcich Chief Lending Officer

Jen Novak Member Representative

Gary Olson Recovery Specialist

Donna Ondreicka Member Representative

Carmella Pacifico Supervisor

Michael Pentola Member Representative

Marie Rullo Assistant Lending Manager

Nancy Scavone Senior Accountant

Carol Stuber Card Services/Member Representative

Deb Weidler Recovery Specialist

Rudy Zilli Support Services Supervisor

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MEMORIES AND MILESTONES

2 1

4

3

5

1. O CFCU employee Jenn Abrams (center) with members of the Father Robert Barrett Squires Circle 1644 collect food for the 2014 Food Drive.

2. OCFCU Director Don Maresca (center) with the 2014 Patrick McNeill Memorial Scholarship winners (from left to right) Jacob Santamaria, Sean McNamara, Kelsey Dass and John Tierney.

3. G abriella and Joseph Prendergast, the 2014 Oceanside Giant Stocking Winners.

4. Jack Knox, the 2014 Seaford Giant Stocking Winner.

5. OCFCU employees (from left to right) Norma DeJesus and Elizabeth Lora pose with John Gonzalez, Parish School Ministry Developer of Catholic Charities, at the Disaster Preparedness event held at our Lady of Good Counsel in Inwood, NY.

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Oceanside

45 Atlantic Ave. Oceanside, NY 11572 516-620-8100

Seaford

4050 Merrick Road Seaford, NY 11783 516-620-8100 Press 5

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