YOUR FINANCIAL GUARDIAN ANGELS
YOUR FINANCIAL
GUARDIAN ANGELS
46TH ANNUAL REPORT|SUNDAY, APRIL 26, 2015
OCFCU021 2015 Annual Report.indd 3
4/15/15 4:26 PM
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
OCFCU021 2015 Annual Report.indd 4
4/15/15 4:26 PM
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
OCFCU021 2015 Annual Report.indd 5
4/15/15 4:26 PM
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
OCFCU021 2015 Annual Report.indd 6
4/15/15 4:26 PM
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
OCFCU021 2015 Annual Report.indd 1
4/15/15 4:26 PM
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
- oceanside ny loopnet
- 2019 comprehensive annual financial report
- chief financial administrative assistant business
- south nassau communities hospital 1 healthy way
- your financial guardian angels
- chartered 1936 516 742 4900 www nassau financial
- the catholic credit union ocean financial federal credit
- mount sinai south nassau 1 healthy way oceanside ny
- 2019 2020 calendar
- 15 neil court oceanside ny 11572 friedberg jcc
Related searches
- how to use your financial aid money
- ask the angels yes or no
- visiting angels near me
- 2020 guardian uk university ranking
- germ guardian air purifier reviews
- germ guardian website
- questions to ask your financial advisor
- 19 questions to ask your financial advisor
- angels michael and lucifer
- songs with angels in lyrics
- angels in the morning
- in the arms of the angels youtube