Your newly re-invented Tuscaloosa Teachers Credit Union

2014 ANNUAL REPORT

RIVERFALL CREDIT UNION FORMERLY TUSCALOOSA TEACHERS CREDIT UNION

62nd ANNUAL MEMBERSHIP MEETING

March 3, 2015

Your newly re-invented Tuscaloosa Teachers Credit Union

The RiverFall Story

As Tuscaloosa is reshaping itself with fresh eyes toward the future, one of its constants has been the nearby Black Warrior River, which lends strength, beauty and tranquility to the region. The river and the town are forever connected as the nearby river shoal represents the southernmost site, the fall line, on which the river can be forded. It was at this fall line where the community of Tuscaloosa was established. RiverFall has a rich tradition of helping the people of Tuscaloosa live their lives to the fullest. Since 1953, we've empowered members with the smart financial tools and expert guidance they need to take advantage of every opportunity that comes their way. Over the years, Tuscaloosa has seen a lot of change--and we've grown right along with it. From our beginnings as Tuscaloosa Teachers Credit Union, we set out to build a better community one member at a time, and that's a commitment that still rings true today. These are exciting times for our city and its people. And we're here to help keep it going.

About the RiverFall name: The use of "River" is a direct reference to the Black Warrior and Tombigbee, the two major rivers in West Alabama. These rivers flow through the 6 counties of our market ? Bibb, Fayette, Greene, Hale, Pickens, and Tuscaloosa. The use of "Fall" is a direct reference to the fall line in Alabama that separates the hilly Cumberland Plateau from the flat Coastal Plain. The fall line is a topographic trait of the Black Warrior and Tombigbee rivers.

AGENDA

CALL TO ORDER

INVOCATION

RECOGNITION

ASCERTAINMENT OF A QUORUM

SECRETARY'S REPORT

CHAIRMAN'S REPORT

TREASURER'S REPORT

SUPERVISORY COMMITTEE REPORT

PRESIDENT'S REPORT

UNFINISHED BUSINESS

NEW BUSINESS OTHER THAN ELECTIONS

ELECTIONS Board of Directors: Board of Directors: Supervisory Committee:

Mr. Marlon Murray Mrs. Deidra Charlton Mr. Deron Cameron

DOOR PRIZES

ADJOURNMENT

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MINUTES

TUSCALOOSA TEACHERS CREDIT UNION 61st ANNUAL MEMBERSHIP MEETING MARCH 4, 2014

CALL TO ORDER: The 61st Annual Membership Meeting of the Tuscaloosa Teachers Credit Union was called to order by Vice Chairman Dr. Steve Lamon on March 4, 2014.

PRESIDING: Dr. Steve Lamon, Vice Chairman.

INVOCATION: Mr. Jack Gibson, Director.

ASCERTAINMENT OF A QUORUM: Dr. Steve Lamon welcomed members and declared a quorum present.

RECOGNITION: The head table was introduced and credit union employees were recognized.

SECRETARY'S REPORT: Mrs. Nancy Terry presented the Secretary's Report as printed on pages 2-4 of the 2013 Annual Report.

CHAIRMAN'S REPORT: Dr. Steve Lamon presented the Chairman's Report. He referred to written material provided in the 2013 Annual Report.

TREASURER'S REPORT: Dr. Byron Abston, Treasurer, referred to the printed report provided in the 2013 Annual Report.

SUPERVISORY COMMITTEE REPORT: Ms. Jennifer Box, Supervisory Committee Chairman, presented the Supervisory Committee Report. She reviewed information from the 2013 Annual Report.

PRESIDENT'S REPORT: President Greg Sassaman referred to his printed report. The floor was then opened for questions, of which there were none.

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MINUTES

UNFINISHED BUSINESS: None. NEW BUSINESS OTHER THAN ELECTIONS: None. ELECTIONS: The following were nominated by the Nominating Committee for terms on the Board of Directors and Supervisory Committee. No petitions were presented by others interested. Board of Directors: Dr. Mike Daria Board of Directors: Dr. Byron Abston Board of Directors: Mr. Greg Hurst Supervisory Committee: Ms. Jennifer Box Supervisory Committee: Mr. Deron Cameron The nominees were elected by acclamation. DOOR PRIZES: Ms. Susan Butler, Marketing Director, conducted the drawings for door prizes. ADJOURNMENT: After drawing for door prizes, the meeting was adjourned.

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FINANCIALS

TUSCALOOSA TEACHERS CREDIT UNION STATEMENTS OF FINANCIAL CONDITION

ASSETS

Cash and cash equivalents Investments:

Available-for-sale Other Loans receivable, net of allowance for loan losses Accrued interest receivable Premises and equipment, net National Credit Union Share Insurance Fund deposit Assets acquired in liquidation Other assets

September 30,

2014

2013

$

6,554,928 $

7,548,367

66,631,792 800,000

39,000,674 382,558

2,746,736 988,296 224,874

1,342,903

69,276,668 800,001

37,241,562 408,956

1,721,450 947,172 366,680 332,810

Total Assets

$

118,672,761 $

118,643,666

LIABILITIES AND MEMBERS' EQUITY

Liabilities Members' share and savings accounts Accrued expenses and other liabilities Total liabilities

September 30,

2014

2013

$

103,309,332 $

104,675,469

724,273

651,384

104,033,605

105,326,853

Commitments and contingent liabilities

Members' Equity Regular reserve Appropriated undivided earnings Undivided earnings Accumulated other comprehensive loss Total members' equity

6,375,000 687,085

8,989,631 (1,412,560) 14,639,156

6,375,000 687,085

7,990,797 (1,736,069) 13,316,813

Total Liabilities and Members' Equity

$

118,672,761 $

118,643,666

FINANCIALS

TUSCALOOSA TEACHERS CREDIT UNION

STATEMENTS OF INCOME

Interest Income Interest on loans receivable Interest on investments Interest income

Interest Expense Dividends on members' share and savings accounts Interest on borrowed funds Interest expense

Net Interest Income

September 30,

2014

2013

$

1,911,511 $

2,040,357

1,436,662

1,231,176

3,348,173

3,271,533

789,030 1,185

790,215

2,557,958

974,137 26

974,163

2,297,370

Provision for Loan Losses

25,097

(22,396)

Net Interest Income After Provision for Loan Losses

2,532,861

2,319,766

Non-Interest Income Fees and service charges Other fees and charges Non-interest income

831,783 455,859 1,287,642

861,908 470,851 1,332,759

Non-Interest Expense Compensation and employee benefits Professional and outside services Operations Occupancy Education and promotion Loan servicing Loss on disposition of assets acquired in liquidation, net NCUA assessment Non-interest expense

Net Income

3,820,503

3,652,525

1,272,403 630,121 401,800 276,264 110,978 109,670 20,433 -

2,821,669

1,351,143 619,668 459,200 219,187 148,216 101,106 66,360 79,512

3,044,392

$

998,834 $

608,133

The accompanying notes are an integral part of these financial statements. A-3

5

The accompanying notes are an integral part of these financial statements. A-4

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FINANCIALS

STATISTICS

Loans and Advances Made in 2014 Amount

Loans Charged-off in 2014 Recoveries

Loans Charged-off Since Organization Recoveries

Number of Members

9,395 $ 14,898,209

$ 101,566 $ 37,214

$ 4,444,228 $ 1,617,437

8,345

COMPARISON OF 2013?2014 FIGURES

Assets Shares Loans Members

As of 12/31/2013

$ 118,560,305 $ 104,846,511

$ 38,101,549 8,459

As of 12/31/2014

$ 119,294,489 $ 103,363,108

$ 39,747,008 8,345

Amount of Change

$ 734,184 ($ 1,483,403)

$ 1,645,459 (114)

% Change

0.6 % -1.4 % 4.3 % -1.4 %

SOURCE AND USE OF FUNDS IN 2014

SOURCE OF FUNDS

AMOUNTS

Loan Interest Income

$ 1,896,754

Investment Income

$ 1,398,955

Other Income

$ 1,291,290

TOTAL

$ 4,586,999

USE OF FUNDS

Dividends Operating Expenses Undivided Earnings

TOTAL

$ 772,550 $ 2,863,829

$ 950,620 $ 4,586,999

% OF TOTAL

41 % 31 % 28 % 100 %

17 % 62 % 21 % 100 %

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TREASURER'S REPORT

RiverFall Credit Union continues to provide its members with sound financial services and solid credit union operations. During 2014, total assets increased to a little under $119,300,000, representing a modest gain of 0.6% from 2013. Shares showed a slight decrease (1.4%) from $104,800,000 to $103,400,000. For the year 2014, RiverFall Credit Union made 9,395 loans to members. These loans totaled just under $14,900,000, which was up 2.6% from the previous year. This loan growth is directly attributed to the commitment of RiverFall's leadership to provide competitive rates to our members. Additionally, RiverFall returned to its members in the form of dividends over $772,000. In this unsure financial climate, RiverFall members can be confident that our credit union will continue to be managed with prudence and practical moderation that will maintain its strong financial state. 2014 has been an exciting year of forward thinking and planning, including renovations of existing facilities and the construction of new buildings. These improvements are part of an overall plan to stimulate growth and expand the scope of membership and services for our credit union. While the prospect of growth is exciting, RiverFall remains committed to serving our members, existing and new, with the best financial products and services possible through dedicated and personal relationships. We look forward to an exciting and successful 2015.

G. Neal Guy, Ed.S. Treasurer

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