Log In Annual Report 2021 Message to the Membership 2020 was a challenging year for us all. As a not-forprofit financial institution, we’re pleased to report that we remain safe and sound, well capitalized and a preferred alternative to big banks. We worked hard to provide more value to enhance our member-owners’ lives, especially those impacted by COVID-19. We were “Big Enough to Serve - in a year that we will never forget - but Small Enough to Care”. We hope you stayed well, and our hearts go out to those we lost. This year we prioritized keeping people safe and continued to provide essential financial services to our members throughout the pandemic. We were able to keep most branches open, as well as expand digital and phone access. We offered swift loan payment deferrals to members who had reduced income, lost their jobs or had their businesses closed. We made emergency loans and also waived numerous fees to make life more affordable. A big thanks goes out to our staff - frontline heroes - who showed compassion, helped to create normalcy and adapted through flexibility in service delivery as well as remote capabilities. In 2020, we made a record breaking $120M in loans, to help members reduce the cost of debt and finance important purchases to enhance their lives. Mortgage refinances were at an alltime high because rates were so historically low. We were proud to be able to participate in the SBA Paycheck Protection Loan Program (PPP) that provided forgivable money to help businesses survive the shut downs and keep employees paid. Regular savings ensures that members have a safety net for unexpected emergencies or the funds to reach a goal. Shares grew by an unprecedented $64M, almost 16%, and total assets reached almost $474M. Although market rates remain low, we continue to offer some of the best rates available, including our reverse-tier $mart Start Money Market that still earns up to 3% APY. We also welcomed thousands of new members and opened many checking/ mobile apps and digital service relationships that increased convenience and saved members thousands in fees. In 2021, low loan rates provide an on-going opportunity to save by refinancing. If you are a business owner, PPP Loans are available again, and we can help. Through our dedication to People Helping People, we will continue to support our members through difficult times and reach out to offer affordable credit union services to more members. For your convenience, we will continue to improve our on-line digital banking capabilities, and are planning to add a new branch or two in the next few years. We also look for ways to expand our involvement in the communities we serve to ensure everyone has access to the value provided through credit unions. As a financial cooperative, we put you first and welcome everyone in the communities we serve. Your satisfaction is our number one priority; we pledge to bring you more value, and we strive to deliver it with the personal service you deserve. Thank you for your business and your referrals. Carol M. Hauck President & Chief Executive Officer Brian W. Doyle Board Chairman Audit Committee Report The responsibility of the Audit Committee is to ensure the sound operation of First U.S. In 2020, the Audit Committee engaged the accounting firm RSM US, LLP to conduct the annual certified audit. First U.S. continues to be well managed, financially sound and in compliance with generally accepted accounting principles. Due to the diligence of officials, management and staff, the credit union remains in excellent condition, having met all regulatory requirements. We encourage our members to be involved by offering suggestions and comments so that we can continue to improve our service to you. Your support and confidence in 2020 are appreciated, and we look forward to ongoing success in 2021. Audit Committee of the Board of Directors James Gomes, Chairman Karen McDougal Stephen Serfozo Charles B. Johnson, Jr., Member Emeritus James Gomes Audit Committee Chairman Statement of Condition Year Ended December 31, 2020 Assets 2020 2019 Loans to Members 263,790,529 251,955,349 Less Allowance (2,264,146) (1,831,663) Cash 1,741,880 1,988,393 Investments 175,667,054 128,324,501 Fixed Assets 3,275,295 3,497,116 Other Assets 31,632,250 25,473,322 Total Assets $473,842,862 $409,407,018 Liabilities and Equity 2020 2019 Other Liabilities 7,927,760 2,851,638 Accrued Dividends 128,242 178,209 Total Shares 412,454,431 357,383,267 Regular Reserves 6,496,396 6,496,396 Equity Acquired in Merger 6,646,733 6,646,733 Gain (Loss) on Securities 1,248,366 539,935 Undivided Earnings 38,940,934 35,310,840 Total Liabilities & Equity $473,842,862 $409,407,018 Statement of Income Year Ended December 31, 2020 Income 2020 2019 Interest on Loans 11,525,907 10,903,943 Income from Investments 2,197,492 2,707,423 Other Operating Income 3,103,335 3,155,203 Total Revenue $16,826,734 $16,766,569 Expenses 2020 2019 Employee Comp./Benefits 5,921,629 5,768,596 Travel & Conferences 87,763 166,429 Association Dues 49,353 45,259 Office Occupancy 620,672 591,184 Office Operations 2,249,929 2,010,498 Advertising & Promotions 322,244 382,533 Loan Servicing 815,052 730,350 Professional & Outside Services 458,578 535,301 Provision for Loan Losses 923,740 1,197,738 Other Operating Expenses 94,341 90,289 Total Operating Expenses $11,543,301 $11,518,177 Totals 2020 2019 Net Income Before Dividends 5,283,433 5,248,392 Less Dividend on Shares 1,804,915 1,818,799 Net After Dividends $3,478,518 $3,429,593 Non-Operating Income 2020 2019 NCUSIF/Corporate Stabilization 0 0 Gain (Loss) on Assets & Investments 151,577 (32) Gain (Loss) Sale of Real Estate 0 1,551 Non-Operating Income (Expense) 0 44,877 Net Income $3,630,095 $3,475,989 Assets 300,000,000 400,000,000 500,000,000 2020 2019 2018 2017 $473,842,862 $473,842,862 $409,407,018 $409,407,018 $372,022,835 $372,022,835 $364,234,033 $364,234,033 Member Loans 200,000,000 250,000,000 300,000,000 2020 2019 2018 2017 $263,790,529 $263,790,529 $251,955,349 $251,955,349 $238,924,328 $238,924,328 $217,555,645 $217,555,645 Member Shares 300,000,000 400,000,000 500,000,000 2020 2019 2018 2017 $412,454,431 $412,454,431 $357,383,267 $357,383,267 $325,960,084 $325,960,084 $322,948,956 $322,948,956 eStatement Users 10,000 12,000 14,000 2020 2019 2018 2017 12,288 12,288 11,781 11,781 11,072 11,072 10,434 10,434 Mobile Deposits 20,000 40,000 2020 2019 2018 2017 36,147 36,147 30,370 30,370 29,876 29,876 21,646 21,646 Bill Pay Users 4,000 5,000 6,000 2020 2019 2018 2017 5,586 5,586 5,056 5,056 4,577 4,577 4,047 4,047 Federally Insured by NCUA Routing Number 321175481 Equal Housing Opportunity Avoid "Phishing" Scams Avoiding Foreclosure Contact First U.S. Privacy Online Access Agreement Accessibility If you are having difficulty, or need assistance with this site, please call (800) 556-6768 © 2021. 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