T H E
D I F F E R E N C E
B O S TO N F I R E F I G H T E R S
C R E D I T U N I O N
A N N U A L R E P O R T
2014
Sean P. Costello, L-19, Gr. 2 Chairman of the Board
Joseph Finn, Fire Commissioner and Chief of Department Clerk
Ralph Dowling, FAO, Gr. 2 Vice Chairman
Robert Ford, Headquarters Treasurer
John “Bernie” Winne - President/CEO Cathy Boucher - Executive Vice President Katie Armstrong - Vice President of Finance John C. Maguire - Vice President of Lending
Catherine Lydon - Assistant Vice President Member Service Kaitryn Thornton - Assistant Vice President Loan Origination Tracy Kaplan - Branch Manager
Susan Walsh - Electronic Services Manager Sarah Butler - MSR I
Anna Collins - Loan Processor
Elizabeth Cicerone - Electronic Services Clerk
Joanne Concannon - Business Development Representative Jennifer Cook - Assistant Branch Manager
Timothy Daley - Loan Servicing Specialist Tracey Falcone - MSR I
B OA R D O F D I R E C TO R S
Charles M. Buchanan, Jr., E-24 - Retired William G. Dewan, E-10 - Retired Richard T. Kelleher, FAO - Retired Daniel Magoon, E-21, Gr. 3 Thomas W. Matthews, HQ - Retired Kevin Meehan, E-7, Gr. 4
Cathie Fleming - File Clerk
Mary Kate Flynn - Business Development Representative Karen Guiliano - Loan Servicing Manager
Alexa Karski - MSR II Rebecca Kulesza - Teller Oanh Le - Staff Accountant Freda Manning - MSR II
Judy McKee - Switch Board Operator Judy Miller - Senior Loan Officer Nancy McEachern - MSR II Carol Noenickx - Bookkeeper Jean O’Malley - MSR I
Kristen Russell - Executive Assistant Kelly Tewksbury - MSR II
Courtney Wells - Teller
Joseph Nee, Maint. - Retired Tom McCann, E-39 - Retired Edward Paris, Jr., E-18, Gr. 1 George Patukonis, Training - Retired Edmund M. Street, L-18 - Retired
C H A I R M A N & P R E S I D E N T ’ S
M E S S AG E
John “Bernie” Winne
President/CEO
Sean Costello
Chairman of the Board
John “Bernie” Winne President/CEO
THE
DIFFERENCE
Sean P. Costello Chairman of the Board
It’s been another great year for Boston Firefighters Credit Union and our
members! We’ve experienced continued financial success, maintaining the sound financial strength that members can absolutely depend on year after year. We are proud of that achievement, but it’s only part of the story. We are prouder still of the role we continue to play in creating the opportunity for our members to achieve their financial goals. That is what drives us, and that is why we are your Credit Union!
For the third consecutive year we were honored at the Credit Union National Association Government Affairs Conference with the award for being the credit union in our asset class to return the greatest value to its members. This is the BFCU Difference. As a banking institution owned and operated by our members – not stockholders – we really have only one concern: the financial well-being of those we serve. The products and services we offer differ from those of other institutions because they are expressly designed for our members, with a unique understanding of the specific needs and lifestyles of those who will use them. An example of this is the Veterans Mortgage that was delivered to members for the first time in 2014. Hearing stories of frustration with the government program and recognizing the large numbers of members we have who served our country so well, we developed a product to help these members buy their first homes. And it’s been a great success! We are happy to report that, as of this writing, we have successfully originated more than $5 million of new mortgage loans. It’s a great example of members helping members to the benefit of all.
The BFCU Difference also goes beyond innovative products. It’s about respectful, courteous, helpful and knowledgeable personal service. We ask our staff to listen carefully to the needs of each member, and we empower them with the decision-making ability to work with members to solve problems. A rather unique approach in today’s banking-for-profit landscape.
Looking forward to 2015, we are excited about our recent membership expansion. We are happy to welcome the Boston and State Police as well as Suffolk County Sheriff’s Department employees. We know these new members will find BFCU to be everything they’re looking for in a financial partner and easily see how we have successfully serviced our members’ needs for more than 65 years.
Please also join us in thanking our dedicated Board of Directors and
hard-working staff for a great year. They make the success we all share possible every day.
COMPAR ATIVE STATEMENT OF CONDITION
for the period ending December 31, 2014
12/31/14 12/31/13 Assets Cash 785,576 581,216 Investments 56,175,521 49,871,514 Total Loans 142,521,006 129,482,964 Fixed Assets 3,968,363 4,065,952
Total Other Assets 5,634,562 3,791,107
Total Assets 209,085,028 187,792,753 Liabilities & Surplus
Total Shares and Deposits 183,563,818 164,016,683
Notes Payable 0 0
Other Liabilities 610,913 658,059
Total Liabilities 184,174,731 164,674,742
Total Reserves and undivided earnings 24,910,297 23,118,011
Total Liabilities and Reserves 209,085,028 187,792,753
COMPARATIVE STATEMENT OF INCOME AND EXPENSE
for the period ending December 31, 2014
12/31/14 12/31/13 Interest on Loans 2,701,503 2,525,132 Interest on Mortgages 3,968,172 3,862,658 Investment Income 403,266 339,640 Other Income 896,566 1,022,061 Total Income 7,969,507 7,749,491 Dividends 1,504,223 1,575,446 Interest 0 0 Dividend/Interest Expense 1,504,223 1,575,446 Expenses
Employee Comp. & Benefits 2,441,824 2,298,131
Travel and Conference 240,444 255,219
Office Occupancy 245,273 270,822
Office Operations 930,098 821,721
Education and Promotional 182,904 215,044
Loan Servicing 185,843 129,896
Professional and Outside Services 562,983 485,439
Member Insurance 25,859 160,825
Operating Fees 25,531 22,423
Miscelaneous Expense 36,866 31,564
Non-Interest Expense 4,877,625 4,691,044
Provision for Loan Losses 10,000 75,000
Net Operating Income 1,577,659 1,408,001
2014
ANNUAL
REPORT
2014
ANNUAL
REPORT
0 $5 M $10 M $15 M $20 M $25M 18,365,813 19,545,436 20,567,929 21,958,269 23,118,011 2009 2009 2010 2011 2012 2013 2014 $200 M $180 M $160 M $140 M $120 M Assets 209,085,028 Loans 187,164,328* Deposits 183,563,818 Interest on Morgages Investment Income Interest on Loans Other Income 50% 5%
*Loan numbers include mortgages sold but services kept at BFCU.
C APITAL GROW TH
GROW TH TRENDS
SOURCES OF INCOME
2013 2012 2011 2010 24,910,297 2014 34% 11% $220 MDEPOSITS
Free Checking Regular Savings
Money Market Accounts CDs
IRAs & IRA CDs All Purpose Club Christmas Club Jake Jr. Account
HS/College Student Accounts
REAL ESTATE LOANS
Mortgages
Veterans Mortgage
Home Equity Lines of Credit Investment Property
PERSONAL LOANS
Unsecured Vacation Tuition Holiday Line Of Credit Share SecuredCONSUMER LOANS
Automobile/Motorcycle Loans VISA® Credit CardeSERVICES
Mobile/Text Banking
Mobile/Remote Check Deposits Direct Deposit Online Banking Bill Pay eStatements Debit Card
SERVICES
Surcharge Free ATM Networks Shared Branching
Payroll Deduction Wire Transfers Finance Works
Pre-Authorized Payments Property & Casualty Insurance 24 Hour Hotline
Notary
VISA® Gift Cards
Extended Car Warranties GAP Insurance
M E M B E R S E R V I C E S
bosfirecu.com
Federally Insured by NCUA Equal Opportunity Lender