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Sean Costello Chairman of the Board. John Bernie Winne President/CEO. Sean P. Costello Chairman of the Board. John Bernie Winne President/CEO

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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

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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

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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.

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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

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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 M

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DEPOSITS

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 Secured

CONSUMER LOANS

Automobile/Motorcycle Loans VISA® Credit Card

eSERVICES

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

Tailored

Financial Products

Outstanding Personal

Service

Free

Checking

Easy,

Convenient

Access

Better

Rates

Offering members

over 30,000 fee-free ATMs

and 5,000 shared branches nationwide

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WE GET TO KNOW YOU!

We take the time to get to know our

members so we can best work with you to

help you achieve your financial goals. It’s

something that many banking institutions

these days don’t spend much time on, but

at

BFCU

, you’re always a member first!

THE

DIFFERENCE

WE’RE #1 – TO YOU!

For the third year running,

BFCU

has been nationally

named the #1 Credit Union in our asset class in Member

Benefits. When we say that our members always come

first – you know we really mean it!

WE FIT YOU TO A TEE!

BFCU

members never have to settle for

“off the rack” financial services. We know

our members and tailor our products and

services to fit the specific needs and lifestyles

of those we serve.

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BFCU PROUDLY WELCOMES

OUR PUBLIC SAFETY FRIENDS

We are excited to welcome the

Boston Police, Massachusetts State Police

and Suffolk County Sheriff’s Department

to the BFCU family. This represents a great victory for both current and new members

as the addition of more of our brothers and sisters will allow our Credit Union to grow stronger

and offer the best banking services with the fewest/lowest fees and most advantageous interest rates.

References

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