Bridge Credit Union 2022 Annual Report

PHILOSOPHY& MISSION

Brand Principle

“Experience the Bridge Difference”

Mission Statement

Bridge was founded on the principle of People Helping People. We are driven to understand our members’ needs, goals, and dreams while exceeding expectations with every interaction. Our focus is to deliver the Bridge Difference to our members and the communites we serve.

Delivering Service That is “Different” and Second to None.

“No matter your need, whether big or small, members should continue to expect the “Bridge Difference” … consistently… every member, every interaction, every time.”

Jarod N. Bach, President/CEO

2022 YEAR IN REVIEW PRESIDENT/CEO MESSAGE

Our Vision

To transform the communities we serve by delivering value through financial empowerment, education, and engaged relationships.

Simple and Proactive Values

Accountable - We take ownership for our actions and our results by proactively supporting the financial well-being of our members. Teamwork - We collaborate utilizing our shared ideas and knowledge to deliver the Bridge Difference - No Silos!

Transparency - We are different with our member interactions; providing simple, straight-forward answers with integrity & empathy at the heart of every response.

Connected - We stay connected with our members, stay on top of relevant issues, and meet the needs of the communities we serve. Motivated - We deliver product offerings, processes, & solutions with a sense of urgency making our members’ needs our top priority. Quality - We deliver excellence with every member, every interaction, every time.

The year 2022 laid the foundation for the future, as your Board of Directors approved a new business plan that will guide us through the year 2030. In the next eight years Bridge Credit Union will focus on growth and geographic expansion, community and philanthropy, sustainable financial growth, and member engagement. This focus will give us endless opportunities to deliver the locations, products, and services that you, our members, deserve.

In April of 2022, with a focus on our strategic initiatives, we completed a merger with Struthers Federal Credit Union in Struthers, Ohio. This brought our membership to over 13,000 members and our total branch count to five. On behalf of our existing membership, we would like to welcome these new members and employees to the Bridge family. In July we continued our focus on community and geographic expansion and moved into our new corporate headquarters and branch in Powell, Ohio. This building gives us over 22,000 square feet of space for our current operations, and will give us room as we continue to expand the Bridge team to serve your needs. Adding the Powell location brings our branch count to six.

The end of 2022 saw many operational upgrades including card processing changes, upgrades to electronic services, and the launching of a new phone system. These are just a few examples of the ways we are working to engage our members and to enhance our member’s experience. In addition to growth in membership and branches, Bridge Credit union saw strong financial growth. Our assets grew 28%, resulting in overall loan growth of 11%. We are grateful that you, our members, continue to trust us with your deposits, and look to us for your lending needs,

The year 2022 truly laid the foundation for our future. A future that will see more geographic expansion, more convenient locations, and a commitment to have an impact in all the communities we serve. I am humbled to serve as your Credit Union President/CEO and am thankful for your continued support and trust in our Credit Union. I look forward to the future we are building together.

Jarod N. Bach, President/CEO

Schmidt & Associates, Inc. has been retained by the  Credit Union’s Board of Directors to perform an audit  of the financial statements for the year ended  December 31, 2022. The audit performed meets the  annual regulatory requirement included in the Ohio  Revised Code. The issued report includes, in part, a  paragraph that reads as follows:

In our opinion, the financial statements present fairly,  in all material respects, the financial position of Bridge  Credit Union, Inc. as of December 31, 2022, and the  results of its operations and cash flows for the year  then ended in conformity with accounting principles  generally accepted in the United States of America.

The audited financial statements are not included in  the annual report; however, they are available to the  membership to be viewed at the main office located at  10567 Sawmill Parkway, Powell, Ohio.

Schmidt & Associates, Inc.

Certified Public Accountants

CREDIT COMMITTEE REPORT

The Bridge Credit Union Credit Committee is accountable for safeguarding credit union member’s savings while balancing the member’s need to borrow. The committee works closely with the Board of Directors and Management to promote Bridge as a member’s first choice when borrowing money. Loan approval is based on the member’s credit worthiness, capacity to repay the loan, and collateral. Bridge Credit Union continues to provide member loans at very competitive interest rates. 2022 was a year of unprecedented growth for Bridge with delinquency remaining low throughout the year.

Our success is proven by more members choosing us as a lending option. In 2022, the Credit Committee and Loan Officers reviewed 3,549 loan requests, closed 2,849 loans, and successfully funded a total of $29,184,523 in loans. Our loan portfolio totaled $87,190,174 at 2022 year-end. Our commitment to serving the ever-evolving financial needs of our membership remains strong, and I am privileged to lead a passionate and talented group of individuals. The Credit Committee members are: Chairperson Pat Curtin, William McClure, Litisha Cooley and Alternate: Aimee Harris

Patrick Curtin, Credit Committee Chairperson & VP Lending

TREASURER REPORT

◊ Assets increased to $143,847,203 - an increase of 27.93% from 2021.

◊ Shares totaled $124,955,179 - up 29.2% from 2021.

◊ Finished the year with a strong 11.47% capital to assets ratio. This ratio represents the equity we have built. Equity provides a safety net during economic hard times.

◊ Loans ended at $87,190,174 resulting in an increase of 11.08% from 2021

◊ Loan to share ratio for 2022 was 72.40%.

As a reference, our peer group average for 2022 was 64.66%

◊ Loan portfolio is very sound with a delinquency ratio of 0.78%.

CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

MEMBER SHARES

CONSOLIDATED STATEMENT OF INCOME

2022 ACCOMPLISHMENTS, AWARDS, & SPONSORSHIPS

In 2022 Bridge Credit Union had many accomplishments. We were awarded the Louise Herring Philosophy in Action Award from the Ohio Credit Union League in recognition of our efforts in delivering “The Bridge Difference,” to our members.

As an organization we sponsored or participated in more than thirty community related events across Ohio. Through our “Bridge Gives Back” initiative we contributed community service hours, cash, and gifts to 13 different organizations including: Wreaths Across America, Second Harvest Food Bank, Springfield, OH; Charity Newsies, Columbus, OH; The Good Neighbor House, Dayton, OH; and the Struthers Ohio Fire Department Spaghetti Dinner fundraiser.

We collected school supplies and toys for the communities that we serve in Columbus, Struthers, Springfield, and Dayton, Ohio. The credit union also sponsored more than 10 youth athletic teams & clubs, and placed our name on athletic fields and scoreboards in multiple communities including Struthers and Olentangy Orange High School’s football field scoreboards.

Did you see us?

We launched our first television commercial on WBNS Channel 10TV in Columbus, OH, and streamed on more than 125 networks.

Did you hear us?

We aired our first radio commercial advertisement on The FAN 97.1 FM.

Last but not least, the employees of Bridge Credit Union were the #1 contributors to the Ohio Credit Union League’s PAC for credit unions in our asset group, making us active contributors in driving advocacy efforts for Ohio’s more than 3 million credit union members. We look forward to doing more, giving more, and having a greater impact in 2023!

Jarod Bach (Bridge Credit Union President/CEO) receiving the Louise McCarren Herring Award on behalf of Bridge Credit Union from Paul Mercer (OCUL President).

DO-IT-YOURSELF BANKING Access Anytime & Anywhere!

• Download our app to access & manage your accounts. Pay bills, make deposits using snapdeposit, control your debit/credit cards and much more on-the-go!

• Apply for loans and sign loan documents right from your phone.

• Sign-up for e-Statements. Get your monthly statements sooner - it’s more secure than paper statements!

• No wallet? No problem! Link your Bridge debit & credit cards to Apple or Google Pay and simply pay using your smart-phone.

• Need help and can’t call? Simply, text Member Services at 800.434.7300 or our Loan Department at 614.466.4988.

• Get full access... register your account for online banking!

BANKING

Lots of benefits, lots of value. We offer a variety of accounts with features designed just for you.

DON’T CHASE RATES

Move your money into a Bridge Certificate. You don’t have to chase rates to earn the best return. Being a Bridge member is all it takes! Find a better offer and we will match it!

CHECKING

• Crystal Free. Free, simple and classic.

• Diamond Dividends. Our interest earning checking account – it pays you!

• Clear Path. Clear your path with Bridge as your guide.

SAVINGS

• Christmas Club Savings. Reduce the stress of the holidays.

• Special Savings. Secondary savings account for that special thing or event.

• Money Market Savings. The more you save, the more you earn.

• Primary Savings. Open a primary savings account and you are on your way.

• IRA. Start saving or save a little more for your retirement.

• HSA. We offer not only a variety of HSA options, but also an opportunity to speak with an HSA expert.

PRODUCTS & SERVICES

VEHICLE LOANS

• New and Used Auto Loans. We have the right low-rate auto loan for you. Whether you are looking to buy a new (or new to you) vehicle or you want to save money by refinancingBridge has you covered!

• Recreational Vehicle Loans. Roam free with feature-filled financing on RVs, motorcycles, boats, and off-road vehicles

HOME LOANS & MORTGAGES

• First Mortgages. We’ve made home buying simple by offering a wide variety of products with excellent rates.

• Home Equity. Use your home’s equity to pay off debt, finish a home improvement project or take a needed vacation - we offer a variety of terms or even a line of credit. You pick the product that suits your needs.

CREDIT CARDS

• Platinum Visa® Credit Cards. Get rewards just for making your everyday purchases. You choose the credit card and the rewards that are right for you.

BUSINESS LOANS

• You have a vision for your business... and the reality is your business needs money to make that vision come to life.

BORROWING

Our lending products are packaged for convenience, value, and personal attention. No matter what you need or want, we have the right loan for you.

WE PROMISE A PERSONAL TOUCH

We’ll guide you through the entire lending process and counsel you on the best products to fit your situation to enjoy a truly different experience.

MEMBERSHIP ELIGIBILITY

In addition to our current employer relationships, we are pleased to extend membership to the following Ohio counties:

• Champaign County

• Clark County

• Columbiana County

• Delaware County

• Fairfield County

• Franklin County

• Greene County

• Licking County

• Madison County

• Mahoning County

• Miami County

• Montgomery County

• Pickaway County

• Trumbull County

• Union County

Membership eligibility with our current employer relationships :

• Live, work, or worship in one of the 15 Ohio counties we serve.

• All employees of the Ohio Department of Transportation; the Ohio Department of Youth Services; the Transportation Research Center of Ohio; the Columbus Developmental Center including the Columbus State School and the Office Services Division; ComputerServices of the Department of Administrative Services; Ohio Department of Public Safety; Office of Budget and Management.

• Both active and retired employees of the Ohio Edison Company working at or receiving compensation from the Springfield Division and select groups acquired during the merger of Edison Credit Union.

• Twin Valley Behavioral Healthcare and Medical Complex.

• Employees of public transportation agencies, employees, and students of and businessesin the distribution, logistics, support and services, construction, engineering, transportation, freight, and warehousing sectors in the Ohio counties of: Butler, Hamilton, Knox, and Logan.

• Anyone who lives, works, or worships in the Struthers School District.

• Family members of credit union members.

• Retired employees of each group.

2021 ANNUAL MEETING MINUTES

Bridge Credit Union Minutes of the 55th Annual Meeting

The fifty-fifth (55th) Annual Membership meeting of the shareholders of Bridge Credit Union, Inc. was held at 11:12 a.m. on March 30, 2022.

Notice of the Annual Meeting was duly distributed and posted as required.

Vice Chairperson Shearer confirmed a quorum was present with 40 voting ballots received. Chairperson Ray officially called the meeting to order in accordance with the Code of Regulations to review activity of 2021 and to inform the shareholders of the results of the election of the Board of Directors. A roll call was made with the following members present as indicated:

Directors: J.A. Ray, Chairperson Present

B.A. Shearer, Vice Chairperson Present

K.M. Ludowese, Treasurer Present

D.J. DeNiro, Secretary Absent

M.A. McColeman Present

B.D. Neely Remote

J.A. Audet Present

S.A. Downs Absent

R.J. Wehner Present

Associate Directors: J.T. Miller Present

B.L. Miller Absent

Director Emeritus: S. M. Grundey Present

Chairperson Ray noted that everyone present had received copies of the 2021 Annual Report which included the 2020 Annual Meeting Minutes. A motion was made by Director McColeman (Vice Chairperson Shearer) to waive the reading of the minutes and to approve them. Motion carried.

Chairperson Ray referred to the 2021 Annual Report. She stated that all required reports were contained in the 2021 Annual Report. She asked if there were any changes to the Reports. There were none. Chairperson Ray asked if there was any unfinished business and new business, there were none. A motion was made to approve all reports by Director Wehner (Treasurer Ludowese). Motion carried.

The Chairperson of the Nominating committee, Director McColeman, communicated the results of the 2021 Board of Directors Election. There were 40 votes cast which is greater than the required for a quorum of 25. All candidates, Ms. Neely, Mr. Audet, and Mr. Wehner were re-elected by a combination of online ballots and paper ballots. Chairperson Ray stated that all ballots will be destroyed in 11 months according to the Code of Regulations.

The re-elected Board members will be administered the Oath of Office at the next Board Meeting. A motion to adjourn was made by Director McColeman (Vice Chairperson Shearer). Motion carried.

Attested By:

Julie Ray, Chairperson

Attested By:

OUR BRIDGE FAMILY

Thank you for choosing Bridge Credit Union. We are owned by our members and are here to help. We are dedicated to serving our membership in a fair, hassle-free, proactive and transparent manner. We realize you have many banking options available to you.

We appreciate the opportunity to serve your needs.

BOARD OF DIRECTORS

Julie Ray Chairperson

Brett Shearer Vice Chairperson

Kathy Ludowese Treasurer

Dan DeNiro Secretary

Benita Neely Director

John Audet Director

Mike McColeman Director

Sara Downs Director

Ron Wehner Director

ASSOCIATE DIRECTORS

Jared Miller Associate Director

Paulette Babyak Associate Director

Robert Durick Associate Director

Bill Petrunak Associate Director

Sue Grundey Director Emeritus

SENIOR MANAGEMENT

Jarod Bach President/CEO

Amy Robinette VP/Chief Financial Officer

Jeff Christensen VP/Chief Information Officer

Brandynn Adams VP/Chief Experience Officer

Patrick Curtin VP/Chief Lending Officer

MANAGEMENT

Courtney Penix Director of Compliance

LaShaye M. Floyd Marketing Director

Renata Thomas Director of Member Sales and Services

Danielle O’Connor Innovation Manager

Joe Corna Regional Branch Manager

Katelyn Yanjtovich Branch Manager

Litisha Cooley Loan Operations Manager

Vincent Mastenbrook Collections Manager

TEAM MEMBERS

Aarik Fretz Member Services Representative

Aimee Harris Lending Officer/Plastics Specialist

Alonzia Wilson Member Services Representative

Alysha Jewett Member Services Representative

Amanda Oblinger Member Services Representative

Bill McClure Sr. Loan Officer

Brenda Preston Member Services Representative

Crystina Laffin Human Resources Generalist

Cynthia Ball Member Services Representative

De’Shaunte Cole Member Services Representative

Eddwena Glover Loan Processor

Faith Holland

Janay Hill

Jennifer DeLisio

Kerigan Hassen

Member Services Specialist

Member Services Representative

Member Services Representative

Member Services Specialist

Kraig Evans Network Analyst

Marranda Meanor Member Services Representative

Megan Beal Member Services Representative

Rachel Morris Member Services Representative

Rebekah Armentrout Senior Financial Analyst

Robin Burris Member Services Specialist

Sara Hosni Senior Accountant

Sarah Abshear Member Services Representative

Sharon Buczek Member Services Representative

Taylor Myers Member Services Specialist

Tyler Pocatko Member Services Representative

Vicki Ream Member Services Specialist

Wendy Knepper Member Services Specialist