Bridge Credit Union 2023 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

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 and 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.

2023 YEAR IN REVIEW PRESIDENT/CEO MESSAGE

As we reflect on 2023, I am filled with immense pride, appreciation, and gratitude for what we’ve achieved together. Bridge Credit Union continues to grow and stands as a testament to the power of teamwork and a driver of change to improve the everyday lives of the members we serve.

In June 2023, with a focus on combining resources and partnering to invest in surrounding communities, we completed a merger with Freedom 1st Credit Union. This brought our total membership to over 20,000 members and our total branch count to nine. On behalf of our existing membership, we would like to welcome Freedom 1st members to the Bridge family.

This past year we have seen remarkable growth. For the third year in a row, we hit alltime highs in assets, loans granted to members and net income. Our members continue to look to us for all their financial needs. We have seen growth not just in financials but in the expansion of our products and services. We’ve launched innovative programs tailored to support your dreams, from first homes to new businesses, all while delivering the personalized one on one service that you have come to expect.

Our commitment to giving back has never been stronger. Together, we’ve supported local initiatives and charities that enrich the lives of our members and the communities we call home. These successes are not defined by numbers on a balance sheet, they are the why behind what drives us daily to deliver the Bridge Difference.

As your President/CEO, I am humbled by your trust and inspired by the difference we are making in local communities and the support we provide to the members we serve. Here’s to a 2024 full of successes, and to an even brighter future we will build together.

Jarod N. Bach, President/CEO

INDEPENDENT AUDITOR’S REPORT

Lillie & Co LLC. 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, 2023. 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, 2023, 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.

Lillie

& Company LLC

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. 2023 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 2023 the Credit Committee and Loan Officers reviewed 3,414 loan requests, closed 1,631 loans, and successfully funded a total of $22,903,271 in loans. Our loan portfolio totaled $118,086,070 at 2023 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/Chief Lending Officer

TREASURER REPORT

◊ Assets increased to $194,911,489 - an increase of 35.5% from 2022.

◊ Shares totaled $171,131,773 - up 36.95% from 2022.

◊ Finished the year with a strong 11.03% capital to assets ratio. This ratio represents the equity we have built. Equity provides a safety net during economic hard times.

◊ Loans to members ending at $112,751,484 resulting in an increase of 29.32% from 2022

◊ Loan to share ratio for 2023 was 69%.

As a reference, our peer group average for 2023 was 66.38%

◊ Loan portfolio is very sound with a delinquency ratio of 0.77%.

Kathy Ludowese, Treasurer

2023 ACCOMPLISHMENTS, AWARDS, & SPONSORSHIPS

In 2023, Bridge Credit Union proudly continued our legacy of excellence, community service, and growth. The year was marked by the successful navigation of a major merger, all while keeping our core values in focus. As we integrated three new branches into our network, our team showcased unwavering resilience and commitment. Despite the challenges typically associated with mergers, we maintained our focus, ensuring our services continued seamlessly.

Our commitment to community service and social responsibility was recognized with the Dora Maxwell Social Responsibility Community Service Award, highlighting our dedication to excellence in financial services, community participation, scholarship initiatives, and efforts towards the economic empowerment of the Struthers Community. The Struthers branch also received the Reader’s Choice Bronze Award for Credit Unions, underlining the trust and confidence the community has in us. Our active role in community events such as the YMCA Healthy Kids Day, Powell Community Festival, Clark County Fair, and the Ohio MBE/Diverse Business Expo underscored our commitment to nurturing vibrant, informed communities. This commitment extended to sponsoring ODOT’s Bring Your Child to Work Day.

Our first-time participation in the Preble County Pork Festival and Parade allowed our Eaton branch to engage with the community through a festive parking lot party. During the parade we were able to introduce ourselves to members, show our support to the community, and answer any questions about our products and services. Our involvement with youth and community extended to sponsoring sports teams and fields and offering financial literacy workshops, ensuring financial health and education are accessible to everyone.

Our philanthropic efforts shone through in our participation in the Marine Toys

2023 ACCOMPLISHMENTS, AWARDS, & SPONSORSHIPS

for Tots campaign, support for the United Way of Youngstown and Mahoning Valley’s “Annika Fore East Palestine,” and various community volunteer efforts. A notable highlight of 2023 was Bridge Credit Union being named the Fastest-Growing Central Ohio Credit Union by Columbus Business First, a recognition of our ongoing commitment to making a difference—the “Bridge Difference”!

Reflecting on the past year, we’re filled with a sense of pride for our collective achievements in 2023. From receiving awards and recognitions to engaging in community service and more, every success we celebrated was a result of the combined efforts of our committed staff, our supportive members, and the communities we’re honored to serve.

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.

• Questions? Text Member Services at 800.434.7300

BUSINESS BANKING SOLUTIONS

Business Checking Accounts

• Streamline your day-to-day transactions with our flexible online account options.

• Access powerful online banking tools to manage your finances anytime, anywhere.

Business Savings and Investment Accounts

• Grow your business’s financial reserves with our competitive savings and investment options.

• Benefit from attractive interest rates and a variety of term lengths to meet your savings goals.

Business Loans and Lines of Credit

• Gain access to capital for expansion, equipment purchase, or working capital needs.

• Our experienced lending team will work closely with you to structure a loan that fits your business.

Business Bill Pay

• Easily manage and pay your bills online.

PRODUCTS & SERVICES

PERSONAL BANKING

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.

LOANS WITH A PERSONAL TOUCH

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 refinancing - Bridge 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.

MEMBERSHIP ELIGIBILITY

In addition to our current employer relationships, we are pleased to extend membership to those who live, work, or worship in one of the following Ohio counties:

• Champaign County

• Clark County

• Columbiana County

• Darke County

• Delaware County

• Fairfield County

• Franklin County

• Greene County

• Licking County

• Madison County

• Mahoning County

• Miami County

• Montgomery County

• Pickaway County

• Preble County

• Trumbull County

• Union County

Membership eligibility with our current employer relationships :

• 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.

• Family members of credit union members.

• Retired employees of each group.

2022 ANNUAL MEETING MINUTES MARCH 22, 2023

Bridge Credit Union Minutes of the 56th Annual Meeting

The fifty-sixth (56th) Annual Membership meeting of the shareholders of Bridge Credit Union, Inc. was held at 11:02 a.m. on March 22, 2023.

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

Vice Chairperson Shearer confirmed a quorum was remote with 42 voting ballots received Chairperson Ray officially called the meeting to order in accordance with the Code of Regulations to review activity of 2022 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 Remote as indicated:

Directors:

J.A. Ray, Chairperson Remote

B.A. Shearer, Vice Chairperson Remote

K.M. Ludowese, Treasurer Remote

D.J. DeNiro, Secretary Absent

M.A. McColeman Remote

B.D. Neely Remote

J.A. Audet Remote

S.A. Downs Absent

R.J. Wehner Remote

Associate Directors: J.T. Miller Absent

W. Petrunak Remote

P.M. Babyak Remote

R.J. Durick Absent

Director Emeritus: S. M. Grundey Remote

Chairperson Ray noted that everyone remote had received copies of the 2022 Annual Report which included the 2021 Annual Meeting Minutes. A motion was made by Director Audet (Treasurer Ludowese) to waive the reading of the minutes and to approve them. Motion carried.

Chairperson Ray referred to the 2022 Annual Report. She stated that all required reports were contained in the 2022 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 McColeman (Director Neely). Motion carried.

The Vice Chairperson, Brett Shearer, communicated the results of the 2022 Board of Directors Election. There were 42 votes cast which is greater than the required for a quorum of 25. All candidates, Ms. Ray, Mr. McColeman, and Mr. DeNiro 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 Director at the next Board Meeting. A motion to adjourn was made by Vice Chairperson Shearer (Treasurer Ludowese). Motion carried.

Attested By:

Julie Ray, Chairperson

Attested By:

OUR LEADERSHIP

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 Benita Neely Director

Brett Shearer Vice Chairperson John Audet Director

Kathy Ludowese Treasurer Mike McColeman Director

Dan DeNiro Secretary Sara Downs Director

Ron Wehner Director Bill Petrunak Director

Shari Fowler Director

ASSOCIATE DIRECTORS

Jared Miller Associate Director Robert Durick Associate Director

Paulette Babyak Associate Director Chad Rother Associate Director

Sue Grundey Director Emeritus Suzette Castonguay Associate Director

Amy Robinette

Adams