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ANNUAL REPORT
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A MESSAGE FROM OUR PRESIDENT AND CEO I am proud to bring you the 2021 Capital Credit Union Annual Report and want to begin by thanking you for your membership and support of the credit union. Guided by our mission to be the trusted financial resource that puts members first, in 2021, our team helped our members achieve their goals by offering a full range of financial services, financial education and financial counseling to those in need of such assistance. We’re also proud to give back to the communities where our members work and live and did so by sponsoring events, donating to worthy causes, volunteering and providing student scholarships. In spite of the continued challenges presented by the COVID-19 pandemic, our team did the small things right which resulted in big things getting accomplished. In 2021, Capital Credit Union recorded record-setting growth in business lending and deposit accounts and our Mortgage Services Team delivered a nearrecord-setting year. Moving on to 2022, we will continue to build on our strong foundation, history and reputation, and I have no doubt our team will continue to strive to provide all our members with the exceptional member service they’ve come to expect. Thank you for your membership; we look forward to serving you in 2022. Sincerely,
Vance Reinbold President/CEO
Vance Reinbold has been with Capital Credit Union for 15 years and has been president and CEO since Nov. 2018.
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Board of Directors As a credit union, our board members are volunteers, not paid stockholders. This unique philosophy is what sets us apart from other financial institutions. From top left: Faye Miller, Chairman Michael Gunsch, Vice Chairman Shawn Deisz, Secretary Kevin Schoenborn, Treasurer Jay Buringrud Lance Gaebe Ken Geiger Stephen Vaughan Marnie Walth
Our Mission
To be the trusted financial resource that puts members first.
Our Vision
To be the best choice for financial services in our markets.
Our Values Vision Integrity Caring Knowledge
2021 ANNUAL REPORT
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2021 ANNUAL REPORT
CAPITAL CREDIT UNION & SUBSIDIARY Consolidated Balance Sheet as of December 31, 2021 Assets Loans, net of allowance for loan losses and deferred fees Loans held-for-sale Cash and cash equivalents Investments Other assets Total Assets
$
483,485,980 4,995,536 25,223,687 147,783,746 31,108,510
$
692,597,459
$
606,209,681 5,934,777
Liabilities & Members’ Equity Liabilities Deposits Payables and accrued liabilities Total Liabilities
612,144,458
Members’ Equity
80,453,001
Total Liabilities & Members’ Equity
$
692,597,459
Consolidated Statement of Operations for the year ended December 31, 2021 Interest Income Dividends and Interest Expense
$
Net Interest Income
22,861,149 (1,701,675 ) 21,159,474
Provision for Loan Losses
(1,705,984 )
Net Interest Income After Provision for Loan Losses
19,453,490
Non-Interest Income
11,258,402
Net Interest and Non-Interest Income
30,711,892 (22,125,704 )
Non-Interest Expense Net Income
$
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8,586,188
2021 ANNUAL REPORT
Summary of 2021 Annual Meeting Minutes The 85th Annual Meeting of Capital Credit Union was held virtually via Zoom in Bismarck, North Dakota on March 17, 2021. Chairman Faye Miller called the meeting to order at 11:30 a.m. Secretary Stephen Vaughan declared a quorum with 105 members present. Chairman Miller declared the minutes from the 84th Annual Meeting held on April 17, 2020, approved as displayed. A report was given by President Vance Reinbold. Nominating Committee Chair Jay Buringrud recognized Michael Gunsch, Faye Miller and Kevin Schoenborn for their years of service and dedication to the board. Nominating Committee Chair Buringrud reported on the election process. A single slate of candidates was announced with the Annual Meeting notice. Michael Gunsch, Faye Miller and Kevin Schoenborn were re-elected to serve three-year terms on the board of directors. Chairman Miller gave a brief history of the Howard J. Snortland Scholarship and brief introductions of the eight scholarship recipients. Chairman Miller adjourned the 85th Annual Meeting at 11:52 a.m.
2021 ANNUAL REPORT
CONSUMER Real help from real people.
The friendly members of Capital Credit Union’s Financial Services Team assist members with loan applications, deposit account information, online tools and all the other products and services that Capital Credit Union offers.
$84,260,712
Gross Consumer Loans
1,064
New Checking Accounts
2,086
New and Used Vehicle Loans
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MORTGAGE Loans that help buy houses. And help shape lives.
Our Mortgage Department offers a wide range of mortgages designed to fit all lifestyles and budgets. Mortgage loan officers take the time to learn about each personal situation and then guide members to the loan that helps them comfortably achieve their homeownership dreams.
778
Families reached their homeownership dreams
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2021 ANNUAL REPORT
BUSINESS With the right financing, your future looks bright.
Capital Credit Union’s Business Department helps keep companies on the road to success in a highly competitive business world, offering loans to expand facilities, buy new machinery, purchase real estate, add inventory and more.
$171,836,305 Total Gross Loans
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2021 ANNUAL REPORT
INVESTMENTS Planning for your future is easier than you think.
Investment climates and individual financial needs change, so we encourage our members to periodically revisit their financial goals with an investment professional. That’s why we’re glad to have John Weis on our team. John is a financial advisor registered through broker dealer and Registered Investment Adviser CUSO Financial Services, LP (CFS).
182
Members John helped plan for their future or prepare for retirement
Non-deposit investment products and services are offered through CUSO Financial Services, LP ("CUSO Financial") ("CFS") a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CUSO Financial: are not NCUA/ NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CUSO Financial. The Credit Union has contracted with CUSO Financial for investment services. Atria Wealth Solutions, Inc. ("Atria") is not a registered broker-dealer and/or Registered Investment Advisor. CUSO Financial is a subsidiary of Atria.
2021 ANNUAL REPORT
STEP FORWARD Yes, we lend money. But we also lend a helping hand. Capital Credit Union strives to be involved in and significantly contribute to our member communities of Bismarck, Mandan, Fargo, New Salem, Hazen and Beulah, ND. Our Step Forward Program helps facilitate employee involvement by rewarding employees for their efforts and participation at designated community events. The program allows employees at each branch the opportunity to take part in events that are beneficial to them and impact their area’s own members.
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Employee Volunteers
817
Hours Spent Volunteering
116
Events Across Six Communities
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2021 ANNUAL REPORT
DONATIONS We are proud to support charitable organizations in the communities where our members work and live. We strive to have our donations support organizations that closely represent our membership and brand promise to focus on financial literacy and education.
95
Organizations Supported Through Donations
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2021 ANNUAL REPORT
BRANCH UPDATES “We are continuously looking for ways to make each of our branches more efficient, convenient and desirable for our members. We want our branches to be a place both our employees and members are proud of.” - Keith Mantz, Chief Retail Officer
In Mandan, we moved the drive-up to behind the existing teller line to more efficiently and best utilize employees. We also updated the offices by adding new paint in our brand colors.
A remodel at our Main Office is scheduled for 2022, including a reconfiguration of the main floor and updated flooring and paint for the remainder of the building. Construction on a new branch on 52nd Ave in Fargo, our third in that market, is scheduled to start in 2022.
Our North Branch in Bismarck was entirely remodeled, including new teller stations, new paint, new flooring, new lighting, new furniture and new art. To best serve our members and utilize employees, we also moved the drive-up to behind the existing teller line.
In Hazen, we are adding 864-square-feet which will include four new offices. We will also be updating the interior with new flooring and paint. 13
2021 ANNUAL REPORT
2021 HIGHLIGHTS In 2021, we remained dedicated to putting our members first. We were a trusted partner, dedicated leader, supportive resource, passionate mentor and a difference maker.
Helped more than 30,000 members grow
Updated the Bill Pay and Pay-aPerson features in our mobile app and online platform, CU Online
Our staff includes seven Certified Credit Union Financial Counselors who provide members assistance with debt management, credit score enhancement and budgeting
$1,000 Howard J. Snortland Scholarships awarded to eight students, and $1,000 Capital Credit Union AVID Scholar Awards given to two students
Our financial education programs reached more than 863 children and adults
Began issuing Visa debit and credit cards with a contactless payment feature
Introduced a brand-new Visa credit card program which offers cash back on everyday purchases.
Awarded the Credit Union National Association Excellence in Operations & Member Experience Branch Design Award for our Veterans Blvd. Branch in Fargo
Named ND’s Best Credit Union by
for the 3rd year in a row
Named Best Credit Union in the Bismarck Tribune’s Annual Best of the Best Named a Top 10 Employer for Young Professionals in Bismarck-Mandan by the Bismarck-Mandan Young Professionals Network 14
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