Grow With Us
2022 ANNUAL REPORT
A MESSAGE FROM OUR PRESIDENT AND CEO
I am proud to bring you the 2022 Capital Credit Union Annual Report and want to begin by thanking you for your membership and support of Capital Credit Union.
Guided by our values of vision, integrity, caring and knowledge, in 2022, our team worked together to deliver the products, services and education needed to assist our members in achieving their goals and empowering their success. We were also proud to contribute to the communities where our members work and live and did so by volunteering, sponsoring events, donating to worthy causes, and providing student scholarships in each of our six communities.
Despite the challenges presented by inflation and a rapidly rising interest rate environment, our team stepped up and delivered a successful year in business, agriculture and consumer lending, first mortgage loans, and new member growth. Our back-office teams did an outstanding job supporting each other and our members, adding new technology, improving processes and streamlining work.
In 2023, we will build on our strong foundation, history, and reputation, and continue the relentless pursuit of exceptional member service. I have no doubt our team will continue to work together to accomplish our financial and strategic goals. Thank you for your membership; we look forward to serving you in 2023.
Sincerely,
Vance Reinbold President/CEO
Vance Reinbold has been with Capital Credit Union for 16 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
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
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CAPITAL CREDIT UNION & SUBSIDIARY
Consolidated Balance Sheet as of December 31, 2022
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Assets Loans, net of allowance for loan losses and deferred fees $ 545,231,617 Loans held-for-sale 1,678,376 Cash and cash equivalents 25,177,216 Investments 107,071,178 Other assets 44,992,883 Total Assets $ 724,151,270 Liabilities & Members’ Equity Liabilities Deposits $ 613,914,717 Payables and accrued liabilities 29,271,082 Total Liabilities 643,185,799 Members’ Equity 80,965,471 Total Liabilities & Members’ Equity $ 724,151,270 Consolidated Statement of Operations for the year ended December 31, 2022 Interest Income $ 25,219,460 Dividends and Interest Expense (1,597,345 Net Interest Income 23,622,115 Provision for Loan Losses (2,160,507 Net Interest Income After Provision for Loan Losses 21,461,608 Non-Interest Income 7,655,018 Net Interest and Non-Interest Income 29,116,626 Non-Interest Expense (22,121,561 Net Income $ 6,995,065 ) ) )
Summary of 2022 Annual Meeting Minutes
The 86th Annual Meeting of Capital Credit Union was held virtually via Zoom in Bismarck, North Dakota on March 16, 2022.
Chairman Faye Miller called the meeting to order at 11:30 a.m. Acting Secretary Ken Geiger declared a quorum with 102 members present. Chairman Miller declared the minutes from the 85th Annual Meeting held on March 17, 2021, approved as displayed.
A report was given by President Vance Reinbold.
Chairman Miller recognized Jay Buringrud, Lance Gaebe and Stephen Vaughan for their years of service and dedication to the board. Nominating Committee Representative Ken Geiger reported on the election process. A single slate of candidates was announced with the Annual Meeting notice. Jay Buringrud and Lance Gaebe 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 86th Annual Meeting at 11:50 a.m.
2022 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.
$86,300,401
Gross Consumer Loans
New Checking Accounts
1,816
1,722 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 guide members to the loan that helps them comfortably achieve their homeownership dreams.
343
Families reached their homeownership dreams
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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.
$175,017,781
Total Gross Loans
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Planning for your future is easier than you think.
2022 ANNUAL REPORT
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 registered through broker dealer and Registered Investment Adviser CUSO Financial Services, LP (CFS). Members John helped plan for their future or prepare for retirement
INVESTMENTS Investment
175 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.
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.
Employee Volunteers
Hours Spent Volunteering
63 722 83
Events Across Six Communities
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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.
97
Organizations Supported Through Donations
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BRANCH UPDATES
Bismarck Main Office Remodel
At our Main Office in Bismarck, we began a remodel which includes a reconfiguration of the main floor and updated flooring and paint for the remainder of the building
Hazen Branch Expansion
In Hazen, we added 864-square-feet which includes four new offices and updated the interior, including new flooring and paint
Fargo Veterans Blvd 2nd Floor Remodel
In Fargo, we completed the remodel of the 2nd floor space, which currently houses our Mortgage Department
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In 2022, 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
Launched an Edge Teen Checking Account, which features perks that cater to members ages 13-17
Our staff includes eight 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 awarded to two students
Our financial education programs reached more than 570 children and adults
Expanded our Cash Management services for business members, including Merchant Capture and ACH electronic funds transfer
Purchased and began operation of Al & Curt Hektner Insurance, an independent insurance agency in Fargo
Named Best Credit Union in the Bismarck Tribune’s Annual Best of the Best Named a Favorite Financial/Investment Agency 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
brand-new Thrive Savings Account which features a savings rate more than 7 times
national average1
Introduced a
the
1The national average interest rate for savings accounts is 0.23%, according to Bankrate’s March 1, 2023 weekly survey of institutions. 2022 ANNUAL REPORT 14
2022 HIGHLIGHTS
Equal Housing Opportunity. Insured by NCUA. capcu.org