LETTER FROM THE PRESIDENT

CHRIS DICKMAN

Chief Executive Officer

LETTER FROM THE PRESIDENT

My Fellow Members,

Carolinas Telco Federal Credit Union (CTFCU) experienced another successful year, reaching over $560 million in assets for the first time in our 88-year history. This milestone can be directly attributed to you, our members. Many of you took advantage of our Membership Referral Program, recommending the credit union to hundreds of your family, friends, and co-workers. Your efforts contributed to a 20% increase in new memberships for the year. Gross consumer loans grew by 10% during the same period, reaching $63.2 million. More members than ever, looked to us for their mortgage needs, resulting in $39.1 million in new home loans. For the year, CTFCU exceeded expectations, posting net income of $2.53 million, as compared with $1.33 million in 2020. Each new membership and loan represents an individual who found value in doing business with CTFCU. Considering the numerous financial options available in today’s marketplace, we are grateful for the faith and trust you’ve placed in our credit union. Every team member of this organization remains committed to doing their part to earn your business each day.

To continue being considered a credit union of choice, we made significant investments in our digital infrastructure to provide our members with the right tools to conveniently manage their finances. In March 2021, CTFCU launched a state-of-the-art online and mobile banking platform backed by a robust core system. Entering the second year of the pandemic, we recognized that having the ability to perform remote banking transactions securely and safely, was a top priority. Our new digital suite of services includes CardControl, more streamlined Bill Payment features, access to FICO® scores, as well as new digital communication channels. In 2022, we will continue to focus on the member experience by bringing even more enhanced, best in class services.

Just like many businesses, we experienced our share of challenges this past year. Despite rising operating costs and pandemic related obstacles, our credit union chose to invest in upgrading our product lines. We introduced a new Relationship Pricing Program to reward those who consider CTFCU their top of wallet financial institution. Through that benefit, members can now qualify for one of three graduating tiers packed with rewards and savings, based on meeting a few simple goals. Perks like discounts on consumer loans, CD dividend bonuses, home loan opening credits, and other fee waivers, make banking with CTFCU better than ever! Additionally, we lowered our rates on auto loans throughout the year to assist our members during unprecedented supply chain disruptions in the vehicle market. Instead of passing on higher costs to you, our team dug deep to find more value for our members.

So again, thank you for the trust and loyalty you have placed in us over the past year! We look forward to exciting times to come and are more devoted than ever to continuing to work hard to earn your business.