2023 CEO/Treasurer’s Report

The financial results CHROME Federal Credit Union posted in 2022 can be summarized in one word, Outstanding!

As our communities started to emerge from a global pandemic, CHROME was there to help our member-owners with their lending and deposit needs.

Loan balances grew by over 15%, on par with our peers, with credit cards, home equity, and commercial loans leading the way. As part of our evaluation process, we look for ways to save our members money. From September to December, we saved our members an average of $150 a month, or $1,800 a year, by refinancing their high-interest loans from other lenders into CHROME. Members used that savings to reduce debt or create a rainy-day emergency fund.

Loan delinquencies remained substantially lower than our peers, which is a testament to our sound underwriting and collections practices, along with the commitment of our borrowers to make good on their obligations. When our members fall on hard times, we work to get them on the right track with common sense suggestions. When our collections manager receives thank you notes from members, we know we are doing something right.

Without members putting their funds into CHROME, we could not fund as many loans as we did in 2022. Deposit growth was well above our peers at 7.5% as members searched for a safe place for their funds.

We continue outperforming our peers in Capital reserve accumulation and Earnings, which makes our federal regulators happy. At the same time, it gives us the ability to give back to our community and invest in new technology and staff development, with the purpose of helping to improve the financial well-being of our member-owners.

Our efforts received outside validation:

• The readers of the Observer-Reporter voted CHROME as the “Best Overall Business Washington County.”

• Our regional trade association, CrossState Credit Union Association, awarded us the Dora Maxwell Social Responsibility and Community Service Award, which makes us eligible for the national award.

• Bauer Financial, the nation’s premier independent bank and credit union rating firm, awarded CHROME their highest rating of 5 Stars for financial strength.

Our successes would not have been possible without the guidance of our dedicated volunteer Board of Directors and Supervisory Committee members, our enthusiastic employees, and the loyalty and support of our 14,600 member-owners.

Respectfully Submitted,

Robert Flanyak President/CEO/Treasurer