A LETTER FROM OUR LEADERSHIP
Dear Valued Members:
On behalf of the Board of Directors and Executive Leadership Team at Elements Financial, we are proud to present our 2024 Annual Report — a reflection on a year marked by resilience, strategic adjustments, and an unwavering commitment to our members and employees.
Elements remains focused on our purpose: Empowering members to achieve financial success. This statement guides every decision we make and every product and service we offer. Whether in member-facing roles or behind the scenes, our team puts members first.
Throughout 2024 and into 2025, three strategic themes kept us focused on factors vital to our long-term strength and service:
OPERATIONAL EXCELLENCE
While we achieved only modest growth in key business areas, our primary objective was to improve our balance sheet while maintaining strong asset quality and low charge-offs relative to industry peers. We were successful in those pursuits. Our net income reached $13.8 million, reinforcing our solid financial foundation without sacrificing member value. (See Member Experience for details.)
ORGANIZATIONAL HEALTH
Our culture remains rooted in social corporate responsibility. In 2024, we celebrated our 8th Annual Purpose Day, continuing our tradition of corporate volunteerism, and hosted the Elements Cares PitchFest, awarding $75,000 in philanthropic grants to nonprofit partners. In total, we contributed nearly $500,000 to the community through both grants and sponsorships. Scan the QR code on this page to read more about our grants program, one of the ways we further the credit union model’s mission of “people helping people.”
MEMBER EXPERIENCE
At the heart of our work is a commitment to giving back to our members. Compared to our peer credit unions in Indiana, Elements provided more than $20 million in additional value to our members through better rates and fewer fees.*
As we look ahead, we remain focused on building an even stronger and more innovative credit union to serve your evolving financial needs. We are grateful for your trust as we continue to invest in new ways to earn your loyal business and fortify the future of Elements! With appreciation,
Mark
Saltsgaver
Chair of the Board
John Huesing President & Chief Executive Officer
*Additional member value is calculated by comparing Elements’ dividends to members, loan rates, and fees charged to the average value of Indiana’s 12 largest credit unions. This calculation is based on total fees charged to members, and differences in loan yields and deposit rates applied to Elements’ average balances.
THE ELEMENTS CARES GRANTS PROGRAM
Consolidated Statement of Financial Condition
Board of Directors
Elements Financial is guided by an active board of directors comprised of the following.
Mark Saltsgaver Board Chair
Alice Morical Vice Chair
Donald Zakrowski
Secretary
Harold Berfiend
Jeremy Fitch
Jody Roudebush
Lindsay Konradi
Robert Paz
Kelly Wiggins-Payne
Consolidated Statement of Income
Supervisory Committee
The following committee members work with the Board of Directors and Executive Management to ensure member assets are safeguarded and financial reporting objectives are met. This is accomplished by overseeing the internal audit program and utilizing an external auditor to audit the financial statements.
Daryl Soughan Committee Chair
Michele Sawyer
David Pugh
Ben Clark
Jeremy Lantz
