2024 Round Up & Chairman’s Report
Board of Directors & Executive Management A Message from the CEO 1 3 4 5 6 7 8 2
Credit & Audit Committee Reports
Financial Growth & Distribution of Loans
First Community Cares Foundation
Community Report
Statement of Financial Condition
Comparative Operating Statement
Marty Miracle Chairman of the Board
While 2024 was a year of growth and technological advancement for First Community, our focus on the credit union’s financial success always remained our main goal. The goals we achieved this year would not have been possible without our members who remind us of our why.
We continuously strive to enhance the member experience through technological improvements as our members’ needs grow and evolve. This year we took a monumental step with a major technology upgrade conducted in September. This technological enhancement enables First Community to serve our members more efficiently today and in the future.
In 2024, membership increased to 170,139 and assets grew by 2.2%, ending the year at $2.56 billion. Our leadership team worked hard to ensure lending and deposit rates remained competitive. With that, we were able to end the year at $1.952 billion in lending, an increase of 0.76%. View the breakdown of our loan portfolio on page 3.
From the First Community Board of Directors, we thank our members for trusting us to empower them to achieve their financial goals. We will remain steadfast in our commitment to our community, our staff and our members, while ensuring we continue to be financially sound.
2024 ROUND UP
70TH
ANNIVERSARY
$38,780,364 DIVIDENDS PAID
TJ Tijerina President/CEO
Through strength and perseverance, First Community Credit Union has served its community for 70 years. This remarkable milestone would not have been possible without the dedication of those who came before and the members we continue to serve. Working for our members has been a great passion, not just for me, but for the many employees over the years and the perseverance has paid dividends. This credit union has grown to $2.56 billion in assets with over 170,000 members across Texas. We continue to enhance our offerings and grow along with our membership. We are with you on this journey.
Throughout 2024, we remained resilient, prioritizing our members, and delivering exceptional member service. 2024 brought many opportunities for growth along the way, and as we reflect, we are proud of all we accomplished. We continued our commitment to our members success by staying ahead of the curve in advancing technologies and consistently providing high touch personalized service while ensuring the safety and security of your finances as our top priority.
In 2024, we were voted Best Credit Union for the second year in a row by the Houston Chronicle. We continued our ongoing partnership with the Houston Livestock Show and Rodeo™ as the Official Carnival Sponsor and are proud to be the first credit union in Texas to complete a securitization. We were also proud to support the Southern Texas Region Junior PGA program, a truly unique partnership that will benefit many.
We transitioned the in-store location in The Woodlands to a new free-standing branch location, Research Forest. Through our enhanced location, this state-of-the-art branch allows us to continue providing top-notch financial services in this growing community. We concluded Q3 with a comprehensive technology upgrade that enhanced the banking experience for both members and our staff. While upgrading and improving our systems was a demanding feat, we persevered to ensure a seamless transition for all. Our project team spent thousands of hours going above and beyond their normal duties during this time, and we are thankful for their hard work and dedication. As your financial needs grow and evolve, this project ensures our technological structure continues to exceed your expectations now and in the future.
Our team showed an unwavering dedication to our core values and our “people helping people” spirit supporting our members from the Greater Houston to DFW areas. I want to thank each First Community team member for being part of our success; it takes us all working together to provide exceptional service to our members and make a difference in their lives.
As we deepen our roots in the state of Texas, and in the communities we serve, we continue to build on the 70 years of growth and success. Together, we empower our members to achieve their financial goals.
To empower our members so they can achieve their financial goals.
Doug Wilcher Chairman, Credit Committee
The responsibility of the Credit Committee is to ensure core lending policies and practices are followed. In 2024, we continued to fulfill our mission, providing first-rate service and competitive products to our members across Houston, Dallas and Fort Worth. Our team remains committed to providing extraordinary member service while assisting our members with their lending needs. We look forward to helping more members than ever across the counties we serve in the state of Texas.
First Community held strong in supporting our members with their lending needs. We are pleased that we have been able to offer competitive rates while supporting our members’ efforts to secure loans that best fit their needs. Loan officers reviewed 47,424 applications for auto loans, credit cards, personal loans and real estate loans. Additionally, we funded $751.46 million in loans. We concluded the year with a loan portfolio of $1,951,728,576, an increase of 0.76%.
AUDIT COMMITTEE REPORT
An in-depth independent audit of the operations of First Community Credit Union by the CPA firm of Doeren Mayhew, CPAs and Advisors is in progress for the year ending December 31, 2024. Audited financials are anticipated to be provided on our website around May 2025.
As a state-chartered credit union, FCCU has additional reviews of our lending and accounting practices by the Texas Credit Union Department (TCUD) and by Federal Examiners with the National Credit Union Administration (NCUA). In their annual audit, Texas State Examiners and NCUA Examiners found First Community sound in both policy and practice.
First Community Cares Foundation, established by First Community Credit Union, was founded in 2022. Since its launch, the Foundation has continued to support students and families through an annual scholarship program awarding college and trade school scholarships to high school graduates.
In 2024, the Foundation hosted its inaugural golf tournament hailing support from our partners who joined us to support our foundation. As a result, the Foundation earned/raised more funding to assist us in increasing our scholarship program and helping even more worthy organizations and school districts make our community better day in and day out.
Additionally, the Foundation supported Cy-Hope in their ongoing efforts to provide food for children and their families, as well as their initiative to raise funds to award scholarships to students. First Community Cares Foundation pledged over $200,000 to organizations focused on education, families, children, veterans and health awareness.
Through supporting various charitable organizations, we were able to make a lasting impact in the lives of our community by providing the resources needed.
Giving back to the communities we serve is ingrained into the foundation of First Community. In 2024, First Community pledged over $150,000 to the community. Additionally, First Community donated $275,000 to the First Community Cares Foundation. We continued to support numerous organizations that prioritize “People Helping People.” These organizations support and elevate our communities further so together, we achieve an optimal community for all to prosper and thrive.
Each year, we are thrilled to continue our partnership with the Houston Livestock Show and Rodeo™ as the Official Carnival Sponsor, Spindletop Community Impact Partners, the American Heart Association and more, while always aiming to increase our reach in the community. First Community takes great pride in remaining rooted in education by supporting local school districts and students. In 2024, we also were proud to support the STPGA Junior Golf Program as a Patron Sponsor supporting lifelong golfers and their scholarship program. Our Stars in the Classroom (SITC) program is an active showcase of that, as its core focus is to honor teachers who go above and beyond to make an impact on their students’ lives. In honor of each winning teacher, a donation of $500 is awarded to their respective school district.
Our executive team’s continued dedication to serving on the board at multiple community organizations speaks to the core of who we are at First Community. Community is a pillar we stand on and our staff poured in 336.50 hours of their time volunteering in the community. Our entire team maintained their commitment to the many community organizations we serve and we look forward to making an even larger impact in 2025.
ASSETS 2024 2023
LIABILITIES & MEMBERS' EQUITY
BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT
Marty Miracle Chairman of the Board
Sally Moseley Vice Chairman
Robert Schumacher Board Member
Term Expires: March 2025
Dr. Steven Walker Treasurer
Expires: March 2026
Scott Clanton Board Member Term Expires: March 2026
Julie Eisenhauer Secretary
Doug Wilcher Board Member Term Expires: March 2026
TJ
Tijerina President & Chief Executive Officer
Keith Domingue Chief Financial Officer
Edgar Barraza Chief Financial Officer
Rito Garza Chief Information Security Officer
Randal Ward Chief Lending Officer
Jennifer Kilgore Chief Operations Officer
Arthur Gordon Chief Retail Officer
Sravan Vinjamuri Chief Technology Officer
Katie Rigby Chief Human Resources Officer
Notable Changes in Management:
EVP/CISO retired. EVP/CFO was hired. SVP, Accounting resigned and a new SVP, Accounting was hired. SVP, Engineering was hired. VP, Consumer Lending retired and a new VP, Consumer Lending was hired. VP, Marketing resigned and a new VP, Marketing was hired. VP, Compliance resigned and a new VP, Compliance was hired VP, Card Services resigned and a new VP, Card Services was hired. VP, Accounting resigned. VP, Floating Manager retired. Floating Manager was promoted to VP, Floating Branch Manager. VP, Special Services transitioned to Internal Auditor. Branch VP resigned and Branch AVP was promoted to Branch VP. Five Branch VPs transitioned to other branches.
MAKING A FIRST-RATE FINANCIAL DIFFERENCE in our members lives’
