2022 ANNUAL
REPORT
February 21, 2023
PRESIDENT AND CHAIRMAN’S REPORT
On behalf of our Board of Directors, management and staff of Gulf Credit Union, we want to thank you for being here for our 83rd Annual Meeting. I want to say what a pleasure it is for our Board and staff to serve you. Because of your trust and involvement, our credit union is able to thrive and provide so many important benefits, not only to our members but to our community.
Since the start of the pandemic, members have recognized and valued the credit union difference, and have appreciated the ways their credit unions have helped them through these past several years with fewer disruptions. As the financial landscape continues to shift in a post-Covid world, Gulf Credit Union is working hard to shift with it and provide the best value and experience possible for our members. The pandemic caused the financial industry to rethink many of its standard business practices, working to come up with innovative and more efficient processes moving forward.
We’ve worked to:
● Develop more online banking tools.
● Expand account options and offer new products.
● Streamline and simplify our processes wherever possible.
● Develop financial literacy resources and tools.
● Have robust cybersecurity measures in place.
● Support advocacy and lobbying efforts on behalf of the credit union community.
● Continue our priority of outreach and involvement in our local communities.
Some of our financial highlights for 2022 were: Net Worth ratio of 10.05 percent. (a net worth position above 7 percent is considered well capitalized by our regulators)
Return on Assets of 1.11%
Delinquency ratio of .47%
Increased our Loan to Share ratio to 58%
As your local, hometown credit union, we are also dedicated to being visible and involved in our local community. Some of our community support includes:
● Local Chambers and multiple chamber events.
● Local school events such as Mid County Madness, Nederland Fishing Team, Project Celebration.
● Award multiple scholarships to graduating high school seniors.
● Groves Night Out, Groves Pecan Festival, Nederland Heritage Festival.
● Blue Santa for Groves, Port Neches and Beaumont.
● Support, donate and volunteer for various local non-profits.
● We raised $7,128 for the Cornerstone Foundation that supports credit union communities when disaster strikes.
Todd Gaudin, President
Johnny Lewallen, Chairman
We take great pride in having won Best Commercial Lending in Beaumont Enterprise’s Best of the Best. Gulf Credit Union also received top three Finalist in Best Credit Union, Auto Loan, and Recreational loan. Additionally, we were voted Best Credit Union by the Port Arthur News. We have successfully enhanced two of our branches and will be finishing our other two branches this year. We have started construction on our new Admin building and hope to be in it by the end of the year. We have expanded our Field of Membership to include six new counties and will be increasing our presence in these areas.
In addition, we have made a change to our board of directors. We want to thank outgoing board members Robert Adams, who served for 23 years, and Camille Jones, who served for 30 years. In their place, we’d like to introduce you to Robert Lovelace and Dustin Marsh. We are confident that their knowledge and experience will be an outstanding asset to this board and this credit union.
Meeting the challenges presented by our current economy, political landscape, infrastructure, and environment head on, and working to continue to embrace digital technologies and transform into a modern and flexible business that serves our members and our community is a top priority for Gulf Credit Union. We are your credit union, here to serve you, and we couldn’t do it without your input and involvement! As our member-owners, you are integral to our credit union family, and we are sincerely grateful that you’ve chosen Gulf Credit Union as your financial partner. We wish you a healthy and prosperous new year as we begin “Expanding our Impact” in 2023.
FINANCIAL SNAPSHOT FOR 2022
• Contributed $3.6 M to member capital
• Increased Net Worth to 10.05%
• Return on assets of 1.11%
• Delinquency of .47%
• Increased total loans by $31 M
FINANCIAL INFORMATION
ASSETS Net Loans to Members $176,144,913 Available Liquidity (COH) 17,271,001 Investments 97,146,801 Property & Equipment – Net 7,572,929 Reserve (742,479) Interest Receivable & Other Assets 24,941,001 Total Assets $ 322,334,166 LIABILITIES Members’ Deposits $ 300,387,627 Accounts Payable/Other 2,491,694 Members’ Equity 19,454,845 Total Liabilities & Members’ Equity $ 322,334,166 OPERATING INCOME / EXPENSE Interest Income $ 7,562,031 Fee Income 8,263,669 Total Operating Income 15,825,700 Provision for Loan Loss (875,892) Total Operating Income 14,949,808 After Loan Loss Other Operating Gain/(Loss) (138,657) Operating Expense (10,511,608) Net Income Before Dividends 4,299,543 Dividends to Members (637,471) Increase in Equity $ 3,662,072 December 31, 2022
Members at End of Period 24,119
FINANCIAL CHARTS & GRAPHS
$50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 $300,000,000 2020 2019 $277,935,078 $315,708,715 $322,334,166 2022 $350,000,000 2021 $336,623,303 24,000 24,500 23,500 25,000 25,500 26,000 26,500 2019 24,119 2020 25,952 2021 25,627 2022 24,378 27,000 $120,000,000 $100,000,000 $140,000,000 $160,000,000 $180,000,000 2022 2019 2021 2020 2019 2020 2021 2022 Legend $176,000,000 $153,000,000 $150,000,000 ASSETS MEMBERSHIP ANALYSIS LOAN ANALYSIS
$145,000,000
NOMINATING COMMITTEE
AUDITOR’S REPORT
Dustin Marsh, Chairman of the Nominating Committee
The Nominating Committee was appointed at the December 17, 2022 Board of Directors meeting. Those serving on this committee are:
Dustin Marsh (Chairman)
Logan Delcambre
Robert Lovelace
Two positions with a 3 year term are up for election at the February 21st, 2023 Annual Meeting. The nominating committee respectfully nominates:
Barry Gorman
Karen Brown
Respectfully Submitted, Dustin Marsh, Chairman of the Nominating Committee
The Certified Public Accounting Firm of Wathen, DeShong & Juncker, LLP was retained by the credit union’s Board of Directors to perform a comprehensive audit of the institution’s financial statements. The firm issued an opinion on the financial condition of Gulf Credit Union on April 28, 2022.
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Gulf Credit Union, which comprise the statements of financial condition as of December 31, 2021, and 2020, and the related statements of income and comprehensive income, members’ equity, and cash flows for the years then ended, and the related notes to the financial statements.
OPINION
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Gulf Credit Union as of December 31, 2021, and 2020, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
BOARD OF DIRECTORS
EXECUTIVE STAFF
Todd
Stephine Adams,
Bambi
Linda Rials, Chief Financial Officer
Kathy Wolford, Executive Assistant
MANAGEMENT STAFF
Veronica Chaney, AVP of Operations
Tracy Chesser, AVP of Lending
Georgetta Carvin, Risk Management Director
Amanda Daigle, Business Systems Director
Belinda George, Ed. D, Culture & Experience
Sue Lane, Marketing Director
Josh Prudhomme, IT & Facilities Director
Greta Smith, Human Resources Director
Amanda Baldwin, Talent Acquisition Manager
GULF INVESTMENT GROUP
Lana
Faulk, Collections
Manager
Miguez, Support Services
Benji Sticker, Accounting Manager
Vanessa Vigeon, Virtual Services Manager
John Pat White II, CRPC, Vice President of Wealth Management
TERM ENDS Johnny Lewallen, Chairman 2025 Barry Gorman, Vice Chairman 2023 Karen Brown, Secretary/Treasurer 2023 Logan Delcambre 2024 Joshua Lege 2024 Robert Lovelace 2025 Dustin Marsh 2025
NAME
Gaudin, President/CEO
Chief
Officer
Operations
McGinn, Chief Information Officer
GULF CREDIT UNION IS FEDERALLY INSURED BY THE NATIONAL CREDIT UNION ADMINISTRATION. GROVES 5140 West Parkway Groves, TX 77619 BEAUMONT 2360 Dowlen Road Beaumont, TX 77706 BRIDGE CITY 4721 Hwy. 87 South Orange, TX 77630 MID COUNTY 2779 Aero Drive Port Arthur, TX 77640
To
409.963.1191 / 800.448.5328
MISSION STATEMENT
build lifelong relationships one experience at a time.
Director
Kristy Byers, Consumer Lending Manager Manager
Harper, Branch Manager
Jessica
Holly Hebert, Community Engagement
Manager
Lacy Martin, Assistant Branch
Manager
Stefanie
Dawanda Minor, Mortgage Lending Manager
Nate Sanford, IT Manager
