2015
Community
Repor t
Proud to be part of your neighborhood.
Making Life Better
President’s Report
I am very pleased to report that Hudson River Community Credit Union closes out 2015 with over $207 million in assets. Along with this outstanding growth in assets, I’m pleased to report a capitalization rate of 12.71%. This type of outstanding growth and financial strength wouldn’t be possible without the participation and support of our loyal member owners.
Membership in HRCCU currently stands at 22,872 members, with the majority residing within our service area, which includes Warren, Washington, Saratoga and Rensselaer counties as well as Cohoes, Green Island and Watervliet. For over 60 years, HRCCU has been committed to returning value to its members. In 2015, HRCCU returned a total of $2,633,132 to our members through interest saved on loans and dividends paid on deposits - when compared to our competitors. This savings translates to a financial benefit of $1,326 per highuse member household in the form of increased dividends earned on deposits and lower loan rates paid over the last twelve months. You can be confident in the continued financial strength of your Credit Union. HRCCU has earned a 5-star “Superior” rating from Bauer Financial, Inc. for twenty consecutive years, as of year-end 2015.
In 2015, we distributed another Extraordinary Dividend to our members. This Extraordinary Dividend funded a special high Annual Percentage Yield for our limited-time only HRCCU Member Loyalty Savings Certificates. I am very proud to note that we completed the construction of our new Palmer Avenue Branch in Corinth. This was a special cause for celebration in that we were able to upgrade the member service experience in our lobby and Drive Thru of what had been our Credit Union’s very first location! This past year, we implemented the CO-OP Shared Branch Network. This program (which is unique to credit unions throughout the U. S.) provides our members with access to their accounts at 32 branch locations in the Greater Capital District and over 5,000 branches nationwide. We look forward to the year ahead with great anticipation, as we await the implementation of technologies designed to further enhance your member experience. On behalf of the Board of Directors of Hudson River Community Credit Union, I thank you for your continued loyalty and support. We look forward to Making Life Better for you in 2016! Stuart Field, President HRCCU Board of Directors
CEO’s Report In 2015, HRCCU continued on its course of enhancing the products and services offered to our members, and completed the following important projects: Continued Improvement in Member Account Access: Following closely on the heels of our implementation of the CO-OP ATM Network, (and its nearly 30,000 surcharge-free ATMs) we implemented the CO-OP Shared Branch Network, and provided access to HRCCU Member Accounts at 32 Branch locations in the greater Capital District and over 5,000 locations throughout the United States. Implementation of Apple Pay™: In 2015, HRCCU implemented Apple Pay, in which members upload their HRCCU Credit and Debit card information to their Apple device for use as a “digital wallet”. Apple Pay provides members with quick, easy and secure retail transactions without the use of HRCCU-issued plastic cards. Grand Re-opening of our Corinth Branch: In September, we were joined by local and regional dignitaries to celebrate the grand re-opening of our Palmer Avenue Branch location in Corinth. After more than 50 years of service to HRCCU, our original structure was razed to make room for a new, modern building and Drive Thru. eSignatures: In 2015 we completed the implementation of a significant eSignature project that will allow members to apply their signatures electronically to documents used for loan processing, account changes and more! eSignatures are the safe, reliable and 1.
secure way to eliminate document transportation delays and help you to receive your loan dollars more quickly! Online Mortgage Application: This past year we implemented online application and submission of mortgage and home equity loans with tremendous success! We are now seeing increasing numbers of member loan applications coming from this more convenient online channel. As you might expect, technology continues to set the pace of change for financial institutions around the globe and around the corner. HRCCU has worked to implement these changes and enhancements over the past year. As we arrived at the end of 2015, and begin 2016, we are prepared to launch some very exciting Credit Union services. These services (such as a custom-branded Mobile App and Remote Deposit Capture) are ones that we know will provide you with the security you expect and the convenience you deserve – as a member owner of one of the most financially stable financial institutions in the Greater Capital Region. As always, all of us here at HRCCU are totally committed to living by our Organizational Values and to Making Life Better for our member owners. On behalf of all of us here at HRCCU, we look forward to serving your financial needs in 2016! Sue Commanda, Chief Executive Officer Hudson River Community Credit Union
2015 Financial Overview 2015 Income & Expense Highlights Operating Income Interest, Fee & Other Income Investment Income Total Gross Income Provision for Loan Loss Member Reward Payout Total Operating Expenses Net Operating Gain (Loss) Other Non-Operating Gain/Losses Gain/Loss Disposition Assets Total Non-Operating Gain/Loss Dividends Net Income (Loss)
$ $ $ $ $ $ $ $ $ $ $ $
12,828,630 253,073 13,081,703 801,536 420,000 9,832,858 2,027,309 42,846 (29,511) 13,335 819,698 1,220,946
2015: Total Loans, Shares, Assets and Income Total Loans
Total Shares
Total Assets
Net Income
2.
Glens Falls Branch
3.
Member Service Center
Corinth Branch
Operations Center
Cohoes Branch
Troy Branch
Hudson Falls Branch
4.
Credit Union Staff Living Our Credit Union Values!! Every day, HRCCU Branch and Operations Center staff work hard to earn your trust and your business. The following are just a few of the many ways our staff has gone above and beyond to make life better for our members over the past year:
Putting Members first! Financial Services Officer impresses a new member: A new member, Jordan Berger, complimented Member Service Center Financial Services Officer, Shari. The member said: “I was looking for a while to join a credit union. I had tons of questions and she was able to answer them thoroughly. You have a great associate working for you!” Financial Services Officer provides excellent customer service: Heather, a Financial Services Officer in our Corinth Member Service Center, received a compliment from member Jason Spector, who said “I appreciated your kind energy and helpful nature when you assisted me through the loan process. Your demeanor and willingness to answer questions and persistence made the experience pleasurable. Thanks for being a sweetheart!” Heather
Shari
Auto Loan refinance earns a special member thank you: Sue, a Financial Services Officer in our Glens Falls Branch provided auto refinancing assistance to members Gloria and Louis Elms. As a special thank you to Sue, they sent her a lovely bouquet of flowers and a thank you card in appreciation for all of her help. Sue
Making Life Better for our Members!
Teresa
Financial Services Rep thanked for 20 years of member service: Member Peter Syzdek wrote a very nice letter of thanks to Teresa, a Financial Services Representative in our Corinth Branch. He wrote: “Over the last 20 odd years that I have been with the credit union I have always gone to Teresa for advice. She has helped me make the right choice with several loans and always found the best way for me to save as much as I could. She always has a smile on her face and is always willing to take care of my banking needs even if I am unable to get there. Her help is always greatly appreciated.” Head Teller provides extra time for our members: Eric, Head Teller in our Troy Branch was complimented by member Lynne Connally who said ”Eric not only understands his job, he is very kind, caring and courteous to his members. I really appreciate the extra time he spends to make me feel welcome. I am always confident that my transactions will be done with accuracy.”
Eric 5.
HRCCU - A trusted neighbor and an important member of your Community!
8th Annual HRCCU Charity Golf Classic
Electronics Recycling Event
Community Work Day at the Double H Ranch
Big Cross Elementary School Branch Tour
Member Appreciation BBQs at our Branches
American Red Cross/HRCCU Blood Drives
Glens Fall Branch Adopt-A-Highway
2015 Annual Meeting
6.
Our Vision
Our Mission
The vision of Hudson River Community Credit Union is to be our members’ first choice for all life’s financial events.
Our mission is to improve the financial well-being of member owners and their communities.
Our Organizational Values
Hudson River Community Credit Union
Commitment. Together, HRCCU staff and volunteers stand committed to the following principles:
Board of Directors
Members’ first choice:
Members First – Our member owners are our first priority and their best interests will guide our decisions.
Make life better:
Stuart Field, President Charles Pasquarell, III, Vice President Carol Ann Pacco-Long, Treasurer
Communication – We will build open and honest relationships through communication and understanding.
Thomas Uncher, Secretary
Collaboration – We will work together for the betterment of our members and our community.
Dino Rosati, Director
Integrity. Our staff and volunteers will hold the highest standard of business ethics and conduct. Respect. We will respect and value each other at all times. Security. All of us at HRCCU are committed to maintaining the highest level of safety, soundness and security of our members’ assets. Innovation. We will embrace creativity by: Learning – As a learning organization, we will welcome change and invest in our people. Fun – We will create fun and have passion.
©2016 Hudson River Community Credit Union
Harold Jones, Director Margaret Rabida, Director Don Briner, Past President/Assoc. Director Margaret Foote, Associate Director
Supervisory Committee Denise Williams, Chairwoman Alvey Harrison Annie McMahon
Management Susan Commanda, CEO, CISO Lorraine Marola, CFO Cathy Carpenter, SVP Douglas Collignon, CIO Shelley Tracy, VP, Risk Management Paula Sheely, VP, Lending
Federally insured by NCUA