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BALANCE SHEET

INCOME STATEMENT

(as of December 31, 2015)

Inside PECU’s great new Round Rock branch

(as of December 31, 2015)

ASSETS 2015

INCOME

Loans

Interest on Loans

5,990,293

Personal Loans

Income from Investments

1,303,001

Fee and Other Income

1,661,593

Non-Operating Income

192,883

Real Estate Loans Allowance for Loan Loss Net Loans Cash, on hand

139,021,405 36,079,011 (342,582) 174,757,834 944,431

2015

TOTAL INCOME

9,147,769

EXPENSES

Employee Compensation and Benefits Investments Travel and Conference Expense Marketable Securities 90,722,646 Office Occupancy Expense Catalyst Corporate Credit Union 32,023,846 Office Operations Expense Nat’l Credit Union Share Insurance Fund 2,576,192 Educational and Promotional Expense Other Investments

1,851,103

Total Investments

127,173,787

Other Assets Land and Building

5,225,934

447,072

Provision for Loan Losses

427,798

Member Insurance

Deferred Assets

360,705

TOTAL EXPENSE

Other Assets

410,508

INCOME BEFORE DIVIDENDS

Accrued Interest and Dividends

59,794 500,349

Accrued Expenses

281,423

Other Liabilities

106,755

SHARES AND DEPOSITS

31,268 285,327,574

EQUITY Reserves & Undivided Earnings TOTAL LIABILITIES AND EQUITY

32,898

Miscellaneous Expenses

131,357 7,490,624 1,657,145

Dividends 613,466 NET INCOME

Accounts Payable

Dormant Accounts

2,501

Supervision & Examination

604,658

LIABILTIES

23,782,240 $310,089,403

313,168

Professional & Outside Services

Accrued Interest

$310,089,403

684,437 1,311,921 317,073

611,547

24,370

Loan Servicing Expense

Other Fixed Assets

TOTAL ASSETS

3,798,030

$1,043,679 Cassandra Marx won an iPad at the Grand Opening event for our new Round Rock branch.

WEB ADDRESS www.pecutx.org MAILING ADDRESS P.O. Box 2205 Austin, TX 78768-2205 CENTRAL TEXAS PHONE NUMBER 512.474.1955 PECU LOCATIONS Main Office 306 E. 10th St. P.O. Box 2205 Austin, TX 78768-2205 Central Branch 1200 W. 42nd St. Austin, TX Walnut Creek Branch 8013 Centre Park Dr. Austin, TX Oak Hill Branch 5838 Hwy. 290 West Austin, TX Drive Thru Branch Round Rock Branch 15800 RM 620 North Austin, TX Beaumont Branch 4241 Eastex Freeway P.O. Box 7430 Beaumont, TX 77726-7430 Tel: 409.892.3171

PECUTX.ORG

2015 ANNUAL REPORT


REPORTS Chairman Burrell referred to the Board of Directors report as printed in the Annual Report. He commented that 2014 was a banner year for PECU, in terms of loans. The credit union loaned nearly $92 million in 2014 with a net increase of nearly $25 million. Chairman Burrell then commented about PECU’s e-Services and their ease of use, including the new mobile apps. In closing, he congratulated staff for their accomplishments of 2014 and recognized the Board for their efforts in providing for quality financial products and services while also maintaining the financial stability and strength of the credit union. No questions were asked from the floor. Gary Whitcomb, PECU President, presented the President’s Report. He began by welcoming everyone to PECU’s 62nd annual meeting. He reported that Public Employees Credit Union performed well financially in 2014 and that all members, whether they were savers, borrowers, or both, contributed to the growth of the credit union and that by doing so, they make a statement of trust in their credit union. Mr. Whitcomb then discussed the Walnut Creek remodel and the new Round Rock branch currently under construction. He thanked members for their patience during the remodel

There were no items of new business.

REPORT OF THE NOMINATING COMMITTEE Chairman Burrell called upon Hal ten Brink, PECU’s Chairman Emeritus, to give the report of the nominating committee. He reported that there were two vacancies on the Board and the nominees were Jennifer Soldano and Will Etheredge. No other nominations were received for a position on the Board of Directors.

ELECTIONS Chairman Emeritus ten Brink presented the incumbents Soldano and Etheredge for re-election. Member, Richard Vander Straten, moved that the nominees be accepted by acclamation. Winston Anderson seconded and the nominees were accepted with a voice vote of the membership.

DOOR PRIZES

We strive to make our product and service offerings convenient to access for our membership. We continue to invest in technology to increase our product and services availability and improve service levels for our members. The use of our e-Services continues to increase as we add functionality to our EFT services. PECU e-Services are a suite of free web-based products that allows members to conduct business with PECU electronically. Members use remote access e-Services to access their accounts, transfer funds, pay bills, make deposits, apply for quick-decision loans, set up e-Alerts and receive e-Statements. PECU’s e-Services are available 24 hours a day, 7 days a week via the internet. Our secure Apple and Android mobile apps give you immediate access to your PECU accounts and e-Services from your mobile device. All of our e-Services are free and very easy to use.

300,000

2010 280,000 2011 300,000 2010 2012 260,000 280,000 2011 2013 2012 2014 240,000 260,000 2013 2015 220,000 2014 240,000 2015 200,000

BOARD MEMBERS David Burrell, Chairman Hal ten Brink, Chairman Emeritus Lanny Wadle, Vice Chairman Jennifer Soldano, Treasurer TOTAL ASSETS ASSETS TOTAL 2010 Gregg, Secretary 253,182 Tommy 2010 253,182 320,000 2011 268,015 Claire McGuinness, Assistant Treasurer 320,000 2011 268,015 310,000 2012 281,151Secretary Will Etheredge, Assistant 310,000 2012 281,151

270,000

2013 2013

2014 2014

2015 2015

2010 2010 2011 180,000 2011 180,000 170,000 2012 170,000 2012 160,000 2013 160,000 2013 150,000 2014 150,000 2014 140,000 2015 140,000 2015 130,000 130,000 120,000 120,000 110,000 110,000 100,000 100,000

Twenty door prizes of $25 each in PECU zipper bags were given to members whose tickets were drawn.

MEETING ADJOURNED The meeting adjourned at 7:37 pm.

BOARD OF DIRECTORS REPORT Welcome to the Annual Meeting of PECU. We are proud to have served State employees and members of the communities that we serve with their financial services needs since 1952. We continue to deliver a wide variety of financial products and services to our members in a professional and personal manner. We strive to deliver

220,000 200,000 200,000

264,560 271,515 271,515 285,328 285,328 2010 2010

2011 2011

2012 2012

2013 2013

2014 2014

2014

2015

2010

2010

2010 2010

2011

2

2

2

2015 2015

26,000 26,000 2010 25,000 2010 25,000 2011 24,000 2011 24,000 2012 23,000 2012 2013 23,000 2013 22,000 2014 22,000 2014 2015 21,000 2015 21,000 20,000 20,000 19,000 19,000 2010 2010

2012

2013

2012 2013 TOTAL TOTAL LOANS TOTAL LOANS LOANS

2012 2012

2013 2013

2014

2014

2015

2015

2014 2014

2015 2015

2014 2014

2015 2015

20,060 20,060 20,977 20,977 21,430 21,430 22,708 22,708 23,936 23,936 24,980 24,980 2011 2011

2

2

2

2

2011 115,869 115,869 114,170 114,170 131,095 131,095 134,784 134,784 164,097 164,097 175,100 175,100

2011 2011

1 1 1 1 1 1 1 1 1

2015

NET EQUITY NETWORTH WORTH EQUITY NET WORTH EQUITY

Follow PECU on TOTAL MEMBER MEMBER DEPOSITS DEPOSITS TOTAL Facebook, Twitter 300,000 and YouTube.300,000 2010 231,942 2010 231,942 Members pictured 280,000 2011 245,969 280,000 245,969 won prizes at2011 PECU 2012 258,585 260,000 2012 258,585 special events. 2013 264,560 260,000 2013 2014 240,000 2014 240,000 2015 2015 220,000

2013

2014

245,969 231,942 258,585 245,969 264,560 258,585 271,515 264,560 285,328 271,515 285,328

200,000

AUDIT REPORT

2012 2012

2012

2013

TOTAL MEMBER DEPOSITS 231,942

220,000

300,000 2013 285,446 300,000 2013 285,446 290,000 2014 295,584 290,000 2014 295,584 280,000 2015 310,089 280,000 2015 310,089 270,000 Nearman, Maynard, and Vallez, a certified public accounting

2011 2011

2011

2012

TOTAL DEPOSITS TOTALMEMBER MEMBER DEPOSITS

The Board is appreciative of the management and employees of PECU. The Board would like to thank the employees for their dedication to providing professional and courteous service to the members of PECU.

260,000 firm, conducted their annual audit as of March 31, 2015. 260,000 250,000 Nearman, 250,000Maynard, and Vallez issued an unqualified opinion 240,000 and240,000 certified the accuracy of PECU’s financial statements.

2011

2010

Your Board of Directors is composed of professionals that represent you, the member owners of PECU. We believe in the credit union system, a financial cooperative system of which we are proud to be a part of.

2010 2010

2010

in $1000's

in $1000's in $1000's

270,000 250,000 260,000 240,000 250,000 240,000

in $1000'S

NEW BUSINESS

253,182 268,015 253,182 281,151 268,015 285,446 281,151 295,584 285,446 310,089 295,584 310,089

in $1000's in $1000's

The annual meeting of Public Employees Credit Union (PECU) was held at the Embassy Suites North in Austin, Texas on March 2, 2015 with 118 members present. It was called to order at 7:00 p.m. by the Chairman of the Board of Directors, David Burrell. Chairman Burrell welcomed all members and guests to the annual meeting and introduced himself as the Board Chair. He confirmed with Merrily Porter, PECU’s General Counsel, that a quorum was present. After ascertaining that a quorum was present, he appointed Marc Broddrick as recording secretary.

There were no items of unfinished business.

TOTAL ASSETS TOTAL ASSETS TOTAL ASSETS

2010 320,000 2011 2010 310,000 2012 320,000 300,000 2011 2013 310,000 290,000 2012 2014 300,000 280,000 2013 2015 290,000 270,000 2014 280,000 260,000 2015

$1000's inin $1000's

2015 ANNUAL MEETING MINUTES

UNFINISHED BUSINESS

2015 was another good year for PECU. Interest rates remained low and we continued to provide a variety of loans to our members at record low rates. Total assets on December 31, 2015 totaled $310,089,403, an increase of $14,505,072 since December 31, 2014. Member deposits on December 31, 2015 totaled $285,327,574, an increase of $13,812,142 since December 31, 2014. We loaned over $80.5 million to our members in 2015, enabling total outstanding loans to grow to $175,100,416 on December 31, 2015, an increase of $11,003,403 since December 31, 2014. We are very pleased with the performance of our loan portfolio, and that we could help many of our members with their lending needs.

AT-A-GLANCE

We offer in person financial services at our six locations with knowledgeable and professional employees. Major improvements to our facilities continue to enhance the service levels at our main office and branch locations. Hopefully you have been able to visit our new Round Rock branch located at 15800 RM 620 North and our newly remodeled branch in Walnut Creek located at 8013 Centre Park. The improvements at these offices enhance the member experience and improve employee efficiencies. The totally free ATM network and totally free shared branching network continue to grow. Members can perform transactions at over 335 free ATMs and over 5,000 worldwide shared branching offices.

$1000'S in in $1000'S

I. Call Meeting to order II. Ascertain that a quorum is present III. Appoint Recording Secretary and establish rules and procedures for Meeting IV. Minutes of the 2015 Annual Meeting V. Reports A. Board of Directors—David Burrell B. President—Gary Whitcomb VI. Unfinished business, if any VII. New business VIII. Report of the Nominating Committee IX. Elections X. Door Prizes XI. Adjourn

exceptional service to our members at all times. Our vision is to be the premier financial institution in the communities that we serve to enable our members to reach their financial goals. We strive to reach that vision with everything that we do. Our vision guides us to make decisions that benefit the members of PECU.

inin $1000's $1000's

and noted that it was done to increase employee efficiency and enhance the appearance of the branch. The new Round Rock branch will bring a higher quality of service to the members who use Round Rock in that it will have a larger lobby and offices for ease of member transaction and privacy. Additionally, the new branch will have a walk up and drive thru ATM’s and will offer deposit automation, allowing members to deposit cash or checks at all hours of the day. In closing, Mr. Whitcomb thanked the Board for their dedication and talent. He then proceeded to introduce the senior management team and thanked staff for working hard to meet the needs of the members and for making 2014 a successful year.

in in $1000's $1000's

2016 ANNUAL MEETING AGENDA

2012 2012

2013 2013

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2015 PECU Annual Report  
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