Smarter. Brighter. Better.
2020
RadiantCU.org
Radiant Credit Union membership has been expanded. We can now serve the following Florida Counties: Alachua, Bradford, Citrus, Clay, Columbia, Dixie, Gilchrist, Hamilton, Lafayette, Levy, Marion, Putnam, St. Johns, Suwannee, and Union.
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Table of Contents From the Chairman................................................................ 2 From the President................................................................. 3 Supervisory Committee Report.......................................... 4 Treasurer’s Report.................................................................. 5 Statement of Financial Condition...................................... 6 Statement of Income and Expense................................... 7 Graphs..................................................................................... 8-9 Employee Recognition....................................................10-11 Radiant in the Community......................................... 12-13 Around the Branches......................................................14-15 Board of Directors, Supervisory Committee & Management Team.........................................................16-17
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From the Chairman... 2020 was a year of change. For everyone at Radiant Credit Union, the change came in many forms and many different waves. But, with every wave of change, we were reminded that who we fundamentally are has remained the same. We’ve been an integral part of North Central Florida for over 60 years. As SunState Federal Credit Union, we built on our commitment to the community that began in 1957, when we opened our doors as Florida USDA Federal Credit Union. The end of 2020 saw the biggest change yet with our members approving conversion to a state charter. We also announced our new name: Radiant Credit Union! The move to a community-based state charter further advances one of Radiant Credit Union’s fundamental tenets: giving our members the power to shine. Since 1999, Radiant has doubled the number of branches in the counties we serve, filling out our community footprint while creating greater economies of scale and more efficient service. Our vision is to provide seamless, innovative, and unique offerings for all of our members, helping them attain long-term financial success. The new charter and name encompass our mission and purpose while communicating that all are welcome to join the credit union. As Radiant Credit Union, we will continue our legacy of serving North Central Florida by enriching our members’ lives. Every curveball that 2020 threw us was an opportunity we seized for growth. From debuting a new website to offering expanded customer service hours to meeting COVID compliance updates whenever they pivoted, the entire Radiant Credit Union team proved time and again that we can rise to meet the challenges that growth often presents. 2021 will see more growth as well with a new branch in Live Oak. As your Board Chair, I want to thank the Radiant family for the support you have provided this year. I am encouraged by what we have accomplished, and I look forward to the future we will share together. I know with Radiant Credit Union, the future looks bright.
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Cynthia S. Brochu Chairman
From the President... To say that 2020 was an interesting year would be a huge understatement. With the emergence of COVID-19 and the events surrounding the pandemic, members have needed the Credit Union more than ever. Significant hardships were felt by many in our service area with stay at home mandates and school closures. When this happened, we closed our lobbies for a period of time. We then shifted resources and employees to better serve our members through our drive-thru, phones, and online platforms. Radiant Credit Union waived most fees, granted numerous loan payment deferments, and worked with our membership in many different ways to help ease the economic hardship. As I write this, the end of the pandemic is still unknown. However, I do know that Radiant Credit Union’s financial strength, along with our mission to serve our membership, will be here to continue to help. In this report, you will find many memories from each month of 2020. We have had many “once in a lifetime” experiences (masks, social distancing, and toilet paper shortages). The stay at home mandate kept us from travel, restaurants, and many other things, but we were reminded of the importance of family. We saw individuals grocery shopping for elderly neighbors. Restaurants that had been forced to close donated food to help feed people in our communities. Businesses worked together to distribute information, conduct food drives, and opened up their Wi-Fi networks for kids to complete online classes from their parking lots. The pandemic exposed the best side of humanity. It showed us that an energized community is capable of coming together seamlessly to support one another. With everything that our membership and our Credit Union faced in 2020, we begin 2021 a better institution. We have become much better at serving our members, and more members than ever are using our digital platforms. Stay tuned, there is more to come with products, services, and technology enhancements scheduled for 2021. Our future is: Smarter. Brighter. Better!!
Tom Barnard President/CEO
3
January 2020 Radiant Community Foundation donated to Alachua County Sheriff’s Office Project C.O.N.E. to cover Ice Cream for the first half of the year.
From the Supervisory Committee...
The Supervisory Committee engaged the services of a CPA firm experienced in the auditing of federally chartered credit unions to audit the financial statements and books of Radiant Credit Union and to express an opinion therein for the fiscal year ended on June 30, 2020. The auditor noted the financial statements present fairly all material aspects of the financial position of Radiant Credit Union as of June 30, 2020, and the results of its operations and cash flows were in conformity with “Generally Accepted Accounting Principles” accepted in the United States of America. Based on the auditors opinion, the Supervisory Committee advises that Radiant Credit Union is in a fiscally sound position and is in conformity with NCUA financial requirements as of June 30, 2020.
Trenton Drama Club won Facebook Charity of the Month Contest. Louis Frost Chairman, Supervisory Committee
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From the Treasurer...
February 2020 2019 Annual Meeting
Net membership increased 2,216 for a total membership of 40,354. Member and nonmember share deposits grew $83.2 million, reaching a total of $521.2 million. Asset growth is a direct result of member share growth and ended the year at $587.1 million, an increase of $89.8 million.
Employees participated in the Meridian 5K.
A net growth of $22.0 million in loans resulted in a year-end total of $417.1 million. Investments increased by $59.4 million. Our loan-to-average shares ratio stood at 80.63%. Thus, for every $1 deposited by our members, 81cents is loaned out to our members. Our membership was paid $2.4 million in dividends. Interest on loans and investments increased $0.4 million and provision for loan losses increased $0.7 million. Non-interest income decreased $0.3 million, while non-interest expenses decreased $0.2 million. Net income increased $2,183,414 year-over-year. Our net worth was 10.38%.
Basketball Cop won Facebook Charity of the Month Contest.
Calvin DeCoursey Treasurer
New website launched!
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March 2020 Teamed up with the MARC Radio Group and Mainstreet Daily News to provide reliable, local information related to the unfolding COVID-19 pandemic.
Statement of Financial Condition RADIANT CREDIT UNION CONSOLIDATED STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2020 AND 2019 ASSETS Net Loans to Members
2020
2019
$ 417,128,694
$ 395,082,963
1,959,318
4,458,987
Cash Investments & Overnight Accounts
Worked with FishHawk Spirits to secure hand sanitizer for ASO offices
127,791,809
68,399,402
Fixed Assets
17,496,341
15,428,987
Other Assets Total Assets
22,760,140 $ 587,136,302
13,960,669 $ 497,331,008
$
$
LIABILITIES & EQUITY Other Liabilities Member and Non-Member Shares Reserves & Undivided Earnings Total Liabilities & Equity
Carson Springs Wildlife Sanctuary won Facebook Charity of the Month Contest.
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4,188,112
4,488,836
521,185,837
438,007,300
61,762,353 $ 587,136,302
54,834,872 $ 497,331,008
Statement of Income & Expense RADIANT CREDIT UNION CONSOLIDATED STATEMENT OF INCOME YEARS ENDED DECEMBER 31, 2020 AND 2019 2020
2019
$ 20,985,860
$ 19,770,216
1,109,508
1,925,749
22,095,367
21,695,966
2,439,912
2,906,621
109,956
668,895
2,549,868
3,575,516
19,545,500
18,120,450
2,107,324
1,377,321
17,438,176
16,743,129
7,932,640
8,247,800
11,269,098
11,759,622
Office Occupancy
1,313,014
1,162,043
Other Operating Expenses
8,269,719
8,154,324
Non Operating Gains(Losses)
1,457,667
(121,703)
INTEREST INCOME Interest on Loans Interest on Investments
April 2020 Chalk it up for Charity Sidewalk Art Contest, provided a fun, creative activity that people could do with their family and help raise money for charity.
INTEREST EXPENSE Dividends Interest on Borrowed Funds
Net Interest Income Provision for Loan Losses Net Interest Income After Provision for Loan Losses
Non Interest Income Non Interest Expense Compensation and Employee Benefits
NET INCOME
$
5,976,652
$
To help members have more choices for access to their money, ATM fees were waived.
Gators for Refugee Relief won Facebook Charity of the Month Contest.
3,793,238
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May 2020
Radiant Credit Union ASSETS
Millions $700
Teacher Appreciation Week! We had our Facebook followers nominate their favorite teacher and tell us what makes this teacher special. The teacher with the most votes won a Yeti Cooler.
$587.1
$600 $497.3
$500 $400
$340.3 $262.9
$300 $200 $100
$110.8 $57.1 $17.9
$0 1980
All lobbies re-opened with plexiglass in place and a limited number of members allowed in the branches to ensure social distancing.
1990
2000
2010
2015
2020
Radiant Credit Union MEMBERS 50,000 45,000
40,354 38,138
40,000 35,000
Center for Independent Living won Facebook Charity of the Month Contest.
2019
29,983
30,000
25,612
25,558
25,000 20,000
14,284
15,000 10,000
7,246
5,000 0 1980
8
1990
2000
2010
2015
2019
2020
Radiant Credit Union NET LOANS
Millions
June 2020
$500 $450
$395.1
$417.1
$400 $350 $265.1
$300 $250
$187.1
Designed a “Hidden Heroes” logo and had t-shirts printed. Shirts were given to Alachua County Sheriff’s Office to hand out to anyone helping behind the scenes.
$200 $150
$78.2
$100 $11.7
$50
$31.5
$1980
1990
2000
2010
2015
2019
2020
Radiant Credit Union SHARES
Millions
$521.2
$500
$438.0
$400 $299.6
$300
Gentle Carousel Miniature Horse Therapy won Facebook Charity of the Month Contest.
$235.1
$200 $96.5
$100
$51.3 $16.6
$1980
1990
2000
2010
2015
2019
2020
9
July 2020 Facebook Summer Contest of the Week consisted of eight weekly online contests. The winner received $100 and picked a local charity to receive $500. The winning charities for July were: • Lake City Humane Society • Carson Springs Wildlife Conservation Foundation • Food4Kids Backpack Program of North FL • Ronald McDonald House
Employees with 20+ years of service 44 YEARS
40 YEARS
39 YEARS
Cassandra Davis
Karen Tileston
Kathy Colson
28 YEARS
24 YEARS
22 YEARS
Sharon Detweiler
Devonne Jordan
Lindy Edens
37 YEARS
Julie Grant
22 YEARS
Toni Pratto-Sapp
Employees with 5+ years of service “Save the Chief” won Facebook Charity of the Month Contest, benefitting Chief Theatre in Chiefland.
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Christy Ownbey Jordan Hagan Jan Pfaff Semerah Berkley Kim Maxwell Mia Parrish Jenny Stewart Kimberly James Tommy Smith Karen Strom Kathy Anderson Shaina Lodge Amber Baucom Tracy Cowart Lin Jones Chuck Smoak
19 years 17 years 17 years 17 years 16 years 15 years 14 years 13 years 13 years 13 years 12 years 12 years 11 years 11 years 11 years 11 years
Tannia Weaver Michael Crane Caity Townsend Tarrin Kirby Carol Tucker Deborah Adams Jeri Anderson Mary Dionne Kathyann Murphy Josh Emerson Kristin Gallik Nancy Clark Diane Teague Tom Barnard Kirstie Galpin Lashawnda Bien-Aime
10 years 10 years 9 years 9 years 9 years 9 years 9 years 9 years 8 years 8 years 8 years 8 years 8 years 8 years 7 years 7 years
34 YEARS
Cathy Ratliff
21 YEARS
Keturah Campbell
33 YEARS
Barbara Estes
20 YEARS
30 YEARS
Regina Alexander
29 YEARS
Susan Blake
August 2020 Facebook Summer Contest of the Week consisted of eight weekly online contests. The winner received $100 and picked a local charity to receive $500. The winning charities for August were: • Empowered2Develop Center • The Anniston Grace Foundation • Fort White FFA
Jarodanne Rentz
as of 12/31/2020 Lyndsi Nahabetian Warren Doria Erica Lopez Logan Obermeier Dianne Orwig Haley Strauss Pam Dennis Lindsey Vickers Marcy Brown Pam McCranie Amy Roberson Megan Hoyt Jason Willard
7 years 7 years 7 years 6 years 6 years 6 years 6 years 6 years 5 years 5 years 5 years 5 years 5 years
Bronson Eagles Quarterback Club won Facebook Charity of the Month Contest.
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September 2020
Radiant in the Community
Branches raised $3,200 by raffling baskets they made to raise money for Leukemia Awareness Month.
The Employees Jeans for Charity Drive raised a total of $13,488 in 2020. That amount was split between 3 charities voted on by Radiant CU employees: Children’s Miracle Network - Haven Hospice - Food4Kids The Payroll Deduction Program raised a total of $2,164 in 2020. As chosen by Radiant CU employees: Child Advocacy Center $1,464 - Peaceful Paths $700
Bronson Eagles Baseball won Facebook Charity of the Month Contest.
The Radiant Community Foundation, established in 2016, is a 501 (c)(3) nonprofit organization serving the communities in and around North Central Florida by promoting and facilitating philanthropy. The Foundation was established to promote and provide charitable assistance contributing towards the development, education, and well-being of the communities, areas, and members served by Radiant Credit Union. 2020 Donations totaling: $12,210 Alachua County Sheriff’s Office - C.O.N.E. Ice Cream Truck New Technology Made Simple Now Catholic Charities St. Madeline’s Community Outreach Food Distribution
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October 2020 Sponsored Friday Night Rivals - Televised coverage of local high school football games.
Each month, charities are nominated on our Facebook page for the Charity of the Month program. The charity with the most votes wins $1,000. A randomly drawn charity that was entered also wins $500. If you know of a deserving charity, see our Facebook page for complete rules and instructions on how to enter. The 2020 Charity of the Month winners were: January February March April May June July August September October November December
Trenton Drama Club Basketball Cop Carson Springs Gators for Refugee Relief Center for Independent Living Gentle Carousel Miniature Therapy Horses Save the Chief Bronson Eagles Quarterback Club Bronson Eagles Baseball Bronson Eagles Softball Team UF Equal Access Clinic Network Springridge First Church of God Youth Food Pantry
Bronson Eagles Softball won Facebook Charity of the Month Contest.
13
November 2020 Started Employee Spotlight videos for social media.
Facebook Thanksgiving recipe contest reached nearly 8,000 people. The winner chose Sunrise Wildlife Rehabilitation as her favorite charity to receive a $1,000 donation from Radiant.
UF Equal Access Clinic won Facebook Charity of the Month Contest.
14
Around the Branches
Things looked a little different in the branches most of the year. But, we had smiling faces behind the masks!
December 2020 A meeting of the members was conducted and the votes counted. The vote was overwhelmingly in favor of converting to a State Charter.
Name change to Radiant Credit Union announced.
Springridge First Church of God Youth Food Pantry Facebook Charity of the Month Contest.
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Board of Directors Director Emeritus Clifford A. Lyle Edmond T. Dougherty Georgia P. Vickers Volunteer of Distinction Lee Johnson Leonard Lindsey Jack F. Gamble Marion Holder J.C. Webb William E. Austin Janet Larson William M. Knight, Jr.
Cynthia S. Brochu Chairman
Patrick Fitzgerald Vice-Chairman
Jane Taylor Secretary
Charles Geiger, Sr. Director
John Durr
Brenda Stormant
Tannia Weaver VP of Compliance/ Risk
Andrew Cuomo VP of Human Resources
Calvin DeCoursey Treasurer
Supervisory Committee
Director of Distinction William M. Knight, Jr. Marvis B. Roberts Jay Friedman John D. Dishong, Sr.
Louis Frost Chairman
Annette Johnson Secretary
Tresca Clemmons Vice-Chairman
Management Team
Tom Barnard President/CEO
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Kelly Chesser Chief Operations Officer
Josh Emerson VP of Lending/ Credit
Chad King Director
Trey Presnell VP of Accounting/ Finance
David Nicholson Director
Sharon Papciak Director
Brandon Love VP of Information Technology
Taylor Murray VP of Member Experience
John Power Director
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CONTACT INFORMATION (877) 786-7828 (352) 381-5200 RadiantCU.org Mailing Address 4440 NW 25th Place • Gainesville • FL 32606
BRANCH LOCATIONS GAINESVILLE 405 SE 2 Place • Gainesville • FL • 32601 nd
2516 NW 43rd Street • Gainesville • FL • 32606 6305 SW Archer Road • Gainesville • FL • 32608 1601 SW Archer Road • Gainesville • FL • 32608
ALACHUA 14520 NW US HWY 441 • Alachua • FL • 32615
CHIEFLAND 1003 NW 22 Court • Chiefland • FL • 32626 nd
HAWTHORNE 6005 SE US HWY 301, Unit 101 • Hawthorne • FL • 32640 Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government
NCUA
National Credit Union Administration, a U.S. Government Agency
JONESVILLE 14133 W Newberry Road • Newberry • FL • 32669
LAKE CITY 1605 West US HWY 90 • Lake City • FL • 32055 619 S Marion Avenue • Lake City • FL • 32025 Follow us on:
LIVE OAK 2231 Ohio Avenue • Live Oak • FL • 32064
MONEY$LINE (352) 381-5300 • (877) 786-7828 @radiantcu