Winning Starts Here.
IMPROVING THE FINANCIAL LIVES OF OUR MEMBERS
Letter from President & CEO, Brian McKay
Letter from Chairman of the Board, Mike Strickland
Letter from Chair of the Supervisory Committee, Frankie Nelson AND Five-Year
Brian McKay President & CEO
BUILDING A CHAMPIONSHIP CULTURE
In 2025, we approached our strategy like a championship team — staying focused on the basics, working with discipline, and keeping our eyes on long-term success.
Financial Performance
With interest rates remaining high, we had to balance both growth and caution. We stayed focused on key financial measures like Return on Assets, Net Interest Margin, and our Loans-to-Shares ratio. Thanks to careful balance sheet management and steady demand for consumer and real estate loans, total loans to members grew to $577.8 million by the end of the year.
At the same time, we continued strengthening our balance sheet. Members grew their checking and savings relationships, helping the credit union maintain strong liquidity. These efforts helped grow total assets to $706.9 million, giving us a solid foundation for continued growth.
But our strategy is about more than just financial results.
Members
In 2025, we continued working to deliver great service to our members. We launched digital card issuance inside our Digital Banking system, making it faster and easier to access your funds. We also improved mortgage servicing tools so you can manage payments and see more details about your loans online. Through CashPlease, we offered flexible access to funds when you need them most. Our Coffee Chats also gave our leadership team opportunities to connect with members, listen to feedback, and strengthen relationships.
Team Spero
We remain committed to the communities where we live and work. Through HOPE Loans, volunteer service, and financial education programs, we continued investing in long-term financial empowerment. In 2025, Team Spero contributed more than 1,200 volunteer hours, supported over 100 community events, and helped more than 10,000 people through financial education efforts.
Our Culture
Inside our organization, our culture continues to be one of our greatest strengths. Being named a Best Place to Work in South Carolina for the fifth year in a row and one of the Best Credit Unions to Work For for the fourth consecutive year reflects the dedication and engagement of Team Spero.
Successful organizations know that strong results don’t happen by accident. They come from clear strategy, teamwork, resilience, and a strong sense of purpose. At Spero Financial, we’re proud of what we accomplished in 2025 and excited about the opportunities ahead in 2026.
I appreciate you,
Mike Strickland
Chairman of the Board
A HIGH-RATE ENVIRONMENT continued to challenge the financial services industry in 2025. The imposition of tariffs on many imported goods led to higher prices as merchants passed their increased costs onto consumers. The Federal Reserve Board (FED) did not begin cutting interest rates until September, which ended the year with a total cut of only 75 basis points. Inflation remained high.
The volatile environment required disciplined leadership by Spero’s board and management team. We focused on the Credit Union’s long-term stability and strategic management of our balance sheet while still delivering meaningful value for our members. This persistence in the face of economic resistance allowed us to remain profitable and well capitalized.
Spero’s Board remained focused on those strategic initiatives that will strengthen us for the future. These included: Carefully managing our balance sheet to protect earnings, strengthening our capital and liquidity position, controlling operational expenses, and enhancing our digital platform to improve member access to our services. We continued to seek the best talent available, aligned with our culture, to join the team.
While focusing strategically for the future, we took care of the immediate needs of our members. During the federal government shutdown last October-November, we offered zero-interest loans to our members that were furloughed and not receiving paychecks.
We are aligned and guided by our four strategic pillars:
• Financial Performance
• Service to Our Members
• A Strong Spero Team
• Consistent Innovation and Growth
Our focus in 2025 was to build long-term momentum by diversifying our revenue strategy, maintaining a strong capital position, and continuing to invest in our digital services. Despite the economic resistance encountered in 2025, our persistence in overcoming the challenges has made us successful.
As we move into 2026, I am confident of our readiness to provide even greater service to our members in the years ahead
MICHAEL (MIKE) W. STRICKLAND Chairman of the Board
Frankie Nelson Chair of the Supervisory Committee
ACCOUNTABILITY. TRANSPARENCY. TRUST.
As Chair of the Supervisory Committee, it is with great privilege to report another strong fiscal year for Spero Financial Federal Credit Union. As of December 31, 2025, financial outcomes reflect sound, operational stability for the organization, in conjunction with favorable quarterly internal audit reports. These measures are a result of how the management and staff of Spero Financial are unrelenting in exercising sound judgment and practices as they carry out their fiduciary responsibilities in utilizing member funds so that both members and the Credit Union can soar financially now and into the future.
Each year Spero Financial undergoes an external audit from a third-party CPA firm as an added layer of accountability. This audit measures the effectiveness of the organization’s financial management. I am pleased to report that Spero Financial has yet again received a very positive “unmodified opinion” regarding the Credit Union’s financial statements for 2025 year-end.
I encourage you to review the balance sheet, income statement, and other financial information included in this year’s report. You will find that Spero Financial continues to operate in a safe and sound manner, strategically focused on improving the financial lives of our members.
5-Year Growth Analysis
Statement of Income
Statement of Financial Condition
Leadership Teams
EXECUTIVE LEADERSHIP TEAM
Jessica Baker ·Executive Vice President, Chief Strategy Officer
Travis Barbare · Senior Vice President, Chief Operating Officer
Brian McKay · President, Chief Executive Officer
BOARD OF DIRECTORS
Kevin Brannon · Senior Vice President, Chief Technology Officer
Toni Davisson · Senior Vice President, Chief Financial Officer
David D'Alessio · Senior Vice President of Talent Management
Back Row : Hughlyn Burgess, Steve Griffin · Vice Chairman, Roy Hayes · Secretary/Treasurer, Michael Cunningham
Front Row : Joy Owens, Mike Strickland · Chairman, Lee Brown
Left to Right :
Left to Right :
Anna Marie Brock, Frankie Nelson · Committee Chair, Sheree Ramey
Not Pictured : Andrew Williams, Dean Woods
Sherry Owens
Tracy Ellis
Jeri Goff
Protecting What Matters Most
He was sitting in his car in the branch parking lot. His hands were shaking. His phone was pressed tightly to his ear. The voice on the other end told him not to trust anyone inside the building — especially not the employees.
They had convinced him his account was compromised. They had convinced him the credit union was involved. They told him to withdraw $15,000 immediately. And he believed them.
Inside the branch, something felt off. The withdrawal request was unusual. The urgency didn’t match his normal patterns. Instead of processing the transaction and moving on, our team paused. They asked questions. They listened. And then they walked outside — into the parking lot — to interrupt a scam in progress. That day, a member didn’t lose $15,000. That day, trust was restored. But that wasn’t the only moment in 2025 when protection became personal.
Another couple came in after receiving a call from someone claiming to be a Microsoft technician. Their computer had supposedly been hacked. The solution? Withdraw $9,100 and deposit it into a Bitcoin machine. They were frightened. Confused. Following instructions.
Again, our team noticed the signs: the hesitation, the unusual request, and the urgency. And again, they stepped in.
In 2025 alone, Spero Financial intervened in more than 60 elder fraud cases — protecting over $224,000 in our members’ hard-earned savings. But those numbers only tell part of the story.
Behind every prevented scam is a lifetime of work — retirement savings, emergency funds, money meant for grandchildren, or simply the security of knowing bills can be paid. Elder financial abuse doesn’t just steal dollars; it steals confidence, erodes independence, and damages trust. At Spero, we refused to let that happen.
That is why Spero launched a comprehensive Elder Abuse Prevention Initiative — combining enhanced fraud detection technology with deep human intervention. We strengthened our systems to flag unusual withdrawals and suspicious activity. We trained our staff to recognize red flags and ask compassionate, non-judgmental questions. We partnered with Meals on Wheels to educate seniors before scammers could reach them. But technology doesn’t walk into parking lots. People do. People who care enough to pause, question, and protect.
While this initiative earned the Louise Herring Philosophy Award, which honors credit unions that live out the principle of “people helping people”, the true reward is a son who can breathe easier knowing his father’s savings are safe. It's a couple who can sleep at night without the fear that they were taken advantage of. It’s the quiet confidence that someone is looking out for you.
Championship performance isn’t always measured in growth charts or balance sheets. Sometimes, it’s measured in moments — moments when a team chooses to protect rather than process.
At Spero Financial, we believe winning starts with protecting what matters most. And for us, that means we are there for our members we they need us the most.
MAKING OUR COMMUNITIES
GREATER PLACES
TO LIVE, WORK, AND PLAY
2025 Impact Report
At Spero Financial, we’ve been improving financial lives in the Upstate and Midlands for over 90 years. These numbers are not just numbers, but real lives changed - making our communities greater places to live, work, and play!
HELPING OUR MEMBERS SOAR FINANCIALLY
55 first mortgages
($19.5 million) to make members’ homebuying dreams come true
2,453 personal loans
($15 million) to fund members’ financial goals
2,268 new checking accounts to help members have easy access to their money
205,481 member transactions supported by Spero branches
7,553 chats served in our Member Solutions Center
364 HELOCs
($32.5 million) so members could tap into the equity of their home
2,592 auto loans
($83.9 million) that put our members in the driver's seat
102,833 member calls serviced in our Member Solutions Center
84,975 member transactions supported by TellerLink
EARNINGS AND PERKS FOR OUR MEMBERS
Members received 27.8 Million points for using their credit cards
$16.8 Million given back to members in interest earnings
MAKING OUR COMMUNITIES GREATER PLACES TO LIVE, WORK, AND PLAY
1,293 employee volunteer hours in our communities
$147,882 donated to non-profit organizations in the markets we serve
10,404 community members impacted by Spero’s financial wellness initiatives
$15,000 granted to 3 Spero members to support higher-education aspirations 118 community events that Spero participated in with local non-profits or hosted for Spero members
Scholarship Winners
Since 2010, Spero Financial has invested over $115,000 into future generations by awarding 3 scholarships to Spero Financial members pursuing higher education each year. Congratulations to the 2025 Louis C. Addison HigherEducation Scholarship winners.
Jamison Cox
Jamison Cox, a senior at Wren High School, maintains a 4.0 GPA while balancing leadership roles as Vice President of the National Honor Society and President of the National English Honor Society. Recognized by his teachers for his intellectual curiosity and meticulous approach to challenges, Jamison is also an accomplished student pilot and a Cadet 2nd Lt in the Civil Air Patrol. Whether leading a squadron or performing as 1st Chair Baritone Saxophone, he is known for his collaborative spirit and integrity. This fall, Jamison will bring his dedication to Clemson University to major in Engineering.
Julia McConnell
Julia McConnell is a Biochemistry and Molecular Biology major at the University of South Carolina, where she maintains a 4.0 GPA as a President’s List honoree and Capstone Scholar. Building on her success as a high school Salutatorian and multi-sport captain, she currently participates in the Undergraduate Research Initiative and the Galen Health Fellows. Julia demonstrates exceptional leadership and responsibility as a Senior Lifeguard and certified instructor, having performed 12 life-saving rescues. Additionally, she is deeply committed to service, contributing over a decade of volunteer work to the Center for Developmental Services to support children with special needs.
Layla Yanzapanta
Layla Yanzapanta is a high-achieving senior at Westside High School, ranking in the top 5% of her class with a 4.74 GPA. Set to major in Pharmaceutical Sciences at the University of South Carolina this fall, Layla has already demonstrated her aptitude for the field by mastering a rigorous AP curriculum and earning a 4 on the AP Chemistry exam. Beyond her academic success, she is a dedicated student leader who balances membership in the National Honor Society and Beta Club with three years of varsity soccer and part-time employment. She is also deeply committed to her community, frequently volunteering her time with The LOT Project and local literacy initiatives.
2025 Snapshots
Soaring as Spero Financial
48,865 Total Members
$707 Million in
Assets
• Named 2025 Best Places to Work in South Carolina (5th Year in a Row)
• Named 3rd (by asset size) in the Nation for Best Credit Unions to Work For
• Winner for Top Mortgage Lender in the Upstate by Greenville News Community Choice Awards
• Top 3 Finalist for Anderson’s Best of Hometown by Anderson Independent Community Choice Awards
• Winner of the Carolinas Credit Union Foundation’s Disaster Recovery Award and Louise Herring Philosophy Award
• Multifaceted Campaign Diamond Award by the Credit Union National Association
Employee Highlights of the Year
• President and Chief Executive Officer Brian McKay Named by SC Biz News to the South Carolina 500 List
• Community Engagement Manager Chelsea Newton Named by Greenville Business Journal as a Greenville Best and Brightest 35 and under
Taking Care of Team Spero
• 166 employees serve the organization across 35 different departments
• 181 individuals provided with medical insurance – both employees and their families
• 26,000+ hours of paid time off were awarded
• 14 promotions and 8 transfers to roles in other departments
• 6,624 employee training hours
THANK YOU TO OUR STAFF, MEMBERS, & COMMUNITY