2022 Annual Report

You make us who we are.

It’s True.

The President & CEO

According to industry call report data at the close of 2022, TruStone was the fastest growing credit union of our size in the nation. While I am honored by the distinction, I can’t say that I am surprised. Years ago, the board, management and staff of TruStone set out to be the best of the best, and it is clear that those who do business with us would agree.

Reflecting on what got us here, there are many actions, individuals, and teams that I could point to as contributors to our success. But as I draft that mental list, it quickly becomes clear that what I am compiling is a manifestation of our Core Values, put to action. Such values are at the heart of the member experience that we strive to deliver each and every day:

Integrity.

We act in the best interest of our members. Maintaining a strong financial position is imperative to acting in your best interest. Doing so allows us to provide you with an abundance of competitively priced services. It also enables us to keep your funds safe and your personal information secure.

Collaboration.

Think independently. Work collectively.

By year end, TruStone’s operational efficiency was the best in recent history, a feat that is only possible when your board, management and staff work with synergy. When we all share the same vision – delivering an exceptional experience – that focus is realized.

Simplicity.

Deliver frictionless service. Be easy to work with.

Over 110,000 TruStone members do business with their credit union through digital channels. 2022 investments in person-to-person transfers, online mortgage applications and loan refinance tools

delivered member convenience, while the launch of our free TruPayday service provided members with their direct deposit up to two days earlier than before.

Energy.

Be tireless in our pursuit of excellence.

Our staff is genuinely enthusiastic to serve members. That desire to help others extends beyond our office doors, and is evident in the time and dedication TruStone employees put toward our larger community. During a single day of giving last fall, over 450 of our employees volunteered at 27 local charities, making a truly impactful difference to those in need.

Continuous Improvement.

Demonstrate an eagerness to learn and evolve.

Being recognized as the fastest growing credit union is no reason to rest on our laurels. Instead, we continue to listen to your feedback as we make investments for the betterment of our membership. In 2023 that includes improvements to online chat, a robust new card rewards program, and a new branch location for our members in Coon Rapids.

Our accomplishments are especially noteworthy when considering the challenges of our economic environment. As inflation persists and a potential recession looms, know that TruStone will continue to earn your business by providing best in class products, competitive pricing, and exceptional service.

Dale Turner PRESIDENT & CEO

The Board of Directors

TruStone’s mission is to engage, educate and inspire our members to achieve lifelong financial well-being. The role of your board of directors is to execute that mission by collaborating with management to build an effective business strategy.

There are many possible pathways to success. After careful consideration, your board chose two:

The first is Strong Financial Performance. Credit unions, like TruStone, are not-for-profit financial cooperatives. Unlike for-profit banks, we exist first and foremost for the benefit of the members we serve. Too often that is confused with the notion that strong financial performance must be sacrificed to deliver true member benefit.

On the contrary, it is a strong balance sheet that enables us to better serve you. A healthy bottom line can be reinvested in the credit union, providing you with more branches, better services, competitive pricing, and digital convenience. Further, our financial strength enables us to maintain a financial institution that is safe and secure. As recent high-profile bank failures test the public’s confidence in their financial institutions, our members can be comforted by the fact that TruStone is a well-capitalized, well-managed credit union.

Our second pathway to success should come as no surprise: Strong Member Value. With over 210,000 members choosing to do business with us, member value can be defined many different ways. To many, we deliver value best with a welcoming branch atmosphere, responsive team members, and dedicated loan officers.

A growing number of members prefer to do business with us without the human touch, utilizing our popular digital and mobile services. These members see value in convenient applications, consistent access, and user-friendly tools. In 2022 TruStone launched new programs designed to simplify vehicle refinancing, to effortlessly send and receive money to friends and family, and to provide fast and timely communication with your mortgage loan officer.

And there are many more ways to define value: A healthy return on your federally insured investment. Credit and debit cards that reward you for your loyalty. A neighborhood credit union that reinvests in our communities with a generous foundation and a commitment to financial education.

Your board of directors is confident that our chosen pathways can work in harmony to achieve our mission. We routinely see evidence of it, regularly reviewing measures of financial performance and member value. We also know, however, that this is a mission without an end. We can always do better, and we will always strive to do so. This is our commitment to you.

John Christenson CHAIR

NET INTEREST INCOME

Dividend/Interest

Provision

Net

Loan

Service fees

Other non-interest income

Total Non-Interest Income

NON-INTEREST

Compensation and benefits

Occupancy and office operations

Other

Total Non-Interest Expense

Net Income

Member Service

9.66

SATISFACTION SCORE

209,060

TOTAL MEMBERS

9.64

MEMBER EFFORT

9.68

535 EMPLOYEES

OVERALL EXPERIENCE

*Member service scores based on 10-point scale

22 BRANCHES

Total Assets

$16,965 AVERAGE SHARES PER MEMBER

$28,745 AVERAGE LOAN OUTSTANDING

$1,853 EQUITY

Leadership

BOARD OF DIRECTORS

John Christenson Chair

Kevin Crane Vice Chair

Anne Ziebell Secretary

Doug Nesbit Treasurer

Thomas Alagna

Steve Bohlig

Steve Hunziker

Evelyn Jones

Darrick Metz

James Sackett

Sam Stern

Jennifer Whitlock

Bruce Whitmore

ASSOCIATE DIRECTORS

Lori Bonin

Leadership

EXECUTIVE MANAGEMENT TEAM

Dale Turner President and Chief Executive Officer

Nathan Grunzke

EVP/Chief Mortgage Officer

Cole Hahn

EVP/Chief People Officer

Hans Iverson

EVP/Chief Operations Officer

Gary Jeter

EVP/Chief Technology Officer

Martin Kelly

EVP/Chief Marketing Officer

Steve Steen

EVP/Chief Retail Officer

Phil Young

EVP/Chief Legal Officer

Daniel Zaczkowski

EVP/Chief Financial Officer

SUPERVISORY COMMITTEE

Brian Lee Committee Chair

Bob Larson Secretary

Esmail Harunany

Teena Liu

Lenny Newman

The Supervisory Committee

Recent events in the banking sector are a stark reminder of the importance of safety and soundness in the financial system. This is the primary responsibility of the Supervisory Committee: to oversee the credit union’s internal controls that safeguard your finances and personal information.

We take that responsibility seriously, engaging a variety of internal and external industry experts to conduct comprehensive audits of our financial, administrative and operational practices.

In 2022, TruStone received thorough examinations from both the Minnesota Department of Commerce and the National Credit Union Administration (NCUA), which confirmed our belief that we are a strong, healthy credit union, well-equipped to accomplish our mission and vision for our members. Additionally, we engaged an industry-leading independent public accounting firm to perform our financial statement audit in accordance with regulatory requirements. Their audit opinion states that our financial position and results of operations are fairly presented in accordance with generally accepted accounting principles.

Finally, we employ experienced internal auditors to regularly review all aspects of our organization, with no material exceptions or weaknesses found in our systems during the year under review

Over 210,000 loyal members is the greatest barometer of our success. On behalf of your volunteer Supervisory Committee, I thank you for your continued confidence in TruStone Financial.

Brian Lee SUPERVISORY COMMITTEE CHAIR

2022 Charitable Donations

TRUE GIVING – MAKING AN IMPACT

True to our word, at TruStone Financial we challenge the status quo to better serve the needs of others – our members, our team members and our communities by hosting organizational events that give back in every community we serve. By devoting countless hours volunteering to help our neighbors, TruStone partners with many charitable organizations, hosts donation drives, sponsors events in our communities, and provides complimentary on-site events such as shred days and home buying seminars. Whether we are on clean up duty, teaching a budgeting class at the local elementary school or providing financial support, TruStone puts the needs of our neighbors first to create a stronger, more resilient community. With the help of our TruStone Financial Foundation our total impact in 2022 includes:

TRUSTONE FINANCIAL FOUNDATION

The TruStone Financial Foundation is a not-for-profit 501(c)(3) organization founded in 2009 by TruStone Financial Credit Union. The foundation was established to reinforce our commitment to financial education, supporting our communities with scholarships, donations to local non-profits, and investments in financial literacy programs.

450 employees volunteered

1,000+ hours of service to

26 different organizations including Junior Achievement, Second Harvest Heartland, Feed My Starving Children, Project Concern, United Way and many others

$10,000

Donated to 10 local high school sports’ programs as a sponsor of Prep Sports Hot Highlights

$2,500 + 1,700 Toys

Collected and donated to Toys for Tots

$60,000

Awarded in scholarships to 18 students pursuing secondary education

$70,000

Donated by TruStone Foundation in support of community initiatives such as Bolder Options, The Sanneh Foundation, Al Nolen Foundation, Moneyweave Academy and more to promote financial education, racial equity and inclusion

$14,000

Donated from the TruTeam Giving Program with the TruStone Foundation matching dollars raised to benefit many non-profit organizations, such as Tee It Up for the Troops, Local Food Shelves and more

For Community, By Community

Services

SAVE MANAGE

Savings & Certificates

Health Savings Accounts (HSA)

Youth & Teen Savings

Digital Banking

Bill Pay

Zelle®

MobilePAY

SPEND

Checking

Visa® Debit Card

Visa® Credit Card

Checking & Credit for Teens

Mobile Deposit

eStatements

65,000 Surcharge-Free ATMs Nationwide

5,000+ Shared Branches Nationwide

BORROW

TruStone Home Mortgage

Home Equity Loans

Auto Loans

Recreational Loans

Personal Loans

Adoption Loans

INVEST

TruStone Financial Advisors