Western Vista Credit Union 2023 Annual Report

CEO’S REPORT

In 2023, economic conditions in the region and across the United States created numerous challenges and unprecedented volatility. We witnessed the most rapid increase in interest rates in four decades, causing an inverted yield curve. Coupled with persistent inflationary pressures that continue to adversely impact members, businesses and communities, it led to heightened uncertainty and restrained multi-sector spending patterns.

Additionally, the financial sector experienced considerable headwinds, evidenced by the fact that 2023 was the biggest year ever for bank failures including the financial crisis of 20082010. The economic landscape underscored the importance of staying member-focused, maintaining financial strength, flexibility and strategic agility in the face of market disruptions.

Despite these adversities, Western Vista Credit Union maintained stability, successfully retaining, expanding and attracting member deposits. Notably, we distributed a record-breaking $4.6 million in interest dividends to our members. I am extremely proud to share that Western Vista ended the year stronger than it started.

Our membership numbers grew 8.6 percent—over three times more than our peers—to nearly 16,500 members. Loans to members totaled more than $96.5 million in the form of commercial loans, auto/ RV loans and mortgages.

While many financial institutions are closing branches, we were excited to re-establish our physical connection to downtown Cheyenne by opening our fourth physical branch at 1920 Thomes Avenue in the historic West Edge district.

Our mission statement says it perfectly: Your finances. Our focus. Our strength, safety and security come from staying focused on our members, adapting our products and services to meet your needs.

Your feedback is critical to our continued success. In 2023, we launched a new member feedback survey, available by scanning a QR code in your local branch or by clicking the feedback box in the signature panel of our member-facing team members. If you haven’t had the opportunity to respond to one of our member surveys, please do. Your input is invaluable.

THE LIVES OF OUR MEMBERS

Thank you for your continued membership and support of Western Vista Federal Credit Union.

Respectfully Submitted,

Steven Leafgreen

Steven Leafgreen President/CEO

EXECUTIVE LEADERSHIP

Steven Leafgreen PRESIDENT & CEO

Lorrell Walter CHIEF MARKETING OFFICER

Mike Mason CHIEF FINANCIAL OFFICER

Dan Moss C HIEF INFORMATION OFFICER

Dan Buchan SENIOR VICE PRESIDENT CREDIT RISK & LENDING

PJ Brennan SENIOR VICE PRESIDENT SALES & EXPERIENCE

BOARD REPORT

I am honored to share the highlights of our collective achievements over the past year. I am thrilled to report that our credit union has not only weathered the challenges presented by the economic landscape but has emerged with remarkable success.

In a year where many financial institutions struggled, I am proud to share that Western Vista has achieved positive growth, setting us apart from our peers. It is a testament to our resilience, strategic vision and the unwavering support of our dedicated members. While numerous credit unions experienced negative growth, we stand in the 95th percentile for performance, showcasing our commitment to financial stability and member satisfaction.

Our success story is not solely about numbers; it reflects the dedication and hard work of our incredible staff. Their tireless commitment and expertise have played a pivotal role in steering Western Vista to new heights and for that, I am extremely grateful.

The economic conditions of 2023 were challenging, marked by uncertainties and volatility. Despite these challenges, our credit union’s prudent financial management and strategic decision-making allowed us to navigate the landscape effectively. This

highlights our commitment to safeguarding your financial well-being and ensuring the long-term sustainability of Western Vista.

We remain dedicated to offering members the financial tools that align with their diverse needs and goals. Our certificates of deposit provide a secure and rewarding investment option, allowing members to earn competitive interest rates, while ensuring the safety of their funds. Additionally, our free Panorama checking account elevates the banking experience by offering exclusive perks such as cash back, ATM fee refunds and enhanced financial management tools. These tailored solutions exemplify our commitment to providing members with stability and growth opportunities.

Looking ahead, I’m thrilled to announce ongoing efforts to enhance services for our members. Later this year, we will roll out a new credit card that offers state-of-the-art convenience technologies, all while maintaining a better-than-average rate. Our new card will cater to today’s dynamic lifestyle, emphasizing security and efficiency for an enjoyable and stressfree financial experience.

In conclusion, I want to express my gratitude to our members for your trust and continued support.

THE COMMUNITIES WE SERVE

Together, we have achieved remarkable milestones in 2023, and I am confident that Western Vista will continue to thrive in the years to come.

Thank you for being an integral part of our success.

Respectfully Submitted,

Mark Mercer

Mark Mercer Chairman of the Board

BOARD OF DIRECTORS

Mark Mercer CHAIRMAN

Aimee Lewis VICE CHAIRMAN

Christine Kronz SECRETARY

Vickie Nelson TREASURER

Tim Bolin ASSISTANT SECRETARY

Cindy Garvin ASSISTANT TREASURER

Frank Magazine BOARD MEMBER

SUPERVISORY REPORT

Western Vista Federal Credit Union’s Supervisory Committee consists of volunteers who are appointed by the board of directors. The dedicated members of this group have over 75 years of service to Western Vista!

The supervisory committee safeguards member assets by ensuring the credit union is operating properly. It has broad oversight authority to hold a credit union’s board of directors and senior management accountable for fulfilling their responsibilities in the interests of the credit union’s members, and for operating according to sound business, ethical and regulatory standards.

The supervisory committee acts independently to perform its duties, but interacts regularly with the board of directors, National Credit Union Administration (NCUA) examiners and an independent CPA firm.

To fulfill our audit responsibilities, the committee retained the services of CPA firm, Farrin and Company, to conduct an independent, in-depth audit of Western Vista Credit Union’s operations and issue a report of their findings.

The 2023 report showed the financial statements fairly represent the financial position of Western Vista and conform with generally accepted accounting principles.

In addition to retaining independent auditors, the supervisory committee verifies that there have been internal controls implemented to protect the credit union and its members.

This committee is pleased to report that these audits have proven Western Vista to be in excellent financial condition. It is this committee’s opinion that Western Vista continues to be wellmanaged and operates effectively within federal regulations. Together, the volunteer officials and the credit union staff work tirelessly to maintain one of NCUA’s highest ratings and continue a tradition of excellent financial management.

We look forward to continuing our work with the management team and the board of directors and would like to thank our board liaison, Tim Bolin, for his support.

FINANCIAL SUCCESS

Serving on the supervisory committee with me are Nancy Sargent, Barb Malatesta, Linda Keyfauver, Stephen Fotiades and our newest member, Doug Thiede. I thank them for their time, dedication and commitment.

Respectfully Submitted,

Ann-Marie Trujillo

Ann-Marie Trujillo Chairperson

SUPERVISORY COMMITTEE

Ann-Marie Trujillo CHAIRPERSON

Barbara Malatesta VICE CHAIRMAN

Nancy Sargent SECRETARY

Stephen Fotiades COMMITTEE MEMBER

Linda Keyfauver COMMITTEE MEMBER

Doug Thiede COMMITTEE MEMBER

EXECUTIVE TEAM

Western Vista’s executive leadership team is responsible for setting strategic direction, managing operations and making key decisions. In 2023, Steven Leafgreen, president/CEO, restructured the executive team to ensure operational efficiency and organizational effectiveness of the credit union. Lorrell Walter was promoted to chief marketing officer, Mike Mason was promoted to chief financial officer and Dan Moss was promoted to chief information officer. New to the executive team, PJ Brennan was promoted to senior vice president, sales and experience. Dan Buchan changed roles, becoming senior vice president, credit risk and lending.

Steven Leafgreen PRESIDENT & CEO

Lorrell Walter CHIEF MARKETING OFFICER

Mike Mason CHIEF FINANCIAL OFFICER

PJ Brennan SENIOR VICE PRESIDENT SALES & EXPERIENCE

Dan Buchan SENIOR VICE PRESIDENT CREDIT RISK & LENDING

Dan Moss CHIEF INFORMATION OFFICER

BOARD OF DIRECTORS

As a member-owned financial cooperative, Western Vista Credit Union is a democratic organization owned and controlled by its members. Each member gets one vote, regardless of financial status, to elect the credit union’s board of directors who help make the organization’s policies and decisions. Mark Mercer and Vickie Nelson were re-elected to the board of directors in 2023. La Velle Van Voast, who served on the board of directors from 2019 to 2022, announced her resignation from the board of directors. Pursuant to the bylaws, the board of directors filled Van Voast’s position by board appointment and selected Frank Magazine to serve on the board for one year on an interim basis.

Mark Mercer CHAIRMAN

Aimee Lewis VICE CHAIRMAN

Christine Kronz SECRETARY

Vickie Nelson TREASURER

Tim Bolin ASSISTANT SECRETARY

Cindy Garvin ASSISTANT TREASURER

Frank Magazine BOARD MEMBER

Ann-Marie Trujillo SUPERVISORY COMMITTEE

$13.4M

2,450 NET DEPOSIT GROWTH

1,252 NET NEW MEMBERS

NET NEW DEPOSIT ACCOUNTS

16,454

TOTAL MEMBERS

DEPOSIT ACCOUNTS

Deposit accounts are crucial for conducting credit union business. They serve as a primary source of funds for the credit union, providing liquidity that allows for loans to other members. Total net deposits grew by more than 6% for a total of $13.4 million.

Our state-of-the-art online banking portal and mobile app allow our members to have round-the-clock access to funds, anywhere in the world. In addition, members can check their credit score and receive offers tailored to their individual needs.

LENDING PORTFOLIO

COMMERCIAL LENDING

Commercial loans enable member businesses to purchase new equipment, lower loan payments through refinancing opportunities and supply working capital lines of credit.

CONSUMER LENDING

For nearly 85 years, Western Vista has delivered essential financial solutions to its members. We are proud to continue supporting the financial needs of our community and look forward to continuing a long tradition of helping our members.

$9.1M COMMERCIAL LOAN PRODUCTION

26 COMMERCIAL LOANS FUNDED

36.5% YEAR-OVER-YEAR GROWTH IN COMMERCIAL LOAN PRODUCTION

$53M

CONSUMER LOAN PRODUCTION

1,914

CONSUMER LOANS FUNDED

2,258

TOTAL CREDIT CARD HOLDERS

LENDING PORTFOLIO

REAL ESTATE LENDING $32M

NEW RESIDENTIAL REAL ESTATE FINANCING

140 IN TOTAL LOANS

-7.7%

CHANGE IN PRODUCTION

HOME EQUITY LOANS

$1.4M

NEW HOME EQUITY LINES OF CREDIT

34 NEW HELOCS FUNDED

48.1% INCREASE IN PORTFOLIO SIZE

FIXED SECOND MORTGAGE

$3.6M

IN FIXED SECOND MORTGAGES

40 30.6%

NEW LOANS FUNDED INCREASE IN PORTFOLIO SIZE

BALANCE SHEET

Dates Reported: December 31, 2023 & 2022

Assets 2023 2022

Cash & Cash Equivalents $913,159 $803,482

Securities Available for Sale, at Fair Value $7,520,048 $8,515,861

Loans, Net $229,837,227 $217,331,393

FHLB Stock $937,900 $931,900

NCUSIF Deposits $1,935,238 $1,661,807

Property and Equipment, Net $6,972,143 $6,753,939

Accrued Interest Receivable $794,326 $553,430

Other Assets $15,900,503 $14,101,105

Total Assets $264,810,544 $250,652,917

Liabilities & Members' Equity

Members Shares $224,189,630 $210,826,477

FHLB Advances $17,500,000 $17,000,000

Other Liabilities $1,726,884 $1,825,505

Total Liabilities $243,416,514 $229,651,982

Regular Reserve $2,215,926 $2,215,926

Undividended Earnings $20,539,958 $19,927,402

Accumulated Other Comprehensive Loss ($1,361,854) ($1,142,393)

Total Members Equity $21,394,030 $21,000,935

Total Liabilities & Members Equity $264,810,544 $250,652,917

For the years ending December 31, 2023 & 2022

TREASURER’S REPORT

Despite inflation and the economic challenges of 2023, it was another strong, healthy year for Western Vista Credit Union. Assets increased by more than $10M to more than $260M in 2023, while deposits grew to over $264M and credit union membership increased by 1,252 new members.

Despite rising interest rates and a decrease in mortgage lending, total loan demand remained strong with more than 5 percent growth. The credit union loans to assets ratio remains above 87 percent, demonstrating that Western Vista continues to be the lender of choice for members.

Delinquent loans remain at a very low rate of .38 percent of total loans, highlighting the underwriting team’s efforts at issuing highquality loans. The staff working on recoveries continues to have a positive impact on the bottom line with net loans charged off at 0.3 percent of total loans.

With a net worth to assets ratio of 8.6 percent, Western Vista is well-capitalized according to NCUA guidelines. In addition, the credit union produced a net income of $781,000 in 2023, a reflection of the dedication and hard work of the CEO, management team and staff. The credit union’s 2023 financials are strong, particularly when weighed against its peer group. Western Vista concludes another year in a robust and stable financial position. The financial results of 2023 affirm Steven’s frequent reminder—we are built for this!

R e spectfully Submitted,

Vickie

Vickie Nelson Treasurer

IT PAYS TO BE A MEMBER

Credit unions are built on the philosophy of “people helping people.” At Western Vista, our vision is to

Enhance the lives of our members. Enrich the communities we serve. Encourage financial success.

In 2023, Western Vista Credit Union gave back to the communities we serve with more than $52,000 in donations to more than 50 non-profit organizations. As part of our grand opening celebration for our Thomes Branch, we challenged the branch staff to open 100 accounts in the first 100 days. In meeting that goal, the credit union donated $1920.05 to Habitat for Humanity of Laramie County.

$52,000

The Federal Home Loan Bank (FHLB) Des Moines Member Impact Fund offered matching grants to its member credit unions, enabling Western Vista Credit Union to nearly triple its contributions to three non-profit organizations.

Through this matching program alone, Western Vista was able to provide new technology for the Restore of Habitat for Humanity of Laramie County, books for disadvantaged youth through the First Steps program at the Laramie County Library and assist Magic City Enterprises with their programs to help people develop and refine new skills in employment, personal interaction, community awareness, social wellbeing and community living.

$220,371

$3.7M

CERTIFICATE OF DEPOSIT DIVIDENDS

IN OUR COMMUNITIES

Western Vista Credit Union passionately embodies our vision to enrich the communities we serve. We strive to improve lives one member at a time and build a legacy of lasting prosperity in the regions we call home.

4,033 TOTAL HOURS SERVED

ANNIVERSARIES & AWARDS

Four Western Vista employees were recognized for ten years of service to the credit union: Pam Martin, Lisa Apodaca, Leslie Fox and Lori McLean.

Five years of service: PJ Brennan, Kerri Brown, Dan Buchan, Eyrnn Espinoza and Nathan Phillips

Three years of service: Kristy Fertig, Amy Peters and Mariah Robinson

One year of service: Toni Gannison, Kelly Harry, Bailey McCarthy and Geoff Shimp

The Western Vista Volunteerism Award is presented to employees who volunteered at least 100 hours in a calendar year:

Kerri Brown

Melody Fenton

Mick Finnegan

Toni Ganison

Steven Leafgreen

Crystal Mancera Meisner

Dan Moss

Tanr Tempel

Lorrell Walter

Rachel Zimmermann

Each year, Western Vista awards two $1000 scholarships to help deserving students continue their education. Pictured with Steven Leafgreen, president/CEO and Mark Mercer, chairman of the board are Madoc Wrobetz (top) and Brinkley Lewis.

Lisa Apodaca and Holly Lassister earned the Certified Credit Union Financial Counselor designation through America’s Credit Unions.

Winters Griffith Architects was presented with a Certificate of Citation for interiors by the American Institutes of Architects (AIA) for their work on the Thomes Branch of Western Vista. These awards honor the highest standards of design in response to user requirements, site, context, climate, environment, sustainability, energy efficiency and strong sense of place.

Lorrell Walter received the Wyoming Business Journal’s Wyoming Woman of Influence Award in the marketing/public relations category. Dan Moss graduated from the Greater Cheyenne Chamber of Commerce Leadership Cheyenne program.

The VISTA Award was created in 2021 to honor Russ West, a long-time employee of Western Vista who passed away unexpectedly. The VISTA Award recognizes an employee who epitomizes the mission, vision and values of Western Vista and is awarded bi-annually. The 2023 recipients are Mick Finnegan and Jerome Bircumshaw.

Lori McLean received the Brown-Wells Service Award which honors an individual within the Wyoming mortgage lending community who exemplifies service above self .

Mariah Robinson and Amy Peters received the Allied Solutions G.O.A.T Award for their stellar product knowledge and ability to share with our members.

2023 ANNUAL MEETING SUMMARY

Steven Leafgreen, President/CEO of Western Vista Federal Credit Union welcomed members and gave his opening remarks.

The 83rd Annual Meeting of the Western Vista Federal Credit Union was held March 15, 2023, at the Thomes Branch Boardroom of the City Center Building of Western Vista Credit Union and via ZOOM and was called to order at 5:34 p.m. by Chairman of the Board of Directors, Mark Mercer. Via Christine Kronz, secretary of the board of directors, ascertained a quorum was present.

Chairman Mercer introduced the members of the credit union’s board of directors and the supervisory committee chair and gave the board report. He noted that in 2022, despite a period of ever-increasing inflation and rapidly rising interest rates, Western Vista continued to grow and improve as an organization. Mr. Mercer reported that Western Vista employees remained calm and steady, taking advantage of opportunities to grow deposits and increase interest paid to members despite the interest rate turmoil, fluctuating markets and supply chain issues.

Chairman Mercer expressed his enthusiasm for 2023, with the recent opening of the Thomes Branch benefiting members who live and work in downtown Cheyenne. He shared that the

credit union would be focusing on the use of technology to streamline and improve processes to better support the needs of members and control operational costs. Mr. Mercer concluded his report by sharing that Western Vista remains financially sound and performed very well in 2022. After a motion and second, the board report was approved.

Chairman Mercer requested a vote of approval for the March 16, 2022 meeting minutes, which were included in the annual report. After a motion and second, the minutes were approved.

Aimee Lewis gave the treasurer’s report, explaining Western Vista continues to be in a very strong and safe financial condition. After a motion and second, the treasurer’s report was approved.

Chairman Ann-Marie Trujillo of the supervisory committee was called to give the supervisory committee report. Ms.Trujillo reported on internal and external audits conducted in fiscal year 2022.

The committee retained the services of Ferrin & Company to conduct a financial audit of the credit union. Based on the audit report, it is the opinion of the supervisory committee that Western Vista continues to be well-managed and operated.

After a motion and second, the supervisory committee report was approved.

Aimee Lewis gave the nominating committee report. There were two open positions and two qualified candidates. Vickie Nelson and Mark Mercer were elected to serve another term.

Steven Leafgreen announced the milestone anniversaries that were celebrated in 2022 and recognized those employees for their service and dedication to the credit union and its members.

The winners of the prize drawings were announced and the meeting was adjourned.

Respectfully Submitted,

Crystal Mancera Meisner

Crystal Mancera Meisner Recording Secretary

Accepted by:

Christine Kronz,

Secretary

Mark Mercer, Chairman

TECH TALLY

Our state-of-the-art online banking and mobile app allow our members to have round-the-clock access to funds, anywhere in the world. In addition, members can monitor their credit score, set credit goals and receive offers and guidance tailored to their individual needs.

265.4%

INCREASE IN INSTAGRAM PROFILE VISITS

617

NEW ENROLLMENTS IN SAVVYMONEY

A FREE CREDIT MONITORING & MANAGEMENT TOOL

11,065

TEXT MESSSAGES EXCHANGED WITH MEMBERS

951

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