Sentry Credit Union's 2020 Annual Report
STATEMENT OF FINANCIAL CONDITION As of December 31, 2020
STATEMENT OF INCOME For the year ending December 31, 2020
Annual Report 2020
INTEREST INCOME
Cash and Cash Equivalents
29,046,441
Interest on Loans
2,786,210
Investments
12,949,607
Interest on Investments
333,099
LOANS:
TOTAL INTEREST INCOME
3,119,309
Consumer
23,933,049
Real Estate
53,590,652
INTEREST EXPENSE Interest on Members’ Deposit Accounts
TOTAL LOANS
77,523,701
262,327
Allowance for Loan Losses
(198,624)
Interest on Borrowings
3,304
Premises and Equipment (Net)
186,039
TOTAL INTEREST EXPENSE
265,631
Foreclosed and Repossessed Assets
-
Other Assets
1,166,558
NET INTEREST INCOME
2,853,678
TOTAL ASSETS
120,673,722
Provision for Loan Losses (PLL)
66,276
NET INCOME AFTER PLL
2,787,402
Liabilities
814,367
DEPOSITS: Savings
NON-INTEREST INCOME Fee Income
32,452,343
545,113
Checking
18,413,335
Non-Operating Income/Loss
(1,296)
Money Market
44,147,110
TOTAL NON-INTEREST INCOME
543,816
Term Share Certificates
4,875,013
NON-INTEREST EXPENSE
Retirement Accounts
3,344,783
Compensation and Benefits
1,388,564
TOTAL DEPOSITS
103,232,584
Office Occupancy and Operations
930,702
RESERVES:
Other Operating Expenses
192,794
Members Equity
16,626,771
Other Non-interest Expense
17,171
TOTAL LIABILITIES AND RESERVES
120,673,722
TOTAL NON-INTEREST EXPENSE
2,529,231
MEMBERS’ EQUITY
NET INCOME (Transferred to Reserves)
801,987
17,000,000 16,500,000 16,000,000 15,500,000 15,000,000 14,500,000 14,000,000 13,500,000 13,000,000 80,000,000 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 0
DEPOSITS
120,000,000 100,000,000 80,000,000 60,000,000 40,000,000 20,000,000 0
2016 2017
2018 2019 2020
2016 2017
2018 2019 2020
LOANS
ASSETS
140,000,000 120,000,000 100,000,000 80,000,000 60,000,000 40,000,000 20,000,000
2016 2017
2018 2019 2020
2016 2017
2018 2019 2020
Audit Committee Report
Board of Directors
While 2020 was not ideal, we still saw positives. We were able to add additional financial resources for the convenience of members like you. We embarked on another new adventure when we launched our Digital Wallet solutions, increasing the ways members can use their SCU cards. We started by rolling out Visa ® Credit Cards first, followed shortly by Mastercard ® Credit Cards. The project wrapped up with a successful addition of our Debit Cards into the Digital Wallet solution. With these new options available, you can conveniently and securely load these cards onto your smartphone and leave your cards at home. 2020 by the Numbers: » Total Number of Members..................... 6,886 » Total Number of Associate Members.... 1,755 » Total Accounts............................................ 7,330 » Number of Debit Card Transactions.............................. 630,411 » Number of Active SCU Online Banking Users. ............................. 3,482 » Number of SCU Online Banking Logins.................................. 460,653 » Total Website Page Views............... 371,456 To briefly jump into 2021, we said goodbye to our longtime President, Rex Fair, who retired in July. In spite of this bittersweet goodbye, we were delighted to welcome our new President, Tim Barthel. Prior to Rex’s departure, Tim and Rex spent time together, passing along Rex’s years of knowledge. With Tim’s 20 years of experience in the Credit Union Movement, we are confident that he will carry on the SCU legacy of service. As always, we continue to look forward to the new and exciting opportunities that the future will bring. Amidst the changes Sentry Credit Union has undergone over the years, what has always shown brightly through these changes is our unshakable commitment to serving you, our members.
Term Expires
James Nickerson, Chairperson
2023 2021 2023 2022 2022 2021 2022 2023 2021
To the Board of Directors and Membership of Sentry Credit Union:
Bruce Georgenson, Vice Chairperson
Harry Rice, Secretary Mike Bilbrey, Treasurer Andrew Kruit, Director Brian Cychosz, Director
We retained Wipfli LLP to perform an external review audit of Sentry Credit Union as of September 30, 2020. Their audit report is on file at the Credit Union. Copies are available for inspection during regular business hours. The audit they completed has been performed in accordance with auditing standards generally accepted in the United States and is performed to obtain reasonable assurance about whether the financial statements are free of material misstatement. In addition to this, the SCU Examining Committee performed Surprise Cash Count, Testing of Restricted Account Access, Cash Recycler Review and review of Credit Disability Claims Transactions with no exceptions noted. These reviews verified the strong financial position of SCU and that the appropriate safeguards are in place to protect the assets of the membership.
Dennis Gruetzmacher, Director
Lindsay Bernhagen, Director
Sue Kedrowski, Director
Andy Schultz, Associate Director Jack Edgerton, Emeritus Director
N/A N/A
Credit Union Team Tim Barthel Diane Kwiatkowski Lynn Schaufenbuel
President
Consumer Loan Manager
Marketing Manager Operations Manager
Karen Apfelbeck
Peggy Polum
Accounting Clerk
Lindsay Bernhagen Audit Committee Chair
Collections & Student Loan Specialist Consumer Loan Officer Consumer Loan Processor Mortgage Loan Officer Mortgage Loan Officer Receptionist/Loan Clerk Senior Member Services Representative
Tami Kawlewski
Chris Weronke
Board Chair and President’s Message
Tracy Suski Amy Netzel
Sentry Credit Union Members:
Susan Manock-Besaw
In March of 2020, the world changed. From that change, Sentry Credit Union had to adapt quickly. By the end of that month, three quarters of the SCU team were asked to pack up their offices and remotely work from home for two weeks – a work environment unfamiliar to many of us. It is now well over a year and a half later, and we are still working in an adaptive environment. We appreciate the patience of you, our members, as we’ve worked through the ups and downs of these past months. While the environment is not ideal, your SCU team remains focused on serving you to the best of our abilities given the circumstances we face. We would like to acknowledge the team that makes up your SCU family. The way they have responded to these past months while they work daily to live out the SCU mission is a credit to their dedication. On behalf of the team, we are grateful for the trust you, our members, have placed in us. This trust keeps SCU strong. Thank you for trusting us with your loans and deposits and allowing us to be successful, even in these challenging times.
Paula Schuessler
Laura Wachowiak
Leah Bula
Member Services Representative
Jenny Phillips Jody Cisewski Melissa Jackson
Head Teller
Teller Teller
Sentry Credit Union 1800 North Point Drive Stevens Point, WI 54481
Local Phone: 715-346-6534 Toll-Free Phone: 877-368-7928 sentrycu.org
Sincerely, James G. Nickerson, Board Chair Tim Barthel, President
Federally Insured by NCUA
Page 1 Page 2Powered by FlippingBook