Sentry 2020 Annual Report

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

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