On behalf of the Board of Directors and Supervisory Committee, we welcome you to the 63rd Annual Meeting.
2016 was another successful year for OTIS Federal Credit Union. For the 12th consecutive year, we gave back nearly $350,000 to our borrowers and savers in the form of a Loan Interest Refund and Bonus Dividend. We are proud to report that over the past 12 years, we have returned over $4 million to our members. We do not know of any other financial institution in our communities refunding their members or customers part of the interest they paid on their loans or adding to the dividend already earned on deposits. Remember, you are not a customer at OTIS, you are a member, and members are the owners of OTIS FCU. When we have a successful year, we give back by paying an Interest Refund and a Bonus Dividend to you, the members, who borrow and save here.
We are always here to help you, our members. The Board understands that you work hard for your money, and it’s a priority to help you keep as much as you can with competitive loan and share rates. In times when life happens and your credit takes a hit, we are ready to listen. Come see us for your next loan; the Credit Union may be able to help you rebuild your credit. We have money to lend, so drop in, give our loan officers a call, or apply online with our secure online loan application.
FRAUD! We all know someone who has been a victim, or perhaps you have been the victim. We want to help you with your accounts at the Credit Union. You may have seen the commercial where the person freezes their credit or debit card. Freezing the card stops it from working. Un-freezing allows the card to work again. Guess what? You can do this with all your OTIS cards! It really is as simple as toggling a button from right to left in our mobile app. Download our mobile app, control your cards to see your account balances live. If you need help, stop in, and we would be happy to show you.
We also use a Fraud Monitoring Service that monitors your transactions 24/7 and if fraud is suspected, the company will attempt to reach you to confirm whether the transaction is fraudulent or not. It is important that the Credit Union has a contact number at which you can be reached 24/7, as fraud is a 24/7 challenge. The next time you call or are in, take a quick second and double-check with the employee helping you to make sure we have the best telephone number in our system. The time you take to check this could save you tons of time in the future. Watch for the new and improved state-of-the-art OTIS Online! This is coming soon!
In closing, I would like to take this opportunity to thank you, our members, for your continuing support.
Chair of the Board of Directors
Supervisory Committee Report
On the basis of our NCUA exam and CPA opinion audit, we are pleased to report that the financial records are properly maintained and fairly represented in all materials in respect to the financial condition of OTIS Federal Credit Union. In addition to the exam and audit, the committee members performed surprise monthly cash counts and reviewed loan documents this past year. All these steps are taken to ensure that proper controls and procedures are in place.
Chair of the Supervisory Committee
Statement of Condition as of December 31, 2016
|Loans to Members||$68,329,698|
|Loan Loss Allowance||($229,748)|
|Land/Buildings – Net||$1,902,054|
|Other Fixed Assets||$126,188|
Liabilities and Equity
|Share Draft Accounts||$14,951,588|
|All Other Shares and Deposits||$65,481,085|
|Accum. Unreal. Pro./Loss||($3,351)|
|TOTAL LIABILITIES & EQUITY||$155,312,658|
Statement of Income as of December 31, 2016
|Less Interest Income||($281,850)|
|TOTAL INVESTMENT INCOME||$4,060,744|
|Provision — Loan Loss||$138,200|
|NET AFTER LOSS PROVISION||$3,037,122|
|Education and Promotion||$99,268|
|Loan Services Expenses||$138,684|
|Member Insurance and NCUA Fees||$75,246|
|Annual Meeting Expenses||$6,771|
|TOTAL OPERATING EXPENSES||$3,116,011|
|OTHER OPERATING INCOME|
|Operating Fees and Charges||$1,501,847|