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Federally insured by NCUA.
Annual Report 2018
President’s Message
A commitment to our Vision.
Since the founding of our credit union in 1952, we’ve worked toward our vision of being the
most trusted, respected and sought-after financial institution, providing innovative solutions
and support for our employees, members and communities we serve. Columbia Credit Union
now serves nearly one out of every three households in Clark County and more than 98,000
members. 2018 has been a year of hard work, measurable growth and outstanding service.
Celebrating our growth and service.
I’m happy to report that in 2018 we reached $1.5 billion in assets while expanding on almost
every aspect of our member service. We opened a Scotton Landing branch in Battle Ground, a
Portland Commercial Center in the heart of downtown and installed new ATMs at four of our 13
Clark County branches.
Our organization continues to safely and solidly operate, with year-end capital (or net worth) at
11.23%, which is well above the industry standard. In addition, we saw our assets grow 15.3% in
2018 while our loans grew 17.5%.
Technology increases convenience.
With a focus on advancing technology to make life better for our members, we accomplished
many great things in 2018. We launched our Mobile Wallet capabilities with Apple, Google
and Samsung Pay. We also introduced a new online mortgage application, new account
applications through Online and Mobile Banking and real-time mobile deposit for consumers
and businesses.Steve Kenny President & CEO
Making life better in the year ahead.
Looking forward, we have another exciting year of innovation in store. We’ll overhaul our credit
card options for consumers and businesses. We’ll also undergo a complete redesign of our
website, giving members a modern, mobile-first online experience. In the year ahead, we’ll
continue to seek growth opportunities to expand our convenience while creating partnerships
with organizations that support our local community.
2018 was a successful year of growth, giving back and planning for the future. Thanks to
our directors and staff for all their hard work in helping the credit union build on a strong
foundation to reach new levels of success. And, special thanks to our membership for their
continued support of Columbia Credit Union. In the coming year, we look forward to
achieving membership of 100,000 for the first time in the history of
our financial cooperative.
Chair’s ReportA dedicated and focused team.
Columbia Credit Union is a top performing financial cooperative guided by its management
and Board of Directors to serve our members and support our communities. I’m honored to
serve as part of this strong and dedicated team. I’ve been a Columbia CU member since 2009
and I’m proud to be part of an institution that’s financially healthy and focuses on important
core values: ethics, members, cooperation, innovation, education and community.
Adapting to our members’ needs.
Much of Columbia CU’s strength is demonstrated in its ability to adapt to our members’ diverse
and evolving needs. Mobile wallet, remote deposit and online mortgage applications are
important services enhancing the member experience with digital convenience.
We work to ensure the products and services offered are relevant to our members and we
continue to provide outstanding personal service through our 14 community branches,
member service call center, website chat feature and social media networks.
WE A
NALY
ZE BANKS & CREDIT UNIONS ...VERY CAREFULLY
www.bauerfinancial.com
WE RECOMMEND ALL5 AND 4-STAR INSTITUTIONS
Financial strength and achievements.
Columbia CU’s financial strength and high levels of member, employee and community
satisfaction are celebrated with the awards Columbia CU received in 2018:
• The Columbian’s 2018 Best of Clark County (Credit Union and Financial Services)
• Vancouver Business Journal’s 2018 Best in Business
• Bauer Financial’s 2018 5-Star Rating
• DepositAccounts.com’s Top 200 Healthiest Credit Unions in America (A+ Rating)
• Weiss Ratings’ “Recommended” Rating
• Forbes’ 2018 Best-in-State Credit Unions
• Portland Business Journal’s 2018 Corporate Philanthropy Award
• The Oregonian’s 2018 Top Workplaces
As we look ahead, Columbia Credit Union will continue to grow and
evolve to meet the needs of our members. We’ll always remain
focused on our institution’s mission, vision and core values.
Alishia Topper Board Chair
2018
Columbia Credit Union is dedicated to actively supporting events and causes that
strengthen the neighborhoods where our members and employees live, work and
play. In addition to building partnerships and financial giving, our management
team also gives their time to help make life better across our community.
Our Community Commitment
Follow us. We’re fun.
Making Life Better for Northwest Families.
• The KPTV Toy Drive helped 142 non-profit organizations serve over 100,000 children and families.
• Donated $22,600 to assist organizations serving Veterans in the Portland and Vancouver metro areas.
• Helped Share reach more than 22,000 children experiencing food insecurity.
1,409ManagementVolunteer Hours
+ $324kDonated
$6.6 MillionRaised for Community Organizations
=68Nonprofits
+
Community Support
35%
27%
14%
18%
6%
Individuals & Families
Education
Sustainability
Business/Industry
Health
Mobile Deposits Made
84,421Totaling
$40,498,686
Member Service Calls
174,393
Online Chats
5,704
Branch Transactions
1,421,5902018
2017
Net Lending Line Growth
2017: $1.312 Billion in Assets
2018: $1.513 Billion in Assets
Member Connections
BusinessHomeConsumer
$626.0 Million
$756.8 Million
$242.3 Million
$282.2 Million
$211.5 Million
$230.9 Million
Loans Loans Loans
15.3%increase over 2017
Expanding our digital footprint• Reaching nearly 20k social network users
• New Account: Instagram! Follow us @columbia_cu
• Over 2.6 million website visits
Interest Income 2018 2017
Interest & Fees on Loans to Members $49,845 $39,033
Securities, Interest Bearing Deposits
& Cash Equivalents 3,038 2,895
Total Interest Income 52,883 41,928
Interest ExpenseMembers’ Deposit Accounts 3,651 1,241
Borrowed Funds 13 17
Total Interest Expense 3,664 1,258
Net Interest Income 49,219 40,670
Provision for Loan Losses 5,562 4,618
Net Interest Income After Provision
for Loan Losses 43,657 36,052
Noninterest IncomeFees & Service Charges 4,972 4,956
Wealth Management Income 1,219 1,122
Gain on Sale of Loans Held-for-Sale 2,153 2,315
ATM Income 6,642 6,075
Net Gain on Sale of Securities
Available-for-Sale - 21
Net Loss on Sale of Premises and Equipment (149) (91)
Net Gain (Loss) on Sale of Foreclosed Assets (13) 24
Misc. Operating Income 2,842 1,774
Total Noninterest Income 17,666 16,196
Noninterest ExpenseGeneral & Administrative
Employee Compensation & Benefits 22,894 20,831
Staff and Official Expense 901 757
Office Occupancy 2,767 2,567
Office Operations 4,526 4,243
Computer & Electronic Services 7,527 7,015
Marketing 1,876 1,872
Loan Servicing 2,238 2,005
Professional Services 1,397 1,735
Other Operating Expenses 977 816
Total NonInterest Expense 45,103 41,841
Net Income $16,220 $10,407
Liabilities 2018 2017Members’ Share & Savings Accounts $1,306,710 $1,113,175Borrowed Funds 25,000 30,000
Accrued Expenses & Other Liabilities 13,115 16,696
Total Liabilities 1,344,825 1,159,871
Members’ EquityRegular Reserves 11,039 11,039
Undivided Earnings 158,827 142,607Accumulated Other Comprehensive Loss (1,836) (1,324)
Total Members’ Equity 168,030 152,322
Total Liabilities & Members’ Equity $1,512,855 $1,312,193
Current Assets 2018 2017Cash and Cash Equivalents $114,712 $85,645
Securities – Available-for-Sale 83,845 103,473
Other Investments 2,627 2,727
Loans Held-for-Sale 3,024 3,546
Loans, Net 1,260,742 1,071,955
Accrued Interest Receivable 3,525 2,990
Foreclosed Assets – 45
Premises & Equipment, Net 25,173 24,488 NCUSIF (National Credit Union Share Insurance Fund) Deposit 11,922 10,439
Other Assets 7,285 6,885
Total Assets $1,512,855 $1,312,193
Statement of Financial Condition(shown in thousands)
Assets
Liabilities & Members’ Equity
Statement of Income
(shown in thousands)
Supervisory Committee’s Report
The Supervisory Committee (Committee) of Columbia Community Credit Union (Columbia CU
or Credit Union) is comprised of five members elected by the membership to three-year terms.
The Committee conducted regular meetings throughout 2018.
As a state-chartered credit union, Columbia CU is bound by Chapter 31.12 of the Revised Code
of Washington (RCW). The Committee duties are enumerated in this Chapter. In accordance
with RCW 31.12.335, the Committee must:
a. Meet at least Quarterly;
b. Keep fully informed as to the financial condition of the Credit Union and the decisions of the Credit Union’s Board;
c. Perform or arrange for a complete annual audit of the Credit Union and a verification of its members’ accounts; and
d. Report its findings and recommendations to the Board and make an annual report to
members at each annual membership meeting.
In addition, the Committee must comply with the applicable sections of Part 715 of National
Credit Union Administration (NCUA) rules.
The audit firm of CliftonLarsonAllen LLP was retained to perform the annual audit of Columbia
CU’s financial statements for the fiscal year ending December 31, 2018. The audit determined that
Columbia CU’s financial statements fairly present the financial condition of the Credit Union.
In addition to carrying out its noted statutory duties, the Committee oversees the Internal Audit
department in its broader audit function. The Department, in some cases through its audit co-
sourcing partners, provides an additional layer of review through internal audits and reviews.
Qualifying auditing and consulting firms are used for their expertise to review areas such as
information technology security, business lending, home lending and compliance, to ensure a
thorough, qualified audit or review and an objective internal audit process.
As a result of these various audits and reviews, it’s the opinion of the Supervisory Committee that
the financial condition of Columbia CU is strong. The Committee believes the internal controls,
policies and operations of the Credit Union are in compliance with all governmental regulations.
The support and cooperation from management and staff has assisted the Committee in the
performance of its duties and is greatly appreciated.
Questions or comments regarding financial statements, audits and
information in this Report should be directed to Allan Siegel, SVP
Chief Financial Officer. Copies of Columbia CU’s 2018 audited
financial statements are available from Allan, upon request.
Dick Thompson Supervisory Committee Chair
Board of Directors
Supervisory Committee
Senior Management
Roy JohnsonKelly LoveLarry Paulson
Judith L. ChipmanDave DumasTony Jackson
Steve KennyPresident/Chief Executive Officer
Colleen BocciaSVP/Chief Marketing Officer
Michael FloreaSVP/Chief Data Officer
Carol McCaulleySVP/Chief Human Resource Officer/Legal Counsel
Mark Michaels*SVP/Chief Information Officer
Eric SawyerAl SchauerAlishia Topper
Paul Montague, IIIRichard Thompson
Lynn V. ValenterCarol Van NattaMarci White-Stumpf
Joey Rudisill*SVP/Chief Information Officer
Lindsey SalvestrinSVP/Chief Operating Officer
Allan SiegelSVP/Chief Financial Officer
Wendy SmithSVP/Chief Risk Officer
Marc TimmSVP/Chief Lending Officer
*Served partial year
2018 Leadership
Live or work in Washington State or the Oregon community of Clackamas, Marion, Multnomah and Washington Counties? Join us.
360.891.4000 WA | 503.285.4521 OR | ColumbiaCU.org
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