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Financials |
Chairman's Report
To Our Members:
We are pleased to report the performance of BWCU for the year of 2007. BWCU delivered another year of solid service to our members. The credit union has implemented additional branching initiatives to serve members both within and outside the Wichita area and has developed new products and services to meet the desires of our members. We have achieved significant growth in assets, loans and deposits while maintaining exemplary safety and soundness of the credit union.
In 2007, we acquired 30 additional ATMs in designated Walgreens across the state of Kansas. We also completed construction and opened our 12th branch located in east Derby. This branch is the second location in Derby. Strategically planning for future growth, we also started the process of building branches located at New Market Square, 135th and Maple, and Cross Pointe in Wichita, and a second branch in downtown Lawrence. These branches are scheduled to open and serve our members in 2008.
BWCU exists to serve our members and offers banking products and services to strengthen our community. We leverage the knowledge, insight and understanding we gain from our member base to innovate and create products and services specific to serve our members’ needs. We are the largest credit union in Kansas and serve a wide variety of financial needs from wealth management with the Heritage Select products to offering a pay day lender alternative with our Salary Advance Program.
We are proud of our 180 dedicated employees and strive to provide a productive, fun, and professional work environment where employees can grow both personally and professionally. BWCU was once again voted one of the Wichita Business Journal’s Top 10 Places to Work in Wichita by our employees.
On behalf of the Board, we look forward to 2008 and beyond as we embrace new opportunities and challenges. We are dedicated to providing members with unsurpassed service, convenience, and a strong, financially sound credit union.
Sincerely,
Rick Dodds,
Chairman of the Board
Year Ended December 31, 2007
| STATEMENT OF FINANCIAL CONDITION |
2006 |
2007 |
| Assets |
|
|
| Loans To Members, Net Of Allowance For Loan Losses |
$321,635,480
|
$366,740,416 |
Investment Securities |
50,550,600
|
106,887,197 |
| Interest Bearing Deposit In Financial Institutions |
22,503,474
|
18,317,639 |
| Fixed Assets, Net Of Depreciation |
16,535,481
|
18,648,553 |
| Other Assets |
40,587,680 |
8,368,759 |
TOTAL ASSETS
|
$451,812,715
|
$518,962,564 |
| Liabilities And Equity |
|
|
| Savings Accounts/Total Member Equity |
$386,909,127
|
$433,219,318 |
| Other Liabilities |
11,727,465
|
28,098,300 |
| Owners' Equity |
53,176,123
|
57,644,883 |
TOTAL LIABILITIES
|
$451,812,715
|
$518,962,564 |
| STATEMENT OF INCOME |
|
|
| Interest Income |
|
|
| Interest On Loans |
$20,678,219
|
$24,709,977 |
| Interest On Investments |
3,987,351
|
5,442,377 |
| Interest Expense |
|
|
| Dividends On Deposits |
$9,208,831
|
|
| Interest On Notes Payable |
|
|
NET INTEREST INCOME BEFORE OPERATIONS |
$14,399,956
|
$15,868,940 |
| Provision For Loan Losses |
$1,865,000
|
$2,060,000 |
| Operating Expenses |
15,806,509
|
18,114,599 |
TOTAL OPERATING EXPENSES
|
$17,671,509
|
$20,174,599 |
| Other Operating Income |
$4,394,980 |
$7,769,657 |
| Non-Operating Gain (Loss) |
2,210,483
|
0 |
NET INCOME
|
$3,333,910
|
$3,463,998
|
| STATEMENT OF CHANGES IN EQUITY |
|
|
| Regular Reserve |
|
|
| Regular Reserves |
$17,430,129
|
$17,430,129
|
| Undivided Earnings |
35,745,994
|
40,214,754 |
TOTAL RETAINED EARNINGS
|
$53,176,123 |
$57,644,883 |
|
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