Annual Report - Shoreline Credit Union

MANITOWOC COUNTY’S
HOMETOWN CREDIT UNION
It’s our 75th anniversary!
Let’s celebrate our successes over the years!
At Shoreline Credit Union, we are proud to have been local since
our founding in 1941. We have always been right here in Manitowoc
County — as part of the community. Started by a group of
employees from the Hamilton Manufacturing Company, Shoreline
has grown to three convenient locations.
We are a member-owned, non-profit financial cooperative serving
approximately 11,000 members in nine counties — Brown,
Outagamie, Winnebago, Door, Calumet, Fond du Lac, Kewaunee,
Manitowoc and Sheboygan, in Wisconsin.
Our mission has always been our member’s financial success. See
what we’ve done this year to improve our member’s and employee’s
experiences at Shoreline.
2015 — REBUILDING THE
SHORELINE BRAND
After years of minimal marketing exposure, Shoreline Credit
Union fell behind in brand recognition as compared to other,
more prominent competitors. With the financial condition of
Shoreline strengthening, it was time to refocus on Shoreline’s
market recognition.
•
The Shoreline logo was modified to introduce a cleaner
brand without drastically changing its appearance.
•
We kicked off an educational ad campaign early in the year
to contrast Shoreline from banks. Elements included targeted
billboard, digital, TV and radio commercials designed to
direct prospects to SayNO2Banks.com.
•
We also redesigned and updated all merchandising and
literature to conform to our new brand look — including a
remodel of our Mishicot Road location. Our employees also
participated in the new branding effort by wearing logo
wear for the new awareness campaign.
•
We finalized our branding transformation by completely
refurbishing our website, ShorelineCU.org to make it easier
to use — as well as dramatically increasing Shoreline’s
Facebook® marketing efforts.
Above: Newly-branded Shoreline branch office on Mishicot Road in Two Rivers.
Below: Examples of refreshed merchandising, employee clothing and brochures.
2015 — INCREASING OUR
COMMUNITY INVOLVEMENT
At Shoreline Credit Union, we have always supported our
communities. This year we increased our commitment by stepping
up volunteering, board memberships, charitable giving and
sponsorships.
• We volunteer. Our employees give generously of their
time and resources. Whether it’s involvement in Junior
Achievement, Habitat for Humanity, Kiwanis International,
Muscular Dystrophy Association or the Salvation Army,
Shoreline employees are there to help out our community
and the less fortunate among us.
• We give. Shoreline provided thousands of dollars in
financial support during 2015 through charitable donations
to help maintain the health of our communities. We gave
generously to many different organizations. It’s part of our
philosophy of service.
• We sponsor special community events. At Shoreline, we
sponsored more community events in 2015 than ever! We
were a presenting sponsor for Kites over Lake Michigan. We
also participated in major sponsorships for the Kiwanis Car
Show, Two Rivers Fish Derby, Salvation Army, Miracle League,
Manitowoc Maritime Museum’s Subfest and the Cool City Car
Show.
During 2015, we gave back to our communities in resources and
money on our member’s behalf!
Shoreline Credit Union was a proud presenting sponsor for the
10th Annual Kites over Lake Michigan. Thousands of people
flocked to Neshotah Beach in Two Rivers to view the beautiful kites.
2015 — IMPROVING
EMPLOYEE ENGAGEMENT
HappyPassion. At Shoreline Credit Union, we strive to
provide our employees with a fun, engaging place to work
that promotes both happiness and passion. We like to call this
concept HappyPassion.
•
As a home-grown, local credit union, Shoreline prides itself
on recruiting, hiring and developing great career paths for its
people. We look for employees who have the passion to work
for an institution that is involved in the community as well
as providing good service to individual members. When we
fill a position at Shoreline, we seek the right people who will
express a team-based attitude!
•
Our management and staff work closely together to
make sure that Shoreline is a fun organization — one that
provides the best financial services for our members. We help
foster our HappyPassion by scheduling regular employee
gatherings and events that provide information, training or
just plain fun.
•
Shoreline Credit Union prides itself on being a family-friendly
organization of great people. Our HappyPassion philosophy
encourages better collaboration to benefit employees and
most importantly — our members!
Shoreline CEO, Scott Willmott (left) watches Consumer Loan Officer,
Kia Yang as he navigates through a ropes course during a fun
employee team-building event that also included a cornfield maze.
2015 — CONTINUING TO
FOCUS ON OUR MEMBERS
As a member of Shoreline Credit Union, your voice is always heard.
Your interests come first. Not like a bank — where profit drives
decisions. Our employees strive to provide good service. . .with
a smile!
•
We take great pride in helping our members improve their
financial situation each and every day. Our products are not only
offered to make us an effective, non-profit credit union, but to
also make a positive impact on our members’ lives.
•
Not only do our lenders offer low loan rates, but they also
offer outstanding and inexpensive debt protection products
to protect our members from disasters such as a loss of job, a
totaled car or death.
•
Our services, such as FreshStart™ checking, help educate our
members on how to manage cash with a set of bumpers that
won’t allow them to hurt themselves in the future.
•
Our mission is to help our member’s achieve financial success.
We achieve this by providing members with a safe place to
save and borrow at reasonable rates. Our goal is to simplify our
member’s lives. Our focus is one member at a time.
Shoreline employees are happy to help our members achieve
financial success. Stop by and see for yourself. We have two
convenient locations in Two Rivers and one in Manitowoc.
2015 — STATEMENT OF
FINANCIAL CONDITION
ASSETS12/31/15
Member Consumer Loans
$38,349,706
Member Real Estate Loans
25,715,326
Member Business Loans
5,721,255
Allowance for Loan & Lease Losses
Cash & Equivalents
(447,529)
1,584,597
Investments12,067,790
NCUA Insurance Fund
815,612
Fixed Assets
4,694,458
Other Assets
3,382,189
Total Assets
$91,883,404
LIABILITIES AND EQUITY
Member Shares
$37,479,517
Member Share Drafts
14,679,254
Member MMF Shares
13,050,720
Member IRA Shares
5,277,829
Member Savings Certificates
8,450,848
Member Health Savings Accounts
651,554
Non-Member Deposits
Other Liabilities
347,000
2,560,940
Regular Reserves
2,300,000
Undivided Earnings
6,984,183
Other Comprehensive Income
98,787
Unrealized Gain/Loss on Investments*
2,775
Total Liabilities and Equity
$91,883,404
Shoreline
Peer (9/30/15)
Number of Members
10,134
N/A
Delinquency
0.75%1.02%
Net Charge-Off Percent
0.20%
0.43%
Fee Income & Other Operating Income
0.80%
1.27%
*Reflects current market value on securities held for sale.
2015 — STATEMENT OF
INCOME AND EXPENSE
INTEREST INCOME
Loan Interest Income
$3,223,483
Investment Interest Income
296,986
Total Interest Income
3,520,469
INTEREST EXPENSE
Dividends Paid to Members
169,947
Interest Paid on Borrowings & Non-Member Deposits
51,640
Total Interest Expense 221,587
Provision for Loan Losses*
(62,849)
Net Interest Income After Provision for Loan Losses
3,361,761
NON-INTEREST INCOME/(EXPENSE)
Service Charges & Fees
Other Non-Interest (Expense)
503,429
46,214
Net Non-Interest Income
457,215
OPERATING EXPENSE
Staffing & Support
Building & Occupancy
1,473,272
Loan Serving
532,720
Professional & Advertising
224,116
1,031,189
Other48,535
Total Non-Interest Expense 3,309,832
Net Income
$509,114
*Provision reversal due to improved asset quality in 2015.
BOARD OF DIRECTORS
Travis Glandt - Chairperson
Colleen Inman - Secretary
Maurice Jones - Board Member
Gretchen Bauknecht-Pech - Vice Chair
Ryan Kauth - Treasurer
EXECUTIVE TEAM
Scott Willmott - Chief Executive Officer
Sharon Tome - Executive Vice President/Chief Operations Officer
Nathan Grossenbach - Chief Financial Officer
Keith Lyons - Chief Information Officer
Kal Kerlin - Chief Lending Officer
STAFF
Bruce Arneman
Rachel Baetke
Karen Bauknecht
Rhonda Buechner
Diane Bullock
Megan Casady
Therese Dodge
Erica Doubek
Chelsea Duszynski
Kay Fencl
Holly Fey
Sarah Gallenberger
Mary Jo Haban
Sara Hablewitz
Steve Haensgen
Sarina Hoffman
Steve Kanter
Shannon Leonhard
Bob Maloney
Linda Mumpy
Stephanie Nienow
Denece Poff
Jodi Polifka
Kari Reindl
Don Rivest
Julie Rocque
Danielle Sisel
Ever Yang
Kia Yang
Sheng Yang
Christopher Woller
Taylor Wenzel