RepoRt - ABCO Federal Credit Union

2012
Annual
Report
To Our Members:
On behalf of the Board of Directors I am pleased to report that ABCO
had a prosperous 2012 of steady and sustained growth.
Financially, ABCO ended the year in a strong and sound position.
The Federal regulator, NCUA, along with our internal auditor, Mazzuco &
Company, CPAs, conducted their annual examinations. Upon
completion, we received high ratings from each.
Below is a year-to-year summary comparison of key statistics.
Service
2011
2012
Member Shares
$145,932,000 $160,773,000
Mortgage and Home Equity $58,993,000 $56,327,000
Commercial Loans
$7,421,000
$8,566,000
Visa® Balances
$7,732,000
$10,706,000
Auto Loans
$22,956,000 $21,937,000
Reserves
$14,367,000$15,335,000
Stellar performers were Member Shares, Commercial Loans, Reserves,
and especially the Visa® accounts. Our members certainly welcomed our
rates as low as 6.75% APR.
ABCO FEDERAL CREDIT UNION’S BALANCE SHEET
FOR YEAR ENDING DECEMBER 31, 2012
$1,658,024
5,813,404
30,789,597
941,000
108,219,855
23,023,452
1,679,225
5,004,094
$177,128,651
LIABILITIES AND MEMBERS’ EQUITY
Liabilities
Members’ shares and savings accounts
Accounts payable and other liabilities
TOTAL LIABILITIES
Members’ equity, substantially restricted
Equity
Appropriated regular reserve
Comprehensive income
Unappropriated earnings
TOTAL MEMBERS’ EQUITY
TOTAL LIABILITIES AND MEMBERS’ EQUITY
Our President, Ellen Kuiper, was also honored this year by SJBiz
magazine as one of 20 Executives of the Year. This award was a result
of readers’ nominations of business leaders who have been in the front
of industry changes and economic growth.
We are proud that these awards were given not by a committee but
as a result of votes by our members in the community and in the
business community.
Our members are true supporters of ABCO by using our services and by
also letting others know.
Finally, I’d like to thank our dedicated Board of Directors, officers and
staff for their hard work, dedication and professionalism. Our success
depends on teamwork and ABCO has the best team.
Milton J. Hersh berger
ABCO FEDERAL CREDIT UNION’S STATEMENT OF INCOME
FOR YEAR ENDING DECEMBER 31, 2012
ASSETS
Cash and cash equivalents
Investment securities
Securities available-for-sale
Securities held-to-maturity
Investment in credit union service organizations (CUSO’s)
Accounts receivable
Loans receivable, net of allowance for loan losses
Prepaid expenses and other assets
NCUA deposit
Property and equipment - net
TOTAL ASSETS
Because of members support, ABCO was again named 2012 Best Credit
Union in South Jersey by the Burlington County Times. In addition,
the business community through the SJBiz magazine announced that
ABCO had been voted the Member Choice Award as the Best of BIZ in
South Jersey.
$160,773,434
1,019,767
$161,793,201
4,750,101
68,409
10,516,940
$15,335,450
$177,128,651
INTEREST INCOME
Loans receivable
Investment securities:
Available for sale
Other
TOTAL INTEREST INCOME
$7,081,912
465,773
196,995
7,744,680
INTEREST EXPENSE
Members’ shares and savings accounts
Borrowed funds
TOTAL INTEREST EXPENSE
1,046,059
1,046,059
NET INTEREST INCOME
Provision for loan losses
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES
6,063,464
NON-INTEREST INCOME
Gain (loss) on disposal of property and equipment
Gain (loss) on sale of investments
Fees
CU Fees
Income from CUSO
Other operating income
TOTAL NON-INTEREST INCOME
56,179
3,147,781
79,856
1,084,358
4,368,174
NON-INTEREST EXPENSE
General and administrative
Compensation and employee benefits
Professional & outside services
Occupancy
Insurance
Loan servicing
Other operating expenses
TOTAL NON-INTEREST EXPENSE
4,527,920
1,526,997
987,725
334,203
229,154
1,769,730
9,375,729
NET INCOME
6,698,621
635,157
$1,055,909
Cares
ABCO
ABCO provides support and services to our member communities.
Biz Kids —
Financial Literacy Initiative for Schools
American Cancer Society
in cooperation with Rider
College’s “Launch A Bronc”
at basketball games.
Family Service — Operation Backpack
Financial Reality Fairs
Rider College’s Relay for Life
Scholarships
Every year, scholarships are awarded to our
college-bound members.
Courtney Aderinto
Jenna Mirabelli
Kelsey Solan
Gregory Herman
Matthew Corbett
Sarah Martin
These scholarships are funded by contributions of
members to our Scholarship Fund, funds from the
New Jersey Credit Union League (NJCUL), and a
stipend from your Board of Directors. This year ABCO
awarded five $1,000 scholarships and the NJCUL one
$1,000 scholarship.
goabco.org • 800-225-1859
Mailing address:
P.O. Box 247
Rancocas, NJ 08073-0247
OFFICE LOCATIONS
WILLINGBORO
MAIN OFFICE
FULL SERVICE BANKING CENTER
690 Beverly-Rancocas Road
LENDING CENTER
East Ridge Shopping Center
621 Beverly-Rancocas Road
BRANCH OFFICES
ATLANTIC CITY
2652 Atlantic Avenue
BROWNS MILLS
81 Pemberton Browns Mills Road
COOPER HOSPITAL
(Hospital Employees Only)
1 Cooper Plaza, Camden
Board of Directors
Supervisory Committee
Irma Lorenz – Chairperson
James Cotten – Chairperson
Directors
James Cotten
Fred Detrick
Richard Ghaul
Members
Ernest Martin
John Martin
Barbara Greif
Milt Hershberger
Ellen Kuiper
Management Team
Branch Operations
Milton Hershberger – CEO
Ellen Kuiper – President and Co-CEO
Christena Day Benson – E xecutive Vice
President of Operations
Joan Connolly – Vice President of Lending
Debbie Marshall – Vice President of Finance
Tanya Pope – Senior Vice President of Member
Education and Development
Nelson Graf – Director of Accounting/
Comptroller
Kathryn Ciarlante – Director of Human Resources
Robert H. King – Director of Commercial Lending
John Hall – D
irector of Business Development
and Government Relations
Patty Egley – Branch Operations Manager
Jeffrey Bennett – Systems Manager
Carlton Durham – Internal Auditor
Mary Stewart – R
isk Management
Loss Control Specialist
Esther Hubler – A
ssistant to Vice President
of Lending
Michael Takacs – Consumer Lending Manager
Kate Raftery – M
anager,
Willingboro Main Office
Tracy Adams – Manager, Glassboro
Mary Ellen Boehm – Manager,
Egg Harbor Township
Victoria Jenkins – S upervisor,
Rider University
Sharon Furth – Manager, Cooper Hospital
Julia Day – Manager, Mount Holly
Patricia Beekman – Manager, Browns Mills
Temple Douglas – Manager, Atlantic City
Carole Parkerson – S upervisor,
Rancocas Village
CUFIG Management
Joel Sand – Director of Insurance Services
Eric Lorenz – Director of Financial Services
EGG HARBOR TWP.
6716 Black Horse Pike, Suite 8
GLASSBORO
Doubletree Center • 870 Delsea Drive
MOUNT HOLLY
76R High Street
A wholly-owned subsidiary of ABCO Federal Credit Union
RANCOCAS VILLAGE
215 Main Street
RIDER UNIVERSITY
Student Center/Rider Campus
Next to University Bookstore
Like Us
Federally insured
by NCUA
Additional coverage up to
$250,000 provided by Excess Share
Insurance Corporation, a licensed insurance company.
888-439-0770 • Email: cufig@goabco.org
goabco.org/cufig
Insurance and Financial Services
Individual
• Vehicle Insurance—Autos,
Motorcycles and Boats
• Homeowners & Renters Insurance
• Life & Disability Insurance
• Medical & Dental Insurance
• Long-term Care Insurance
• Medicare Supplementals &
Medicare Advantage
• Identity Theft Protection
• Pet Insurance
• 403(b) Plans
• IRA & Retirement Accounts
• Financial Planning
Business/Group
Health/Employee Benefits
• Health Insurance (Medical,
Prescription, Dental & Vision)
• Life & Disability Insurance
• COBRA, Health Savings Accounts, POP
& Flexible Spending Accounts
• 401(k) Plans
• Keyman Insurance, Buy/Sell Stock &
Other Executive Benefits
Risk Management/Business Insurance
• Liability
• Property
• Identity Theft