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2017 Annual Report

At SELCO, we like to ask our member-owners, "What's your good life goal?"

And in 2017, we got to ask that question to over 7,500 new members. This growth is just one of many accomplishments we’re proud of, so we put together a short video to share a few others—including the ways we’ve been able to give back to our members and community, simplify your banking experience, and help our members live a good life, however they define it.

Financial Statement

SELCO Community Credit Union Consolidated Statement of Financial Condition
Unaudited – as of December 31, 2017


Cash and cash equivalents $90,273,110
Certificates of deposit 3,470,000
Restricted equity securities 4,753,304
Securities available for sale, at fair value 99,102,299
Securities held-to-maturity, at amortized cost 15,025,755
Loans receivable, net of allowance for loan losses 1,271,193,804
Accrued interest receivable 4,027,797
Cash surrender value of fixed annuity contracts
NCUSIF deposit 12,876,670
Foreclosed and repossessed assets 594,582
Property and equipment, net 25,276,380
Core deposit intangible 257,756
Other assets 1,896,238
Total Assets $1,528,747,695


Members’ shares and savings accounts $1,348,895,688
Other liabilities 11,887,444
Total Liabilities $1,360,783,132

Members' Equity

Undivided earnings $145,530,663
Regular reserves 22,145,162
Equity acquired in merger 125,000
Accumulated other comprehensive loss 163,738
Total members’ equity 167,964,563
Total liabilities and members' equity $1,528,747,695

SELCO Community Credit Union Consolidated Statement of Operations
Unaudited – as of December 31, 2017

Interest Income

Interest on loans $44,686,681
Interest on investments and interest bearing deposits 2,865,459
Total interest income $47,552,140

Interest Expense

Members’ shares and savings accounts $4,220,608
Borrowings 4
Total interest expense 4,220,612
Net interest income 43,331,528
Provision for loan losses 3,432,088
Net interest income after provision for loan losses $39,899,440

Non-Interest Income

Service charges and fees $13,940,095
Interchange income 8,239,019
Gain on sale of investments, available-for-sale 418,032
Net gain (loss) on sales of foreclosed and repossessed assets 109,537
Loss on sale of property and equipment (16,177)
Other non-interest income 148,569
Total non-interest income $22,839,075

Non-Interest Expense

Compensation and benefits $28,391,646
Office operations 8,221,490
Loan servicing 4,110,557
Office occupancy 2,546,764
Member education and promotion 2,804,641
Impairment of foreclosed and repossessed assets 105,654
Other non-interest expense 1,756,511
Total non-interest expense 47,937,263
Net Income $14,801,252

SELCO Community Credit Union Consolidated Statement of Changes in Members' Equity
Unaudited – as of December 31, 2017

  Undivided Earnings Regular Reserve Equity Acquired in Merger Accumulated Other Comprehensive Loss Total Members' Equity
Balance, December 31, 2016 $130,729,411 $22,145,162 $125,000 ($1,217,796) $151,781,777
Net income $14,801,252 $14,801,252
Other comprehensive income $1,381,534 $1,381,534
Balance, December 31, 2016 $145,530,663 $22,145,162 $125,000 $163,738 $167,964,563

Other 2017 Results

Bar Chart - 2017 Assets (in millions)
Bar chart - 2017 Loans (in millions)
Bar chart - 2017 Capital (in millions)

Chairperson and President's Report

With an eye toward SELCO’s mission of improving members’ social and economic position, we built our 2017 strategic initiatives around four guiding principles: Safety and Soundness, Strategic Positioning, Quality Personal Service, and Providing High Return to Members. We’re proud to share a few of the year’s noteworthy accomplishments in each of these areas:

Safety and Soundness:

  • SELCO’s strong ROA (return on assets) drove the improvement of the capital ratio to 10.97%, which is considered well-capitalized per the industry’s standards for a safe and sound credit union as determined by the NCUA, the credit union industry’s federal regulatory body.
  • State and federal examiners provided SELCO with a fully favorable examination report.

Strategic Positioning:

  • SELCO’s ongoing focus on operating efficiency and expense-side management resulted in an operating expense-to-average asset ratio of 3.10%.
  • SELCO’s Strategic Execution Office evaluated and implemented organizational process improvements that resulted in greater operating efficiency and improved member service.

Quality Personal Service:

  • SELCO branches processed 1.4 million transactions for our nearly 134,000 members. We funded 24,837 loans totaling $520 million.
  • SELCO Mortgage funded 918 mortgages totaling $211 million, SELCO Insurance Services wrote 2,528 policies, and SELCO Investment & Retirement Services managed $332 million in member investments.

Providing High Return to Members:

  • SELCO provided direct benefits to members through lower account fees, higher interest rates on savings and checking accounts, and lower interest rates on loans.
  • We continued to help SELCO members borrow sensibly, save smarter, and invest wisely with our extensive menu of products and services coupled with industry-leading rates.

All around, 2017 was a banner year, and that’s due in large part to our member-owners. Thank you for choosing SELCO as your financial partner. We wouldn’t be where we are without you.

Jim Lindly 

Jim Lindly
Chair, SELCO Community Credit Union
Board of Directors

Robert Newcomb 

Bob Newcomb
The SELCO Companies

SELCO Community Credit Union 2017 Official Family

Senior Leadership Team

President/CEO: Bob Newcomb
Senior VP of Finance & Member Solutions: Tiffany Washington
Senior VP of Lending & Business Solutions: Craig Carpenter
VP of Administration & General Counsel: Steve McIntire
VP of Information Services & Technology: Kirk Letourneau
VP of Operations & Human Resources: Babs Manion
VP of Marketing: Laura Illig
Controller: Jeff Stevens

Board of Directors

Jim Lindly, Chair
Carol Beckley, Vice Chair
Curt Heimuller, Director
Kaye LeFrancq, Director
Dick Metzler, Director
Jeanne Staton, Director
Harold Welborn, Director

Operations & Marketing Committee

Dick Metzler, Chair
Curt Heimuller
Kaye LeFrancq
Tammi Miller
Jeanne Staton

Supervisory Committee

Jane Vered, Chair
Tony Saxman, Vice Chair
Brian Beck
Todd Nelson
Andrea Smasne

Executive & Finance Committee

Jim Lindly, Chair
Carol Beckley, Vice Chair
Harold Welborn

SELCO Group, Inc.

Bob Newcomb, Chair
Jim Antonini, Vice Chair
Carol Beckley
Nick Bloxham
Kaye LeFrancq
Barry Miller