Contact Us

2018 Annual Report

Highlights Video

Financial Statement

SELCO Community Credit Union Consolidated Statement of Financial Condition
Unaudited – as of December 31, 2018


Cash and cash equivalents $92,913,518
Certificates of deposit 2,674,000
Restricted equity securities 3,541,023
Trading securities 12,830,926
Securities available for sale, at fair value 92,651,004
Securities held-to-maturity, at amortized cost 12,009,421
Loans receivable, net of allowance for loan losses 1,350,085,840
Accrued interest receivable 4,061,555
NCUSIF deposit 13,637,563
Foreclosed and repossessed assets 557,468
Property and equipment, net 26,581,585
Core deposit intangible 6,817
Other assets 2,079,629
Total Assets $1,613,630,349


Members’ shares and savings accounts $1,414,525,409
Other liabilities 12,150,166
Total Liabilities $1,426,675,575

Members' Equity

Undivided earnings $166,065,341
Regular reserves 22,145,162
Equity acquired in merger 125,000
Accumulated other comprehensive loss (1,380,729)
Total members’ equity 186,954,774
Total liabilities and member's equity $1,613,630,349

SELCO Community Credit Union Consolidated Statement of Operations
Unaudited – as of December 31, 2018

Interest Income

Interest on loans $50,763,076
Interest on investments and interest bearing deposits 4,268,735
Total interest income $55,031,811

Interest Expense

Members’ shares and savings accounts $5,418,055
Borrowings 12
Total interest expense 5,418,067
Net interest income 49,613,744
Provision for loan losses 2,663,691
Net interest income after provision for loan losses $46,950,053

Non-Interest Income

Service charges and fees $14,594,732
Interchange income 9,383,601
Gain on sale of investments, available-for-sale 62,443
Gain (loss) on sale of property and equipment 20,324
Net gain (loss) on sales of foreclosed and repossessed assets (422)
Impairment of restricted equity securities (1,243,280)
Unrealized loss on trading securities (1,629,933)
Other non-interest income 997,086
Total non-interest income $22,184,551

Non-Interest Expense

Compensation and benefits $29,209,765
Office operations 8,613,999
Loan servicing 4,393,880
Office occupancy 2,652,397
Member education and promotion 2,632,162
Impairment of foreclosed and repossessed assets 17,442
Other non-interest expense 2,059,810
Total non-interest expense $49,579,455
Net Income $19,555,149

SELCO Community Credit Union Consolidated Statement of Changes in Members' Equity
Unaudited – as of December 31, 2018

  Undivided Earnings Regular Reserve Equity Acquired in Merger Accumulated Other Comprehensive Income (Loss) Total Members' Equity
Balance, December 31, 2017 $145,530,663 $22,145,162 $125,000 $163,738 $167,964,563
Net income $19,555,149 $19,555,149
Cumulative effect of accounting change (CEAC) $979,529 $979,529 $1,959,058
Other comprehensive loss, net of CEAC ($2,523,996) ($2,523,996)
Balance, December 31, 2017 $166,065,341 $22,145,162 $125,000 ($1,380,729) $186,954,774

Other 2018 Results

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

Chairperson and President's Report

What does it mean to Live a Good Life? Everyone's answer is different. In 2018, we got to help 6,155 new members reach their unique #GoodLifeGoals. The reason for this growth is our dedication to SELCO’s mission: to improve our members’ social and economic position. Our ability to achieve this mission rests on the guiding principles of four key areas: safety and soundness, strategic positioning, quality personal service, and high return to members. We’re proud to share a few of the year’s noteworthy accomplishments in each of these categories.:

Safety and Soundness:

  • SELCO’s strong ROA (return on assets) drove the improvement of the capital ratio to 11.67%, 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.
  • In 2018, state and federal examiners provided SELCO with a fully favorable examination report.

Strategic Positioning:

  • SELCO improved its operating expense to average asset ratio to 3.01%, which reflects its dedication to maintaining organizational operational excellence.
  • In 2018, SELCO achieved operating authority in several Washington counties and continued to explore opportunities to further expand its branch network.

Quality Personal Service:

  • SELCO branches processed 1.4 million transactions for nearly 140,000 members. We funded 23,668 loans totaling $488 million.
  • Our Mortgage team funded 1,798 mortgages totaling $65 million, SELCO Insurance Services wrote 2,720 policies, and SELCO Investment and Retirement Services managed $337 million in member investments.

Return to Member:

  • In 2018, SELCO provided direct benefits to members through lower account fees, higher interest rates on savings and checking accounts, and lower interest rates on loans.
  • In 2018, 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.

Thank you for choosing SELCO as your financial partner. We wouldn’t be where we are today 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 2018 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
Richard Metzler, Director
Harold Welborn, Director

Operations & Marketing Committee

Richard Metzler, Chair
Curt Heimuller
Kaye LeFrancq
Tammi Miller
Craig Carpenter

Supervisory Committee

Jane Vered, Chair
Tony Saxman, Vice Chair
Brian Beck
Todd Nelson
Steve McIntire, Staff Liaison

Executive & Finance Committee

Jim Lindly, Chair
Carol Beckley, Vice Chair
Harold Welborn
Bob Newcomb, Staff Liaison
Tiffany Washington, Staff Liaison
Steve McIntire, Staff Liaison

SELCO Group, Inc.

Bob Newcomb, Chair
Jim Antonini, Vice Chair
Carol Beckley
Kaye LeFrancq
Barry Miller
Tiffany Washington, Secretary/Treasurer