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REPORT TD MEMBERS - VyStar Credit Union · REPORT TD MEMBERS Thank you for being a valued member of...

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    Thank you for being a valued member of VyStar Credit Union.

    Thanks to you, our valued members, 2016 was a record year

    for VyStar because your credit union continued its strong financial

    performance and steady growth in loans, membership and deposits.

    Our net income for 2016 was a record $50.2 million, which is

    36.4% greater than planned and 23.5% greater than 2015. Our net

    worth ratio was 8.85%, which is considered strong by the National

    Credit Union Administration (NCUA). Credit unions must have at

    least 7.00% net worth to be considered well-capitalized.

    One of VyStar's objectives is to always be a recognized and reliable

    borrowing source. During 2016, we disbursed almost $1.5 billion

    in loans to our members and business members, helping them

    buy autos and homes, purchase business properties and refinance

    existing higher-rate mortgages and other loans. In 2016, net loans

    to members-including mortgage, automobile, credit card and

    business loans-reached $4.4 billion. Total mortgage loans were

    $2.2 billion-an increase of 7.93% since 2015-making VyStar

    the second-largest mortgage lender by volume in Northeast Florida

    according to the Jacksonville Business Journal.

    Member growth remained strong in 2016. By the end of the year,

    VyStar was serving 545, 155 members with assets of almost $6.6

    billion and managed investments of $545.3 million through VyStar

    Investment Services.

    VyStar successfully expanded into Volusia County by opening new

    branches in Ormond Beach and Port Orange, as well as adding six

    new standalone ATMs in the county, bringing VyStar's ATM network

    to 199 located in 14 counties from Northeast to Central Florida in

    2016. VyStar will further expand in Volusia County with a new branch

    in Daytona Beach in late 2017. Additionally, VyStar opened new

    branches in St. Augustine Beach and the Springfield area of

    Jacksonville, bringing our total number of branches to 41. Our

    sustained growth has ranked VyStar l 7'h largest among the almost

    6,200 credit unions in the nation, based on total assets.

    Our successful high school branch program also continued to

    progress with branch openings at Clay County's Middleburg High

    School and Duval County's First Coast High School, for a total of 11

    high school branches across Clay, Duval, Flagler, Nassau, Putnam

  • and St. Johns counties. We will add two more such branches in Duval

    County during 2017 with the addition of branches in Mandarin and

    Fletcher high schools. Our goal with the high school program is to help

    students gain financial awareness and education and to provide

    internship opportunities to students to help them prepare for the

    workforce. For the 2016-2017 school year, our high school branch

    program provided internships to 132 students. Since 2012, we have

    provided Reality Fairs and financial counseling training to almost

    23,000 high school students.

    VyStar has always been a strong supporter of the communities that

    we serve throughout the 22 counties within our field of membership.

    Each year, VyStar employees donate money, hold fundraisers and

    selflessly give their time to benefit hundreds of worthy programs within

    our communities. In 2016, VyStar raised more than $600,000 in

    support of the United Way of Northeast Florida, the March of Dimes and

    the Leukemia & Lymphoma Society. Since 2011, VyStar has raised over

    $500,000 for the Leukemia & Lymphoma Society and was honored to

    receive the Impact Award for our support of the fight against blood

    cancer. Additionally, VyStar supported more than 260 groups and

    fundraising events in Northeast and Central Florida during the year. We

    believe it is important to support the communities where our members

    and employees live, work and play.

    After two years of evaluation and testing, VyStar launched a new

    Internet & Mobile Banking system in February 2016. The goal was to

    provide members with more online options and security as well as

    improved technology and access. Despite careful planning and

    testing, a number of our members were greatly inconvenienced during

    the conversion process. We apologize for any inconvenience and

    frustration members experienced during that time. Fortunately, we

    were able to resolve those issues. By the end of 2016, Internet &

    Mobile Banking user enrollment dramatically grew to 312,644

    members. Of those, 206,831 members use Mobile Banking.

    Thank you for helping to make your credit union the success it is

    for all our members and the communities we serve. We never forget

    that it's your money.

    P.E. (Ted) Hewitt

    Chairman of the Board President/CEO

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    2012 2013 2014 2015 2018



    2012 2013 2014 2015 2018



    2012 2013 2014 2015 2018


  • Consolidated Statements of Financial Condition December 31, 2016 and 2015 (Dollars in thousands)

    ASSETS Cash and cash equivalents Investments

    Ava ilab le-for-sale Other

    Loans to members, net Accrued interest receivable Other real estate owned Property and equipment, net National Credit Union Share Insurance Fund deposit Other assets

    Total Assets


    Accrued expenses and other liabilities Borrowed funds

    Total liabilities Members' equity Members' deposits Retained earnings Merged equity Accumulated other comprehensive income Total members' equity

    Total Liabilities and Members' Equity

    Consolidated Statements of Operations Years Ended December 31, 2016 and 2015

    (Dollars in thousands)

    Interest income: Interest on loans Interest on investments

    Total Interest Income Interest expense:

    Interest expense on borrowings Interest expense on members' deposits

    Total Interest Expense Loan loss provision

    Net Interest Income after Loan Loss Provision Non-interest income:

    Other operating income Income from sold loans Non-trading losses Losses from foreclosed real estate Losses from disposal of assets

    Total Non-Interest Income Non-Interest Expenses:

    Employee compensation and benefits Training, travel and conference expenses Office occupancy expenses Office operations expenses Marketing expenses Loan program expenses Professional and outside services State of Florida assessments Lobbying contributions Miscellaneous operating expenses

    Total Non-Interest Expenses

    Net Income

    2016 2015 $724,139 $442,190

    1,139,034 1,049,251 47,652 29,769

    4,424,086 3,934,365 12,854 11,358 2,103 911

    136,411 125,938 46,309 41,545 19,399 17,469

    $6,551,987 $5,652,796

    $102,472 $68,064 887,905 487,085 990,377 555,149

    4,986,011 4,563,456 579,725 529,519

    54 (4,180) 4,672

    5,561,610 5,097,647 $6,551,987 $5,652,796

    $163,574 $150,328 ____11Jl3_9_ _____l_8d§_

    185,413 168,691

    14,753 14,926

    ~ ~ 39,815 37,763

    _____1fil ~ 139,623 123,098

    92,242 80,976 658 1,832 (41)

    (212) (283)

    _____Jlli)_ _____iLllli 92,174 80,951

    83,832 75,981 879 769

    15,772 14,258 60,979 53,407 4,963 4,812 3,646 3,119 7,778 8,264

    528 492 36 35

    ------1..!Bl_ ------1lZQ_ 163,407

    $50,206 $40,642 ~