2017 Annual Report: Fibre Family Album

2017 Memories

  • We were voted #1 Best Bank or Credit Union for the 11th year in a row by the Longview Daily News “Best of” Readers’ Poll.
  • We were named one of the Top 200 Healthiest Credit Unions for the fourth year in a row by DepositAccounts - up to position #30!
  • Our Lincoln City and Newport branches were within the Path of Totality for the total eclipse.
  • Benjamin Baudro, baby #13 and newest member of the Fibre Family
  • Our staff members welcomed 13 babies into the family.
  • We earned the “Top of the Hill” award from the Northwest Credit Union Association for our political advocacy efforts.

CEO/Board Report

The term “Fibre Family” is something we have used internally for many years. It means that we’re not just staff members and board members who work together. We look out for each other and take care of each other like family. The same goes for our members. To us, they’re not just customers who need to be served, they’re real people we get to know. They become a part of our family too. We celebrate their successes, mourn their losses, and always look out for their best interests.

For us, being a family means investing in our communities as well. An amazing 88% of our staff either volunteered in their community, participated in a credit union fundraiser, and/or donated to one of our credit union-sponsored causes in 2017. Together with their friends and family, the staff volunteered 1,912 hours last year! We feel this devotion to family and community, in addition to our not-for-profit cooperative structure, is what sets us apart from other financial services providers. It’s a distinction we’re exceptionally proud of. We believe it’s why we’ve won #1 Bank or Credit Union by the Longview Daily News “Best of” Readers’ Poll for 11 years straight.

Last year, we donated $147,859 to the communities we serve in the form of sponsorships and donations. Our staff and members take that number to the next level. For example, thanks to staff fundraisers and member donations, we gave Doernbecher Children’s Hospital a check for $17,132. Our Relay for Life team raised $5,735 for the American Cancer Society. Our annual Bingo night raised $7,280 for Community Home Health & Hospice.

As with any family, we like to watch ourselves grow. Loans grew 10.2% to $690,234,832. Membership grew 5.1% to 94,184. Deposits grew 5.6% to $902,849,953. Perhaps most memorably, assets grew 5.5% to $1,043,199,342. Yes, we are over $1 billion in assets, making us among the top 5% of credit unions nationwide, by asset size. For the fourth year in a row, bank account comparison website DepositAccounts rated us among the 200 Healthiest Credit Unions in the U.S. We received an A+ grade in all four scoring categories, moving us from #138 on the list to #30!

As we look ahead to 2018 and beyond, one of our highest priorities is upgrading our Online Banking system. After months of intensive research, we have chosen a new Online Banking provider and plan to go live in the fourth quarter of this year with a much more robust and user-friendly Online Banking platform. We’re very excited about improving our level of service to our members through enhanced electronic account access.

Thank you for being a member of our Fibre Family as we embark on another exciting year!

- Christopher Bradberry, President/CEO

John Barker, Chairman of the Board

A Family Gives Back. . .2017 Community Service in Numbers

  • We donated $147,859 in sponsorships and community contributions (a 14% increase) to 142 causes.
  • Teller Brooke Norman was selected as our Volunteer of the Year. Brooke serves on the Credit Union’s Community Service Committee, and volunteered 35 hours in 2017 for events such as Rainy Months’ carnivals at the Columbia Theatre, Shred Day, Hospice Bingo, and Cowlitz Black Bears games
  • Our staff volunteered 1,912 hours (11% more than 2016), serving 23 non-profits.
  • 88% of our staff donated or volunteered in some way.
  • We sponsored free financial education resources (called Banzai) for 100 schools in 6 counties. Teachers ordered 5,380 student registrations.
  • We gave 135 financial education presentations (137% increase) to 1,291 students (71% increase).
  • The number of staff volunteers increased 63%, from 105 to 171.
  • The percentage of employees who volunteered increased from 39% to 63%.

Statement of Financial Condition

Dec. 31, 2016 Dec. 31, 2017
Gross Loans $ 626,281,823 $690,234,832
Allowance for Loan Loss (4,085,894) (4,427,510)
Loan Discount (641,685) (538,814)
Net Loans 621,554,244 685,268,508
Cash & Equivalents 49,370,755 65,285,228
Investments 233,340,555 207,697,618
Cash and Investments 282,711,310 272,982,846
Foreclosures & Repossessions 719,949 309,861
Fixed Assets 38,538,024 38,679,606
Other Assets 45,753,344 45,958,520
Total Assets $989,276,869 $1,043,199,342
Total Liabilities 11,760,797 11,737,773
Regular Shares 353,382,212 390,771,649
Checking Shares 220,427,559 238,729,999
Money Market Shares 121,757,126 127,926,322
Certificate Shares 159,359,537 145,421,984
Shares 854,926,435 902,849,953
Undivided Earnings 124,566,601 131,795,098
Other Comprehensive Income (1,976,963) (3,183,482)
Equity 122,589,638 128,611,616
Total Liabilities & Equity $989,276,869 $1,043,199,342

Statement of Income & Expense

2016 2017
Total Interest Income 29,859,275 31,355,800
Total Interest Expense 2,483,679 2,309,741
Net Interest Income 27,375,595 29,046,059
Fee Income 4,759,296 5,181,005
Other Income 3,278,165 4,695,845
Credit Card Program 1,367,466 1,438,906 ​​
Debit Card Program 4,391,085 5,113,203
Loan Origination Income 869,907 523,260
Non Operating Gain/Loss 338,465 293,947
Non Interest Income 15,004,385 17,246,166
Compensation & Benefits 22,242,617 22,446,927
Travel & Conference 389,427 419,787
Office Occupancy 2,063,753 2,131,350
Office Operations 4,060,227 3,703,955
Education & Promotion 656,742 681,952
Loan Servicing 1,851,323 1,233,944
Professional Services 2,254,139 2,713,613
Member Insurance Fee 0 3,767
Operating Fee 175,175 225,901
Misc Operating 2,627,612 2,584,205
Non Interest Expense 36,321,015 36,145,399
Acquisition Related 177,375 (78,290)
Provisions for Loan Losses (2,143,212) (2,840,041)
Net Income $4,093,127 $7,228,496

The complete audited financial statements will be available at our main office by April 30, 2018.

Supervisory Committee Report

Your Supervisory Committee was comprised of five volunteers in 2017: Jeff Skeie, Julie Palmer, Jim Duscha, Charlie Gourde, and me. We have the responsibility to oversee and verify that the Credit Union has and maintains an internal control framework that provides reasonable assurance to the reliability and integrity of the financial statements and compliance with laws and regulations.

We fulfill this responsibility primarily in two ways. We meet regularly with our Internal Auditor, Luci Sherard, who assists us in verifying compliance with our internal control framework. We also engage an external audit firm, Moss-Adams, LLP to audit the financial statements and the operational controls surrounding those financial statements in accordance with generally accepted auditing principles.

Committee members attend regular monthly Supervisory Committee meetings, as well as monthly meetings of the Board of Directors. At these meetings we review the work of the Internal Auditor, management, and the external auditor to ensure that the Committee’s responsibilities are properly discharged.

Based on our audits and the reports of other experts, the Committee is satisfied that the records of Fibre Federal are accurately maintained and the Credit Union is in compliance with applicable laws and regulations. We thank the Credit Union management and staff for their diligent work that ensures such a well run organization.

—Kelli Harding, Supervisory Committee Chair

Members: The Credit Union Impact

  • More than 3.5 million Washingtonians are member-owners of credit unions.
  • In Washington, members have fee-free access to 1,381 ATMs and 221 shared branches, thanks to our affiliation with the CO-OP Financial Services Network.
  • Every Washington household with a credit union member saw benefits of at least $229.
  • Credit unions cooperate. Most network their ATMS (including us), meaning members have access to their money as they travel. They can use the ATM at almost any credit union, and they don’t have to pay those annoying fees!
  • In Oregon, members have fee-free access to 656 ATMs and 86 shared branches, thanks to our affiliation with the CO-OP Financial Services Network.
  • The interest rate that Oregon credit unions charge for credit cards, is as much as 5.4 percent lower than rates that profit-driven financial institutions are charging. That means Oregon’s credit union members spent $29 million less of their hard-earned moneyon credit card interest rates than bank customers spent.

*Source: Informa Research comparing not-for-profit and profit-driven financial institutions’ interest rates and fees in the 12 months ending June 30, 2017; National Credit Union Administration and Credit Union National Association

Board of Directors

John Barker, Chair

Alden Bebe, 1st Vice President

Greg Berg, 2nd Vice President

Jack Courtney, Secretary

Terry Alsteen, Director

Gloria Rigney, Director

Jan Dennis, Director

Steve Mealy, Director

Jerry Howell, Director

Supervisory Committee

Kelli Harding, Chairperson

Jeff Skeie, Secretary

Julie Palmer, Member

Jim Duscha, Member

Charlie Gourde, Member

Senior Management Team

Christopher Bradberry, President/Chief Executive Officer

Shelly Buller, SVP/Member Services

Joe Amrine, SVP/Chief Credit Officer

Rick Dahl, SVP/Chief Retail Officer

Ryan Sullivan, SVP/Chief Financial Officer

Angie Leppert, SVP/Marketing & Human Resources

David Keegan, SVP/Chief Information Officer

The complete audited financial statements will be available  at our main office by April 30, 2018.

P.O. Box 1234

822 Commerce Avenue

Longview, WA 98632

360.423.8750 • 800.205.7872


Federally Insured by NCUA