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BHFCU Year-End Review

YEAR-END REVIEW

53rd Annual Meeting
March 25, 2008

Meeting Called to Order

The meeting was called to order by Chairman Catherine Santella at 10:35 a.m. on March 25, 2008 in the Hollander Auditorium, Bridgeport Hospital.

Appointment of Recording Secretary

Dominic Palumbo was appointed Recording Secretary and announced that a quorum was present.

Board Members Present

Catherine Santella, Peter Romano, Michael Tatta, LuAnne Raynor, Evelyn Cimmino, Maria Alicea and Susan Garrison.

Business Meeting

Minutes of the April 18, 2007 meeting were distributed. Motion was made to approve minutes and was seconded. Motion was approved by the membership.

Catherine Santella addressed the membership and thanked them for their support. She noted the Credit Union had a successful year in 2007 and was looking forward to the same in 2008. She noted that the Credit Union was recently reviewed by the federal examiners (NCUA) and received a very positive review. She then introduced Dominic Palumbo to review the financial statements and to summarize the year 2007.

Financials were presented covering year 2007. Dominic thanked the membership and staff for their support and the hospital for its sponsorship. Dominic noted that the Credit Union completed its data processing conversion in July, and the new Master Card debit cards were introduced in December 2007. He reviewed a few of the operations functions and noted current interest rate environment and its economic implications.

Catherine Santella was reintroduced to present the slate of directors for two-year terms. Motion was made and seconded. The proposed slate was elected. LuAnne Raynor, Evelyn Cimmino, Maria Alicea and Susan Garrison.

Prizes were awarded and refreshments served.
There being no further business, the meeting was adjourned at 11:15 a.m.

Respectfully Submitted,
Dominic Palumbo
Recording Secretary

Year End 2008 Review

  Dec. 31
2007
Dec. 31
2008
Difference
Balance Sheet
Assets      
Loans 6,036,252.00 5,882,933.00 (153,319.00)
Loan Allow (-) (97,595.00) (96,409.00) 1,186.00
Net Loans 5,938,657.00 5,786,524.00 (152,133.00)
Cash 103,699.00 387,181.00 283,482.00
Investments 11,634,381.00 11,233,142.00 (401,239.00)
Furniture/Equipment/Computer 38,372.00 36,391.00 (1,981.00)
NCUSIF 155,789.00 155,789.00 0.00
Mass Mutual Life 200,000.00 300,000.00 100,000.00
Other Assets 11,691.00 9,558.00 (2,133.00)
Total Assets 18,082,589.00 17,908,585.00 (174,004.00)
Liabilities and Member's Equity      
Shares 15,829,989.00 15,561,198.00 (268,791.00)
Other Liabilities 4,204.00 268.00 (3,936.00)
Regular Reserve 111,723.00 111,723.00 0.00
Undivided Earnings 2,136,673.00 2,235,396.00 98,723.00
Unreal (Gain and Loss) 0.00 0.00 0.00
Total Liabilities and Member's Equity 18,082,589.00 17,908,585.00 (174,004.00)

  Dec. 31
2007
Dec. 31
2008
Difference
Income Statement
Income      
Loan Income 424,880.00 458,770.00 33,890.00
Investment Income 573,053.00 458,000.00 (115,053.00)
Fees/Charges/Other 71,968.00 76,621.00 4,653.00
Total Income 1,069,901.00 993,391.00 (76,510.00)
Operating Expenses      
Compensation/Benefits/IRA 394,102.00 407,113.00 13,011.00
Taxes 26,936.00 27,748.00 812.00
Travel/Conference/Dues 6,159.00 10,101.00 3,942.00
Office Occupancy 11,060.00 21,493.00 10,433.00
Insurance 15,418.00 15,026.00 (392.00)
Outside Services 9,795.00 9,565.00 (230.00)
Provision Loan Loss 0.00 0.00 0.00
Office Operations 147,679.00 164,693.00 17,014.00
Total Operating Expenses 611,149.00 655,739.00 44,590.00
Dividends 308,580.00 238,929.00 (69,651.00)
Total Operating Expenses & Dividends 919,729.00 894,668.00 (25,061.00)
Asset Sale (Gain/Loss) 36,478.00 0.00 (36,478.00)
Net Income (Loss) 186,650.00 98,723.00 (87,927.00)

Financial Services

  • Share Accounts (Savings)
  • Time Share Accounts (Certificates)
  • Money Market Share Accounts
  • IRA Share Accounts
  • Christmas Club Accounts
  • Vacation Club Accounts
  • Share Drafts Accounts (Checking)
  • Debit Cards
  • Home Financial Services
  • Access 24 - 24 Hour Teller Service
  • Personal Loans
  • Auto Loans (New and Used)
  • Mortgage Loans
  • Home Equity Loans
  • Direct Deposit / Payroll Deposit
  • Automatic Loan Payments
  • Travelers Checks
  • Money Orders
  • Postage Stamps
  • Various Discounts
Equal Housing Lender logo Your savings federally insured to $100,000
National Credit Union Administration logo
National Credit Union Administration, a U.S. Government Agency