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BHFCU Year-End Review

YEAR-END REVIEW

52nd Annual Meeting
April 18, 2007

Meeting Called to Order

The meeting was called to order by Chairman Catherine Santella at 10:35 a.m. on April 18, 2007 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

Sharon Voytek, Catherine Santella, Peter Romano, Michael Tatta, LuAnne Raynor, Evelyn Cimmino abd Maria Alicea.

Business Meeting

Minutes of the March 29, 2006 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 2006 and was looking forward to the same in 2007. She noted that the Board was there to address all issues presented by the membership. Any concerns regarding products and services would be reviewed and acted upon. She then introduced Dominic Palumbo to review the financial statements and to summarize the year 2006.

Financials were presented reviewing the year 2006. Dominic thanked the membership and staff for their support and the hospital for its sponsorship. Dominic noted the new services which were introduced in 2006 such as home banking and bill payor. He indicated that the Credit Union will have a data processing conversion in July 2007, and along with this conversion the Credit Union will offer a Mastercard Debit/ATM card in July 2007. Dominic then asked the membership to recognize Sharon Voytek for her contributions as a Board member.

LuAnne Raynor was introduced to present the slate of directors for two year terms. Motion was made and seconded. The proposed slate was elected. The following individuals were elected to a two year term: Catherine Santella and Peter Romano.

Prizes were awarded and refreshments served.
There being no further business, the meeting was adjourned at 11:30 a.m.

Respectfully Submitted,
Dominic Palumbo
Recording Secretary

Year End 2007 Review

  Dec. 31
2006
Dec. 31
2007
Difference
Balance Sheet
Assets      
Loans 5,288,255.00 6,236,252.00 947,997.00
Loan Allow (-) (107,980.00) (97,595.00) 10,385.00
Net Loans 5,180,275.00 6,138,657.00 958,382.00
Cash 250,377.00 103,699.00 (146,678.00)
Investments 12,033,993.00 11,634,381.00 (399,612.00)
Furniture/Equipment/Computer 13,403.00 38,372.00 24,969.00
NCUSIF 154,755.00 155,789.00 1,034.00
Other Assets 19,656.00 11,691.00 (7,965.00)
Total Assets 17,652,459.00 18,082,589.00 430,130.00
Liabilities and Member's Equity      
Shares 15,578,942.00 15,829,989.00 251,047.00
Other Liabilities 12,771.00 4,204.00 (8,567.00)
Regular Reserve 111,723.00 111,723.00 0.00
Undivided Earnings 1,950,023.00 2,136,673.00 186,650.00
Unreal (Gain and Loss) (1,000.00) 0.00 1,000.00
Total Liabilities and Member's Equity 17,652,459.00 18,082,589.00 430,130.00

  Dec. 31
2006
Dec. 31
2007
Difference
Income Statement
Income      
Loan Income 377,590.00 424,880.00 47,290.00
Investment Income 505,375.00 573,053.00 67,678.00
Fees/Charges/Other 82,717.00 71,968.00 (10,749.00)
Total Income 965,682.00 1,069,901.00 104,219.00
Operating Expenses      
Compensation/Benefits/IRA 365,803.00 394,102.00 28,299.00
Taxes 25,880.00 26,936.00 1,056.00
Travel/Conference/Dues 10,415.00 6,159.00 (4,256.00)
Office Occupancy 10,166.00 11,060.00 894.00
Insurance 13,649.00 15,418.00 1,769.00
Outside Services 12,406.00 9,795.00 (2,611.00)
Provision Loan Loss 0.00 0.00 0.00
Office Operations 145,892.00 147,679.00 1,787.00
Total Operating Expenses 584,211.00 611,149.00 26,938.00
Dividends 240,367.00 308,580.00 68,213.00
Total Operating Expenses & Dividends 824,578.00 919,729.00 95,151.00
Asset Sale (Gain/Loss) 3,957.00 36,478.00 32,521.00
Net Income (Loss) 145,061.00 186,650.00 41,589.00

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