Page 7 - 2024 Annual Report

Treasurer’s Report

Supporting Financial Goals
In 2024, we remained focused on empowering members to
achieve their financial goals through accessible and innovative
solutions. We helped 595 members with home loans, including
67 First Mortgages (17 of which were for first-time homebuyers)
and 528 Home Equity Loans. Additionally, 6,049 members
financed auto loans, and 2,249 members used our Premium
Summer Pay account to manage their summer expenses. More
than 49,000 members use our Digital Banking app to manage
their accounts, including depositing checks, transferring funds
John J. Neville
between accounts, and utilizing Bill Pay. Digital Banking also
Treasurer
offers the convenience of receiving notifications for various
In 2024, Educational Systems Federal Credit Union continued
account transactions, helping members stay informed and in
to build on its strong foundation while making financial wellness
control of their finances.
and stability accessible for all the communities we serve. We are
grateful for the trust and active participation of our members,
To help members save even more, we continued offering
which enables us to thrive and enhance the services and
discounted auto and home insurance, cash rewards when using
options available to our members. ®
a HomeAdvantage real estate agent, double points for every
®
purchase made with a Visa Rewards credit card, and premium
2024 Key Financial Highlights (year-over-year) certificate rates to members who qualify for our Star Member
Assets declined from $1,276,514,582 to $1,234,749,877. Program.
Member loans (net of allowance for credit losses) increased
from $819,365,824 to $887,606,500. People Helping People
The credit union philosophy is “people helping people.”
Member shares declined from $1,084,045,855 to
When you take out a mortgage or open a certificate, you are
$1,081,624,981.
not only investing in your own future, but you are also helping
Members’ equity increased from $94,655,041 to
other members. This cooperative spirit enables us to make a
$109,873,029.
meaningful impact on the financial well-being of our community.
The net worth ratio, or capital-to-assets ratio, remained We thank you for your continued membership and encourage
strong at 11.16%, well above the level required by the you to share the benefits of joining the Credit Union with your
National Credit Union Administration (NCUA) to be friends and family. We look forward to serving even more
considered well capitalized. members including your friends, family, and neighbors.
Net income grew from $8,800,809 to $11,515,631.
Return on Assets (ROA), or net income as a percent of Together, let’s make GREAT happen!
average assets, increased from 0.70% to 0.92%.

For additional details, please refer to our Statements of
Financial Condition and Statements of Income and Expense on John J. Neville
pages 9 and 10. Treasurer

Page 4