Page 7 - 2023 Annual Report

Treasurer’s Report

Empowering our members
Throughout the year, we focused on empowering individuals
and communities through accessible financial solutions.
We continued to offer competitive savings and loan rates to
help members save for the future and afford the things they
need. We helped 535 members finance a home loan
(50 First Mortgages and 485 Home Equity Loans) with 14 being
first-time homebuyers, 5,081 members purchase a vehicle,
and 4,214 members budget for summer expenses with our
Premium Summer Pay account. In addition, over 44,000
John J. Neville
members managed their accounts through our Digital
Treasurer
Banking app monthly.
In 2023, Educational Systems Federal Credit Union
continued to maintain a strong financial position. We are
To help our members save even more, we continued to offer
grateful to our members for your continued trust in the Credit
discounted auto and home insurance, cash rewards when you
Union. Your membership and active participation allows us ®
work with a HomeAdvantage real estate agent, double points
to make financial wellness and stability accessible for all ®
for every purchase made with a Visa Rewards credit card, and
the communities we serve.
premium certificate rates to members who qualify for our Star
Member Program. We also introduced the Educational Systems
2023 Key financial highlights (year-over-year) University to provide tools and resources to make informed
Assets increased from $1.226 billion to $1.277 billion financial decisions.
(4.1% growth).
Member loans (net of allowance for credit losses) People helping people
increased from $777.2 million to $819.4 million The credit union philosophy is “people helping people.”
(5.4% growth). When you get a mortgage or open a certificate, you are also
helping other students, parents, and employees of schools
Member shares increased $95 thousand to
and education-related organizations and businesses. This
$1.084 billion.
cooperative spirit allows us to make an impact on the financial
Members’ equity increased from $85.7 million to
well-being of our community. We thank you for your membership
$94.7 million (10.4% growth).
and ask that you share the benefits of joining the Credit Union
The net worth ratio, or capital to assets ratio, increased with your friends and family. We look forward to helping more
from 9.86% to 10.01%, which is significantly higher than members of the education community achieve a brighter future.
the amount required to be considered well capitalized
by the National Credit Union Administration (NCUA). It’s a pleasure helping you,
Net income increased from $8.186 million to $8.801
million (7.5% growth).
Return on Assets (ROA), or net income as a percent of
John J. Neville
average assets, increased from 0.66% to 0.70%.
Treasurer
For additional details, please refer to our Statements of
Financial Condition and Statements of Income and Expense on
pages 9 and 10.

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