As the Treasurer to the Board of Directors, I am pleased to present the 2017 report that summarizes OnPoint’s 2017 financial performance and accomplishments. By all measures, 2017 was another year of smart, balanced growth and strong financial performance.
Total assets increased 12%, surpassing $5 billion. Deposits grew 7% to $4.2 billion, while loans rose 13% to $3.3 billion. Net income grew 25% to $64 million, and membership increased by 7% to 338,000 members. Now more than ever, OnPoint continues to be safe, sound and secure. Detailed financial information can be found by clicking the Treasurer’s Report button to the right.
Growth in earnings allowed us to provide more value to our membership. We sought ways to make it easier for members to connect with us, and access the financial tools they needed.
Late in 2017, we reached $5 billion in assets and marked our 85th anniversary. We honored our history and commemorated our success by giving back to the community we have had the privilege of serving since 1932.
Directed by employees, we donated $160,000 through the Celebrating Our Community Partnerships campaign to five local charities—OHSU Doernbecher Children’s Hospital, Oregon Food Bank, Oregon Humane Society, The Nature Conservancy and Schoolhouse Supplies.
From investing in students through the De La Salle North Catholic High School Corporate Work Study Program, to supporting more than 200 local nonprofits and organizations by way of financial contributions and employee volunteers, our commitment to community is personal. In 2017, our investment in community programs topped $835,000.
We continued our OnPoint Prize for Excellence in Education tradition by naming two Educators of the Year, paying their mortgages for one school year and awarding grants to their respective schools. We hosted homeowner workshops, held personal finance seminars and partnered with a local nonprofit, Financial Beginnings, to deliver financial education to more than 2,000 students of all ages.
People have always been at the heart of what OnPoint is and the reason for what we do. More than 650 employees live the OnPoint mission of promoting the financial well-being of our members. They drive our success financially, and their energy and passion guide our community efforts. They are the reason our members trust OnPoint as their financial partner.
On behalf of the Board of Directors, we thank our employees for a prosperous year and look forward to achieving another year of growth, while continuing to build community and invest in our future.
I have the pleasure of chairing OnPoint Community Credit Union’s Supervisory Committee. We are a three-member committee and we meet quarterly during the year.
To accomplish this, the Supervisory Committee arranges a comprehensive annual audit to ensure that OnPoint’s financial statements meet all financial reporting objectives. The 2017 audit was performed by Moss Adams, LLP. Moss Adams supports the Supervisory Committee, Board and staff with both their accounting expertise and their thorough understanding of the credit union industry. Their expertise is enhanced by their stellar reputation within the industry.
Upon completion of the 2017 audit, the Supervisory Committee reviewed the details of the audited financial statements and asked the auditors and staff questions. All questions were answered candidly and completely. You’ll find a summary of the financial results included in OnPoint’s 2017 Annual Report.
I’m pleased to report that OnPoint has received an “unqualified opinion” from Moss Adams. This is the best audit result possible, and means that OnPoint Community Credit Union’s financial statements are presented in conformity with generally accepted accounting principles.
The results of this audit, combined with the periodic verification of members’ accounts, have provided the Supervisory Committee with assurance that the financial statements prepared by credit union management accurately and completely reflect the strong financial condition of our credit union.
I’m pleased to report that the members of the Supervisory Committee find the financial state of OnPoint Community Credit Union is sound, and conclude that the credit union staff is determined and dedicated to provide a safe repository for members’ savings and a competitive and convenient source for borrowing money.