As Treasurer to the Board of Directors, I am pleased to present our 2018 report that details another year of success, growth and strong financial performance for OnPoint.
Our financial performance was successful on all fronts. We reached $5.4 billion in assets, an increase of 5%. Deposits grew 5% to $4.4 billion. Loans rose 6% to $3.5 billion. Net income totaled $80 million, up 25%. Membership grew 7% to 362,000. OnPoint remains safe, sound and secure. Detailed financial information can be found by clicking the Treasurer’s Report button to the right.
2018 was a year of strengthening connections at OnPoint. Connections through our neighborhoods, across our member relationships and in the lives of children learning the aspects of financial literacy.
Our Board of Directors, Executive Team and Employees collaborated on the credit union’s new purpose, vision and guiding principles that further our commitment to our members and communities we serve.
Our Purpose: Build strong communities by supporting financial growth and well?being, one person at a time.
Our Vision: To be the leader in delivering extraordinary experiences and value to our community.
Our Guiding Principles:
Directed by employees, we celebrated the holiday season through our employee giving program and donated to several local non-profits, including Sunshine Division, Raphael House, Lane County Toys for Tots, Yamhill County Action Partnership, Adler’s Voice, Family Kitchen, Beulah’s Place, St. Vincent de Paul, Share and Clark County Food Bank.
Our OnPoint Prize for Excellence in Education tradition continued by naming two Educators of the Year, paying their mortgages for one school year and awarding grants to their respective schools. In addition, we recognized four schools through our Community Builder award that are supporting our local students. We continued to host homeowner workshop and personal finance seminars, and partnered with a local nonprofit, Financial Beginnings, to deliver financial education to more than 1,300 students of all ages.
Our ability to invest in our community was made possible by our continued focus on the safety and soundness of our Credit Union. We always remember that the financial health of our members comes first and opens up opportunity for all.
On behalf of the Board of Directors, we thank our employees for a prosperous year and look forward to achieving another year of growth for each member and our community as a whole.
I have the pleasure of chairing OnPoint Community Credit Union’s Supervisory Committee. We are a four-member committee and we meet quarterly during the year.
To accomplish this, the Supervisory Committee arranges a comprehensive annual audit to ensure OnPoint’s financial statements meet all financial reporting objectives. The 2018 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.
Upon completion of the 2018 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 2018 Annual Report.
I’m pleased to report 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 proud to confirm the members of the Supervisory Committee find the financial state of OnPoint Community Credit Union is sound, and conclude 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.