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Report from the Chairman of the Board

Thanks to COVID-19, 2021 proved to be another challenging year not just for the U.S. economy but for the financial services industry as well. Despite this, we are happy to report that our members increased usage of our products and services in 2021, resulting in positive net income for the year.

Our strategic goal in 2021 was to continue to upgrade our services and technological capabilities making it easier for our members to transact with us no matter their location. We’re happy to report that due to upgrades this past year, members can now:

After two years of the pandemic, we believe we are better positioned to serve you. We remain committed to continuously add to our portfolio of services thereby allowing you to transact with us as seamlessly as possible.

I am excited that these upgraded services will be available to you in 2022:

As your Chairman, I have been thankful for the excellent performance and dedication of Executive leadership and the staff at EPFCU during 2021. Each day they were committed to serving our membership during challenging times. Products and services were added and costs were contained which was a testament to the can-do spirit of our credit union.

As we embark on our 87th year in business, I want to thank you for your continued trust in us. I am confident that we remain well positioned both financially and strategically during a time of transition for our economy and our credit union.

Respectfully submitted,

Gregory E. Boutin
Chairman, Board of Directors

Report from the President/CEO

This will be my last annual report to EPFCU’s membership as I will be retiring at the end of 2022. Much has changed since I started at the credit union in 1988. Back then there was no internet, no cell phones, very few home computers and our asset size was $16 Million. Fast forward to 2022, our asset size is now over $75 million and members transact with us using an array of electronic services such as online banking, bill pay, and our mobile and Card Control apps. Our growth over the years is a testament to our focus on providing excellent member service and competitively priced financial products, while adding services that help our members achieve their financial goals.

While the credit union enjoyed steady growth during my tenure as CEO, we also encountered challenges including the recession of 2008 and the current economic downturn due to the COVID-19 pandemic. I’m proud that we faced these economic difficulties head on and as a result are a stronger organization that is in a solid financial position to weather future obstacles that will surely come.

In closing, it has been my honor and privilege to have served as EPFCU’s CEO the past 16 years and I appreciate the opportunity the Board of Directors gave me to lead the credit union. I will miss our excellent staff and our dedicated Board, but I leave knowing EPFCU will be in great hands and will most certainly thrive going forward.

Kirsten H. Williams
President/ Chief Executive Officer

Supervisory Committee Report

One of the duties of the Supervisory Committee is to retain an outside accounting firm to perform an annual audit of all financial records. Our federal regulator, the National Credit Union Administration (NCUA), also audits the credit union at least once annually. In addition, our committee is responsible for conducting random, unannounced cash audits.

The Supervisory Committee contracted DeLeon & Stang to conduct the financial records audit as of December 31, 2021. We are pleased to announce that the credit union received an unqualified opinion. Because of the requirements for full disclosure, and the length of the reports as a result of all the necessary disclosures provided in the footnotes to the financial statements, this report is not included herein. The complete audit report with the financial statements as of December 31, 2021 and 2020 can be found in the Main office of the credit union.

We are in compliance with federal regulations and operate well within accepted guidelines. Your credit union remains dedicated to ensuring your savings remain safe and secure and to provide you with a reliable resource for your borrowing needs.

Adam Y. Veney, Chairperson
Joey Lowery
Lorna Washington
Tamalyn D. Smith

Treasurer’s Report

EP Federal Credit Union ended 2021 with assets in excess of $77 million, this is an increase of 2.6% over 2020. The credit union paid $160,744 in dividends to members and granted over $9,937,000 in new loans during 2021. Our net worth remained steady at 7.36% and EPFCU maintained its "well capitalized” rating under the provisions of the Credit Union Membership Access Act.

2021 was yet another challenging year for the U.S. economy, as it affected financial institutions in particular. I am pleased to report that EPFCU did an excellent job weathering the macroeconomic pressures we faced and we ended the year with $97,739 in net income. While we saw slight decreases in both our Interest and Fee Income over 2020, we yet again were able to mitigate this loss of income by reducing our operating expenses thereby enabling us to end 2021 in a positive position.

While interest rates remained at historically low levels in 2021, we expect the Federal Reserve to increase rates quite aggressively in 2022 in order to combat potential inflationary pressure. These increases will no doubt mean that loan rates will trend upwards in 2022. However, we are confident that EPFCU's rates will remain extremely competitive within the market and look forward to a solid year of loan growth.

After two straight years of market challenges, I believe EPFCU is well positioned to enjoy an excellent 2022. We remain a solid financial institution that is well positioned to provide quality and cost-effective financial programs that meet the needs of our membership.

William T. Forrest

Statements of Comprehensive (Loss) Income
For the Years Ended December 31, 2021 and 2020
Member loans $1,547,276 $1,630,509
Investment securities 437,124 462,972
Total interest income 1,984,400 2,093,481
Members' shares and savings accounts 160,744 208,043
Borrowed funds 105 -
Total interest expense 160,849 208,043
Net interest income1,823,551 1,885,438
Net interest income, after provision for loan losses 1,823,551 1,869,716
Fees, charges and other income 816,409 789,841
Net gain on sale of securities 10,661 181,327
Total non-interest income 827,070 971,168
Employee compensation and benefits 1,256,461 1,420,215
General and administrative 1,139,654 1,291,816
Professional services 123,037 184,915
Federal operating fees 15,259 17,980
Association dues 18,471 18,579
Net loss on sale of assets - 16,355
Total non-interest expense 2,552,882 2,949,860
Net income (loss) 97,739 (108,976)
Net unrealized (losses) gains on investment securities
arising during the year
Reclassification for gains included in net income (loss) (10,661) (181,327)
Total other comprehensive income (630,607) 162,100
Comprehensive (loss) income $(532,868) $53,124


Kirsten Williams, President/Chief Executive Officer
Danielle Anthony, Director of Operations
Stephen Camp, Director of Member Experience
Ron Schneeberger, Director of Communications and Member Outreach
Sabrina Hockaday, Lending Manager
Marita Varias, Accounting Assistant
Eve Davison, Operations Specialist
Carolina Rodrigues, Financial Services Manager
Alana Perry, Financial Services Manager
Cathy Coronejo, Financial Service Representative
Julie Vose, Financial Service Representative
Tiaa Jackson, Financial Service Representative
Latissia Hughes, Financial Service Representative
Devin McDowell, Financial Service Representative