2019 Annual CEO Report
Shane Berger, President/CEO
In each annual report I feel it is important to convey information about the strength of your credit union. Most of you
have seen our recent billboards and website banner stating that Beehive has received a five-star or superior rating from Bauer Financial for seven straight years. Bauer Financial rates the financial strength and stability of credit unions and banks across the country. Beehive has achieved a five-star rating for seven straight years and for 25 of the last 28 years dating back to 1990. Criteria used to determine the rating include, the level of reserves, profitability, loan quality, strength of investment portfolio, historical data and liquidity. In short, Beehive is extremely strong and financially stable, which is an important competitive advantage we enjoy.
Growth and Field of Membership
We ended 2018 with total assets of $275 million; deposits of $244 million; loans totaling $224 million; and capital or reserves of just over $29 million. The growth rate from 2018 was solid and sustainable. It is important for Beehive to continue to grow so we achieve economies of scale, keep the cost of services low, and be large enough to remain independent. Future growth will come from attracting and enrolling new members. Last year we achieved nearly 1,400 more net new memberships. We will also grow by opening a future new Beehive branch. The location and timetable for the new branch will be announced later this year. Finally, we will grow by applying to expand our field of membership to include members of the Church of Jesus Christ of Latter-day Saints who live in other states. We have no plans now or in the future to expand our field of membership to other groups.
The strength of Beehive Federal Credit Union is due to the exceptional, trustworthy and honorable members whom we serve. Your integrity in repaying loans results in extremely low delinquency and charge-off rates, much lower than our peers. Thank you for your continued membership. You are important to our collective success. In every board and staff discussion, we make decisions based on what is in the best interest of our Beehive member owners. I hope that if you live in or move to a location distant from our branches, you will remain a member. Beehive offers access to almost every imaginable financial service from anywhere and anytime. It is now possible for anyone to live in another state or location and do all their business at Beehive. We hope you will all be “Beehive Members for Life”.