Letter from the President & Board Chairman

Gail DeBoer - President & CEO

Gail DeBoer
President & CEO

Jim Rockwood - Board Chairman

Jim Rockwood
Board Chairman

Thank you for your continued membership at SAC Federal Credit Union. SAC is pleased to report that 2014 was an outstanding year. We saw growth in the credit union’s income, capital ratio and financial stability. We expanded our market footprint through the opening of our 10th in-store location and grand opening of a new SAC Headquarters location with a state-of-the-art branch in Papillion, Nebraska bringing our total number of branches to 23. We have completed a merger with a small credit union in Grand Island, Nebraska that will add approximately 700 new members. SAC‘s total membership for this fiscal year grew by 7,861 or 10.5 percent bringing total membership to over 82,000 as of June 30, 2014.

SAC’s total assets increased by $58.4 million to $728.8 million and total equity remained strong at $60 million. Net income was $5.27 million for the year and compares to fiscal year 2013‘s net income of $4.614 million, which shows an increase of 13.7 percent. The strong net income is a result of SAC being focused on operational efficiencies and solid Asset-Liability Management processes.

The credit union had loan growth of 12.44 percent while maintaining loan quality. The National Credit Union Association (NCUA) statistical records show that ratio to delinquent loans is .61 percent for SAC versus .74 percent for our peer average. The combination of good loan quality, non-interest income, and an ongoing focus on expense control contributed to the credit union’s success.

We are in the process of upgrading our core computer system to enhance member experience. This new computer system will lay the groundwork for future technology advancements, enhanced security, increased efficiencies, and long term growth.

Our goals every day are to meet your financial needs with products and services that improve your life and save you money. We will continue to make enhancements to our culture, invest in our people, improve our infrastructure, expand our technology and renew our commitment to philanthropy through investments in the community.

Expanding our local presence through our support of programs, organizations and events improving the lives of our members and helping build a strong and vibrant community continues to support the credit union’s mission of “People Helping People.” We have invested significantly in our employees and in building our organizational infrastructure. These investments will provide unprecedented growth and success in the coming years.

We had a great year and we are excited about what’s ahead for your credit union. Our strategic thinking will help us to meet member needs now and help us to envision what SAC Federal Credit Union will look like in the next 10 years. We’re looking forward to a future filled with increased levels of service and convenience, offering expanded products and services, while maintaining and bolstering the financial strength of the credit union.

We know we can’t predict the future, but if we stay true to the credit union’s mission and vision, we will continue to be a successful organization. We’re proud of the SAC Federal Credit Union team and what we have accomplished. Our future continues to be bright and our story continues to be told, one member at a time.

We exist because of you and appreciate your loyalty and support. On behalf of the Board of Directors, the Management Team and our outstanding Staff, we are honored to have the privilege of serving you.

Gail L. DeBoer
President & CEO

James E. Rockwood
Board Chairman