A MESSAGE FROM the Chairman of the Board & the President & CEO The Board of Directors and the management team of Liberty Bay Credit Union are delighted to share the credit union’s financial achievements in 2023. Our unwavering commitment to refining our operations, which involved improving efficiency, focused asset and liability management, and intelligent capital allocation, has yielded great results. We achieved lending growth of $57 million, representing a commendable 10% increase in our loan portfolio without increasing credit risk. Furthermore, our total assets grew by $42 million, rising from $744 million at the end of 2022 to $786 million by the close of 2023, a 5% annualized growth. Our net worth ratio impressively stood at 14.7%, placing us among the industry leaders nationwide. The year concluded with net income of $3.4 million and a return on average assets of 0.46%, demonstrating our ability to sustain strong earnings despite challenging economic conditions. Our financial performance underscores our resilience. This year's progress was driven by heightened loan originations and prudent expense management, paired with a forward-thinking, digital-first strategy. We consistently demonstrate our value to our members by maintaining competitive rates on deposits and loans, minimizing fees, and broadening credit access to new and existing members, especially targeting the underserved. Our continued investment in the credit union, focusing on technology and digital services, meets the modern expectations of consumers needing financial services. At Liberty Bay's core, the principles of service, trust, and stability guide our mission. Our solid capital structure is a testament to our commitment to the credit union's safety and dependability, securing our members' confidence. Liberty Bay is a well-managed institution with a robust balance sheet and significant financial reserves, adept at navigating market fluctuations where trust in financial institutions might be tested. Our growth is enhanced by learning from and engaging with individuals at leading organizations, particularly in the financial services and technology sectors, with a focus on data science and artificial intelligence. This learning enriches our strategic and operational approaches and assists with innovation and corporate entrepreneurship efforts. . This year, we dedicated ourselves to documenting standard procedures across all business and operational areas, a testament to our belief that progress cannot be made without clear standards. Our aim to improve efficiency goes beyond short-term cost savings, focusing instead on our operations' continuous and systematic enhancement for gradual, sustained benefits. A deep understanding of our processes and their rationales enables us to improve our member services, refine our strategic objectives, and embrace technology that aids our efficiency and service improvement efforts. We are careful stewards of the Credit Union's capital—your capital. Our team is dedicated to providing outstanding service through all delivery channels at every interaction. We are deeply thankful to our devoted members and are committed to supporting our community. In 2023, we substantially increased our contributions to charitable causes and individuals in need, increasing donations and those helped by 25% and 40%, respectively. The upcoming sections will highlight some of the organizations we supported this year, demonstrating our commitment to positively impacting our community.
“WE CONSISTENTLY DEMONSTRATE OUR VALUE TO OUR MEMBERS BY MAINTAINING
COMPETITIVE RATES ON DEPOSITS AND LOANS, MINIMIZING FEES, AND
BROADENING CREDIT ACCESS TO NEW AND EXISTING MEMBERS, ESPECIALLY TARGETING THE UNDERSERVED.”
“WE ARE DEEPLY THANKFUL TO
OUR DEVOTED MEMBERS AND
ARE COMMITTED TO
SUPPORTING OUR
COMMUNITY. IN 2023, WE
SUBSTANTIALLY INCREASED
OUR CONTRIBUTIONS TO
CHARITABLE CAUSES AND
INDIVIDUALS IN NEED,
INCREASING DONATIONS AND
THOSE HELPED BY 25% AND
40%, RESPECTIVELY.”
We are grateful for your trust in us to guide your credit union.
Sincerely,
Sincerely,
Peter Lincoln
John M. Parillo President & CEO
Chairman of the Board
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2023 ANNUAL REPORT | LIBERTY BAY CREDIT UNION
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