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Adobe Photoshop CC 2018 (Windows)
2018-03-06T13:10:44-05:00
2021-03-02T15:51:10-05:00
2021-03-02T15:51:10-05:00
2020
2020
ANNUAL REPORT
ANNUAL REPORT
ANNUAL REPORT
ANNUAL REPORT
Leadership Team
Leadership Team
President and CEO Christine Blake Chief Financial Officer Eric
President and CEO Christine Blake Chief Financial Officer Eric Rosenblatt General Accounting Officer Lanny Berlingieri Partners Lake Catholic High School Lakeland Community College Notre Dame-Cathedral Latin School Willoughby-Eastlake City Schools Northern Career Institute North High School South High School Willoughby-Eastlake School of Innovation Select Employee Groups Local Auto Dealerships
Board of Directors Sandy Hamo Chairperson William Patrick, Jr
Board of Directors Sandy Hamo Chairperson William Patrick, Jr. Vice Chairman Ed Brown Treasurer Randal Mears Secretary James Brumbaugh Director Kenneth Deken Director James Gray Director Kathleen O’Connell-Burton Director Jeffrey Shibley Director
8500 Westport Drive Mentor, OH 44060
8500 Westport Drive Mentor, OH 44060
6,236,780 1,068,668 405,197 600,634 981,231 1,108,510 974,326 1
6,236,780 1,068,668 405,197 600,634 981,231 1,108,510 974,326 11,375,346
$1,327,844
$1,327,844
4,133,197 64,143 732
4,133,197 64,143 732
4,198,072
4,198,072
688,251 190 688,441
688,251 190 688,441
1,240,065 8,505,118
1,240,065 8,505,118
9,745,183
9,745,183
$
$
9,782,447 651,177 10,433,624
9,782,447 651,177 10,433,624
6,130,114 915,686 410,308 482,973 1,239,667 1,148,994 817,127 1
6,130,114 915,686 410,308 482,973 1,239,667 1,148,994 817,127 11,144,869
$862,386
$862,386
3,688,278 (225,336) 0
3,688,278 (225,336) 0
3,462,942
3,462,942
1,173,088 0 1,173,088
1,173,088 0 1,173,088
916,823 8,544,313
916,823 8,544,313
9,461,136
9,461,136
9,523,419 1,110,805 10,634,224
9,523,419 1,110,805 10,634,224
$
$
5,275,629 878,719 158,604 362,949 1,237,490 1,156,652 590,839 9
5,275,629 878,719 158,604 362,949 1,237,490 1,156,652 590,839 9,660,882
$1,660,105
$1,660,105
3,873,144 510,438 0
3,873,144 510,438 0
4,383,582
4,383,582
884,162 130 884,292
884,162 130 884,292
2,146,979 6,937,405
2,146,979 6,937,405
9,084,384
9,084,384
9,334,077 634,599 9,968,676
9,334,077 634,599 9,968,676
$
$
6,363,934 1,089,938 300,173 523,701 1,207,018 1,028,220 922,426
6,363,934 1,089,938 300,173 523,701 1,207,018 1,028,220 922,426 11,435,410
$893,659
$893,659
3,816,639 66,468 60
3,816,639 66,468 60
3,883,167
3,883,167
834,377 367 834,744
834,377 367 834,744
1,478,269 8,445,902
1,478,269 8,445,902
9,924,171
9,924,171
9,884,169 874,746 10,758,915
9,884,169 874,746 10,758,915
$
$
INTEREST AND DIVIDEND INCOME
INTEREST AND DIVIDEND INCOME
INTEREST AND DIVIDEND EXPENSE
INTEREST AND DIVIDEND EXPENSE
NET INTEREST INCOME
NET INTEREST INCOME
NON-INTEREST INCOME
NON-INTEREST INCOME
NON-INTEREST EXPENSE
NON-INTEREST EXPENSE
Total interest and dividend income
Total interest and dividend income
Net interest income after provision for loan losses
Net interest income after provision for loan losses
Total non-interest income
Total non-interest income
Total non-interest expense
Total non-interest expense
NET INCOME
NET INCOME
Total interest and dividend expense
Total interest and dividend expense
Loans Investments
Loans Investments
Provision for loan losses
Provision for loan losses
Share accounts Borrowings
Share accounts Borrowings
Compensation and benefits Office operations Member education an
Compensation and benefits Office operations Member education and promotion Occupancy Professional fees Operating fees and card processing Other
Fees, charges, interchange, and other Gain (loss) on sale of
Fees, charges, interchange, and other Gain (loss) on sale of assets Gain (loss) on sale of investments
2020
2020
2019
2019
Statements of Income
Statements of Income
Years ended - December 31, 2020 and 2019
Years ended - December 31, 2020 and 2019
Financial Condition
Financial Condition
Balance Sheets - December 31, 2020 and 2019
Balance Sheets - December 31, 2020 and 2019
Cash and cash equivalents Investments Net loans to members
Cash and cash equivalents Investments Net loans to members Loans held for re-sale Property and equipment, net Repossessed assets Prepaid expenses and other assets
Appropriated statutory reserve Unrealized gain (loss)
Appropriated statutory reserve Unrealized gain (loss) on securities Retained earnings
Total members' equity
Total members' equity
MEMBERS’ EQUITY
MEMBERS’ EQUITY
Members' shares Accounts payable and accrued liabilities
Members' shares Accounts payable and accrued liabilities
LIABILITIES
LIABILITIES
2020
2020
2019
2019
5,753,036 166,605 26,305,989 32,225,630 $262,084,279
5,753,036 166,605 26,305,989 32,225,630 $262,084,279
Layer 14
225,418,286 4,440,363 229,858,649
225,418,286 4,440,363 229,858,649
37,699,419 25,639,185 189,858,797 255,000 4,087,464 0 4,544,414
37,699,419 25,639,185 189,858,797 255,000 4,087,464 0 4,544,414 $262,084,279
$
$
5,403,036 189,725 24,995,884 30,588,645 $236,151,339
5,403,036 189,725 24,995,884 30,588,645 $236,151,339
Layer 14
201,820,334 3,742,360 $205,562,694
201,820,334 3,742,360 $205,562,694
13,000,568 29,784,892 181,720,370 0 4,830,249 0 6,815,260 $236,
13,000,568 29,784,892 181,720,370 0 4,830,249 0 6,815,260 $236,151,339
$
$
4,953,036 (65,086) 24,583,498 29,471,448 $238,914,685
4,953,036 (65,086) 24,583,498 29,471,448 $238,914,685
205,919,814 3,523,423 $209,443,237
205,919,814 3,523,423 $209,443,237
17,447,727 33,619,154 176,998,398 0 5,789,353 50,744 5,009,309
17,447,727 33,619,154 176,998,398 0 5,789,353 50,744 5,009,309 $238,914,685
$
$
4,953,036 (11,065) 23,689,839 28,631,810 $244,160,695
4,953,036 (11,065) 23,689,839 28,631,810 $244,160,695
212,527,849 3,001,036 $215,528,885
212,527,849 3,001,036 $215,528,885
13,243,841 35,451,120 183,965,237 638,250 5,653,079 0 5,209,168
13,243,841 35,451,120 183,965,237 638,250 5,653,079 0 5,209,168 $244,160,695
$
$
Total assets
Total assets
Total liabilities
Total liabilities
Total liabilities and members’ equity
Total liabilities and members’ equity
ASSETS
ASSETS
LIABILITIES AND MEMBERS’ EQUITY
LIABILITIES AND MEMBERS’ EQUITY
Sandy Hamo Chairperson of the Board
Sandy Hamo Chairperson of the Board
Dear Members, Colleagues, and Friends: As we look back at a
Dear Members, Colleagues, and Friends: As we look back at a very eventful year, a period of profound political and economic change, it is astounding how much Cardinal has accomplished. The fiscal performance is notable with our strength in capital and our ability to quickly adapt to serve our members, communities, and businesses across Northeast Ohio. We want to thank all of you for your confidence, patience, and understanding in 2020. During 2020, uncertainty reigned. Our mission, however, did not waiver: to brighten our members’ financial future. We were able to support members’ monetary goals, reinvest profits back into the credit union, and head into the future with action to improve the households we serve. Our team reworked investments and quickly established a Small Business Administration partnership setting up a simple process for Paycheck Protection Program applicants. We accelerated investments in hardship assistance programs offering much-needed relief promptly. The debit card was modernized with contactless payment, a new logo, and enhanced security features. In November, we introduced Advantage Checking: an account with personal protection benefits and tools offering savings on things you purchase every day. The monetary discounts are numerous and varied: shopping and dining coupons from local merchants, cell phone protection, roadside assistance, and personal identity theft benefits, to name a few. Last year, we boldly embraced change, and leveraged technology rolling out digital wallet payment options. We enhanced remote check deposit capabilities, implemented a free text system alerting debit and credit card-holders to potentially fraudulent transactions, and online appointment scheduling. Although the pandemic and its economic slowdown have been difficult, we are happy to report Cardinal had a solid year and is progressing despite challenging conditions. We believe by reinvesting liquidity in our people, products, and services that help change members’ lives for the better, is an investment in our collective future. We hope it offers value and promise knowing your credit union has been steadily investing in technology, expanding our service team, and making other infrastructure improvements today, that will deliver significant, long-term savings, tomorrow. Respectfully submitted,
The Audit Oversight Committee is responsible for overseeing the
The Audit Oversight Committee is responsible for overseeing the financial records and monitoring and evaluating the credit union’s operations and compliance practices. This is accomplished by supervising the external audit that is performed annually. This year’s external audit was conducted by the certified public accounting firm of Lillie & Company, LLC. The results of the audit of Cardinal Credit Union indicate that our financial reports are properly prepared and fairly reflect your credit union’s financial condition.
Christine Blake President and CEO
Christine Blake President and CEO
CHAIRPERSON and PRESIDENT’S REPORT
CHAIRPERSON and PRESIDENT’S REPORT
Audit Oversight Committee Report
Audit Oversight Committee Report
James Brumbaugh | Audit Oversight Committee Chairperson
James Brumbaugh | Audit Oversight Committee Chairperson
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