Annual Report 2018 Text Version
President & Chief Executive Officer Message
It is my pleasure to write to you as we complete SeaComm’s 55th year of operation. We exceeded our own expectations based upon our Board-approved budget forecasts. Member satisfaction, staff engagement and overall profitability remained high. Membership grew by 4% placing us in a top tier in NYS for 12-month member growth. Our financial position today continues to remain solid. Year-end assets climbed in excess of $546 million. At the same time, our net operating expenses YTD were at 2%, well below our goal of 2.75%. We finished the year with a net income of $5.6 million, garnering us more than $78 million in total equity. Capital remains a key component to our financial health ensuring that we are able to withstand any uncertainty like we encountered during the most recent great recession, as well as to be viable well into the future.
We continue our planned expansion into Vermont. The Board of Directors approved the purchase of properties which are undergoing extensive due-diligence to ensure they are build ready. There is considerable time and effort put into the overall planning to ensure they are the right locations to serve our newest markets in the counties of Grand Isle, Franklin and Chittenden. It is expected that we will commence with construction of one of those locations late spring with others to follow in 2020 and 2021. Although we are adding a brand new market for us to serve, we are committed to exceeding member expectation in all of our locations as we have done for the past five and a half decades. It is important to know that we make certain everything we plan and ultimately implement has member and employee satisfaction as our end goal.
During the course of the year, we added or upgraded a number of our delivery channels, including participation in the CO-OP ATM network, which allows access for our membership to nearly 30,000 ATMs across the country surcharge free. This is a concrete way for SeaComm to continue to expand its service offerings at no cost to the membership. In addition, we have unveiled a new robust re-designed website, upgraded our mobile platform with a suite of new features and launched our newest service SeaComm Pay.
e were also chosen as one of the Best Companies to Work for in New York for an eighth year in a row. As one of the top mid-sized companies, our employees were asked to participate in an 82 question survey, along with requested criteria we had to provide. A few of the focus areas included role satisfaction, leadership and planning, work environment, corporate culture and communication as well as relationship with supervisor. We are extremely proud to be included within this privileged group.
We are extremely grateful to our 47,055 members who have put their trust in us, and we will continue to work diligently to remain strong in order to be able to serve our membership well into the future.
Scott A. Wilson
Click here to view the Income Statement, as printed in the Annual Report.
Click here to view the Statement of Condition, as printed in the Annual Report.
Board of Directors Chairman Message
It is the priority of the Board of Directors to ensure that the Credit Union is financially sound and is prepared for the future. No task is greater.
Countless hours are spent in planning to ensure that we have done everything possible for each member and to head-off any future challenges we may encounter. Our board is focused on long-term planning; and growth continues to be one of our major strategic goals.
It is our responsibility to create a vision for the future. It is management’s responsibility to make it happen. The success, which takes place at SeaComm, is accomplished with hard work and dedication of a committed team led by our CEO, management and staff.
In line with our strategic plan, we are now looking forward to the construction of our first branch in Vermont with its completion by mid-November. We are grateful to our Supervisory Committee, whose principle responsibility is to oversee a qualified independent audit. The results of that audit are shared within this report.
On behalf of the entire Board of Directors, thank you to our 47,055 members for allowing us to represent their interests and entrusting us with moving SeaComm forward in 2019 and beyond.
Myron F. Burns
Supervisory Committee Chairman Message
The Supervisory Committee monitors the Credit Union’s operations and procedures on behalf of the membership. Our responsibilities include overseeing the direction and focus of the internal audit function, initiating an annual external audit of the Credit Union’s financial records and control structure, commissioning member account verification and ensuring an ongoing review of closed accounts. The Supervisory Committee also serves as an ombudsman for members, responding confidentially to concerns, questions or complaints that have not otherwise been satisfactorily resolved.
Each year we have an annual audit performed by an independent CPA firm to ensure SeaComm’s financial statement accurately and fairly present the financial condition of the Credit Union and that Management practices and procedures safeguard members’ assets. The past year, we contracted with Nearman, Maynard, Vallez, CPAs, P.A. to conduct the annual financial audit.
The financial statements as of 12/31/2018 fairly present, in all material respects the Credit Union’s financial position, results of operations and cash flows. Based on the results of the annual audit by Nearman, Maynard, Vallez, CPAs, P.A., it is the opinion of the Supervisory Committee that SeaComm continues to be financially strong and operationally effective with sound policies and procedures. I extend thanks to the members of the Supervisory Committee, the Board of Directors, and the Management and staff of SeaComm for their cooperation, assistance, and support.
Board of Directors
30 Stearns Street
Massena, NY 13662
3349 Route 11
Malone, NY 12953
6 Sisson Street
Potsdam, NY 13676
101 East Main Street
Canton, NY 13617
3001 Ford Street Extension
Ogdensburg, NY 13669
139 Smithfield Blvd
Plattsburgh, NY 12901
Scott A. Wilson
President & Chief Executive Officer
Vice President of Accounting
Vice President of Loan Administration
Vice President of Human Resources
Vice President of Marketing & Communications
Vice President of Information Systems
Vice President of Retail Operations
Assistant VP of Retail Operations
Assistant VP of Loan Operations