annual report t w o t h o u s a n d f o u r t e e nin 2014, we are pleased to report that our...
TRANSCRIPT
Federally insured by NCUA
ANNUAL REPORT t w o t h o u s a n d f o u r t e e n
AM
ER
IC
U
CR
ED
IT
U
NI
ON
A
NN
UA
L
RE
PO
RT
2
01
4
ANNUAL REPORTtable of contents
TA
BL
E O
F C
ON
TE
NT
S
Me
ssag
e F
rom
Th
e C
hai
rman
An
d P
resi
de
nt.
....
....
....
....
....
....
..02
Su
pe
rvis
ory
Co
mm
itte
e R
ep
ort
....
....
....
....
....
....
....
....
....
....
....
05
Au
dit
ed
Co
nso
lidat
ed
Fin
anci
al S
tate
me
nts
An
d O
the
r Fi
nan
cial
In
form
atio
n..
....
....
....
....
....
....
....
....
....
....
06
Bo
ard
An
d M
anag
em
en
t...
....
....
....
....
....
....
....
....
....
....
....
....
.35
Fin
anci
al L
oca
tio
ns.
....
....
....
....
....
....
....
....
....
....
....
....
....
....
....
37
AM
ER
IC
U
CR
ED
IT
U
NI
ON
A
NN
UA
L
RE
PO
RT
2
01
4
2
Pre
sid
en
t’s
Me
ssa
ge
A S
TR
ON
G F
OU
ND
AT
ION
FO
R A
N I
NN
OV
AT
IVE
FU
TU
RE
In t
he
ban
kin
g s
pac
e, in
no
vati
on
is n
o lo
ng
er
incr
em
en
tal;
it’s
exp
on
en
tial
. Th
e m
ost
re
mar
kab
le a
dva
nce
s h
ave
no
t
be
en
in t
he
re
alm
of
pro
du
cts
and
se
rvic
es,
bu
t ra
the
r in
th
e
way
in w
hic
h t
ho
se p
rod
uct
s an
d s
erv
ice
s ar
e d
eliv
ere
d a
nd
con
sum
ed
. Th
ese
inn
ova
tio
ns
are
no
t d
rive
n b
y th
e "
nan
cial
ind
ust
ry, b
ut
by
tech
no
log
y p
ion
ee
rs s
uch
as
Ap
ple
an
d
Go
og
le.
Ho
we
ver,
as m
ob
ile d
evi
ces
adva
nce
, so
to
o d
o t
he
app
licat
ion
s fo
r n
ear
ly e
very
ind
ust
ry, i
ncl
ud
ing
"n
ance
. In
just
th
e p
ast
few
mo
nth
s, w
e h
ave
se
en
maj
or
inn
ova
tio
ns
in
mo
bile
bio
me
tric
se
curi
ty p
roto
cols
an
d w
ear
able
de
vice
s,
use
s fo
r w
hic
h a
re a
lre
ady
mak
ing
th
eir
way
into
th
e b
anki
ng
sph
ere
. Th
e k
ey
to o
ur
succ
ess
is t
o p
osi
tio
n A
me
riC
U t
o
cap
ital
ize
on
su
ch in
no
vati
on
s.
Me
mb
ers
as
con
sum
ers
de
man
d e
ase
of
exe
cuti
on
. Th
ey
wan
t to
co
nd
uct
bu
sin
ess
wh
en
eve
r, w
he
reve
r, an
d h
ow
eve
r
the
y ch
oo
se. W
e k
ne
w f
rom
list
en
ing
to
ou
r m
em
be
rs t
hat
Am
eri
CU
’s o
nlin
e +
mo
bile
ban
kin
g p
latf
orm
pu
t u
s at
a
seri
ou
s co
mp
eti
tive
dis
adva
nta
ge.
In 2
01
3, w
e s
ele
cte
d
a n
ew
sin
gle
-so
urc
e o
nlin
e +
mo
bile
ban
kin
g p
latf
orm
,
wh
ich
we
imp
lem
en
ted
in 2
01
4. T
his
pro
ject
was
on
e o
f th
e
mo
st a
mb
itio
us
and
far
-re
ach
ing
in o
ur
his
tory
, de
man
din
g
the
ne
arly
fu
ll-ti
me
att
en
tio
n o
f a
cro
ss-f
un
ctio
nal
te
am
for
alm
ost
nin
e m
on
ths.
We
intr
od
uce
d o
ur
ne
w p
latf
orm
Oct
ob
er
29
, 20
14
. It
has
be
en
pra
ise
d b
y o
ur
me
mb
ers
for
its
vast
ly im
pro
ved
use
r ex
pe
rie
nce
an
d c
apab
iliti
es,
wh
ich
no
w in
clu
de
mo
bile
de
po
sits
, mo
bile
loan
ap
plic
atio
ns
wit
h
inst
ant
de
cisi
on
ing
, an
d t
ext
ban
kin
g. M
ost
imp
ort
antl
y, t
he
pla
tfo
rm p
osi
tio
ns
Am
eri
CU
to
leve
rag
e f
utu
re in
no
vati
on
s,
par
ticu
larl
y th
ose
in t
he
mo
bile
sp
ace.
In a
dd
itio
n, i
n 2
01
4 w
e
mad
e p
rep
arat
ion
s to
imp
lem
en
t A
pp
le P
ay, w
hic
h is
sla
ted
for
de
plo
yme
nt
in e
arly
20
15
.
In c
on
cert
wit
h m
ob
ile b
anki
ng
, th
e n
ew
gro
wth
str
ate
gy
man
dat
es
that
we
cap
ital
ize
on
th
e e
xplo
sive
gro
wth
in s
oci
al
me
dia
, par
ticu
larl
y d
eliv
ere
d t
hro
ug
h m
ob
ile a
pp
licat
ion
s. If
no
thin
g e
lse,
so
cial
me
dia
ch
ann
els
pre
sen
t a
low
-co
st w
ay t
o
reac
h a
larg
e n
um
be
r o
f p
eo
ple
inst
anta
ne
ou
sly.
If o
pti
miz
ed
,
soci
al m
ed
ia p
rese
nt
an o
pp
ort
un
ity
to m
anag
e r
ep
uta
tio
n,
bu
ild b
ran
d, a
nd
de
velo
p e
ng
age
d “f
ans”
– f
ans
that
mak
e
"n
anci
al d
eci
sio
ns
eac
h d
ay. W
hile
it is
sti
ll cl
ear
th
at n
o
"n
anci
al in
stit
uti
on
has
op
tim
ize
d s
oci
al m
ed
ia p
ure
ly a
s a
sale
s e
ng
ine,
it is
eq
ual
ly c
lear
th
at A
me
riC
U c
ann
ot
leve
rag
e
this
ch
ann
el i
f w
e d
on
’t u
se it
. As
such
, Am
eri
CU
focu
sed
on
gro
win
g o
ur
soci
al m
ed
ia p
rese
nce
in 2
01
4. W
e g
rew
ou
r so
cial
me
dia
au
die
nce
95
0%
fro
m le
ss t
han
2K
to
mo
re t
han
21
K b
y
year
en
d, e
arn
ing
Am
eri
CU
a s
oci
al m
ed
ia r
anki
ng
of
#21
in t
he
wo
rld
by
The
Fin
anci
al B
ran
d.
We
are
no
w w
ell-
po
siti
on
ed
to
dri
ve r
eal
gro
wth
th
rou
gh
th
is c
han
ne
l.
As
we
inn
ova
te fo
r o
ur
futu
re, w
e m
ust
pre
serv
e w
hat
has
mad
e A
me
riC
U s
o s
ucc
ess
ful:
ou
r co
mm
itm
en
t to
ou
r m
em
be
rs
and
ou
r co
mm
un
itie
s. A
s in
ye
ars
pas
t, w
e r
em
ain
focu
sed
on
de
ligh
tin
g o
ur
me
mb
ers
. To
en
sure
th
at w
e a
re a
chie
vin
g t
his
go
al, A
me
riC
U p
artn
ers
wit
h D
elu
xe/C
SP t
o m
eas
ure
ove
rall
me
mb
er
sati
sfac
tio
n. W
e b
en
chm
ark
ou
r p
erf
orm
ance
ag
ain
st
30
+ la
rge
"n
anci
al in
stit
uti
on
s ac
ross
th
e c
ou
ntr
y. O
ur
go
al is
to a
chie
ve a
min
imu
m s
core
of
94
(“h
igh
ly s
atis
"e
d”)
, bas
ed
on
the
ind
ust
ry’s
to
p p
erf
orm
ers
. In
20
14
, we
are
ple
ase
d t
o r
ep
ort
that
ou
r av
era
ge
sco
re w
as 9
6.8
3.
In a
dd
itio
n, A
me
riC
U’s
20
14
to
tal l
oan
pro
du
ctio
n e
xce
ed
ed
$3
62
.4M
. Of
that
, $1
98
.0M
was
co
mp
rise
d o
f co
nsu
me
r lo
ans,
$7
3.0
M in
ho
me
eq
uit
y lo
ans,
an
d $
84
.4M
in m
ort
gag
es.
As
of
year
-en
d 2
01
4, o
ur
tota
l lo
an p
ort
folio
exc
ee
de
d $
1.0
50
B.
In t
he
life
of
an e
nte
rpri
se, a
bu
sin
ess
is la
un
che
d, g
row
s ex
po
ne
nti
ally
as
it a
cqu
ire
s n
ew
cu
sto
me
rs, b
ut
the
n p
late
aus
as
op
po
rtu
nit
ies
for
"rs
t g
en
era
tio
n p
rod
uct
s an
d s
erv
ice
s ru
n t
he
ir c
ou
rse.
To
su
stai
n g
row
th, c
om
pan
ies
mu
st r
eac
h n
ew
mar
kets
wit
h b
ett
er
pro
du
cts
and
se
rvic
es,
dri
ve b
usi
ne
ss t
hro
ug
h m
ore
e&
cie
nt
chan
ne
ls, a
nd
su
pp
ort
tra
dit
ion
al c
ust
om
ers
. Th
e li
fe
cycl
e o
f su
cce
ssfu
l org
aniz
atio
ns
is t
he
refo
re o
fte
n d
ep
icte
d a
s a
seri
es
of
S-cu
rve
s. S
ucc
ess
ful c
om
pan
ies
fore
see
th
e p
late
aus
and
dri
ve n
ew
wav
es
of
gro
wth
th
rou
gh
inn
ova
tio
n.
Thro
ug
h 2
01
3, A
me
riC
U e
xpe
rie
nce
d a
nn
ual
do
ub
le-d
igit
gro
wth
th
at
exce
ed
ed
mo
st o
f o
ur
pe
ers
in t
he
Sta
te, t
he
No
rth
eas
t, a
nd
eve
n in
the
co
un
try.
Ho
we
ver,
the
Cre
dit
Un
ion
was
fas
t ap
pro
ach
ing
a p
late
au
trig
ge
red
bo
th b
y m
arke
t fo
rce
s an
d g
row
ing
pai
ns.
As
we
pla
nn
ed
for
20
14
, we
re
*e
cte
d o
n o
ur
core
co
mp
ete
nci
es,
te
chn
olo
gy,
sta
&n
g,
and
mar
kets
, an
d o
ur
visi
on
for
the
fu
ture
. We
re
solv
ed
to
tak
e a
ctio
ns
ne
cess
ary
to p
osi
tio
n A
me
riC
U fo
r fu
ture
gro
wth
th
rou
gh
inn
ova
tio
n,
wh
ile c
on
tin
uin
g t
o p
rovi
de
me
mb
ers
wit
h o
uts
tan
din
g s
erv
ice.
WWW.AMERICU.ORG | 800.388.2000
43
Of
that
, we
he
ld $
33
2.4
M in
ve
hic
le lo
ans
(au
to, m
oto
rcyc
le, R
V, m
arin
e),
$3
84
.2M
in h
om
e e
qu
ity
loan
s, $
25
8.8
M in
mo
rtg
age
s, $
55
.7M
in p
ers
on
al lo
ans,
$1
3.0
M in
ed
uca
tio
nal
loan
s, a
nd
$9
.9M
in c
om
me
rcia
l lo
ans.
On
th
e d
ep
osi
t si
de,
Am
eri
CU
he
ld $
1.1
34
B in
sh
are
s as
of
the
en
d o
f 2
01
4. H
un
dre
ds
of
me
mb
ers
tu
rne
d t
o A
me
riC
U fo
r in
sura
nce
an
d
reti
rem
en
t p
lan
nin
g s
erv
ice
s. A
me
riC
U S
erv
ice
s, L
LC e
xpe
rie
nce
d g
row
th o
f 5
% in
20
14
, an
d a
s o
f ye
ar-e
nd
, he
ld 3
,06
2
con
sum
er
insu
ran
ce p
olic
ies
for
$2
.9M
in p
rem
ium
, an
d 1
70
co
mm
erc
ial i
nsu
ran
ce p
olic
ies
for
$9
35
K in
pre
miu
m. A
me
riC
U
Cap
ital
Man
age
me
nt’s
me
mb
er
reti
rem
en
t b
usi
ne
ss g
rew
by
16
.7%
in 2
01
4 t
o 7
02
clie
nts
wit
h m
ore
th
an $
14
0M
in a
sse
ts
un
de
r m
anag
em
en
t.
Such
re
sult
s ar
e t
he
pro
du
ct o
f a
tru
ly o
uts
tan
din
g a
nd
de
dic
ate
d s
ta<
. Am
eri
CU
exp
ect
s a
gre
at d
eal
fro
m a
ll o
ur
em
plo
yee
s. T
he
y m
ust
hav
e d
ee
p a
nd
bro
ad k
no
wle
dg
e o
f o
ur
pro
du
cts,
se
rvic
es,
an
d s
yste
ms.
Th
ey
mu
st b
e a
ccu
rate
,
e&
cie
nt,
an
d c
om
plia
nt.
Th
ey
mu
st d
eliv
er
ou
tsta
nd
ing
se
rvic
e w
ith
eve
ry s
ing
le in
tera
ctio
n. B
ut
abo
ve a
nd
be
yon
d t
he
ir
job
re
spo
nsi
bili
tie
s, o
ur
em
plo
yee
s al
so s
erv
e a
s am
bas
sad
ors
of
the
Cre
dit
Un
ion
an
d s
up
po
rt t
he
ch
arit
ies
and
cau
ses
that
are
imp
ort
ant
to o
ur
com
mu
nit
ies.
It t
ake
s a
gre
at d
eal
of
extr
a ti
me,
e<
ort
, an
d d
ed
icat
ion
to
acc
om
plis
h t
hat
. In
20
14
, ou
r st
a<
con
trib
ute
d t
ho
usa
nd
s o
f h
ou
rs w
ork
ing
for
mo
re t
han
75
loca
l no
n-p
ro"
t o
rgan
izat
ion
s in
clu
din
g t
he
Am
eri
can
He
art
Ass
oci
atio
n, t
he
Am
eri
can
Re
d C
ross
, th
e A
me
rica
n C
ance
r So
cie
ty, t
he
Mu
scu
lar
Dys
tro
ph
y A
sso
ciat
ion
,
the
Car
ol M
. Bal
dw
in B
reas
t C
ance
r R
ese
arch
Fu
nd
, th
e U
SO, a
nd
th
e U
.S. A
rmy
10
th M
ou
nta
in D
ivis
ion
.
As
a te
stam
en
t to
th
is c
om
mit
me
nt,
Am
eri
CU
was
aw
ard
ed
th
e N
ew
Yo
rk C
red
it U
nio
n A
sso
ciat
ion
’s 2
01
4 D
ora
Max
we
ll
Soci
al R
esp
on
sib
ility
Co
mm
un
ity
Serv
ice
Aw
ard
, th
e p
urp
ose
of
wh
ich
is t
o “p
rom
ote
so
cial
re
spo
nsi
bili
ty a
mo
ng
cre
dit
un
ion
s b
y fo
rmal
ly r
eco
gn
izin
g t
he
ir c
om
mu
nit
y se
rvic
e a
chie
vem
en
ts”.
Am
eri
CU
was
als
o n
ame
d 2
01
4 C
om
mu
nit
y C
red
it
Un
ion
of
the
Ye
ar b
y th
e C
red
it U
nio
n N
atio
nal
Ass
oci
atio
n (C
UN
A),
bas
ed
on
ou
r im
pac
t o
n o
ur
me
mb
ers
, ou
r co
mm
un
ity,
and
ou
r "
nan
cial
pe
rfo
rman
ce.
This
aw
ard
is t
he
hig
he
st h
on
or
a co
mm
un
ity-
char
tere
d c
red
it u
nio
n c
an r
ece
ive.
We
we
re
gra
tefu
l to
re
ceiv
e it
, as
it r
eco
gn
ize
s an
d v
alid
ate
s o
ur
em
plo
yee
s in
a w
ay t
hat
we
sim
ply
can
no
t. It
is a
n h
on
or
of
wh
ich
the
y ar
e v
ery
de
serv
ing
, an
d o
f w
hic
h t
he
y ar
e in
cre
dib
ly p
rou
d.
It w
as a
pe
rfe
ct w
ay b
oth
to
en
d 2
01
4 a
nd
to
be
gin
20
15
.
We
be
gin
wit
h a
fre
sh s
en
se o
f p
urp
ose
, kn
ow
ing
th
at A
me
riC
U is
in a
str
on
ge
r p
osi
tio
n t
o t
ake
car
e o
f o
ur
me
mb
ers
be
tte
r
than
eve
r, lo
ng
into
th
e f
utu
re.
Joh
n A
. Ste
ve
nso
n
Ch
airm
an o
f th
e B
oar
d
Ma
rk P
" st
ere
r
Pre
sid
en
t an
d C
EO
Am
eri
CU
Cre
dit
Un
ion
AM
ER
IC
U
CR
ED
IT
U
NI
ON
A
NN
UA
L
RE
PO
RT
2
01
4
6
The
Su
pe
rvis
ory
Co
mm
itte
e is
ap
po
inte
d b
y th
e B
oar
d o
f D
ire
cto
rs t
o r
ep
rese
nt
the
me
mb
ers
hip
. As
you
r re
pre
sen
tati
ves,
th
e C
om
mit
tee
att
en
ds
mo
nth
ly B
oar
d m
ee
tin
gs
and
has
fre
e a
nd
op
en
acc
ess
to
Cre
dit
Un
ion
pe
rso
nn
el a
nd
"n
anci
al r
eco
rds.
In
con
jun
ctio
n w
ith
th
e In
tern
al A
ud
it D
ep
artm
en
t, t
he
Co
mm
itte
e a
ctiv
ely
pe
rfo
rms
cash
cou
nts
, re
solv
es
me
mb
er
con
cern
s an
d d
ete
rmin
es
that
inte
rnal
co
ntr
ols
are
est
ablis
he
d
and
e<
ect
ive
ly m
ain
tain
ed
. A p
rim
ary
fun
ctio
n o
f th
e S
up
erv
iso
ry C
om
mit
tee
is t
o
en
sure
th
at t
he
Cre
dit
Un
ion
’s "
nan
cial
re
cord
s ar
e p
rop
erl
y m
ain
tain
ed
an
d t
hat
th
ey
accu
rate
ly r
e*
ect
th
e o
pe
rati
on
s o
f th
e C
red
it U
nio
n. T
o a
cco
mp
lish
th
is f
un
ctio
n, t
he
Ind
ep
en
de
nt
Ce
rti"
ed
Pu
blic
Acc
ou
nti
ng
"rm
of
Firl
ey,
Mo
ran
, Fre
er
& E
assa
, CPA
, P.C
.
con
du
cte
d a
ce
rti"
ed
au
dit
of
the
Cre
dit
Un
ion
’s "
nan
cial
sta
tem
en
ts fo
r th
e y
ear
en
de
d
De
cem
be
r 3
1, 2
01
4. B
ase
d o
n t
he
fav
ora
ble
au
dit
th
at h
as b
ee
n c
on
du
cte
d b
y th
e
exte
rnal
au
dit
ors
, th
e S
up
erv
iso
ry C
om
mit
tee
is s
atis
"e
d t
hat
yo
ur
Cre
dit
Un
ion
is in
go
od
"n
anci
al c
on
dit
ion
an
d t
hat
"n
anci
al s
tate
me
nts
are
re
po
rte
d in
acc
ord
ance
wit
h
acco
un
tin
g p
rin
cip
les
ge
ne
rally
acc
ep
ted
in t
he
Un
ite
d S
tate
s o
f A
me
rica
(GA
AP
).
Ro
be
rt J
. An
ge
lho
w
Ch
airm
an, S
up
erv
iso
ry C
om
mit
tee
Lu
is M
. Ma
rin
a
Me
mb
er,
Sup
erv
iso
ry C
om
mit
tee
La
ura
Fle
ck
Me
mb
er,
Sup
erv
iso
ry C
om
mit
tee
Su
pe
rvis
ory
Co
mm
itte
e R
ep
ort
AU
DIT
ED
CO
NS
OL
IDA
TE
D F
INA
NC
IAL
ST
AT
EM
EN
TS
:
Ind
ep
en
de
nt A
ud
ito
r’s
Re
po
rt..
....
....
....
....
....
....
....
....
....
....
....
....
07
Co
nso
lidat
ed
Sta
tem
en
ts o
f Fi
nan
cial
Co
nd
itio
n..
....
....
....
....
....
....
08
Co
nso
lidat
ed
Sta
tem
en
ts o
f In
com
e...
....
....
....
....
....
....
....
....
....
...
09
Co
nso
lidat
ed
Sta
tem
en
ts o
f C
om
pre
he
nsi
ve In
com
e...
....
....
....
....
.10
Co
nso
lidat
ed
Sta
tem
en
ts o
f M
em
be
rs’ E
qu
ity.
....
....
....
....
....
....
....
.11
Co
nso
lidat
ed
Sta
tem
en
ts o
f Cas
h F
low
s...
....
....
....
....
....
....
....
....
...
12
No
tes
to C
on
solid
ate
d F
inan
cial
Sta
tem
en
ts..
....
....
....
....
....
....
....
..14
OT
HE
R F
INA
NC
IAL
IN
FO
RM
AT
ION
:
Ind
ep
en
de
nt
Au
dit
or’s
Re
po
rt o
n O
the
r Fi
nan
cial
Info
rmat
ion
....
....
30
De
tails
of
Co
nso
lidat
ed
Sta
tem
en
t o
f Fi
nan
cial
Co
nd
itio
n .
....
....
....
31
De
tails
of
Co
nso
lidat
ed
Sta
tem
en
t o
f In
com
e...
....
....
....
....
....
....
...
34
Au
dit
ed
Co
nso
lid
ate
d F
ina
nci
al
Sta
tem
en
ts
An
d O
the
r F
ina
nci
al
Info
rma
tio
n
AM
ER
ICU
CR
ED
IT U
NIO
N A
ND
SU
BS
IDIA
RIE
SD
ece
mb
er
31
, 2
01
4 a
nd
20
13
AM
ER
ICU
CR
ED
IT U
NIO
N A
NN
UA
L R
EP
OR
T 2
01
4
WWW.AMERICU.ORG | 800.388.2000
87
50
10
Cam
pu
swo
od
Dri
ve •
East
Syr
acu
se, N
ew
Yo
rk 1
30
57
TE
L: 3
15
.47
2.7
04
5 •
FA
X: 3
15
.47
2.7
05
3 •
ww
w.f
mfe
cpa
.co
m
Ind
ep
en
de
nt
Au
dit
or’
s R
ep
ort
To t
he
Su
pe
rvis
ory
Co
mm
itte
e a
nd
Bo
ard
of
Dir
ect
ors
Am
eri
CU
Cre
dit
Un
ion
Ro
me
, Ne
w Y
ork
Re
po
rt o
n t
he
Co
nso
lid
ate
d F
ina
nci
al
Sta
tem
en
ts
We
hav
e a
ud
ite
d t
he
acc
om
pan
yin
g c
on
solid
ate
d "
nan
cial
sta
tem
en
ts o
f A
me
riC
U C
red
it U
nio
n a
nd
Su
bsi
dia
rie
s w
hic
h c
om
pri
se t
he
con
solid
ate
d s
tate
me
nts
of
"n
anci
al c
on
dit
ion
as
of
De
cem
be
r 3
1, 2
01
4 a
nd
20
13
, an
d t
he
re
late
d c
on
solid
ate
d s
tate
me
nts
of
inco
me,
com
pre
he
nsi
ve in
com
e, m
em
be
rs’ e
qu
ity
and
cas
h *
ow
s fo
r th
e y
ear
s th
en
en
de
d a
nd
th
e r
ela
ted
no
tes
to t
he
co
nso
lidat
ed
"n
anci
al s
tate
me
nts
.
Ma
na
ge
me
nt’
s R
esp
on
sib
ilit
y f
or
the
Co
nso
lid
ate
d F
ina
nci
al
Sta
tem
en
ts
Man
age
me
nt
is r
esp
on
sib
le fo
r th
e p
rep
arat
ion
an
d f
air
pre
sen
tati
on
of
the
se c
on
solid
ate
d "
nan
cial
sta
tem
en
ts in
acc
ord
ance
wit
h a
cco
un
tin
g
pri
nci
ple
s g
en
era
lly a
cce
pte
d in
th
e U
nit
ed
Sta
tes
of
Am
eri
ca; t
his
incl
ud
es
the
de
sig
n, i
mp
lem
en
tati
on
, an
d m
ain
ten
ance
of
inte
rnal
co
ntr
ol
rele
van
t to
th
e p
rep
arat
ion
an
d f
air
pre
sen
tati
on
of
con
solid
ate
d "
nan
cial
sta
tem
en
ts t
hat
are
fre
e f
rom
mat
eri
al m
isst
ate
me
nt,
wh
eth
er
du
e t
o
frau
d o
r e
rro
r.
Au
dit
or’
s R
esp
on
sib
ilit
y
Ou
r re
spo
nsi
bili
ty is
to
exp
ress
an
op
inio
n o
n t
he
se c
on
solid
ate
d "
nan
cial
sta
tem
en
ts b
ase
d o
n o
ur
aud
its.
We
co
nd
uct
ed
ou
r au
dit
s in
acco
rdan
ce w
ith
au
dit
ing
sta
nd
ard
s g
en
era
lly a
cce
pte
d in
th
e U
nit
ed
Sta
tes
of
Am
eri
ca. T
ho
se s
tan
dar
ds
req
uir
e t
hat
we
pla
n a
nd
pe
rfo
rm t
he
aud
it t
o o
bta
in r
eas
on
able
ass
ura
nce
ab
ou
t w
he
the
r th
e c
on
solid
ate
d "
nan
cial
sta
tem
en
ts a
re f
ree
of
mat
eri
al m
isst
ate
me
nt.
An
au
dit
invo
lve
s p
erf
orm
ing
pro
ced
ure
s to
ob
tain
au
dit
evi
de
nce
ab
ou
t th
e a
mo
un
ts a
nd
dis
clo
sure
s in
th
e c
on
solid
ate
d "
nan
cial
sta
tem
en
ts.
The
pro
ced
ure
s se
lect
ed
de
pe
nd
on
th
e a
ud
ito
r’s ju
dg
me
nt,
incl
ud
ing
th
e a
sse
ssm
en
t o
f th
e r
isks
of
mat
eri
al m
isst
ate
me
nt
of
the
co
nso
lidat
ed
"n
anci
al s
tate
me
nts
, wh
eth
er
du
e t
o f
rau
d o
r e
rro
r. In
mak
ing
th
ose
ris
k as
sess
me
nts
, th
e a
ud
ito
r co
nsi
de
rs in
tern
al c
on
tro
l re
leva
nt
to t
he
en
tity
’s p
rep
arat
ion
an
d f
air
pre
sen
tati
on
of
the
co
nso
lidat
ed
"n
anci
al s
tate
me
nts
in o
rde
r to
de
sig
n a
ud
it p
roce
du
res
that
are
ap
pro
pri
ate
in
the
cir
cum
stan
ces,
bu
t n
ot
for
the
pu
rpo
se o
f ex
pre
ssin
g a
n o
pin
ion
on
th
e e
<e
ctiv
en
ess
of
the
en
tity
’s in
tern
al c
on
tro
l. A
cco
rdin
gly
, we
exp
ress
no
su
ch o
pin
ion
. An
au
dit
als
o in
clu
de
s e
valu
atin
g t
he
ap
pro
pri
ate
ne
ss o
f ac
cou
nti
ng
po
licie
s u
sed
an
d t
he
re
aso
nab
len
ess
of
sig
ni"
can
t
acco
un
tin
g e
stim
ate
s m
ade
by
man
age
me
nt,
as
we
ll as
eva
luat
ing
th
e o
vera
ll p
rese
nta
tio
n o
f th
e c
on
solid
ate
d "
nan
cial
sta
tem
en
ts.
We
be
lieve
th
at t
he
au
dit
evi
de
nce
we
hav
e o
bta
ine
d is
su
&ci
en
t an
d a
pp
rop
riat
e t
o p
rovi
de
a b
asis
for
ou
r au
dit
op
inio
n.
Op
inio
n
In o
ur
op
inio
n, t
he
co
nso
lidat
ed
"n
anci
al s
tate
me
nts
re
ferr
ed
to
ab
ove
pre
sen
t fa
irly
, in
all
mat
eri
al r
esp
ect
s, t
he
"n
anci
al p
osi
tio
n o
f A
me
riC
U
Cre
dit
Un
ion
an
d S
ub
sid
iari
es
as o
f D
ece
mb
er
31
, 20
14
an
d 2
01
3, a
nd
th
e r
esu
lts
of
the
ir o
pe
rati
on
s an
d t
he
ir c
ash
*o
ws
for
the
ye
ars
the
n
en
de
d in
acc
ord
ance
wit
h a
cco
un
tin
g p
rin
cip
les
ge
ne
rally
acc
ep
ted
in t
he
Un
ite
d S
tate
s o
f A
me
rica
.
East
Syr
acu
se, N
ew
Yo
rk
Feb
ruar
y 2
7, 2
01
5
Co
nso
lid
ate
d S
tate
me
nts
of
Fin
an
cia
l C
on
dit
ion
AM
ER
ICU
CR
ED
IT U
NIO
N A
ND
SU
BS
IDIA
RIE
S
DE
CE
MB
ER
31
,
20
14
20
13
AS
SE
TS
Cas
h a
nd
cas
h e
qu
ival
en
ts$
13
9,4
39
,09
2$
11
3,5
06
,97
1
De
po
sits
at
corp
ora
te c
red
it u
nio
n1
75
,10
51
75
,10
5
Loan
s to
me
mb
ers
, ne
t o
f al
low
ance
fo
r lo
an lo
sse
s1
,04
8,8
78
,55
41
,07
6,9
94
,28
3
Loan
s h
eld
for
sale
1,7
15
,01
28
75
,35
9
Acc
rue
d in
tere
st r
ece
ivab
le2
,93
1,2
24
3,0
48
,94
5
Oth
er
asse
ts3
8,6
58
,62
43
9,3
60
,37
9
Pro
pe
rty
and
eq
uip
me
nt,
ne
t 3
1,9
60
,61
42
9,1
01
,52
1
TO
TA
L A
SS
ET
S$
1,2
63
,75
8,2
25
$ 1
,26
3,0
62
,56
3
LIA
BIL
ITIE
S A
ND
ME
MB
ER
S’ E
QU
ITY
LIA
BIL
ITIE
S
Me
mb
ers
’ sh
are
acc
ou
nts
$ 1
,13
4,2
98
,86
9$
1,1
44
,01
7,6
05
Acc
ou
nts
pay
able
an
d a
ccru
ed
liab
iliti
es
12
,20
1,4
35
13
,60
5,0
61
TO
TA
L L
IAB
ILIT
IES
1,1
46
,50
0,3
04
1,1
57
,62
2,6
66
ME
MB
ER
S’ E
QU
ITY
11
7,2
57
,92
11
05
,43
9,8
97
TO
TA
L L
IAB
ILIT
IES
AN
D M
EM
BE
RS
’ EQ
UIT
Y$
1,2
63
,75
8,2
25
$ 1
,26
3,0
62
,56
3
See
acco
mpa
nyin
g no
tes
to c
onso
lidat
ed "
nanc
ial s
tate
men
ts.
An
In
de
pe
nd
en
tly
Ow
ne
d M
em
be
r, M
cGla
dre
y A
llia
nce
McG
ladr
ey A
llian
ce is
a p
rem
ier a
#lia
tion
of i
ndep
ende
nt a
ccou
ntin
g an
d co
nsul
ting
"rm
s. M
cGla
drey
Alli
ance
mem
ber "
rms
mai
ntai
n th
eir n
ame,
aut
onom
y an
d in
depe
nden
ce a
nd
are
resp
onsi
ble
for t
heir
own
clie
nt fe
e ar
rang
emen
ts, d
eliv
ery
of s
ervi
ces
and
mai
nten
ance
of c
lient
rela
tion
ship
s.
AM
ER
ICU
CR
ED
IT U
NIO
N A
NN
UA
L R
EP
OR
T 2
01
4
WWW.AMERICU.ORG | 800.388.2000
109
Co
nso
lid
ate
d S
tate
me
nts
of
Inco
me
AM
ER
ICU
CR
ED
IT U
NIO
N A
ND
SU
BS
IDIA
RIE
S
YE
AR
EN
DE
D D
EC
EM
BE
R 3
1,
20
14
20
13
Inte
rest
in
com
e:
Inte
rest
on
loan
s$
43
,46
7,1
63
$ 4
2,6
30
,24
5
Inte
rest
on
inve
stm
en
ts a
nd
cas
h e
qu
ival
en
ts3
55
,46
33
33
,07
0
43
,82
2,6
26
42
,96
3,3
15
Inte
rest
ex
pe
nse
:
Div
ide
nd
s 9
,45
7,9
25
11
,47
6,1
44
NE
T I
NT
ER
ES
T I
NC
OM
E3
4,3
64
,70
13
1,4
87
,17
1
Pro
visi
on
for
loan
loss
es
2,0
59
,46
53
,10
0,9
86
NE
T I
NT
ER
ES
T I
NC
OM
E A
FT
ER
PR
OV
ISIO
N F
OR
LO
AN
LO
SS
ES
32
,30
5,2
36
28
,38
6,1
85
No
n-i
nte
rest
in
com
e:
Fee
s, s
erv
ice
ch
arg
es
and
oth
er
inco
me
19
,74
9,5
60
19
,37
2,3
45
Gai
n o
n s
ale
s o
f lo
ans
1,2
62
,16
62
,19
1,2
78
21
,01
1,7
26
21
,56
3,6
23
No
n-i
nte
rest
ex
pe
nse
:
Co
mp
en
sati
on
an
d b
en
e"
ts1
9,3
42
,10
11
8,7
90
,56
7
O&
ce o
ccu
pan
cy a
nd
op
era
tio
ns
15
,30
7,5
59
14
,32
5,1
09
Pro
fess
ion
al s
erv
ice
s4
,67
6,5
43
5,0
80
,19
4
Me
mb
ers
hip
se
rvic
es,
pro
mo
tio
ns
and
oth
er
2,1
72
,34
62
,44
2,3
23
Ass
ess
me
nts
-0-
86
0,7
37
41
,49
8,5
49
41
,49
8,9
30
NE
T I
NC
OM
E$
11
,81
8,4
13
$ 8
,45
0,8
78
See
acco
mpa
nyin
g no
tes
to c
onso
lidat
ed "
nanc
ial s
tate
men
ts.
Co
nso
lid
ate
d S
tate
me
nts
of
Co
mp
reh
en
siv
e I
nco
me
AM
ER
ICU
CR
ED
IT U
NIO
N A
ND
SU
BS
IDIA
RIE
S
YE
AR
EN
DE
D D
EC
EM
BE
R 3
1,
20
14
20
13
Ne
t in
com
e$
11
,81
8,4
13
$ 8
,45
0,8
78
Oth
er
com
pre
he
nsi
ve
lo
ss:
Un
real
ize
d h
old
ing
loss
on
in
vest
me
nts
ari
sin
g d
uri
ng
th
e y
ear
(38
9)
(95
9)
OT
HE
R C
OM
PR
EH
EN
SIV
E L
OS
S(3
89
)(9
59
)
TO
TA
L C
OM
PR
EH
EN
SIV
E I
NC
OM
E$
11
,81
8,0
24
$ 8
,44
9,9
19
See
acco
mpa
nyin
g no
tes
to c
onso
lidat
ed "
nanc
ial s
tate
men
ts.
AM
ER
ICU
CR
ED
IT U
NIO
N A
NN
UA
L R
EP
OR
T 2
01
4
WWW.AMERICU.ORG | 800.388.2000
1211
Co
nso
lid
ate
d S
tate
me
nts
of
Me
mb
ers
’ Eq
uit
y
AM
ER
ICU
CR
ED
IT U
NIO
N A
ND
SU
BS
IDIA
RIE
S
RE
GU
LA
R R
ES
ER
VE
AP
PR
OP
RIA
TE
D
UN
DIV
IDE
D
EA
RN
ING
SU
ND
IVID
ED
E
AR
NIN
GS
AC
CU
MU
LA
TE
D
OT
HE
R
CO
MP
RE
HE
NS
IVE
IN
CO
ME
TO
TA
L
Bal
ance
s at
De
cem
be
r 3
1, 2
01
2$
25
,72
2,8
24
$ 2
00
,00
0$
71
,06
4,5
62
$ 2
,59
2$
96
,98
9,9
78
Ne
t in
com
e8
,45
0,8
78
8,4
50
,87
8
Oth
er
com
pre
he
nsi
ve
loss
(95
9)
(95
9)
BA
LA
NC
ES
AT
D
EC
EM
BE
R 3
1, 2
01
32
5,7
22
,82
42
00
,00
07
9,5
15
,44
01
,63
31
05
,43
9,8
97
Ne
t in
com
e1
1,8
18
,41
31
1,8
18
,41
3
Oth
er
com
pre
he
nsi
ve
loss
(38
9)
(38
9)
BA
LA
NC
ES
AT
D
EC
EM
BE
R 3
1, 2
01
4$
25
,72
2,8
24
$ 2
00
,00
0$
91
,33
3,8
53
$ 1
,24
4$
11
7,2
57
,92
1
See
acco
mpa
nyin
g no
tes
to c
onso
lidat
ed "
nanc
ial s
tate
men
ts.
YE
AR
EN
DE
D D
EC
EM
BE
R 3
1,
20
14
20
13
CA
SH
FL
OW
S F
RO
M O
PE
RA
TIN
G A
CT
IVIT
IES
Ne
t in
com
e
$ 1
1,8
18
,41
3$
8,4
50
,87
8
Ad
just
me
nts
to
re
con
cile
ne
t in
com
e t
o
ne
t ca
sh p
rovi
de
d b
y o
pe
rati
ng
act
ivit
ies:
Pro
visi
on
for
loan
loss
es
2,0
59
,46
53
,10
0,9
86
Pro
visi
on
for
loss
es
on
oth
er
real
est
ate
ow
ne
d1
55
,25
41
96
,97
5
De
pre
ciat
ion
an
d a
mo
rtiz
atio
n2
,82
8,6
70
2,6
47
,84
5
Gai
n o
n s
ale
s o
f lo
ans
(1,2
62
,16
6)
(2,1
91
,27
8)
Loss
on
sal
es
of
oth
er
real
est
ate
ow
ne
d, n
et
17
6,3
70
10
2,9
49
Ch
ang
es
in o
pe
rati
ng
ass
ets
an
d li
abili
tie
s:
Loan
s h
eld
for
sale
(83
9,6
53
)2
,18
9,5
16
Acc
rue
d in
tere
st r
ece
ivab
le1
17
,72
1(2
15
,58
0)
Oth
er
asse
ts1
,26
5,2
93
(4,5
14
,51
7)
Acc
ou
nts
pay
able
an
d a
ccru
ed
liab
iliti
es
(1,4
03
,62
6)
1,6
59
,21
5
NE
T C
AS
H P
RO
VID
ED
BY
OP
ER
AT
ING
AC
TIV
ITIE
S1
4,9
15
,74
11
1,4
26
,98
9
CA
SH
FL
OW
S F
RO
M I
NV
ES
TIN
G A
CT
IVIT
IES
Loan
ori
gin
atio
ns,
ne
t o
f p
rin
cip
al c
olle
cte
d
(24
,38
1,4
95
)(1
67
,77
6,3
45
)
Pro
cee
ds
fro
m lo
ans
sold
49
,86
0,6
82
64
,79
9,4
44
Pro
cee
ds
fro
m s
ale
of
oth
er
real
est
ate
ow
ne
d9
43
,69
24
16
,97
4
Pu
rch
ase
s o
f p
rop
ert
y an
d e
qu
ipm
en
t(5
,68
7,7
63
)(5
,19
5,9
05
)
NE
T C
AS
H P
RO
VID
ED
BY
(U
SE
D I
N)
INV
ES
TIN
G A
CT
IVIT
IES
20
,73
5,1
16
(10
7,7
55
,83
2)
CA
SH
FL
OW
S F
RO
M F
INA
NC
ING
AC
TIV
ITIE
S
Ne
t (d
ecr
eas
e) i
ncr
eas
e in
me
mb
ers
’ sh
are
acc
ou
nts
(9,7
18
,73
6)
93
,04
7,8
45
NE
T C
AS
H (
US
ED
IN
) P
RO
VID
ED
BY
FIN
AN
CIN
G A
CT
IVIT
IES
(9,7
18
,73
6)
93
,04
7,8
45
NE
T I
NC
RE
AS
E (
DE
CR
EA
SE
) IN
CA
SH
AN
D C
AS
H E
QU
IVA
LE
NT
S2
5,9
32
,12
1(3
,28
0,9
98
)
Cas
h a
nd
cas
h e
qu
ival
en
ts a
t b
eg
inn
ing
of
year
11
3,5
06
,97
11
16
,78
7,9
69
CA
SH
AN
D C
AS
H E
QU
IVA
LE
NT
S A
T E
ND
OF
YE
AR
$ 1
39
,43
9,0
92
$ 1
13
,50
6,9
71
SU
PP
LE
ME
NT
AL
DIS
CL
OS
UR
ES
Div
ide
nd
s p
aid
on
me
mb
ers
’ sh
are
acc
ou
nts
$ 9
,45
7,9
25
$ 1
1,4
76
,14
4
Tra
nsf
er
of
loa
ns
to o
the
r re
al
est
ate
ow
ne
d$
1,8
39
,24
3$
1,4
41
,93
5
Co
nso
lid
ate
d S
tate
me
nts
of
Ca
sh F
low
s
AM
ER
ICU
CR
ED
IT U
NIO
N A
ND
SU
BS
IDIA
RIE
S
See
acco
mpa
nyin
g no
tes
to c
onso
lidat
ed "
nanc
ial s
tate
men
ts.
AM
ER
IC
U
CR
ED
IT
U
NI
ON
A
NN
UA
L
RE
PO
RT
2
01
4
14
No
tes
to C
on
soli
da
ted
Fin
an
cia
l S
tate
me
nts
AM
ER
ICU
CR
ED
IT U
NIO
N A
ND
SU
BS
IDIA
RIE
S
De
cem
be
r 3
1,
20
14
an
d 2
01
3
No
te A
– S
um
ma
ry o
f S
ign
i"ca
nt
Acc
ou
nti
ng
Po
lici
es
Org
an
iza
tio
n a
nd
Na
ture
of
Bu
sin
ess
: A
me
riC
U C
red
it U
nio
n
(Am
eri
CU
or
the
Cre
dit
Un
ion
) is
a st
ate
ch
arte
red
co
op
era
tive
asso
ciat
ion
org
aniz
ed
in a
cco
rdan
ce w
ith
th
e p
rovi
sio
ns
of
the
Sta
te
of
Ne
w Y
ork
an
d is
ad
min
istr
ativ
ely
re
spo
nsi
ble
to
th
e N
ew
Yo
rk S
tate
De
par
tme
nt
of
Fin
anci
al S
erv
ice
s. I
t p
rom
ote
s th
rift
am
on
g, a
nd
cre
ate
s a
sou
rce
of
cre
dit
for,
its
me
mb
ers
loca
ted
in t
he
Ne
w Y
ork
Stat
e c
ou
nti
es
of
On
eid
a, O
no
nd
aga,
Cay
ug
a, M
adis
on
, Je
<e
rso
n,
Osw
eg
o, L
ew
is a
nd
He
rkim
er.
Pri
nci
ple
s o
f C
on
soli
da
tio
n:
The
co
nso
lidat
ed
"n
anci
al s
tate
me
nts
incl
ud
e t
he
acc
ou
nts
of
Am
eri
CU
an
d it
s w
ho
lly o
wn
ed
su
bsi
dia
rie
s,
Ham
ilto
n A
sso
ciat
es,
Inc.
, Am
eri
CU
Se
rvic
es,
LLC
an
d A
me
riC
U C
apit
al
Man
age
me
nt,
LLC
. Th
ese
su
bsi
dia
rie
s ar
e c
red
it u
nio
n o
rgan
izat
ion
s
(co
llect
ive
ly t
he
CU
Os)
inco
rpo
rate
d a
nd
org
aniz
ed
for
the
pri
mar
y
pu
rpo
se o
f p
rovi
din
g s
erv
ice
s to
Am
eri
CU
’s m
em
be
rs.
The
se s
erv
ice
s
incl
ud
e e
lect
ron
ic t
ax "
ling
, in
sura
nce
an
d in
vest
me
nt
serv
ice
s. A
ll
sig
ni"
can
t in
terc
om
pan
y ac
cou
nts
an
d t
ran
sact
ion
s h
ave
be
en
elim
inat
ed
in t
he
co
nso
lidat
ed
"n
anci
al s
tate
me
nts
.
Sig
ni"
can
t A
cco
un
tin
g P
oli
cie
s: T
he
Cre
dit
Un
ion
an
d it
s
sub
sid
iari
es
follo
w t
he
acc
ou
nti
ng
sta
nd
ard
s se
t b
y th
e F
inan
cial
Acc
ou
nti
ng
Sta
nd
ard
s B
oar
d (F
ASB
). T
he
FA
SB e
stab
lish
es
acco
un
tin
g
pri
nci
ple
s g
en
era
lly a
cce
pte
d in
th
e U
nit
ed
Sta
tes
of
Am
eri
ca (G
AA
P)
that
are
follo
we
d t
o e
nsu
re c
on
sist
en
t re
po
rtin
g o
f th
e "
nan
cial
con
dit
ion
, re
sult
s o
f o
pe
rati
on
s an
d c
ash
*o
ws
of
the
Cre
dit
Un
ion
an
d
its
sub
sid
iari
es.
Re
fere
nce
s to
GA
AP
issu
ed
by
the
FA
SB in
th
ese
no
tes
are
to
th
e F
ASB
Acc
ou
nti
ng
Sta
nd
ard
s C
od
i"ca
tio
n (t
he
Co
di"
cati
on
or
FASB
ASC
).
Use
of
Est
ima
tes:
Th
e p
rep
arat
ion
of
the
co
nso
lidat
ed
"n
anci
al
stat
em
en
ts in
co
nfo
rmit
y w
ith
GA
AP
re
qu
ire
s m
anag
em
en
t to
mak
e
est
imat
es
and
ass
um
pti
on
s th
at a
<e
ct t
he
re
po
rte
d a
mo
un
ts o
f as
sets
and
liab
iliti
es
and
dis
clo
sure
of
con
tin
ge
nt
asse
ts a
nd
liab
iliti
es
at t
he
dat
e o
f th
e "
nan
cial
sta
tem
en
ts a
nd
th
at a
<e
ct t
he
re
po
rte
d a
mo
un
ts
of
reve
nu
es
and
exp
en
ses
du
rin
g t
he
re
po
rtin
g p
eri
od
. A
ctu
al r
esu
lts
cou
ld d
i<e
r fr
om
th
ose
est
imat
es.
Ca
sh a
nd
Ca
sh E
qu
iva
len
ts:
For
the
pu
rpo
se o
f th
e c
on
solid
ate
d
stat
em
en
ts o
f ca
sh *
ow
s, c
ash
an
d c
ash
eq
uiv
ale
nts
incl
ud
es
cash
on
han
d, c
ert
ain
op
era
tin
g b
ank
acco
un
t b
alan
ces
and
mo
ne
y m
arke
t
fun
ds.
Inv
est
me
nts
: Th
e C
red
it U
nio
n is
re
qu
ire
d t
o c
ate
go
rize
eac
h
inve
stm
en
t as
eit
he
r h
eld
-to
-mat
uri
ty, a
vaila
ble
-fo
r-sa
le, o
r tr
adin
g.
At
De
cem
be
r 3
1, 2
01
4 a
nd
20
13
, th
e C
red
it U
nio
n d
id n
ot
mai
nta
in
an in
vest
me
nt
trad
ing
or
he
ld-t
o-m
atu
rity
po
rtfo
lio.
Secu
riti
es
no
t
clas
si"
ed
as
he
ld-t
o-m
atu
rity
or
trad
ing
are
cla
ssi"
ed
as
avai
lab
le-
for-
sale
an
d r
eco
rde
d a
t fa
ir v
alu
e, w
ith
un
real
ize
d g
ain
s an
d lo
sse
s
excl
ud
ed
fro
m e
arn
ing
s an
d r
ep
ort
ed
in o
the
r co
mp
reh
en
sive
inco
me.
Ava
ilab
le-f
or-
sale
se
curi
tie
s to
talin
g $
30
,88
1 a
nd
$4
9,5
03
at
De
cem
be
r
31
, 20
14
an
d 2
01
3, r
esp
ect
ive
ly, a
re in
clu
de
d in
Oth
er
Ass
ets
in t
he
Co
nso
lidat
ed
Sta
tem
en
ts o
f Fi
nan
cial
Co
nd
itio
n. P
urc
has
e p
rem
ium
s
and
dis
cou
nts
are
re
cog
niz
ed
in in
tere
st in
com
e u
sin
g t
he
inte
rest
me
tho
d o
ver
the
te
rms
of
the
se
curi
tie
s. D
ecl
ine
s in
th
e f
air
valu
e o
f
avai
lab
le-f
or-
sale
se
curi
tie
s b
elo
w t
he
ir c
ost
th
at a
re d
ee
me
d t
o b
e
oth
er
than
te
mp
ora
ry a
re r
e*
ect
ed
in e
arn
ing
s as
re
aliz
ed
loss
es.
In
est
imat
ing
oth
er-
than
-te
mp
ora
ry im
pai
rme
nt
loss
es,
man
age
me
nt
con
sid
ers
(1) t
he
len
gth
of
tim
e a
nd
th
e e
xte
nt
to w
hic
h t
he
fai
r va
lue
has
be
en
less
th
an c
ost
, (2
) th
e "
nan
cial
co
nd
itio
n a
nd
ne
ar-t
erm
pro
spe
cts
of
the
issu
er,
(3) t
he
cu
rre
nt
liqu
idit
y an
d v
ola
tilit
y o
f th
e
mar
ket
for
eac
h o
f th
e in
div
idu
al s
ecu
rity
cat
eg
ori
es,
(4) t
he
pro
ject
ed
cash
*o
ws
fro
m t
he
sp
eci
"c
secu
rity
typ
e, (5
) th
e "
nan
cial
gu
aran
tee
and
"n
anci
al r
atin
g o
f th
e is
sue
r, an
d (6
) th
e in
ten
t an
d a
bili
ty o
f th
e
Cre
dit
Un
ion
to
re
tain
its
inve
stm
en
t in
th
e is
sue
r fo
r a
pe
rio
d o
f ti
me
su&
cie
nt
to a
llow
for
any
anti
cip
ate
d r
eco
very
in f
air
valu
e. T
he
re a
re
no
oth
er-
than
-te
mp
ora
ry im
pai
rme
nt
loss
es
at D
ece
mb
er
31
, 20
14
or
20
13
. G
ain
s an
d lo
sse
s o
n t
he
sal
e o
f se
curi
tie
s ar
e r
eco
rde
d o
n
the
tra
de
dat
e a
nd
are
de
term
ine
d u
sin
g t
he
sp
eci
"c
ide
nti
"ca
tio
n
me
tho
d.
Lo
an
s to
Me
mb
ers
: Lo
ans
rece
ivab
le t
hat
th
e C
red
it U
nio
n h
as t
he
inte
nt
and
ab
ility
to
ho
ld fo
r th
e fo
rese
eab
le f
utu
re a
re s
tate
d a
t
un
pai
d p
rin
cip
al b
alan
ces,
less
an
allo
wan
ce fo
r lo
an lo
sse
s. I
nte
rest
on
loan
s is
re
cog
niz
ed
ove
r th
e t
erm
of
the
loan
an
d is
cal
cula
ted
usi
ng
th
e s
imp
le-i
nte
rest
me
tho
d o
n p
rin
cip
al a
mo
un
ts o
uts
tan
din
g.
The
acc
rual
of
inte
rest
on
loan
s is
dis
con
tin
ue
d a
t th
e t
ime
th
e lo
an
is 9
0 d
ays
de
linq
ue
nt
un
less
th
e c
red
it is
we
ll-se
cure
d a
nd
in p
roce
ss
of
colle
ctio
n.
Cre
dit
car
d lo
ans
and
oth
er
pe
rso
nal
loan
s ar
e t
ypic
ally
char
ge
d-o
< n
o la
ter
than
12
0 d
ays
pas
t d
ue.
Pas
t d
ue
sta
tus
is b
ase
d
on
co
ntr
actu
al t
erm
s o
f th
e lo
an.
In a
ll ca
ses,
loan
s ar
e p
lace
d o
n
no
nac
cru
al o
r ch
arg
ed
-o<
at
an e
arlie
r d
ate
if c
olle
ctio
n o
f p
rin
cip
al o
r
inte
rest
is c
on
sid
ere
d d
ou
btf
ul.
All
inte
rest
acc
rue
d b
ut
no
t co
llect
ed
for
loan
s th
at a
re p
lace
d o
n
no
nac
cru
al o
r ch
arg
ed
-o<
is r
eve
rse
d a
gai
nst
inte
rest
inco
me.
Th
e
inte
rest
on
th
ese
loan
s is
acc
ou
nte
d fo
r o
n t
he
cas
h-b
asis
or
cost
-
reco
very
me
tho
d, u
nti
l qu
alif
yin
g fo
r re
turn
to
acc
rual
. Lo
ans
are
retu
rne
d t
o a
ccru
al s
tatu
s w
he
n a
ll th
e p
rin
cip
al a
nd
inte
rest
am
ou
nts
con
trac
tual
ly d
ue
are
bro
ug
ht
curr
en
t an
d f
utu
re p
aym
en
ts a
re
reas
on
ably
ass
ure
d.
Ce
rtai
n d
ire
ct o
rig
inat
ion
co
sts
are
de
ferr
ed
an
d r
eco
gn
ize
d a
s an
adju
stm
en
t to
inte
rest
inco
me
usi
ng
th
e s
um
of
the
ye
ars
dig
its
me
tho
d o
ver
the
we
igh
ted
ave
rag
e li
fe o
f th
e lo
ans.
AM
ER
ICU
CR
ED
IT U
NIO
N A
NN
UA
L R
EP
OR
T 2
01
4
WWW.AMERICU.ORG | 800.388.2000
1615
All
ow
an
ce f
or
Lo
an
Lo
sse
s: T
he
allo
wan
ce fo
r lo
an lo
sse
s is
est
ablis
he
d, a
s lo
sse
s ar
e e
stim
ate
d t
o h
ave
occ
urr
ed
, th
rou
gh
a p
rovi
sio
n fo
r lo
an lo
sse
s ch
arg
ed
to
ear
nin
gs.
Lo
an lo
sse
s ar
e
char
ge
d a
gai
nst
th
e a
llow
ance
wh
en
man
age
me
nt
be
lieve
s
the
un
colle
ctab
ility
of
a lo
an b
alan
ce is
co
n"
rme
d.
Sub
seq
ue
nt
reco
veri
es,
if a
ny,
are
cre
dit
ed
to
th
e a
llow
ance
.
The
allo
wan
ce fo
r lo
an lo
sse
s is
eva
luat
ed
on
a r
eg
ula
r b
asis
by
man
age
me
nt
and
is b
ase
d u
po
n m
anag
em
en
t’s r
evi
ew
of
the
colle
ctab
ility
of
the
loan
s in
lig
ht
of
his
tori
cal e
xpe
rie
nce
, th
e n
atu
re
and
vo
lum
e o
f th
e lo
an p
ort
folio
, ad
vers
e s
itu
atio
ns
that
may
a<
ect
the
bo
rro
we
r’s a
bili
ty t
o r
ep
ay, e
stim
ate
d v
alu
e o
f an
y u
nd
erl
yin
g
colla
tera
l an
d p
reva
ilin
g e
con
om
ic c
on
dit
ion
s. T
his
eva
luat
ion
is
inh
ere
ntl
y su
bje
ctiv
e a
s it
re
qu
ire
s e
stim
ate
s th
at a
re s
usc
ep
tib
le t
o
sig
ni"
can
t re
visi
on
as
mo
re in
form
atio
n b
eco
me
s av
aila
ble
. B
eca
use
of
un
cert
ain
tie
s in
he
ren
t in
th
e e
stim
atio
n p
roce
ss, m
anag
em
en
t’s
est
imat
e o
f lo
an lo
sse
s w
ith
in t
he
loan
po
rtfo
lio a
nd
th
e r
ela
ted
allo
wan
ce m
ay c
han
ge
in t
he
ne
ar t
erm
. H
ow
eve
r, th
e a
mo
un
t o
f th
e
chan
ge
th
at is
re
aso
nab
ly p
oss
ible
, if
any,
can
no
t b
e e
stim
ate
d.
The
allo
wan
ce c
on
sist
s o
f sp
eci
"c,
ge
ne
ral a
nd
un
allo
cate
d
com
po
ne
nts
. Sp
eci
"c
allo
wan
ces
for
loan
loss
es
are
est
ablis
he
d fo
r
imp
aire
d lo
ans
on
an
ind
ivid
ual
bas
is a
s re
qu
ire
d b
y th
e C
od
i"ca
tio
n.
The
ge
ne
ral c
om
po
ne
nt
is b
ase
d o
n h
isto
rica
l lo
ss e
xpe
rie
nce
adju
ste
d fo
r q
ual
itat
ive
fac
tors
. A
n u
nal
loca
ted
co
mp
on
en
t is
mai
nta
ine
d t
o c
ove
r u
nce
rtai
nti
es
that
co
uld
a<
ect
man
age
me
nt’s
est
imat
e o
f p
rob
able
loss
es.
A lo
an is
co
nsi
de
red
imp
aire
d w
he
n, b
ase
d o
n c
urr
en
t in
form
atio
n
and
eve
nts
, it
is p
rob
able
th
at t
he
Cre
dit
Un
ion
will
be
un
able
to
colle
ct t
he
sch
ed
ule
d p
aym
en
ts o
f p
rin
cip
al o
r in
tere
st w
he
n d
ue
acco
rdin
g t
o t
he
co
ntr
actu
al t
erm
s o
f th
e lo
an a
gre
em
en
t. F
acto
rs
con
sid
ere
d b
y m
anag
em
en
t in
de
term
inin
g im
pai
rme
nt
incl
ud
e
pay
me
nt
stat
us,
co
llate
ral v
alu
e, a
nd
th
e p
rob
abili
ty o
f co
llect
ing
sch
ed
ule
d p
rin
cip
al a
nd
inte
rest
pay
me
nts
wh
en
du
e. L
oan
s th
at
exp
eri
en
ce in
sig
ni"
can
t p
aym
en
t d
ela
ys a
nd
pay
me
nt
sho
rtfa
lls
ge
ne
rally
are
no
t cl
assi
"e
d a
s im
pai
red
. M
anag
em
en
t d
ete
rmin
es
the
sig
ni"
can
ce o
f p
aym
en
t d
ela
ys a
nd
pay
me
nt
sho
rtfa
lls o
n a
case
-by-
case
bas
is, t
akin
g in
to c
on
sid
era
tio
n a
ll o
f th
e c
ircu
mst
ance
s
surr
ou
nd
ing
th
e lo
an a
nd
th
e b
orr
ow
er,
incl
ud
ing
th
e le
ng
th o
f th
e
de
lay,
th
e r
eas
on
s fo
r th
e d
ela
y, t
he
bo
rro
we
r’s p
rio
r p
aym
en
t re
cord
,
and
th
e a
mo
un
t o
f th
e s
ho
rtfa
ll in
re
lati
on
to
th
e p
rin
cip
al a
nd
inte
rest
ow
ed
. Im
pai
rme
nt
is m
eas
ure
d o
n a
loan
by
loan
bas
is a
s d
ete
rmin
ed
by
the
fai
r va
lue
of
the
co
llate
ral.
Ge
ne
rally
, lar
ge
gro
up
s o
f sm
alle
r b
alan
ce h
om
og
en
eo
us
loan
s ar
e
colle
ctiv
ely
eva
luat
ed
for
imp
airm
en
t. A
cco
rdin
gly
, th
e C
red
it U
nio
n
do
es
no
t se
par
ate
ly id
en
tify
ind
ivid
ual
co
nsu
me
r an
d r
esi
de
nti
al lo
ans
for
imp
airm
en
t d
iscl
osu
res
un
less
su
ch lo
ans
are
th
e s
ub
ject
of
a
rest
ruct
uri
ng
ag
ree
me
nt.
Lo
an
Se
rvic
ing
: Se
rvic
ing
ass
ets
are
re
cog
niz
ed
as
sep
arat
e a
sse
ts
wh
en
se
rvic
ing
rig
hts
are
re
tain
ed
as
mo
rtg
age
loan
s ar
e s
old
. W
he
n
sold
, a p
ort
ion
of
the
bas
is in
th
e m
ort
gag
e lo
an is
allo
cate
d t
o t
he
serv
icin
g r
igh
t b
ase
d o
n r
ela
tive
fai
r va
lue.
Fai
r va
lue
is b
ase
d o
n
mar
ket
pri
ces
for
com
par
able
loan
se
rvic
ing
co
ntr
acts
, wh
en
ava
ilab
le,
or
alte
rnat
ive
ly, i
s b
ase
d o
n a
val
uat
ion
mo
de
l th
at c
alcu
late
s th
e
pre
sen
t va
lue
of
est
imat
ed
fu
ture
ne
t se
rvic
ing
inco
me.
Th
e v
alu
atio
n
mo
de
l in
corp
ora
tes
assu
mp
tio
ns
that
mar
ket
par
tici
pan
ts w
ou
ld
use
in e
stim
atin
g f
utu
re n
et
serv
icin
g in
com
e, s
uch
as
the
co
st t
o
serv
ice,
th
e d
isco
un
t ra
te, t
he
cu
sto
dia
l ear
nin
gs
rate
, an
in*
atio
n
rate
, an
cilla
ry in
com
e, p
rep
aym
en
t sp
ee
ds
and
de
fau
lt r
ate
s an
d
loss
es.
Cap
ital
ize
d s
erv
icin
g r
igh
ts a
re r
ep
ort
ed
in o
the
r as
sets
an
d
are
am
ort
ize
d in
to n
on
-in
tere
st in
com
e in
pro
po
rtio
n t
o, a
nd
ove
r th
e
pe
rio
d o
f, th
e e
stim
ate
d f
utu
re n
et
serv
icin
g in
com
e o
f th
e u
nd
erl
yin
g
"n
anci
al a
sse
ts.
Serv
icin
g fe
e in
com
e is
re
cog
niz
ed
for
fee
s e
arn
ed
for
serv
icin
g lo
ans.
The
fee
s ar
e b
ase
d o
n a
co
ntr
actu
al p
erc
en
tag
e o
f th
e o
uts
tan
din
g
pri
nci
pal
, or
a "
xed
am
ou
nt
pe
r lo
an a
nd
are
re
cord
ed
as
inco
me
wh
en
ear
ne
d.
The
am
ort
izat
ion
of
loan
se
rvic
ing
rig
hts
is n
ett
ed
ag
ain
st
loan
se
rvic
ing
fee
inco
me.
Serv
icin
g a
sse
ts a
re e
valu
ate
d fo
r im
pai
rme
nt
bas
ed
up
on
th
e f
air
valu
e o
f th
e r
igh
ts a
s co
mp
are
d t
o a
mo
rtiz
ed
co
st.
Imp
airm
en
t is
reco
gn
ize
d t
hro
ug
h a
val
uat
ion
allo
wan
ce t
o t
he
ext
en
t th
at f
air
valu
e is
less
th
an t
he
cap
ital
ize
d a
mo
un
t. I
f th
e C
red
it U
nio
n la
ter
de
term
ine
s th
at a
ll o
r a
po
rtio
n o
f th
e im
pai
rme
nt
no
lon
ge
r ex
ists
, a
red
uct
ion
of
the
allo
wan
ce m
ay b
e r
eco
rde
d a
s an
incr
eas
e t
o in
com
e.
Tro
ub
led
De
bt
Re
stru
ctu
rin
gs:
Th
e C
red
it U
nio
n p
erf
orm
s a
loan
-le
vel v
alu
atio
n o
f th
ose
loan
s id
en
ti"
ed
by
the
Cre
dit
Un
ion
as
tro
ub
led
de
bt
rest
ruct
uri
ng
s. T
he
Cre
dit
Un
ion
be
lieve
s th
at e
ach
loan
incl
ud
ed
in t
he
an
alys
is c
on
stit
ute
s a
tro
ub
led
de
bt
rest
ruct
uri
ng
wh
en
, pri
or
to t
he
re
stru
ctu
rin
g, t
he
bo
rro
we
r ex
pe
rie
nce
s "
nan
cial
di&
cult
y an
d, i
n r
esp
on
se, t
he
Cre
dit
Un
ion
gra
nts
a c
on
cess
ion
to
th
e
bo
rro
we
r, su
ch a
s a
red
uct
ion
of
inte
rest
rat
e, e
xte
nsi
on
of
the
loan
term
or
oth
er
con
cess
ion
th
at t
he
Cre
dit
Un
ion
wo
uld
no
t o
the
rwis
e
con
sid
er.
The
Cre
dit
Un
ion
est
imat
es
the
imp
airm
en
t o
f th
e t
rou
ble
d d
eb
t
rest
ruct
ure
d lo
an p
ort
folio
by
dis
cou
nti
ng
exp
ect
ed
cas
h *
ow
s o
f
the
re
stru
ctu
red
loan
s at
th
e o
rig
inal
inte
rest
rat
e. I
f ap
plic
able
, th
e
ide
nti
"e
d im
pai
rme
nt
amo
un
t w
ou
ld t
he
n b
e r
ese
rve
d fo
r as
par
t o
f
the
allo
wan
ce fo
r lo
an lo
ss a
cco
un
t.
Lo
an
s H
eld
fo
r S
ale
: Lo
ans
he
ld fo
r sa
le a
re t
ho
se m
ort
gag
e lo
ans
the
Cre
dit
Un
ion
has
th
e in
ten
t to
se
ll in
th
e fo
rese
eab
le f
utu
re.
The
y ar
e
carr
ied
at
the
low
er
of
agg
reg
ate
co
st o
r m
arke
t va
lue.
Ne
t u
nre
aliz
ed
loss
es,
if a
ny,
are
re
cog
niz
ed
th
rou
gh
a v
alu
atio
n a
llow
ance
by
char
ge
s
to n
on
-in
tere
st in
com
e. G
ain
s an
d lo
sse
s o
n s
ale
s o
f m
ort
gag
e
loan
s ar
e r
eco
gn
ize
d a
t se
ttle
me
nt
dat
es
and
are
de
term
ine
d b
y th
e
di<
ere
nce
be
twe
en
th
e s
ale
s p
roce
ed
s an
d t
he
car
ryin
g v
alu
e o
f th
e
loan
s af
ter
allo
cati
ng
co
st t
o s
erv
icin
g r
igh
ts r
eta
ine
d.
All
sale
s ar
e
mad
e w
ith
ou
t re
cou
rse
su
bje
ct t
o t
he
cu
sto
mar
y re
pre
sen
tati
on
s an
d
war
ran
tee
s.
Oth
er
Re
al
Est
ate
Ow
ne
d:
Ass
ets
acq
uir
ed
th
rou
gh
, or
in li
eu
of,
loan
fore
clo
sure
are
he
ld fo
r sa
le a
nd
are
init
ially
re
cord
ed
at
fair
val
ue
at
the
dat
e o
f fo
recl
osu
re, e
stab
lish
ing
a n
ew
co
st b
asis
. Su
bse
qu
en
t to
fore
clo
sure
, val
uat
ion
s ar
e p
eri
od
ical
ly p
erf
orm
ed
by
man
age
me
nt
and
th
e a
sse
ts a
re c
arri
ed
at
the
low
er
of
carr
yin
g a
mo
un
t o
r fa
ir v
alu
e
less
co
st t
o s
ell.
Re
ven
ue
an
d e
xpe
nse
s fr
om
op
era
tio
ns
and
ch
ang
es
in t
he
val
uat
ion
allo
wan
ce a
re in
clu
de
d in
no
n-i
nte
rest
exp
en
se.
Pro
pe
rty
an
d E
qu
ipm
en
t: L
and
is c
arri
ed
at
cost
. B
uild
ing
s,
leas
eh
old
imp
rove
me
nts
, fu
rnit
ure
, "xt
ure
s, a
nd
eq
uip
me
nt
are
car
rie
d
at c
ost
, le
ss a
ccu
mu
late
d d
ep
reci
atio
n a
nd
am
ort
izat
ion
. B
uild
ing
s,
furn
itu
re, "
xtu
res,
an
d e
qu
ipm
en
t ar
e d
ep
reci
ate
d u
sin
g t
he
str
aig
ht-
line
me
tho
d o
ver
the
est
imat
ed
use
ful l
ive
s o
f th
e a
sse
ts.
The
co
st o
f
leas
eh
old
imp
rove
me
nts
is a
mo
rtiz
ed
usi
ng
th
e s
trai
gh
t-lin
e m
eth
od
ove
r th
e t
erm
s o
f th
e r
ela
ted
leas
es.
Na
tio
na
l C
red
it U
nio
n S
ha
re I
nsu
ran
ce F
un
d D
ep
osi
t a
nd
Ass
ess
me
nts
: Th
e d
ep
osi
t in
th
e N
atio
nal
Cre
dit
Un
ion
Sh
are
Insu
ran
ce F
un
d (N
CU
SIF)
is in
acc
ord
ance
wit
h t
he
Nat
ion
al C
red
it
Un
ion
Ad
min
istr
atio
n (N
CU
A) r
eg
ula
tio
ns,
wh
ich
re
qu
ire
th
e
mai
nte
nan
ce o
f a
de
po
sit
by
eac
h fe
de
rally
insu
red
cre
dit
un
ion
in a
n
amo
un
t e
qu
al t
o o
ne
pe
rce
nt
of
insu
red
sh
are
s. T
he
de
po
sit
wo
uld
be
refu
nd
ed
to
th
e C
red
it U
nio
n if
its
insu
ran
ce c
ove
rag
e is
te
rmin
ate
d, i
f
it o
bta
ins
insu
ran
ce c
ove
rag
e f
rom
an
oth
er
sou
rce,
or
the
op
era
tio
ns
of
the
fu
nd
are
tra
nsf
err
ed
fro
m t
he
NC
UA
Bo
ard
.
Leg
isla
tio
n w
as p
asse
d b
y C
on
gre
ss t
o p
erm
it t
he
NC
UA
to
cre
ate
a
Tem
po
rary
Co
rpo
rate
Cre
dit
Un
ion
Sta
bili
zati
on
Fu
nd
(TC
CU
SF) t
o
abso
rb c
ost
s an
d b
orr
ow
ing
s in
curr
ed
by
the
TC
CU
SF r
ela
ted
to
th
e
colla
pse
of
vari
ou
s co
rpo
rate
cre
dit
un
ion
s.
The
Cre
dit
Un
ion
re
cog
niz
es
NC
USI
F p
rem
ium
s an
d T
CC
USF
asse
ssm
en
ts w
he
n a
pp
rove
d b
y th
e N
CU
A.
The
NC
UA
wai
ved
the
NC
USI
F p
rem
ium
s in
20
14
an
d 2
01
3.
Du
rin
g t
he
ye
ars
en
de
d
De
cem
be
r 3
1, 2
01
4 a
nd
20
13
, TC
CU
SF a
sse
ssm
en
ts r
eco
gn
ize
d b
y th
e
Cre
dit
Un
ion
to
tale
d $
-0-
and
$8
60
,73
7, r
esp
ect
ive
ly.
Me
mb
ers
’ Sh
are
Acc
ou
nts
: M
em
be
rs’ s
har
e a
cco
un
ts a
re
sub
ord
inat
ed
to
all
oth
er
liab
iliti
es
of
the
Cre
dit
Un
ion
up
on
liqu
idat
ion
. H
ow
eve
r, in
th
e e
ven
t o
f liq
uid
atio
n, t
he
ir a
cco
un
ts a
re
insu
red
in a
cco
rdan
ce w
ith
NC
UA
re
gu
lati
on
s th
rou
gh
th
e N
CU
SIF.
Div
ide
nd
s o
n m
em
be
rs’ s
har
es
are
bas
ed
on
ava
ilab
le e
arn
ing
s at
th
e
en
d o
f a
div
ide
nd
pe
rio
d a
nd
are
no
t g
uar
ante
ed
by
the
Cre
dit
Un
ion
.
Div
ide
nd
rat
es
on
me
mb
ers
’ sh
are
acc
ou
nts
are
se
t b
y th
e B
oar
d
of
Dir
ect
ors
, bas
ed
on
an
eva
luat
ion
of
curr
en
t an
d f
utu
re m
arke
t
con
dit
ion
s.
Me
mb
ers
’ Eq
uit
y:
The
Cre
dit
Un
ion
is r
eq
uir
ed
by
reg
ula
tio
n
to m
ain
tain
a s
tatu
tory
re
serv
e. T
his
re
serv
e, w
hic
h r
ep
rese
nts
a
reg
ula
tory
re
stri
ctio
n o
f u
nd
ivid
ed
ear
nin
gs
is n
ot
avai
lab
le fo
r th
e
pay
me
nt
of
div
ide
nd
s. T
he
ap
pro
pri
ate
d u
nd
ivid
ed
ear
nin
gs
was
est
ablis
he
d a
t th
e d
iscr
eti
on
of
the
Bo
ard
of
Dir
ect
ors
an
d is
no
t
avai
lab
le fo
r th
e p
aym
en
t o
f d
ivid
en
ds.
Ad
ve
rtis
ing
Co
sts:
Th
e C
red
it U
nio
n fo
llow
s th
e p
olic
y o
f ex
pe
nsi
ng
its
adve
rtis
ing
co
sts
(in
clu
din
g a
ny
pro
du
ctio
n c
ost
s) a
s in
curr
ed
.
Ad
vert
isin
g e
xpe
nse
was
ap
pro
xim
ate
ly $
1,4
85
,00
0 a
nd
$1
,69
3,0
00
for
the
ye
ars
en
de
d D
ece
mb
er
31
, 20
14
an
d 2
01
3, r
esp
ect
ive
ly.
Inco
me
Ta
xe
s: T
he
Cre
dit
Un
ion
is e
xem
pt,
by
stat
ute
, fro
m fe
de
ral
and
sta
te in
com
e t
axe
s. T
he
Cre
dit
Un
ion
’s s
ub
sid
iary
, Ham
ilto
n
Ass
oci
ate
s, In
c. is
a C
co
rpo
rati
on
an
d is
su
bje
ct t
o fe
de
ral a
nd
sta
te
inco
me
tax
es.
Its
oth
er
CU
Os
are
eac
h li
mit
ed
liab
ility
co
mp
anie
s
and
are
dis
reg
ard
ed
as
sep
arat
e t
ax e
nti
tie
s. O
pe
rati
on
s o
f th
e
CU
Os
resu
lte
d in
imm
ate
rial
am
ou
nts
of
inco
me
tax
exp
en
se in
20
14
and
20
13
.
The
Cre
dit
Un
ion
is a
sta
te-c
har
tere
d c
red
it u
nio
n d
esc
rib
ed
in
Inte
rnal
Re
ven
ue
Co
de
(IR
C) S
ect
ion
50
1(c
)(1
4).
As
such
, th
e C
red
it
Un
ion
is e
xem
pt
fro
m fe
de
ral t
axat
ion
of
inco
me
de
rive
d f
rom
the
pe
rfo
rman
ce o
f ac
tivi
tie
s th
at a
re in
fu
rth
era
nce
of
its
exe
mp
t
pu
rpo
se.
The
Cre
dit
Un
ion
co
nti
nu
ally
ass
ess
es
its
acti
viti
es
for
any
po
ten
tial
fed
era
l or
stat
e in
com
e t
ax li
abili
ty.
In t
he
op
inio
n
of
man
age
me
nt,
an
y lia
bili
ty a
risi
ng
fro
m fe
de
ral o
r st
ate
tax
atio
n
of
acti
viti
es
de
em
ed
to
be
un
rela
ted
to
its
exe
mp
t p
urp
ose
s is
no
t
exp
ect
ed
to
hav
e a
mat
eri
al e
<e
ct o
n t
he
Cre
dit
Un
ion
’s "
nan
cial
po
siti
on
or
resu
lts
of
op
era
tio
n.
The
Cre
dit
Un
ion
an
nu
ally
"le
s
fed
era
l an
d s
tate
un
rela
ted
bu
sin
ess
inco
me
tax
(UB
IT) r
etu
rns.
Am
ou
nts
of
UB
IT t
ax f
rom
th
e p
erf
orm
ance
of
acti
viti
es
un
rela
ted
to t
he
Cre
dit
Un
ion
’s t
ax e
xem
pt
fun
ctio
n r
esu
lte
d in
imm
ate
rial
amo
un
ts o
f ta
x ex
pe
nse
in 2
01
4 a
nd
20
13
.
The
Cre
dit
Un
ion
co
mp
lies
wit
h F
ASB
ASC
To
pic
74
0-1
0, “
Acc
ou
nti
ng
for
Un
cert
ain
ty in
Inco
me
Tax
es”
, wh
ich
cla
ri"
es
the
acc
ou
nti
ng
for
un
cert
ain
ty in
inco
me
tax
es.
Th
ere
was
no
imp
act
to t
he
acco
mp
anyi
ng
co
nso
lidat
ed
"n
anci
al s
tate
me
nts
att
rib
uta
ble
to
th
is
ASC
for
the
ye
ars
en
de
d D
ece
mb
er
31
, 20
14
an
d 2
01
3. T
he
Cre
dit
Un
ion
is p
ote
nti
ally
su
bje
ct t
o in
com
e t
ax e
xam
inat
ion
for
its
U.S
.
fed
era
l an
d s
tate
inco
me
tax
es
for
the
ye
ars
20
11
th
rou
gh
20
14
.
Ev
en
ts O
ccu
rrin
g A
fte
r R
ep
ort
ing
Da
te:
The
Cre
dit
Un
ion
has
eva
luat
ed
eve
nts
an
d t
ran
sact
ion
s th
at o
ccu
rre
d b
etw
ee
n
De
cem
be
r 3
1, 2
01
4 a
nd
Fe
bru
ary
27
, 20
15
, wh
ich
is t
he
dat
e t
he
con
solid
ate
d "
nan
cial
sta
tem
en
ts w
ere
ava
ilab
le t
o b
e is
sue
d, f
or
po
ssib
le d
iscl
osu
re a
nd
re
cog
nit
ion
in t
he
co
nso
lidat
ed
"n
anci
al
stat
em
en
ts.
The
re w
ere
no
su
ch e
ven
ts o
r tr
ansa
ctio
ns
ide
nti
"e
d b
y
the
Cre
dit
Un
ion
.
AM
ER
ICU
CR
ED
IT U
NIO
N A
NN
UA
L R
EP
OR
T 2
01
4
WWW.AMERICU.ORG | 800.388.2000
1817
No
te B
– D
ep
osi
ts a
t C
orp
ora
te C
red
it U
nio
n
De
po
sits
at
Allo
ya C
orp
ora
te F
ed
era
l Cre
dit
Un
ion
(Allo
ya) c
on
sist
of
the
follo
win
g:
DE
CE
MB
ER
31
,
20
14
20
13
Pla
tea
u a
nd
mo
ne
y m
ark
et
acc
ou
nts
$ 1
05
$ 1
05
Pe
rpe
tua
l co
ntr
ibu
ted
ca
pit
al
17
5,0
00
17
5,0
00
$ 1
75
,10
5$
17
5,1
05
Pe
rpe
tua
l C
on
trib
ute
d C
ap
ita
l: T
he
Cre
dit
Un
ion
mai
nta
ins
a ca
pit
al d
ep
osi
t w
ith
Allo
ya in
a p
erp
etu
al c
on
trib
ute
d c
apit
al a
cco
un
t.
The
de
po
sit
allo
ws
the
Cre
dit
Un
ion
to
par
tici
pat
e a
s a
me
mb
er
of
the
co
rpo
rate
cre
dit
un
ion
. Th
e d
ep
osi
t is
un
insu
red
an
d r
eq
uir
es
app
rova
l by
the
co
rpo
rate
cre
dit
un
ion
pri
or
to w
ith
dra
wal
. Th
e p
erp
etu
al c
on
trib
ute
d c
apit
al a
cco
un
t o
f a
corp
ora
te c
red
it u
nio
n is
sub
ord
inat
e t
o a
ll o
the
r lia
bili
tie
s o
f a
corp
ora
te c
red
it u
nio
n.
No
te C
– L
oa
ns
to M
em
be
rs
Loan
s co
nsi
st o
f th
e fo
llow
ing
(in
00
0’s
):
DE
CE
MB
ER
31
,
20
14
20
13
Ve
hic
les
an
d o
the
r co
nsu
me
r:
Ve
hic
les
$ 3
32
,38
0$
37
2,8
94
Cre
dit
ca
rds
an
d o
the
r li
ne
s o
f cr
ed
it4
2,6
63
42
,07
8
Ed
uca
tio
n l
oa
ns
13
,04
39
,93
7
Un
secu
red
sig
na
ture
/pe
rso
na
l1
2,8
87
12
,95
9
40
0,9
73
43
7,8
68
Mo
rtg
ag
es
an
d o
the
r re
al
est
ate
:
Mo
rtg
ag
es
25
8,7
88
25
1,2
23
Ho
me
eq
uit
y/i
mp
rov
em
en
t lo
an
s3
84
,24
43
88
,38
3
64
3,0
32
63
9,6
06
Me
mb
er
bu
sin
ess
lo
an
s9
,89
05
,16
5
1,0
53
,89
51
,08
2,6
39
Le
ss a
llo
wa
nce
fo
r lo
an
lo
sse
s5
,01
65
,64
5
$ 1
,04
8,8
79
$ 1
,07
6,9
94
No
te D
– L
oa
n Q
ua
lity
Man
age
me
nt
pe
rfo
rms
a m
on
thly
eva
luat
ion
of
the
ad
eq
uac
y o
f th
e a
llow
ance
for
loan
loss
es
(ALL
). F
or
the
pu
rpo
ses
of
calc
ula
tin
g t
he
ALL
, th
e
Cre
dit
Un
ion
se
gre
gat
es
its
loan
po
rtfo
lio in
to t
he
follo
win
g g
en
era
l se
gm
en
ts: m
em
be
r b
usi
ne
ss, m
ort
gag
es
and
oth
er
real
est
ate
an
d v
eh
icle
s
and
oth
er
con
sum
er.
Du
rin
g t
he
ye
ar e
nd
ed
De
cem
be
r 3
1, 2
01
4, C
red
it U
nio
n m
anag
em
en
t p
erf
orm
ed
a r
eas
sess
me
nt
of
the
me
tho
do
log
y an
d q
uan
tita
tive
an
d
qu
alit
ativ
e f
acto
rs u
sed
to
de
term
ine
th
e a
llow
ance
for
loan
loss
es.
As
a re
sult
of
this
re
asse
ssm
en
t, m
anag
em
en
t d
ete
rmin
ed
th
at m
od
i" ca
tio
ns
we
re w
arra
nte
d.
The
se m
od
i" ca
tio
ns
we
re d
ee
me
d n
ece
ssar
y to
en
sure
th
at t
he
ALL
co
nti
nu
es
to b
e a
de
qu
ate
ly f
un
de
d.
The
ch
ang
es
resu
lte
d in
an
incr
eas
e in
th
e a
llow
ance
for
veh
icle
s an
d o
the
r co
nsu
me
r lo
ans
and
a r
ed
uct
ion
in t
he
allo
wan
ce fo
r m
em
be
r b
usi
ne
ss lo
ans
and
mo
rtg
age
an
d o
the
r re
al e
stat
e lo
ans
in 2
01
4.
Cre
dit
Un
ion
man
age
me
nt
con
sid
ers
th
e A
LL a
de
qu
ate
to
co
ver
loss
es
inh
ere
nt
to t
he
po
rtfo
lio.
The
follo
win
g is
an
an
alys
is o
f th
e a
llow
ance
for
loan
loss
es
by
seg
me
nt:
AL
LO
WA
NC
E F
OR
LO
AN
LO
SS
ES
ME
MB
ER
BU
SIN
ES
SM
OR
TG
AG
ES
AN
D O
TH
ER
R
EA
L E
ST
AT
EV
EH
ICL
ES
AN
D O
TH
ER
C
ON
SU
ME
RT
OT
AL
DE
CE
MB
ER
31
, 20
14
Be
gin
nin
g b
ala
nce
$ 3
45
,01
0$
2,4
44
,93
8$
2,8
54
,97
1$
5,6
44
,91
9
Ch
arg
e-o
< s
(66
,51
8)
(38
3,1
18
)(3
,23
4,8
54
)(3
,68
4,4
90
)
Re
cove
rie
s4
7,5
84
69
,45
68
78
,78
69
95
,82
6
Pro
visi
on
(14
8,6
55
)(1
,33
4,4
52
)3
,54
2,5
72
2,0
59
,46
5
En
din
g b
ala
nce
$ 1
77
,42
1$
79
6,8
24
$ 4
,04
1,4
75
$ 5
,01
5,7
20
DE
CE
MB
ER
31
, 20
13
Be
gin
nin
g b
ala
nce
$ 1
00
,00
0$
2,0
77
,69
8$
2,9
89
,24
2$
5,1
66
,94
0
Ch
arg
e-o
< s
(20
4,9
90
)(5
45
,65
5)
(2,8
03
,86
2)
(3,5
54
,50
7)
Re
cove
rie
s-0
-3
9,6
94
89
1,8
06
93
1,5
00
Pro
visi
on
45
0,0
00
87
3,2
01
1,7
77
,78
53
,10
0,9
86
En
din
g b
ala
nce
$ 3
45
,01
0$
2,4
44
,93
8$
2,8
54
,97
1$
5,6
44
,91
9
AM
ER
ICU
CR
ED
IT U
NIO
N A
NN
UA
L R
EP
OR
T 2
01
4
WWW.AMERICU.ORG | 800.388.2000
2019
The
follo
win
g p
rese
nts
, by
loan
se
gm
en
t, lo
ans
that
we
re e
valu
ate
d fo
r th
e a
llow
ance
for
loan
loss
es
ind
ivid
ual
ly a
nd
th
ose
th
at w
ere
eva
luat
ed
colle
ctiv
ely
as
of
De
cem
be
r 3
1, 2
01
4 a
nd
20
13
:
ME
MB
ER
BU
SIN
ES
SM
OR
TG
AG
ES
AN
D
OT
HE
R R
EA
L E
ST
AT
EV
EH
ICL
ES
AN
D
OT
HE
R C
ON
SU
ME
RT
OT
AL
DE
CE
MB
ER
31
, 20
14
All
ow
an
ce f
or
loa
n l
oss
es:
End
ing
bal
ance
allo
cate
d
to lo
ans
ind
ivid
ual
ly
eva
luat
ed
for
imp
airm
en
t$
14
3,9
53
$ 3
16
,13
9$
-0
-$
46
0,0
92
End
ing
bal
ance
allo
cate
d
to lo
ans
colle
ctiv
ely
e
valu
ate
d fo
r im
pai
rme
nt
33
,46
84
80
,68
54
,04
1,4
75
4,5
55
,62
8
TO
TA
L$
17
7,4
21
$ 7
96
,82
4$
4,0
41
,47
5$
5,0
15
,72
0
Lo
an
s o
uts
tan
din
g:
End
ing
bal
ance
of
loan
s in
div
idu
ally
eva
luat
ed
for
imp
airm
en
t$
14
3,9
53
$ 6
,12
4,5
42
$ 9
5,8
72
$ 6
,36
4,3
67
End
ing
bal
ance
of
loan
s co
llect
ive
ly e
valu
ate
d fo
r im
pai
rme
nt
9,7
46
,41
46
36
,90
7,0
38
40
0,8
76
,45
51
,04
7,5
29
,90
7
TO
TA
L$
9,8
90
,36
7$
64
3,0
31
,58
0$
40
0,9
72
,32
7$
1,0
53
,89
4,2
74
DE
CE
MB
ER
31
, 20
13
All
ow
an
ce f
or
loa
n l
oss
es:
End
ing
bal
ance
allo
cate
d
to lo
ans
ind
ivid
ual
ly
eva
luat
ed
for
imp
airm
en
t$
75
,36
9$
1,7
76
,72
7$
85
4,5
68
$ 2
,70
6,6
64
End
ing
bal
ance
allo
cate
d
to lo
ans
colle
ctiv
ely
e
valu
ate
d fo
r im
pai
rme
nt
26
9,6
41
66
8,2
11
2,0
00
,40
32
,93
8,2
55
TO
TA
L$
34
5,0
10
$ 2
,44
4,9
38
$ 2
,85
4,9
71
$ 5
,64
4,9
19
Lo
an
s o
uts
tan
din
g:
End
ing
bal
ance
of
loan
s in
div
idu
ally
eva
luat
ed
for
imp
airm
en
t$
21
5,3
40
$ 4
,79
2,1
05
$ 8
54
,56
8$
5,8
62
,01
3
End
ing
bal
ance
of
loan
s co
llect
ive
ly e
valu
ate
d fo
r im
pai
rme
nt
4,9
49
,91
76
34
,81
3,1
26
43
7,0
14
,14
61
,07
6,7
77
,18
9
TO
TA
L$
5,1
65
,25
7$
63
9,6
05
,23
1$
43
7,8
68
,71
4$
1,0
82
,63
9,2
02
Pa
st D
ue
Lo
an
s: L
oan
s ar
e c
on
sid
ere
d p
ast
du
e if
th
e r
eq
uir
ed
pri
nci
pal
an
d in
tere
st p
aym
en
ts h
ave
no
t b
ee
n r
ece
ive
d w
ith
in t
hir
ty d
ays
of
the
pay
me
nt
du
e d
ate.
An
an
alys
is o
f p
ast
du
e lo
ans,
se
gre
gat
ed
by
loan
se
gm
en
t, a
s o
f D
ece
mb
er
31
, 20
14
an
d 2
01
3, w
as a
s fo
llow
s:
AN
ALY
SIS
OF
PA
ST
DU
E L
OA
NS
30
-59
DA
YS
P
AS
T D
UE
60
-89
DA
YS
P
AS
T D
UE
GR
EA
TE
R T
HA
N
90
DA
YS
TO
TA
L
PA
ST
DU
EC
UR
RE
NT
TO
TA
L L
OA
NS
DE
CE
MB
ER
31
, 20
14
Me
mb
er
bu
sin
ess
$-0
-$
-0
-$
-0
-$
-0
-$
9,8
90
,36
7$
9,8
90
,36
7
Mo
rtg
age
s an
d
oth
er
real
est
ate
5,0
40
,07
11
,40
4,3
24
4,8
31
,84
91
1,2
76
,24
46
31
,75
5,3
36
64
3,0
31
,58
0
Ve
hic
les
and
o
the
r co
nsu
me
r5
,15
9,4
46
83
0,4
06
34
7,6
48
6,3
37
,50
03
94
,63
4,8
27
40
0,9
72
,32
7
TO
TA
L$
10
,19
9,5
17
$ 2
,23
4,7
30
$ 5
,17
9,4
97
$ 1
7,6
13
,74
4$
1,0
36
,28
0,5
30
$ 1
,05
3,8
94
,27
4
% o
f to
tal l
oan
s.9
7%
.21
%.4
9%
1.6
7%
98
.33
%1
00
.00
%
DE
CE
MB
ER
31
, 20
13
Me
mb
er
bu
sin
ess
$ -
0-
$ -
0-
$ 2
15
,34
0$
21
5,3
40
$ 4
,94
9,9
17
$ 5
,16
5,2
57
Mo
rtg
age
s an
d
oth
er
real
est
ate
6,3
13
,78
41
,27
2,1
98
3,6
86
,47
61
1,2
72
,45
86
28
,33
2,7
73
63
9,6
05
,23
1
Ve
hic
les
and
o
the
r co
nsu
me
r4
,45
7,1
01
76
8,9
53
37
7,9
92
5,6
04
,04
64
32
,26
4,6
68
43
7,8
68
,71
4
TO
TA
L$
10
,77
0,8
85
$ 2
,04
1,1
51
$ 4
,27
9,8
08
$ 1
7,0
91
,84
4$
1,0
65
,54
7,3
58
$ 1
,08
2,6
39
,20
2
% o
f to
tal l
oan
s.9
9%
.19
%
.40
%1
.58
%9
8.4
2%
10
0.0
0%
AM
ER
ICU
CR
ED
IT U
NIO
N A
NN
UA
L R
EP
OR
T 2
01
4
WWW.AMERICU.ORG | 800.388.2000
2221
The
follo
win
g t
able
su
mm
ariz
es
tro
ub
led
de
bt
rest
ruct
uri
ng
mo
di"
cati
on
s as
of
De
cem
be
r 3
1, 2
01
4 a
nd
20
13
:
MO
DIF
ICA
TIO
NS
AS
OF
DE
CE
MB
ER
31
,
20
14
20
13
NU
MB
ER
PR
E-
MO
DIF
ICA
TIO
N
OU
TS
TA
ND
ING
R
EC
OR
DE
D
INV
ES
TM
EN
T
PO
ST
-M
OD
IFIC
AT
ION
O
UT
ST
AN
DIN
G
RE
CO
RD
ED
IN
VE
ST
ME
NT
NU
MB
ER
PR
E-
MO
DIF
ICA
TIO
N
OU
TS
TA
ND
ING
R
EC
OR
DE
D
INV
ES
TM
EN
T
PO
ST
- M
OD
IFIC
AT
ION
O
UT
ST
AN
DIN
G
RE
CO
RD
ED
IN
VE
ST
ME
NT
Tro
ub
led
De
bt
Re
stru
ctu
rin
g:
Mo
rtg
age
s an
d
oth
er
real
est
ate
16
$ 2
,41
9,0
94
$ 2
,69
3,5
67
6$
1,6
51
,82
9$
1,8
07
,23
2
Ve
hic
les
and
oth
er
con
sum
er
12
17
7,7
54
17
7,7
54
89
4,5
54
94
,55
4
Ris
k R
atin
g b
y In
tern
ally
Ass
ign
ed
Cla
ssi"
cati
on
:M
EM
BE
R B
US
INE
SS
LO
AN
S
DE
CE
MB
ER
31
,
20
14
20
13
SU
PE
RIO
R$
54
,89
7$
-0
-
EX
CE
LLE
NT
2,2
38
,73
01
60
,89
8
GO
OD
5,2
07
,78
32
,24
1,8
76
AC
CE
PTA
BLE
1,0
95
,06
21
,58
9,4
03
AC
CE
PTA
BLE
WIT
H C
AU
TIO
N/W
ATC
H1
,14
9,9
42
-0-
SP
EC
IAL
ME
NT
ION
-0-
22
,90
0
SU
BS
TAN
DA
RD
-0-
1,1
50
,18
0
DO
UB
TF
UL
14
3,9
53
-0-
TO
TA
L$
9,8
90
,36
7$
5,1
65
,25
7
For
loan
s th
at a
re n
ot
rate
d u
nd
er
this
sys
tem
, th
e C
red
it U
nio
n e
valu
ate
s cr
ed
it q
ual
ity
bas
ed
on
th
e a
gin
g s
tatu
s o
f th
e lo
an (p
revi
ou
sly
pre
sen
ted
) an
d t
he
pe
rfo
rmin
g s
tatu
s. T
he
follo
win
g t
able
pre
sen
ts t
he
pe
rfo
rman
ce s
tatu
s o
n s
ele
cte
d lo
ans:
MO
RT
GA
GE
S A
ND
O
TH
ER
RE
AL
ES
TA
TE
VE
HIC
LE
S A
ND
O
TH
ER
CO
NS
UM
ER
TO
TA
L
DE
CE
MB
ER
31
, 20
14
Pe
rfo
rmin
g$
63
8,1
99
,73
1$
40
0,6
24
,67
9$
1,0
38
,82
4,4
10
No
n-p
erf
orm
ing
(no
nac
cru
al)
4,8
31
,84
93
47
,64
85
,17
9,4
97
TO
TA
L$
64
3,0
31
,58
0$
40
0,9
72
,32
7$
1,0
44
,00
3,9
07
DE
CE
MB
ER
31
, 20
13
Pe
rfo
rmin
g$
63
5,9
18
,75
5$
43
7,4
90
,72
2$
1,0
73
,40
9,4
77
No
n-p
erf
orm
ing
(no
nac
cru
al)
3,6
86
,47
63
77
,99
24
,06
4,4
68
TO
TA
L$
63
9,6
05
,23
1$
43
7,8
68
,71
4$
1,0
77
,47
3,9
45
If in
tere
st o
n n
on
-pe
rfo
rmin
g lo
ans
had
be
en
acc
rue
d, s
uch
inco
me
wo
uld
hav
e a
pp
roxi
mat
ed
$1
98
,20
0 a
nd
$1
75
,40
0 fo
r th
e y
ear
s e
nd
ed
De
cem
be
r 3
1, 2
01
4 a
nd
20
13
, re
spe
ctiv
ely
.
The
re w
ere
no
tro
ub
led
de
bt
rest
ruct
uri
ng
s th
at s
ub
seq
ue
ntl
y d
efa
ult
ed
in 2
01
4 a
nd
20
13
.
Ris
k R
ati
ng
: In
ad
dit
ion
to
mo
nit
ori
ng
th
e p
erf
orm
ance
sta
tus
of
the
loan
po
rtfo
lio, t
he
Cre
dit
Un
ion
als
o u
tiliz
es
a ri
sk r
atin
g s
yste
m t
o e
valu
ate
loan
ass
et
qu
alit
y. T
his
me
tho
do
log
y is
pri
mar
ily u
sed
for
loan
s th
at a
re r
evi
ew
ed
ind
ivid
ual
ly (t
ypic
ally
me
mb
er
bu
sin
ess
loan
s) fo
r A
LL a
s
de
scri
be
d p
revi
ou
sly
and
are
no
t p
art
of
a h
om
og
en
eo
us
loan
po
ol.
The
ris
k ra
tin
g s
yste
m c
on
sid
ers
fac
tors
su
ch a
s "
nan
cial
co
nd
itio
n, e
arn
ing
s,
colla
tera
l, m
anag
em
en
t an
d in
du
stry
ou
tlo
ok.
The
Cre
dit
Un
ion
’s in
tern
ally
ass
ign
ed
cla
ssi"
cati
on
s ar
e a
s fo
llow
s:
• Su
pe
rio
r--S
ub
stan
tial
ly r
isk
fre
e;
• Ex
celle
nt-
-Min
imal
ris
k;
• G
oo
d--
Mo
de
st r
isk;
• A
cce
pta
ble
--A
vera
ge
ris
k;
• A
cce
pta
ble
wit
h c
auti
on
/wat
ch--
De
velo
pin
g r
isk;
• Sp
eci
al m
en
tio
n--
Cu
rre
ntl
y p
rote
cte
d b
ut
po
ten
tial
ly w
eak
, co
nsi
de
rab
le r
isk;
• Su
bst
and
ard
--H
igh
an
d w
ell
de
"n
ed
ris
k o
f d
efa
ult
;
• D
ou
btf
ul-
-Ext
rem
ely
hig
h r
isk
of
loss
; an
d
• Lo
ss--
Loan
s cl
assi
"e
d a
s lo
ss a
re c
on
sid
ere
d n
on
-co
llect
ible
.
AM
ER
ICU
CR
ED
IT U
NIO
N A
NN
UA
L R
EP
OR
T 2
01
4
WWW.AMERICU.ORG | 800.388.2000
2423
A s
um
mar
y o
f th
e c
han
ge
s in
th
e b
alan
ce o
f m
ort
gag
e
serv
icin
g r
igh
ts in
20
14
an
d 2
01
3 w
ere
as
follo
ws
(in
00
0’s
):Y
EA
R E
ND
ED
DE
CE
MB
ER
31
,
20
14
20
13
Bal
ance
, be
gin
nin
g o
f ye
ar$
1,1
07
$ 1
,03
9
Serv
icin
g r
igh
ts r
eco
gn
ize
d2
85
39
5
Am
ort
izat
ion
of
serv
icin
g r
igh
ts(2
76
)(3
27
)
Bal
ance
, en
d o
f ye
ar$
1,1
16
$ 1
,10
7
Fair
val
ue
of
mo
rtg
age
se
rvic
ing
rig
hts
$ 1
,11
6$
1,1
07
No
te F
– O
the
r A
sse
ts
Oth
er
asse
ts c
on
sist
of
(in
00
0’s
):
DE
CE
MB
ER
31
,
20
14
20
13
Nat
ion
al C
red
it U
nio
n S
har
e In
sura
nce
Fu
nd
de
po
sit
$ 1
0,9
34
$ 1
0,7
59
De
ale
r re
serv
es
1,8
50
1,9
17
Acc
ou
nts
re
ceiv
able
an
d m
isce
llan
eo
us
cle
arin
g a
cco
un
ts3
,43
44
,82
9
Loan
co
llate
ral i
n p
roce
ss o
f liq
uid
atio
n3
04
39
6
Mo
rtg
age
se
rvic
ing
rig
hts
1,1
16
1,1
07
Var
iab
le li
fe in
sura
nce
an
nu
itie
s1
4,8
83
14
,57
0
Oth
er
real
est
ate
ow
ne
d2
,33
31
,77
0
Spo
nso
r p
ayro
lls r
ece
ivab
le1
57
46
6
Pre
pai
d a
nd
de
ferr
ed
exp
en
ses
1,3
59
1,2
02
Inve
stm
en
ts in
un
con
solid
ate
d c
red
it u
nio
n s
erv
ice
o
rgan
izat
ion
s1
,04
59
35
FHLB
of
Ne
w Y
ork
sto
ck9
63
1,1
09
NC
B C
om
mu
nit
y In
vest
me
nt
Fun
d2
50
25
0
Inve
stm
en
ts -
ava
ilab
le fo
r sa
le3
15
0
$ 3
8,6
59
$ 3
9,3
60
Fe
de
ral
Ho
me
Lo
an
Ba
nk
of
Ne
w Y
ork
Sto
ck:
The
Cre
dit
Un
ion
’s in
vest
me
nt
in t
he
Fe
de
ral H
om
e L
oan
Ban
k (F
HLB
) of
Ne
w Y
ork
sto
ck w
as
pu
rch
ase
d t
o a
llow
th
e C
red
it U
nio
n a
cce
ss t
o t
he
se
rvic
es
pro
vid
ed
by
the
FH
LB o
f N
ew
Yo
rk.
The
sto
ck is
co
nsi
de
red
re
stri
cte
d, a
s it
may
on
ly
be
re
sold
bac
k to
th
e F
HLB
of
Ne
w Y
ork
at
cost
. To
mai
nta
in a
lin
e o
f cr
ed
it w
ith
th
e F
HLB
of
Ne
w Y
ork
, th
e C
red
it U
nio
n m
ay b
e r
eq
uir
ed
to
inve
st
in a
dd
itio
nal
am
ou
nts
of
FHLB
of
Ne
w Y
ork
sto
ck.
No
te G
– P
rop
ert
y, E
qu
ipm
en
t a
nd
Le
ase
Ob
lig
ati
on
s
Pro
pe
rty
and
eq
uip
me
nt
is c
om
pri
sed
of
the
follo
win
g (i
n 0
00
’s):
D
EC
EM
BE
R 3
1,
20
14
20
13
Lan
d$
4,4
10
$ 3
,51
0
Bu
ildin
gs
22
,91
72
0,5
08
Furn
itu
re, "
xtu
res
and
eq
uip
me
nt
14
,62
01
2,8
45
Au
tom
atic
te
ller
mac
hin
es
and
kio
sks
7,5
47
7,0
12
Leas
eh
old
imp
rove
me
nts
3,9
50
3,8
83
53
,44
44
7,7
58
Acc
um
ula
ted
de
pre
cia
tio
n a
nd
am
ort
iza
tio
n(2
1,4
84
)(1
8,6
56
)
$ 3
1,9
60
$ 2
9,1
02
De
pre
ciat
ion
an
d a
mo
rtiz
atio
n e
xpe
nse
am
ou
nte
d t
o $
2,8
28
,67
0 a
nd
$2
,64
7,8
45
in 2
01
4 a
nd
20
13
, re
spe
ctiv
ely
.
The
Cre
dit
Un
ion
is o
blig
ate
d u
nd
er
no
n-c
ance
lab
le o
pe
rati
ng
leas
es
for
bra
nch
an
d o
&ce
fac
iliti
es.
Ne
t re
nt
exp
en
se u
nd
er
the
se
op
era
tin
g le
ase
s am
ou
nte
d t
o a
pp
roxi
mat
ely
$4
26
,00
0 a
nd
$7
83
,00
0 in
20
14
an
d 2
01
3, r
esp
ect
ive
ly.
Ce
rtai
n le
ase
s co
nta
in r
en
ew
al
op
tio
ns.
The
ap
pro
xim
ate
re
qu
ire
d m
inim
um
re
nta
l pay
me
nts
un
de
r th
e t
erm
s o
f th
e le
ase
s ar
e a
s fo
llow
s (i
n 0
00
’s):
YE
AR
S E
ND
ING
DE
CE
MB
ER
31
,
20
15
$ 3
82
,00
0
20
16
33
4,0
00
20
17
26
0,0
00
20
18
26
0,0
00
20
19
26
0,0
00
The
reaf
ter
2,3
30
,00
0
$ 3
,82
6,0
00
No
te E
– L
oa
n S
erv
icin
g
Loan
s se
rvic
ed
for
oth
ers
are
no
t in
clu
de
d in
th
e a
cco
mp
anyi
ng
co
nso
lidat
ed
sta
tem
en
ts o
f "
nan
cial
co
nd
itio
n.
The
un
pai
d p
rin
cip
al b
alan
ces
of
loan
s se
rvic
ed
for
oth
ers
an
d t
he
mo
rtg
age
cu
sto
dia
l esc
row
acc
ou
nts
are
su
mm
ariz
ed
as
follo
ws
(in
00
0’s
):
DE
CE
MB
ER
31
,
20
14
20
13
Mo
rtg
age
loan
po
rtfo
lio s
erv
ice
d$
23
2,9
59
$ 2
23
,31
1
Cu
sto
dia
l esc
row
acc
ou
nts
$2
,86
6$
2,3
29
AM
ER
ICU
CR
ED
IT U
NIO
N A
NN
UA
L R
EP
OR
T 2
01
4
WWW.AMERICU.ORG | 800.388.2000
2625
cre
dit
is r
ep
rese
nte
d b
y th
e c
on
trac
tual
am
ou
nts
of
the
co
mm
itm
en
ts.
A s
um
mar
y o
f th
e c
on
trac
t am
ou
nts
of
the
Cre
dit
Un
ion
’s
com
mit
me
nts
to
ext
en
d c
red
it a
t D
ece
mb
er
31
, 20
14
is a
s fo
llow
s
(in
00
0’s
):
Un
use
d c
red
it c
ard
lin
es
$ 6
6,2
87
Un
use
d li
ne
s o
f cr
ed
it, e
xclu
din
g
cre
dit
car
ds
32
,40
4
Ove
rdra
ft p
rote
ctio
n p
rog
ram
co
mm
itm
en
ts2
5,0
59
Loan
s ap
pro
ved
no
t ye
t d
isb
urs
ed
3,4
43
Un
use
d c
on
stru
ctio
n lo
ans
61
2
Un
fun
de
d b
usi
ne
ss lo
an
com
mit
me
nts
1,2
65
Oth
er
un
fun
de
d c
om
mit
me
nts
12
,06
0
$ 1
41
,13
0
Sin
ce p
ort
ion
s o
f th
e a
bo
ve c
om
mit
me
nts
are
exp
ect
ed
to
exp
ire
wit
ho
ut
be
ing
dra
wn
up
on
, th
e t
ota
l co
mm
itm
en
t am
ou
nts
do
no
t
ne
cess
arily
re
pre
sen
t fu
ture
liq
uid
ity
req
uir
em
en
ts.
Fin
an
cia
l In
stru
me
nts
wit
h C
on
cen
tra
tio
ns
of
Cre
dit
Ris
k: T
he
Cre
dit
Un
ion
has
ide
nti
"e
d c
ert
ain
cre
dit
ris
k co
nce
ntr
atio
ns
in
rela
tio
n t
o it
s o
n a
nd
o<
bal
ance
sh
ee
t "
nan
cial
inst
rum
en
ts.
A c
red
it
risk
co
nce
ntr
atio
n is
de
"n
ed
as
a si
gn
i"ca
nt
cre
dit
exp
osu
re t
o a
n
ind
ivid
ual
or
a g
rou
p e
ng
age
d in
sim
ilar
acti
viti
es
or
a<e
cte
d s
imila
rly
by
eco
no
mic
co
nd
itio
ns.
The
Cre
dit
Un
ion
, at
tim
es,
mai
nta
ins
de
po
sits
wit
h d
ep
osi
tory
"n
anci
al in
stit
uti
on
s th
at e
xce
ed
fed
era
lly in
sure
d li
mit
s.
The
Cre
dit
Un
ion
ori
gin
ate
s re
sid
en
tial
re
al e
stat
e lo
ans
thro
ug
ho
ut
Ce
ntr
al a
nd
No
rth
ern
Ne
w Y
ork
. Th
ese
loan
s ar
e u
nd
erw
ritt
en
to
com
ply
wit
h s
eco
nd
ary
mar
ket
stan
dar
ds
and
are
se
cure
d b
y th
e
un
de
rlyi
ng
co
llate
ral.
Th
e C
red
it U
nio
n a
lso
gra
nts
var
iou
s se
cure
d
and
un
secu
red
co
nsu
me
r ty
pe
loan
s to
me
mb
ers
in t
he
se r
eg
ion
s.
Sp
on
sors
hip
Co
mm
itm
en
ts: T
he
Cre
dit
Un
ion
has
sp
on
sors
hip
an
d
lice
nse
co
mm
itm
en
ts w
ith
se
vera
l lo
cal o
rgan
izat
ion
s an
d is
re
qu
ire
d
to p
ay a
pp
roxi
mat
ely
$5
67
,00
0 o
ver
the
nex
t si
x ye
ars;
$1
00
,00
0
in 2
01
5, $
10
0,0
00
in 2
01
6, $
10
0,0
00
in 2
01
7, $
10
0,0
00
in 2
01
8 a
nd
$1
67
,00
0 t
he
reaf
ter
thro
ug
h A
ug
ust
20
20
.
No
te L
– D
iscl
osu
res
Ab
ou
t F
air
V
alu
e o
f F
ina
nci
al
Inst
rum
en
ts
The
Cre
dit
Un
ion
follo
ws
the
pro
visi
on
s o
f th
e F
ASB
gu
idan
ce o
n f
air
valu
e m
eas
ure
me
nt
for
"n
anci
al a
sse
ts a
nd
"n
anci
al li
abili
tie
s, F
ASB
ASC
To
pic
82
0, “
Fair
Val
ue
Me
asu
rem
en
ts”.
Fai
r va
lue
is a
n e
stim
ate
of
the
pri
ce t
he
Cre
dit
Un
ion
wo
uld
re
ceiv
e u
po
n s
elli
ng
a "
nan
cial
inst
rum
en
t in
a t
ime
ly t
ran
sact
ion
to
an
ind
ep
en
de
nt
bu
yer
or
the
mo
st a
dva
nta
ge
ou
s m
arke
t o
f th
e "
nan
cial
inst
rum
en
t.
FASB
ASC
To
pic
82
0 e
stab
lish
ed
a t
hre
e t
ier
hie
rarc
hy
to m
axim
ize
th
e
use
of
ob
serv
able
mar
ket
dat
a an
d m
inim
ize
th
e u
se o
f u
no
bse
rvab
le
inp
uts
an
d t
o e
stab
lish
cla
ssi"
cati
on
of
fair
val
ue
me
asu
rem
en
ts fo
r
dis
clo
sure
pu
rpo
ses.
Var
iou
s in
pu
ts a
re u
sed
in d
ete
rmin
ing
th
e v
alu
e
of
the
"n
anci
al in
stru
me
nts
as
no
ted
be
low
:
Le
vel 1
-
qu
ote
d p
rice
s in
act
ive
mar
kets
for
ide
nti
cal i
np
uts
Le
vel 2
-
oth
er
sig
ni"
can
t o
bse
rvab
le in
pu
ts
Le
vel 3
-
sig
ni"
can
t u
no
bse
rvab
le in
pu
ts (i
ncl
ud
ing
th
e
C
red
it U
nio
n’s
ow
n a
ssu
mp
tio
ns
in d
ete
rmin
ing
fai
r va
lue
)
The
fai
r va
lue
of
cash
an
d c
ash
eq
uiv
ale
nts
, de
po
sits
at
corp
ora
te
cre
dit
un
ion
, in
vest
me
nts
ava
ilab
le fo
r sa
le, l
oan
s to
me
mb
ers
wit
h
adju
stab
le in
tere
st r
ate
s, a
nd
acc
rue
d in
tere
st r
ece
ivab
le a
pp
roxi
mat
e
carr
yin
g v
alu
e d
ue
to
th
e n
atu
re o
f th
e in
stru
me
nts
.
The
Cre
dit
Un
ion
use
s Le
vel 2
inp
uts
to
fai
r va
lue
loan
s to
me
mb
ers
,
loan
s h
eld
for
sale
an
d m
em
be
rs’ s
har
e a
cco
un
ts.
The
se f
air
valu
e
est
imat
es
uti
lize
qu
ote
d m
arke
t p
rice
s o
f co
mp
arab
le in
stru
me
nts
an
d
inte
rest
rat
es
o<
ere
d w
ith
sim
ilar
loan
an
d s
har
e p
rod
uct
s.
The
follo
win
g m
eth
od
s an
d a
ssu
mp
tio
ns
we
re u
sed
by
the
Cre
dit
Un
ion
in e
stim
atin
g f
air
valu
es
of
"n
anci
al in
stru
me
nts
as
dis
clo
sed
he
rein
:
Ca
sh a
nd
Ca
sh E
qu
iva
len
ts: T
he
car
ryin
g a
mo
un
ts o
f ca
sh a
nd
cas
h
eq
uiv
ale
nts
ap
pro
xim
ate
th
eir
fai
r va
lue.
De
po
sits
at
Co
rpo
rate
Cre
dit
Un
ion
: Th
e c
arry
ing
am
ou
nts
of
de
po
sits
at
the
co
rpo
rate
cre
dit
un
ion
ap
pro
xim
ate
th
eir
fai
r va
lue.
Lo
an
s to
Me
mb
ers
, ne
t: T
he
fai
r va
lue
s o
f lo
ans
are
est
imat
ed
by
dis
cou
nti
ng
th
e f
utu
re c
ash
*o
ws
usi
ng
th
e c
urr
en
t ra
tes
at w
hic
h
sim
ilar
loan
s w
ou
ld b
e m
ade
to
bo
rro
we
rs w
ith
sim
ilar
cre
dit
rat
ing
s
and
for
the
sam
e r
em
ain
ing
mat
uri
tie
s.
Lo
an
s H
eld
fo
r S
ale
: Th
e f
air
valu
e o
f lo
ans
he
ld fo
r sa
le a
pp
roxi
mat
e
the
ir c
arry
ing
val
ue.
Acc
rue
d I
nte
rest
Re
ceiv
ab
le:
The
car
ryin
g a
mo
un
t o
f ac
cru
ed
inte
rest
ap
pro
xim
ate
s fa
ir v
alu
e.
Me
mb
ers
’ Sh
are
Acc
ou
nts
: Th
e f
air
valu
e o
f m
em
be
rs’ s
har
e a
cco
un
ts
is e
stim
ate
d b
y d
isco
un
tin
g t
he
est
imat
ed
cas
h *
ow
s u
sin
g in
tere
st
rate
s fo
r co
mp
arab
le in
stru
me
nts
an
d t
erm
s.
O&
-Ba
lan
ce-S
he
et
Cre
dit
-Re
late
d I
nst
rum
en
ts:
Fair
val
ue
s fo
r
o<
-bal
ance
sh
ee
t le
nd
ing
co
mm
itm
en
ts a
re b
ase
d o
n in
tere
st r
ate
s
curr
en
tly
char
ge
d t
o e
nte
r in
to s
imila
r ag
ree
me
nts
, tak
ing
into
acco
un
t th
e r
em
ain
ing
te
rms
of
the
ag
ree
me
nts
an
d t
he
bo
rro
we
rs’
cre
dit
sta
nd
ing
s.
No
te H
– M
em
be
rs’ S
ha
re A
cco
un
ts
The
ag
gre
gat
e a
mo
un
t o
f m
em
be
rs’ s
har
e a
cco
un
ts o
ver
$2
50
,00
0 w
as a
pp
roxi
mat
ely
$5
4,9
79
,00
0 a
t D
ece
mb
er
31
, 20
14
.
At
De
cem
be
r 3
1, 2
01
4, s
che
du
led
mat
uri
tie
s o
f sh
are
ce
rti"
cate
s,
incl
ud
ing
IRA
ce
rti"
cate
acc
ou
nts
, are
as
follo
ws
(in
00
0’s
):
YE
AR
S E
ND
ING
DE
CE
MB
ER
31
,
20
15
$ 2
51
,81
4
20
16
89
,69
7
20
17
56
,37
2
20
18
29
,70
5
20
19
1
3,1
94
The
reaf
ter
30
4
$ 4
41
,08
6
No
te I
– F
ina
nci
ng
Arr
an
ge
me
nts
All
oy
a L
ine
of
Cre
dit
: Th
e C
red
it U
nio
n h
as a
$8
.75
mill
ion
do
llar
line
of
cre
dit
ag
ree
me
nt
wit
h A
lloya
se
cure
d b
y th
e a
sse
ts o
f th
e C
red
it
Un
ion
. Th
ere
we
re n
o o
uts
tan
din
g b
orr
ow
ing
s u
nd
er
this
fac
ility
as
of
De
cem
be
r 3
1, 2
01
4 a
nd
20
13
. Th
e in
tere
st r
ate
is d
ete
rmin
ed
by
Allo
ya a
t th
e t
ime
of
bo
rro
win
g a
nd
is e
stab
lish
ed
bas
ed
on
cu
rre
nt
mar
ket
rate
s.
FH
LB
of
Ne
w Y
ork
Ad
va
nce
Ag
ree
me
nt:
Th
e C
red
it U
nio
n h
as a
n
adva
nce
, co
llate
ral a
nd
se
curi
ty a
gre
em
en
t w
ith
th
e F
HLB
of
Ne
w
York
. Th
is a
gre
em
en
t p
rovi
de
s th
e C
red
it U
nio
n w
ith
a c
red
it li
ne
hav
ing
$1
99
,52
5,4
30
of
avai
lab
ility
at
De
cem
be
r 3
1, 2
01
4.
The
Cre
dit
Un
ion
is r
eq
uir
ed
to
ple
dg
e e
ligib
le m
ort
gag
e lo
ans
as c
olla
tera
l,
wit
h $
22
7,5
08
,15
0 o
f m
ort
gag
es
curr
en
tly
elig
ible
to
be
ple
dg
ed
as
colla
tera
l. T
he
inte
rest
rat
e is
de
term
ine
d b
y th
e F
HLB
of
Ne
w Y
ork
at t
he
tim
e o
f b
orr
ow
ing
an
d is
est
ablis
he
d b
ase
d o
n t
he
te
rm o
f th
e
loan
se
lect
ed
by
the
Cre
dit
Un
ion
an
d c
urr
en
t m
arke
t ra
tes.
Th
ere
we
re n
o o
uts
tan
din
g b
orr
ow
ing
s u
nd
er
this
fac
ility
as
of
De
cem
be
r 3
1,
20
14
an
d 2
01
3.
Fe
de
ral
Re
serv
e B
an
k o
f N
ew
Yo
rk A
dv
an
ce A
gre
em
en
t: T
he
Cre
dit
Un
ion
has
an
ad
van
ce, c
olla
tera
l an
d s
ecu
rity
ag
ree
me
nt
wit
h t
he
Fed
era
l Re
serv
e B
ank
of
Ne
w Y
ork
wh
ich
pro
vid
es
the
Cre
dit
Un
ion
wit
h a
lin
e o
f cr
ed
it.
The
Cre
dit
Un
ion
is r
eq
uir
ed
to
ple
dg
e e
ligib
le
ind
ire
ct a
uto
loan
s as
co
llate
ral.
The
inte
rest
rat
e is
de
term
ine
d a
t th
e
tim
e o
f b
orr
ow
ing
an
d is
est
ablis
he
d b
ase
d o
n a
90
-day
te
rm s
et
by
the
Fe
de
ral R
ese
rve
Ban
k o
f N
ew
Yo
rk a
t p
reva
ilin
g m
arke
t ra
tes.
Th
ere
we
re n
o o
uts
tan
din
g b
orr
ow
ing
s u
nd
er
this
fac
ility
as
of
De
cem
be
r
31
, 20
14
an
d 2
01
3.
No
te J
– 4
01
(k)
Pe
nsi
on
Pla
n
The
Cre
dit
Un
ion
mai
nta
ins
a 4
01
(k) p
en
sio
n p
lan
co
veri
ng
sub
stan
tial
ly a
ll e
mp
loye
es.
Th
e P
lan
allo
ws
em
plo
yee
s,
imm
ed
iate
ly u
po
n d
ate
of
hir
e, t
o d
efe
r a
po
rtio
n o
f th
eir
sal
ary
thro
ug
h c
on
trib
uti
on
s to
th
e P
lan
. A
fte
r o
ne
ye
ar o
f se
rvic
e t
he
Cre
dit
Un
ion
mak
es
mat
chin
g c
on
trib
uti
on
s to
th
e P
lan
bas
ed
on
ele
cte
d c
om
pe
nsa
tio
n d
efe
rral
s. T
he
Cre
dit
Un
ion
’s m
atch
ing
con
trib
uti
on
is b
ase
d o
n 1
00
% o
f th
e e
lect
ed
de
ferr
al fo
r th
e "
rst
3%
of
com
pe
nsa
tio
n a
nd
50
% o
f th
e e
lect
ed
de
ferr
al fo
r th
e n
ext
2%
of
com
pe
nsa
tio
n.
Exp
en
se fo
r th
e y
ear
s e
nd
ed
De
cem
be
r 3
1,
20
14
an
d 2
01
3 a
mo
un
ted
to
ap
pro
xim
ate
ly $
53
0,0
00
an
d $
49
8,0
00
,
resp
ect
ive
ly.
No
te K
– C
om
mit
me
nts
Fin
an
cia
l In
stru
me
nts
wit
h O
&-B
ala
nce
Sh
ee
t R
isk
: Th
e
Cre
dit
Un
ion
en
ters
into
co
mm
itm
en
ts t
o e
xte
nd
cre
dit
in t
he
no
rmal
co
urs
e o
f m
ee
tin
g t
he
"n
anci
al n
ee
ds
of
its
me
mb
ers
.
Co
mm
itm
en
ts t
o e
xte
nd
cre
dit
, wh
ich
ge
ne
rally
hav
e "
xed
exp
irat
ion
dat
es
or
oth
er
term
inat
ion
cla
use
s, a
re le
gal
ly b
ind
ing
agre
em
en
ts t
o le
nd
to
a m
em
be
r (a
s lo
ng
as
the
re is
no
vio
lati
on
of
any
con
dit
ion
est
ablis
he
d in
th
e c
on
trac
t).
The
se c
om
mit
me
nts
invo
lve,
to
var
yin
g d
eg
ree
s, e
lem
en
ts o
f cr
ed
it, i
nte
rest
rat
e o
r
liqu
idit
y ri
sk in
exc
ess
of
the
am
ou
nt
reco
gn
ize
d in
th
e c
on
solid
ate
d
stat
em
en
ts o
f "
nan
cial
co
nd
itio
n.
Cre
dit
ris
k is
th
e p
oss
ibili
ty t
hat
loss
may
occ
ur
fro
m t
he
cou
nte
rpar
t’s f
ailu
re t
o p
erf
orm
acc
ord
ing
to
th
e t
erm
s o
f th
e
con
trac
t. I
nte
rest
rat
e r
isk
is d
ue
to
*u
ctu
atio
ns
in in
tere
st r
ate
s th
at
may
de
cre
ase
th
e m
arke
t va
lue
of
a "
nan
cial
inst
rum
en
t. L
iqu
idit
y
risk
is t
he
ris
k th
at t
he
Cre
dit
Un
ion
will
no
t b
e a
ble
to
me
et
its
con
trac
tual
ob
ligat
ion
s as
th
ey
com
e d
ue.
The
Cre
dit
Un
ion
use
s th
e s
ame
cre
dit
po
licie
s in
mak
ing
com
mit
me
nts
as
it d
oe
s fo
r o
n-b
alan
ce s
he
et
inst
rum
en
ts.
The
Cre
dit
Un
ion
co
ntr
ols
th
e c
red
it r
isk
of
com
mit
me
nts
to
exte
nd
cre
dit
th
rou
gh
cre
dit
ap
pro
vals
, cre
dit
lim
its,
mo
nit
ori
ng
pro
ced
ure
s, a
nd
man
age
me
nt’s
eva
luat
ion
of
eac
h m
em
be
r’s
cre
dit
wo
rth
ine
ss o
n a
cas
e-b
y-ca
se b
asis
. Th
e a
mo
un
t o
f co
llate
ral
ob
tain
ed
, if
de
em
ed
ne
cess
ary,
is b
ase
d o
n m
anag
em
en
t’s c
red
it
eva
luat
ion
of
the
me
mb
er.
The
Cre
dit
Un
ion
’s e
xpo
sure
to
cre
dit
loss
in t
he
eve
nt
of
no
np
erf
orm
ance
by
the
oth
er
par
ty fo
r co
mm
itm
en
ts t
o e
xte
nd
AM
ER
ICU
CR
ED
IT U
NIO
N A
NN
UA
L R
EP
OR
T 2
01
4
WWW.AMERICU.ORG | 800.388.2000
2827
No
te M
– R
ela
ted
Pa
rty
Tra
nsa
ctio
ns
In t
he
no
rmal
co
urs
e o
f b
usi
ne
ss, t
he
Cre
dit
Un
ion
ext
en
ds
cre
dit
to
dir
ect
ors
, su
pe
rvis
ory
co
mm
itte
e m
em
be
rs, e
xecu
tive
o&
cers
an
d
em
plo
yee
s. T
he
ag
gre
gat
e lo
ans
at D
ece
mb
er
31
, 20
14
an
d 2
01
3 a
re
app
roxi
mat
ely
$1
0,3
67
,00
0 a
nd
$1
0,4
41
,00
0, r
esp
ect
ive
ly.
Shar
es
fro
m
the
se r
ela
ted
par
tie
s at
De
cem
be
r 3
1, 2
01
4 a
nd
20
13
am
ou
nte
d t
o
app
roxi
mat
ely
$1
2,7
95
,00
0 a
nd
$1
1,6
26
,00
0, r
esp
ect
ive
ly.
No
te N
– R
eg
ula
tory
Ca
pit
al
The
Cre
dit
Un
ion
is s
ub
ject
to
var
iou
s re
gu
lato
ry c
apit
al r
eq
uir
em
en
ts.
Failu
re t
o m
ee
t m
inim
um
cap
ital
re
qu
ire
me
nts
can
init
iate
ce
rtai
n
man
dat
ory
an
d p
oss
ibly
ad
dit
ion
al d
iscr
eti
on
ary
acti
on
s b
y re
gu
lato
rs
that
, if
un
de
rtak
en
, co
uld
hav
e a
dir
ect
mat
eri
al e
<e
ct o
n t
he
Cre
dit
Un
ion
’s c
on
solid
ate
d "
nan
cial
sta
tem
en
ts.
Un
de
r ca
pit
al a
de
qu
acy
reg
ula
tio
ns
and
th
e r
eg
ula
tory
fra
me
wo
rk fo
r p
rom
pt
corr
ect
ive
acti
on
, th
e C
red
it U
nio
n m
ust
me
et
spe
ci"
c ca
pit
al r
eg
ula
tio
ns
that
invo
lve
qu
anti
tati
ve m
eas
ure
s o
f th
e C
red
it U
nio
n’s
ass
ets
, lia
bili
tie
s,
and
ce
rtai
n o
< b
alan
ce s
he
et
ite
ms
as c
alcu
late
d u
nd
er
acco
un
tin
g
pri
nci
ple
s g
en
era
lly a
cce
pte
d in
th
e U
nit
ed
Sta
tes
of
Am
eri
ca.
The
Cre
dit
Un
ion
’s c
apit
al a
mo
un
ts a
nd
ne
t w
ort
h c
lass
i"ca
tio
n a
re a
lso
sub
ject
to
qu
alit
ativ
e ju
dg
me
nts
by
the
re
gu
lato
rs a
bo
ut
com
po
ne
nts
,
risk
we
igh
tin
gs,
an
d o
the
r fa
cto
rs.
Qu
anti
tati
ve m
eas
ure
s e
stab
lish
ed
by
reg
ula
tio
n t
o e
nsu
re c
apit
al a
de
qu
acy
req
uir
e t
he
Cre
dit
Un
ion
to
mai
nta
in m
inim
um
am
ou
nts
an
d r
atio
s o
f n
et
wo
rth
to
to
tal a
sse
ts.
Cre
dit
un
ion
s ar
e a
lso
re
qu
ire
d t
o c
alcu
late
a R
isk-
Bas
ed
Ne
t W
ort
h
(RB
NW
) re
qu
ire
me
nt
wh
ich
est
ablis
he
s w
he
the
r o
r n
ot
the
Cre
dit
Un
ion
will
be
co
nsi
de
red
“co
mp
lex”
un
de
r th
e r
eg
ula
tory
fra
me
wo
rk.
The
Cre
dit
Un
ion
’s R
BN
W r
atio
as
of
De
cem
be
r 3
1, 2
01
4 a
nd
20
13
was
6.7
%.
A r
atio
of
6%
or
gre
ate
r w
ou
ld c
ause
th
e C
red
it U
nio
n t
o
be
co
nsi
de
red
co
mp
lex.
Th
e C
red
it U
nio
n w
as c
lass
i"e
d a
s co
mp
lex
at D
ece
mb
er
31
, 20
14
an
d 2
01
3, a
nd
as
such
, th
e C
red
it U
nio
n’s
ne
t
wo
rth
rat
io m
ust
be
gre
ate
r th
an t
he
RB
NW
rat
io o
r it
will
be
cla
ssi"
ed
as u
nd
erc
apit
aliz
ed
. M
anag
em
en
t b
elie
ves,
as
of
De
cem
be
r 3
1,
20
14
an
d 2
01
3, t
hat
th
e C
red
it U
nio
n m
ee
ts a
ll ca
pit
al a
de
qu
acy
req
uir
em
en
ts t
o w
hic
h it
is s
ub
ject
.
As
of
De
cem
be
r 3
1, 2
01
4, t
he
mo
st r
ece
nt
call
rep
ort
ing
pe
rio
d,
the
Cre
dit
Un
ion
was
cat
eg
ori
zed
as
“we
ll ca
pit
aliz
ed
” un
de
r th
e
reg
ula
tory
fra
me
wo
rk fo
r p
rom
pt
corr
ect
ive
act
ion
. To
be
cat
eg
ori
zed
as “w
ell
cap
ital
ize
d” t
he
Cre
dit
Un
ion
mu
st m
ain
tain
a m
inim
um
ne
t w
ort
h r
atio
of
7%
of
asse
ts a
nd
me
et
any
app
licab
le R
BN
W
req
uir
em
en
t. M
anag
em
en
t b
elie
ves
the
re a
re n
o c
on
dit
ion
s o
r e
ven
ts
that
hav
e o
ccu
rre
d s
ince
th
at n
oti
"ca
tio
n t
hat
wo
uld
hav
e c
han
ge
d
the
Cre
dit
Un
ion
’s c
ate
go
ry.
The
Cre
dit
Un
ion
’s a
ctu
al c
apit
al a
mo
un
ts a
nd
rat
ios
at D
ece
mb
er
31
, 20
14
an
d 2
01
3 a
re p
rese
nte
d in
th
e fo
llow
ing
tab
le (i
n 0
00
’s):
AC
TU
AL
TO
BE
WE
LL
CA
PIT
AL
IZE
D U
ND
ER
P
RO
MP
T C
OR
RE
CT
IVE
AC
TIO
N
PR
OV
ISIO
NS
TO
BE
AD
EQ
UA
TE
LY C
AP
ITA
LIZ
ED
U
ND
ER
PR
OM
PT
CO
RR
EC
TIV
E A
CT
ION
P
RO
VIS
ION
S
AM
OU
NT
RA
TIO
AM
OU
NT
RA
TIO
AM
OU
NT
RA
TIO
DE
CE
MB
ER
31
, 20
14
Ne
t W
ort
h$
11
7,2
57
9.3
%$
88
,50
57
.0%
$ 7
5,8
61
6.0
%
Ris
k-B
ase
d N
et
W
ort
h r
eq
uir
em
en
t8
3,4
47
6.7
%N
/AN
/AN
/AN
/A
DE
CE
MB
ER
31
, 20
13
Ne
t W
ort
h$
10
5,4
38
8.3
%$
88
,45
77
.0%
$ 7
5,8
20
6.0
%
Ris
k-B
ase
d N
et
W
ort
h r
eq
uir
em
en
t8
4,1
60
6.7
%N
/AN
/AN
/AN
/A
Act
ual
ne
t w
ort
h a
mo
un
ts in
th
e p
rece
din
g t
able
do
no
t in
clu
de
acc
um
ula
ted
oth
er
com
pre
he
nsi
ve in
com
e.
Be
cau
se t
he
RB
NW
re
qu
ire
me
nt
is le
ss t
han
th
e n
et
wo
rth
rat
io, t
he
Cre
dit
Un
ion
re
tain
s it
s o
rig
inal
cat
eg
ory
.
The
car
ryin
g a
mo
un
t an
d f
air
valu
e o
f "
nan
cial
inst
rum
en
ts o
f th
e C
red
it U
nio
n a
s o
f D
ece
mb
er
31
, 20
14
an
d 2
01
3 a
re a
s fo
llow
s (i
n 0
00
’s):
DE
CE
MB
ER
31
, 20
14
DE
CE
MB
ER
31
, 20
13
CA
RR
YIN
G A
MO
UN
TF
AIR
VA
LU
EC
AR
RY
ING
AM
OU
NT
FA
IR V
AL
UE
Fin
an
cia
l A
sse
ts:
Cas
h a
nd
cas
h
eq
uiv
ale
nts
$ 1
39
,43
9$
13
9,4
39
$ 1
13
,50
7$
11
3,5
07
De
po
sits
at
corp
ora
te
cre
dit
un
ion
17
51
75
17
51
75
Loan
s to
me
mb
ers
, ne
t1
,04
8,8
79
1,0
73
,37
31
,07
6,9
94
1,1
12
,96
2
Loan
s h
eld
for
sale
1,7
15
1,7
15
87
58
75
Acc
rue
d in
tere
st
rece
ivab
le2
,93
12
,93
13
,04
93
,04
9
Fin
an
cia
l L
iab
ilit
ies:
Me
mb
ers
’ sh
are
acc
ou
nts
$ 1
,13
4,2
99
$ 1
,10
1,6
70
$ 1
,14
4,0
18
$ 1
,11
0,7
20
O&
ba
lan
ce s
he
et
ite
ms:
Co
mm
itm
en
ts
to e
xte
nd
cre
dit
$ 1
41
,13
0
Fa
ir V
alu
e o
n a
Re
curr
ing
Ba
sis:
At
De
cem
be
r 3
1, 2
01
4 a
nd
20
13
, mo
rtg
age
se
rvic
ing
rig
hts
are
re
cord
ed
at
fair
val
ue
on
a r
ecu
rrin
g b
asis
. Fa
ir v
alu
e is
de
term
ine
d u
nd
er
Leve
l 2 fo
r m
ort
gag
e s
erv
icin
g r
igh
ts a
nd
ap
pro
xim
ate
s $
1,1
16
,00
0 a
nd
$1
,10
7,0
00
at
De
cem
be
r 3
1, 2
01
4
and
20
13
, re
spe
ctiv
ely
.
Fa
ir V
alu
e o
n a
No
nre
curr
ing
Ba
sis:
Ce
rtai
n a
sse
ts a
nd
liab
iliti
es
are
me
asu
red
at
fair
val
ue
on
a n
on
recu
rrin
g b
asis
, th
at is
, th
e
inst
rum
en
ts a
re n
ot
me
asu
red
at
fair
val
ue
on
an
on
go
ing
bas
is b
ut
are
su
bje
ct t
o f
air
valu
e a
dju
stm
en
ts in
ce
rtai
n c
ircu
mst
ance
s (f
or
exam
ple
, wh
en
th
ere
is e
vid
en
ce o
f im
pai
rme
nt)
. Th
e fo
llow
ing
tab
le p
rese
nts
th
e a
sse
ts a
nd
liab
iliti
es
carr
ied
on
th
e s
tate
me
nt
of
"n
anci
al
con
dit
ion
, by
cap
tio
n a
nd
by
leve
l wit
hin
th
e v
alu
atio
n h
iera
rch
y (a
s d
esc
rib
ed
ab
ove
), fo
r w
hic
h a
no
nre
curr
ing
ch
ang
e in
fai
r va
lue
has
b
ee
n r
eco
rde
d (i
n 0
00
’s):
CA
RR
YIN
G V
AL
UE
FA
IR V
AL
UE
QU
OT
ED
PR
ICE
S I
N
AC
TIV
E M
AR
KE
TS
FO
R
IDE
NT
ICA
L A
SS
ET
S
(LE
VE
L 1
)
SIG
NIF
ICA
NT
OT
HE
R
OB
SE
RV
AB
LE
IN
PU
TS
(L
EV
EL
2)
SIG
NIF
ICA
NT
U
NO
BS
ER
VA
BL
E I
NP
UT
S
(LE
VE
L 3
)
FA
IR V
AL
UE
ME
AS
UR
EM
EN
TS
AT
DE
CE
MB
ER
31
, 20
14
Oth
er
real
est
ate
ow
ne
d$
2,3
33
$ 2
,33
3$
-0
- $
2,3
33
$ -
0-
Loan
s h
eld
for
sale
$ 1
,71
5$
1,7
15
$ -
0-
$ 1
,71
5$
-0
-
FA
IR V
AL
UE
ME
AS
UR
EM
EN
TS
AT
DE
CE
MB
ER
31
, 20
13
Oth
er
real
est
ate
ow
ne
d$
1,7
70
$ 1
,77
0$
-0
-$
1,7
70
$ -
0-
Loan
s h
eld
for
sale
$ 8
75
$ 8
75
$ -
0-
$ 8
75
$ -
0-
AM
ER
IC
U
CR
ED
IT
U
NI
ON
A
NN
UA
L
RE
PO
RT
2
01
4
30
Ind
ep
en
de
nt
Au
dit
or’
s R
ep
ort
on
Oth
er
Fin
an
cia
l In
form
ati
on
To t
he
Su
pe
rvis
ory
Co
mm
itte
e a
nd
Bo
ard
of
Dir
ect
ors
Am
eri
CU
Cre
dit
Un
ion
Ro
me
, Ne
w Y
ork
We
hav
e a
ud
ite
d t
he
co
nso
lidat
ed
"n
anci
al s
tate
me
nts
of
Am
eri
CU
Cre
dit
Un
ion
an
d S
ub
sid
iari
es
as o
f an
d fo
r th
e y
ear
s e
nd
ed
De
cem
be
r 3
1, 2
01
4 a
nd
20
13
, an
d h
ave
issu
ed
ou
r re
po
rt t
he
reo
n, d
ate
d F
eb
ruar
y 2
7, 2
01
5, w
hic
h c
on
tain
ed
an
un
mo
di"
ed
op
inio
n o
n t
ho
se c
on
solid
ate
d "
nan
cial
sta
tem
en
ts.
Ou
r au
dit
s w
ere
pe
rfo
rme
d fo
r th
e p
urp
ose
of
form
ing
an
op
inio
n o
n t
he
con
solid
ate
d "
nan
cial
sta
tem
en
ts a
s a
wh
ole
.
The
acc
om
pan
yin
g o
the
r "
nan
cial
info
rmat
ion
is p
rese
nte
d fo
r p
urp
ose
s o
f ad
dit
ion
al a
nal
ysis
an
d is
no
t a
req
uir
ed
par
t
of
the
co
nso
lidat
ed
"n
anci
al s
tate
me
nts
. Su
ch in
form
atio
n is
th
e r
esp
on
sib
ility
of
man
age
me
nt
and
was
de
rive
d f
rom
an
d
rela
tes
dir
ect
ly t
o t
he
un
de
rlyi
ng
acc
ou
nti
ng
an
d o
the
r re
cord
s u
sed
to
pre
par
e t
he
co
nso
lidat
ed
"n
anci
al s
tate
me
nts
. Th
e
info
rmat
ion
has
be
en
su
bje
cte
d t
o t
he
au
dit
ing
pro
ced
ure
s ap
plie
d in
th
e a
ud
its
of
the
co
nso
lidat
ed
"n
anci
al s
tate
me
nts
an
d
cert
ain
ad
dit
ion
al p
roce
du
res,
incl
ud
ing
co
mp
arin
g a
nd
re
con
cilin
g s
uch
info
rmat
ion
dir
ect
ly t
o t
he
un
de
rlyi
ng
acc
ou
nti
ng
and
oth
er
reco
rds
use
d t
o p
rep
are
th
e c
on
solid
ate
d "
nan
cial
sta
tem
en
ts o
r to
th
e c
on
solid
ate
d "
nan
cial
sta
tem
en
ts
the
mse
lve
s, a
nd
oth
er
add
itio
nal
pro
ced
ure
s in
acc
ord
ance
wit
h a
ud
itin
g s
tan
dar
ds
ge
ne
rally
acc
ep
ted
in t
he
Un
ite
d S
tate
s
of
Am
eri
ca.
In o
ur
op
inio
n, t
he
info
rmat
ion
is f
airl
y st
ate
d in
all
mat
eri
al r
esp
ect
s in
re
lati
on
to
th
e c
on
solid
ate
d "
nan
cial
stat
em
en
ts a
s a
wh
ole
.
East
Syr
acu
se, N
ew
Yo
rk
Feb
ruar
y 2
7, 2
01
5
50
10
Cam
pu
swo
od
Dri
ve •
East
Syr
acu
se, N
ew
Yo
rk 1
30
57
TE
L: 3
15
.47
2.7
04
5 •
FA
X: 3
15
.47
2.7
05
3 •
ww
w.f
mfe
cpa
.co
m
WWW.AMERICU.ORG | 800.388.2000
31
AM
ER
ICU
C
RE
DIT
UN
ION
HA
MIL
TO
N
AS
SO
CIA
TE
S, I
NC
.A
ME
RIC
U
SE
RV
ICE
S, L
LC
AM
ER
ICU
CA
PIT
AL
M
AN
AG
EM
EN
T,
LL
CE
LIM
INA
TIO
NS
CO
NS
OL
IDA
TE
D
AS
SE
TS
Cas
h a
nd
cas
h
e
qu
ival
en
ts$
13
9,4
39
,09
2$
11
1,1
89
$ 1
,50
6,0
69
$ 1
,32
1,5
01
$ 2
,93
8,7
59
$ 1
39
,43
9,0
92
De
po
sits
at
corp
ora
te
cre
dit
un
ion
17
5,1
05
17
5,1
05
Loan
s to
me
mb
ers
, n
et
of
allo
wan
ce fo
r lo
an lo
sse
s1
,04
8,8
78
,55
41
,04
8,8
78
,55
4
Loan
s h
eld
for
sale
1,7
15
,01
21
,71
5,0
12
Acc
rue
d in
tere
st
rece
ivab
le2
,93
1,2
24
2,9
31
,22
4
Oth
er
asse
ts
41
,51
7,2
83
21
4,5
70
9,8
21
3,0
83
,05
03
8,6
58
,62
4
Pro
pe
rty
and
e
qu
ipm
en
t, n
et
31
,96
0,6
14
31
,96
0,6
14
TO
TA
L A
SS
ET
S$
1,2
66
,61
6,8
84
$ 1
11
,18
9$
1,7
20
,63
9$
1,3
31
,32
2$
6,0
21
,80
9$
1,2
63
,75
8,2
25
LIA
BIL
ITIE
S A
ND
ME
MB
ER
S’ E
QU
ITY
LIA
BIL
ITIE
S
Me
mb
ers
’ sh
are
ac
cou
nts
$ 1
,13
7,2
37
,62
8$
2,9
38
,75
9$
1,1
34
,29
8,8
69
Acc
ou
nts
pay
able
an
d a
ccru
ed
lia
bili
tie
s1
2,1
21
,33
5$
30
,12
4$
49
,97
61
2,2
01
,43
5
TO
TA
L L
IAB
ILIT
IES
1
,14
9,3
58
,96
33
0,1
24
49
,97
62
,93
8,7
59
1,1
46
,50
0,3
04
ME
MB
ER
S’ E
QU
ITY
11
7,2
57
,92
1$
11
1,1
89
1,6
90
,51
51
,28
1,3
46
3,0
83
,05
01
17
,25
7,9
21
TO
TA
L L
IAB
ILIT
IES
A
ND
ME
MB
ER
S’
EQ
UIT
Y$
1,2
66
,61
6,8
84
$ 1
11
,18
9$
1,7
20
,63
9$
1,3
31
,32
2$
6,0
21
,80
9$
1,2
63
,75
8,2
25
De
tail
s o
f C
on
soli
da
ted
Sta
tem
en
t o
f F
ina
nci
al
Co
nd
itio
n
AM
ER
ICU
CR
ED
IT U
NIO
N A
ND
SU
BS
IDIA
RIE
S
De
cem
be
r 3
1,
20
14
AM
ER
IC
U
CR
ED
IT
U
NI
ON
A
NN
UA
L
RE
PO
RT
2
01
4
34
De
tail
s o
f C
on
soli
da
ted
Sta
tem
en
t o
f In
com
e
AM
ER
ICU
CR
ED
IT U
NIO
N A
ND
SU
BS
IDIA
RIE
S
Ye
ar
en
de
d D
ece
mb
er
31
, 2
01
4
AM
ER
ICU
C
RE
DIT
UN
ION
HA
MIL
TO
N
AS
SO
CIA
TE
S, I
NC
.A
ME
RIC
U
SE
RV
ICE
S, L
LC
AM
ER
ICU
CA
PIT
AL
M
AN
AG
EM
EN
T,
LL
CE
LIM
INA
TIO
NS
CO
NS
OL
IDA
TE
D
Inte
rest
in
com
e:
Inte
rest
on
loan
s$
43
,46
7,1
63
$ 4
3,4
67
,16
3
Inte
rest
on
in
vest
me
nts
an
d c
ash
e
qu
ival
en
ts8
74
,04
0$
40
1$
5,9
30
$4
,73
5$
52
9,6
43
35
5,4
63
44
,34
1,2
03
40
15
,93
04
,73
55
29
,64
34
3,8
22
,62
6
Inte
rest
ex
pe
nse
:
Div
ide
nd
s9
,46
8,9
91
11
,06
69
,45
7,9
25
NE
T I
NT
ER
ES
T I
NC
OM
E3
4,8
72
,21
24
01
5,9
30
4,7
35
51
8,5
77
34
,36
4,7
01
Pro
visi
on
for
loan
loss
es
2,0
59
,46
52
,05
9,4
65
NE
T I
NT
ER
ES
T
INC
OM
E A
FT
ER
P
RO
VIS
ION
FO
R
LO
AN
LO
SS
ES
32
,81
2,7
47
40
15
,93
04
,73
55
18
,57
73
2,3
05
,23
6
No
n-i
nte
rest
in
com
e:
Fee
s, s
erv
ice
ch
arg
es
and
oth
er
inco
me
1
7,7
66
,96
35
,20
28
56
,46
91
,12
6,3
26
5,4
00
19
,74
9,5
60
Gai
n o
n s
ale
s o
f lo
ans
1,2
62
,16
61
,26
2,1
66
19
,02
9,1
29
5,2
02
85
6,4
69
1,1
26
,32
65
,40
02
1,0
11
,72
6
No
n-i
nte
rest
ex
pe
nse
:
Co
mp
en
sati
on
an
d
be
ne
"ts
18
,13
9,6
13
55
9,9
55
64
2,5
33
19
,34
2,1
01
O&
ce o
ccu
pan
cy a
nd
o
pe
rati
on
s1
5,0
34
,96
15
,40
57
8,9
79
19
3,6
14
5,4
00
15
,30
7,5
59
Pro
fess
ion
al s
erv
ice
s4
,67
6,5
43
4,6
76
,54
3
Me
mb
ers
hip
se
rvic
es,
p
rom
oti
on
s an
d o
the
r2
,17
2,3
46
2,1
72
,34
6
40
,02
3,4
63
5,4
05
63
8,9
34
83
6,1
47
5,4
00
41
,49
8,5
49
NE
T I
NC
OM
E$
11
,81
8,4
13
$ 1
98
$ 2
23
,46
5$
29
4,9
14
$ 5
18
,57
7$
11
,81
8,4
13
AM
ER
ICU
CR
ED
IT U
NIO
N A
NN
UA
L R
EP
OR
T 2
01
4
WWW.AMERICU.ORG | 800.388.2000
3635
Bo
ard
an
d M
an
ag
em
en
t
Bo
ard
of
Dir
ect
ors
Joh
n A
. Ste
ve
nso
n
Ch
airm
an
Ge
org
e C
. Ba
ue
r, I
II
Vic
e C
hai
rman
Terr
i Tu
low
ieck
i
Ch
ief
Fin
anci
al O
&ce
r
Sh
aro
n L
. Mia
zga
Re
cord
ing
O&
cer
An
n S
. Ty
ler
Dir
ect
or
Jose
ph
J. T
urc
zy
n
Dir
ect
or
Ch
arl
es
S. S
orr
en
to
Dir
ect
or
Se
nio
r M
an
ag
em
en
t Te
am
Ma
rk A
. P
fist
ere
r
Pre
sid
en
t &
C
hie
f Ex
ecu
tive
O&
cer
So
ny
a E
. Eze
ll
Exe
cuti
ve A
ssis
tan
t
Jose
ph
C. A
nd
ers
on
Ch
ief
Op
era
tin
g O
&ce
r
An
ge
la B
lair
Exe
cuti
ve A
ssis
tan
t
Ba
rth
I. E
ke
Vic
e P
resi
de
nt,
Fin
ance
Lo
rra
ine
J. M
cCo
rmic
k, S
PH
R
Vic
e P
resi
de
nt,
Hu
man
Re
sou
rce
s
Jam
es
T. L
om
ba
rdo
,
CP
CU
, AA
I, A
IM
Ch
ief
Op
era
tin
g M
anag
er,
A
me
riC
U S
erv
ice
s, L
LC
and
Am
eri
CU
Cap
ital
M
anag
em
en
t, L
LC
Jud
ith
R. C
ow
de
n
Vic
e P
resi
de
nt,
M
em
be
r R
ela
tio
ns
& M
arke
tin
g
Je&
Ca
na
rell
i
Ass
ista
nt
Vic
e P
resi
de
nt,
Fa
cilit
ies
and
Co
nst
ruct
ion
Dy
an
a H
err
ig O
’Ne
ill
Ass
ista
nt
Vic
e P
resi
de
nt,
Fi
nan
cial
Ce
nte
r Se
rvic
es
Wil
lia
m R
. My
rick
Jr.
Ass
ista
nt
Vic
e P
resi
de
nt,
Fi
nan
cial
Ce
nte
r Se
rvic
es
Tin
a M
. Wil
dh
ab
er
Ass
ista
nt
Vic
e P
resi
de
nt,
Fi
nan
cial
Ce
nte
r Se
rvic
es
Fre
d A
ge
rte
r
Fin
anci
al C
en
ter
Man
age
r, C
aze
no
via
Le
sle
e B
an
go
Man
age
r, R
esi
de
nti
al M
ort
gag
es
Ca
rrie
Ba
rth
Cre
ativ
e D
ire
cto
r
An
ge
lo B
rin
dis
i
Man
age
r, Lo
an W
ork
Ou
t an
d R
eco
very
Mic
he
lle
Bru
nd
ag
e
Man
age
r, A
pp
licat
ion
Sys
tem
s an
d S
erv
ice
s
Ka
thry
n M
. Ca
she
l
Man
age
r, C
on
sum
er
Loan
s an
d A
sse
t Q
ual
ity
Mik
e C
oo
k
Fin
anci
al C
en
ter
Man
age
r, H
erk
ime
r
Co
razo
n D
ee
che
r
Man
age
r o
f M
ort
gag
e P
rod
uct
ion
Re
ne
e D
ell
as
Sale
s M
anag
er,
Me
mb
er
Bu
sin
ess
Se
rvic
es
Jacq
ue
lin
e M
. Em
ma
Fin
anci
al C
en
ter
Man
age
r, G
ri&
ss
Ste
ph
an
ie M
. Fis
he
r
Man
age
r, A
uto
mat
ed
De
live
ry
Syst
em
s an
d S
erv
ice
s
Mic
ha
el
Fra
nci
sco
Man
age
r, Se
con
dar
y M
arke
t
Ale
xa
nd
er
Ge
rso
n
Fin
anci
al C
en
ter
Man
age
r, C
amill
us
Jin
Gw
ak
Man
age
r, In
fras
tru
ctu
re S
yste
ms
and
Se
rvic
es
Da
nie
lle
R. H
ata
shit
a
Fin
anci
al C
en
ter
Man
age
r, C
ice
ro
Lin
da
A. H
o&
Man
age
r, C
om
plia
nce
O&
cer
Jess
ica
Ire
lan
d
Fin
anci
al C
en
ter
Man
age
r, O
no
nd
aga
Co
mm
un
ity
Co
lleg
e
Tin
a L
an
ier
Fin
anci
al C
en
ter
Man
age
r, Lo
wvi
lle
Dia
na
Lin
ge
l
Fin
anci
al C
en
ter
Man
age
r, A
rmo
ry S
qu
are
Ma
ry E
lle
n L
ing
en
felt
er
Fin
anci
al C
en
ter
Man
age
r,
Fort
Dru
m
Ma
rk J
. Liv
ese
y
Ch
ief
Au
dit
Exe
cuti
ve
Ka
ren
E. L
ock
wo
od
Fin
anci
al C
en
ter
Man
age
r, A
ub
urn
Lo
ri L
oso
wsk
i
Re
lati
on
ship
Man
age
r, B
usi
ne
ss
and
Co
mm
un
ity
De
velo
pm
en
t
Re
be
cca
Ma
bry
Fin
anci
al C
en
ter
Man
age
r, W
ate
rto
wn
Ke
nn
eth
Ma
jor
Info
rmat
ion
Se
curi
ty O
&ce
r
Mic
ha
el
J. M
an
ue
le
Fin
anci
al C
en
ter
Man
age
r, R
om
e
Just
in M
arr
iott
Man
age
r, E-
Serv
ice
s an
d In
no
vati
on
Va
un
e A
. Mo
rat
Man
age
r, M
em
be
r Se
rvic
e C
en
ter
Cri
stin
a L
. Mo
rris
sie
y
Fin
anci
al C
en
ter
Man
age
r, Li
verp
oo
l
Lin
da
Mu
rph
y
Man
age
r, P
roce
ss Im
pro
vem
en
t an
d T
rain
ing
Rin
dy
L. P
all
as
Man
age
r, A
cco
un
tin
g a
nd
Ele
ctro
nic
Se
rvic
es
Sh
arr
on
Pu
gli
o
Ass
ista
nt
Man
age
r,
Loan
Wo
rk O
ut
and
Re
cove
ry
Jan
ett
e R
an
ieri
Fin
anci
al C
en
ter
Man
age
r, Sy
racu
se
Ta
b R
igh
tmy
re
Man
age
r o
f M
arke
t In
telli
ge
nce
Ba
rba
ra H
. Sch
ram
, SP
HR
Man
age
r, H
um
an R
eso
urc
es
Ra
che
l S
ide
rin
e
Fin
anci
al C
en
ter
Man
age
r, O
ne
ida
Ell
en
M. T
rau
b
Fin
anci
al C
en
ter
Man
age
r, C
om
me
rcia
l Dri
ve
Ke
lly
Tre
pa
sso
Sen
ior
Cre
dit
O&
cer,
Me
mb
er
Bu
sin
ess
Se
rvic
es
Jen
nif
er
Vit
i
Fin
anci
al C
en
ter
Man
age
r, N
ort
h U
tica
Tim
S. W
itte
r
Man
age
r, Fi
nan
cial
Pla
nn
ing
Ch
rist
op
he
r A
. Wo
od
Re
lati
on
ship
Man
age
r, In
dir
ect
Le
nd
ing
He
ath
er
Wo
od
Fin
anci
al C
en
ter
Man
age
r, Fa
yett
evi
lle
Ma
na
ge
me
nt
Tea
m
AM
ER
IC
U
CR
ED
IT
U
NI
ON
A
NN
UA
L
RE
PO
RT
2
01
4
38
18
Co
nv
en
ien
t F
ina
nci
al
Lo
cati
on
s to
Se
rve
Yo
u
Arm
ory
Sq
ua
re O
*ce
20
0 W
alto
n S
tre
et
Syra
cuse
, NY
13
20
2
Au
bu
rn O
*ce
29
5 G
ran
t A
ven
ue
Au
bu
rn, N
Y 1
30
21
Ca
mil
lus
O*
ce
52
12
We
st G
en
ese
e S
tre
et
Cam
illu
s, N
Y 1
30
31
Ca
zen
ov
ia O
*ce
82
Alb
any
Stre
et
Caz
en
ovi
a, N
Y 1
30
35
Cic
ero
O*
ce
64
14
Sta
te R
ou
te 3
1
Cic
ero
, NY
13
03
9
Co
mm
erc
ial
Dri
ve
O*
ce
49
57
Co
mm
erc
ial D
rive
York
ville
, NY
13
49
5
Fa
ye
tte
vil
le O
*ce
54
39
N B
urd
ick
Stre
et
Faye
tte
ville
, NY
13
06
6
Fo
rt D
rum
O*
ce
10
75
0 E
nd
uri
ng
Fre
ed
om
Dri
ve
Fort
Dru
m, N
Y 1
36
02
Gri
*ss
Pa
rk O
*ce
23
1 H
ill R
oad
Ro
me,
NY
13
44
1
He
rkim
er
O*
ce
EFK
Pla
za 3
26
E. S
tate
Str
ee
t
He
rkim
er,
NY
13
35
0
Liv
erp
oo
l O
*ce
74
74
Osw
eg
o R
oad
Live
rpo
ol,
NY
13
09
0
Lo
wv
ille
O*
ce
73
94
Uti
ca B
ou
leva
rd
Low
ville
, NY
13
36
7
No
rth
Uti
ca O
*ce
22
4 N
Ge
ne
see
Str
ee
t
Uti
ca, N
Y 1
35
02
On
on
da
ga
Co
mm
un
ity
Co
lle
ge
O*
ce
Wh
itn
ey
Ce
nte
r fo
r
Ap
plie
d T
ech
no
log
y
45
85
W S
en
eca
Str
ee
t
Syra
cuse
, NY
13
21
5
On
eid
a O
*ce
28
0 G
en
ese
e S
tre
et
On
eid
a, N
Y 1
34
21
Ro
me
O*
ce
19
16
Bla
ck R
ive
r B
ou
leva
rd
Ro
me,
NY
13
44
0
Sy
racu
se O
*ce
63
03
Th
om
pso
n R
oad
Syra
cuse
, NY
13
20
6
Wa
tert
ow
n
87
1 A
rse
nal
Str
ee
t
Wat
ert
ow
n, N
Y 1
36
01
WWW.AMERICU.ORG | 800.388.2000
37
AM
ER
ICU
CR
ED
IT U
NIO
N A
NN
UA
L R
EP
OR
T 2
01
4
WWW.AMERICU.ORG | 800.388.2000
4039
No
tes
1916 Black River Boulevard, Rome, New York 13440 | www.americu.org | 800.388.20000301-010_M106
ANNUAL REPORT t w o t h o u s a n d f o u r t e e n