GRANGEVILLE – More than 75 people attended the Pine Tree Community Credit Union (PTCCU) 63rd annual membership meeting at the Elks Lodge Saturday, Jan. 26.
“Thanks to everyone, including all the Pine Tree staff for making it such a good, friendly, welcoming place to do business,” said board of directors chair Dave Bodine.
Bodine went on to say 2018 was a good year in some ways, but “very challenging” in others.
“We had those challenges with some delinquent loans,” he said.
PTCCU CEO Dan Goehring reported Pine Tree continues to strive to make a difference and give “the value and level of personal service our members deserve. We are focused on your financial success.”
Goehring went on to say PTCCU had a net operating loss of $370,100 in 2018, though the loss was covered by “strong capital reserves.” In 2017, Pine Tree had a net profit of $354,660.
“We had 10 percent growth in deposits and 8 percent growth in assets,” Goehring continued. Members increased by 284 in both Grangeville and Riggins, for a total of 3,958 members total.
“Even with the challenges in 2018, we are forecasting a return to profitability in 2019,” he said.
Goehring said PTCCU is committed to make stronger the communities it serves, evidenced by its participation in 4-H, Border Days, food drives and other community events.
Vice-chair Rachel Young announced the re-election of board members Beth Keeler, Melanie Hawkins and Abbie Hudson. These people were voted in unanimously.
Board secretary-treasurer Janis Lance was unable to attend the meeting; however, her report was included in the meeting packet.
The report stated total equity was at $52.3 million at year end, an increase of $4.1 million from the previous year.
Total revenue was nearly $2.47 million, up by $300,000. Income from loans accounted for 82.1 percent of total revenue with investments accounting for 9.9 percent.
The largest increase in expenses was allowance for loan losses, which accounted for 48.9 percent of total expenses, an increase of 443 percent from 2017.
A report from the supervisory committee said they were “pleased to report the credit union ended 2018 as ‘well capitalized,’ by NCUA and enters 2019 in an excellent position to continue serving the financial needs of its members.” NCUA is the National Credit Union Administration, an independent federal agency that supervises and insures most credit unions in the U.S.
Pine Tree loan assistant Zetta Bates decorated for the meeting and Joyce Forsmann and crew cooked the meal.