2022 Annual Report

The Credit Manager is appointed by the Board and is responsible for the approval of loan applications in compliance with Board approved policies. In 2022, Florida Credit Union originated over $753 million in loans of all types. Our most popular loan products in 2022 were autos, credit cards, commercial loans, and first mortgages. FCU offers a full range of Mortgage programs including conventional, FHA, VA, and USDA loans, as well as construction loans. In the coming years, you can expect to see more loan products along with more ways to obtain loans. As usual, FCU rates and terms will be very competitive. Mr. Mark N. Starr Credit Manager Report of the Credit Manager Florida Credit Union is now serving over 140,000 members. Florida Credit Union continues to grow at or above peer averages year after year – 2022 was no exception. All of this can be attributed to our members and the business they conduct with us. As of September 2022, Florida Credit Union was the 16th largest credit union in Florida in terms of asset size. Nationally, we are in the top 5% of all credit unions. On the following pages we present a breakdown of the assets and liabilities of Florida Credit Union. You will notice that our assets as of December 31, 2022 were $1,967,340,965. Additionally, our capital ratio remains extremely strong at 11.42%. You can see why the Board, management, and staff of your credit union are so proud of the successes we have experienced. Mr. Alfred Peoples Treasurer Report of the Treasurer Report of the Audit Committee By state law, the Audit Committee is appointed by the Board and charged to oversee the policies and programs of the credit union. The committee ensures that a comprehensive audit of credit union books and records is performed, and reports the results to the membership. During the past year, the Audit Committee met with the auditing team from the firm Warren Averett. The comprehensive audit, as of September 30, 2022, indicates that the credit union is performing to the best benefit of the membership. This same firm performs extensive internal audit work on a quarterly basis to verify that policies, regulations, and generally accepted accounting principles are being met. The work of the Audit Committee, in partnership with the auditing firm, ensures that operations and programs authorized by the Board of Directors are being well managed. Our financial performance is also highly scrutinized by federal and state examiners who are charged with ensuring the safety of your funds. Their findings, year after year, are that Florida Credit Union is a well-run, financially-viable financial institution, with sound management practices. We appreciate the opportunity to serve the membership and encourage all members to take advantage of the many services and benefits offered by your credit union. Mr. Andrew Sutherland Audit Committee Chair 2022 Annual Report | 8 2022 Annual Report | 9