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2021 Annual Report

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2021 Annual Report

Civic is committed to being a responsible organization for the people of local government, their families, and small businesses. That means focusing on people, our planet, and the prosperity of all.

We will continue to work to see things from different perspectives and take an honest look at who we are, what we do, and how we do it. Because we care about your future.


Chairman’s Letter

Our entire team is committed to you. We started Civic for you. And we continue to build Civic for you. Without you, Civic doesn’t exist. For the past few years, you have helped us create one of the fastest-growing credit unions in the nation. Our tremendous success is fueled by your commitment to serve. Just like you give of yourself to help our communities grow stronger, you inspire us to help empower you.

Paul Miller
Paul Miller

2022 Civic Chairman’s Letter

Message to Civic Members
I am honored to present the 2022 Chairman’s Report for Civic Federal Credit Union.
Paul Miller
2022 Civic Chairman’s Letter Message to Civic Members

2022 Civic Chairman’s Letter

Message to Civic Members

Dear Fellow Members:

I am honored to present the 2022 Chairman’s Report for Civic Federal Credit Union. This Report summarizes the accomplishments of your Credit Union over the past 12 months. We are proud of the results. We invite you to look at what we all did together.

Many of us have grown accustomed to annual reports issued by other corporations. Sometimes these reports are stuffy recitals of what the corporate leaders want you to know. An annual report for a financial cooperative like Civic is different. This is your Report because members are indistinguishable from the Credit Union.

There are two ways to think about the essence of a corporation. Some see a company as a separate entity that looks after its own interests. Others regard a corporation as a collection of shareholders who are themselves the organization. We prefer the latter description for Civic.

You are part of a membership. We don’t use this term frivolously. Without you, Civic does not exist. There is no separate agenda other than what we all believe is good for the membership. The determination for every decision comes down to your best interests.

When you read the financial reports, you will see statistics for assets and liabilities. These numbers are essential. They give you a sense of how Civic performed as a financial institution. When we compare Civic to other like-sized institutions, we shine. Good results are determined by healthy growth in all areas, satisfied member experiences, and prudent risk management.

There is more to Civic than what you see on the financial pages. Civic undergoes rigorous financial examinations from federal regulators to ensure we operate safely. Additionally, Civic must pass internal tests to ensure risks are adequately contained.

There is a philosophical side to this story as well. It is not lost on us that you are the heart and soul of Civic. Without the membership, Civic would just be an idea. The numbers showcase one side of Civic. Each number represents a story to behold; stories of how Civic served you and other members.

I remember testimonies from some of you who are delighted with how easy it is to do business with Civic. I heard from members who breathed a sigh of relief after being rescued from high-cost debt. Civic has helped businesses gain the resources needed to prosper. You tell us that Civic has changed your lives for the better.

Nothing is more important than your ownership of Civic. We really mean this. It is not an overstatement to emphasize that your stake in Civic represents a solemn commitment to treat you with the respect and deference owed to folks who are the bosses. This is what true ownership means.

We, the Civic directors and management, fully recognize that our efforts would be in vain without you. You and your fellow members are the fuel that brings Civic to life. When you bring us your deposits, you entrust your Credit Union with your hard-earned money for us to safeguard. When you come to us for credit, you share your dreams for educational pursuits, homeownership, and other endeavors. We are very proud to have earned your confidence.

This Annual Report is not just another annual report. This is your Civic Annual Report. When you see what has been done, take pride in knowing that you had a hand in this work.

On behalf of the Board of Directors for Civic Federal Credit Union, we are delighted to represent you. We invite you to finish reading this Report. Think about the mission that remains undone and the members who need our help. Let’s get to work doing even more this year.

Best Regards,

Paul Miller
Chairman, Board of Directors
Civic Federal Credit Union

Paul Miller
2022 Annual Meeting

Watch this Year's Meeting

Your support of Civic Federal Credit Union has helped us continue to offer financial options in ways that directly impact families, businesses and communities around the state. We are proud of what we have accomplished together.


A Look Back at the Past Year


Civic Stories

Your stories inspire us to keep pushing; to create meaningful and different ways to serve you. We strive to keep delivering ways that help you, as you help make North Carolina’s cities and towns the best places to be.


Financial Reports

At Civic, we measure our success by lives changed and at the foundation is the financial health of our organization. As a member-owner, you should know how things are going. Following our member stories is a year-end report of our 2021 Statements of Financial Condition.

Member Stories

Winner of our Torque + Pork Giveaway

Last year, we set out to change a lucky member’s life by giving them a brand-new Ford F-150 Hybrid truck. Read more >>

“The timing couldn’t be more perfect with the adoption of our two small foster children. It’s just so perfect for our family.”

Michael Cary
Enka-Candler Fire & Rescue Firefighter

Member Stories

Winner of our Tesla Model 3 Giveaway

Our Tesla winner has a lifelong career of service to North Carolina’s local government. We were thrilled to give her a brand-new Model 3. Read more >>

“Thanks to Civic, I have peace of mind for being able to safely get to my Mom, to ferry my son to and from school and activities, and for the savings I now have from charging versus paying for gasoline.”

Gina Shell
Retired City of Charlotte employee

Member Stories

Building Business Better with Civic

One small business member needed new equipment to grow his business at a pivotal time. Civic delivered and did so quickly. Since then, the success has continued.

"With Civic it’s clear how much I owe and how much the interest is. This is awesome because I’m paying for what the product is worth, not twice as much in high interest and fees. Without Civic I don’t know where I’d be right now."

Rocco Richard
Bounce House Boss, Bounce to You

Member Stories

Building Stronger Communities through Partnerships

At Civic we’re focused on finding partners throughout the state that are doing great things and adding our support to help them do even more.

 “Our mission is to create the workforce of the future; building the leaders for tomorrow throughout our community and beyond. We believe that working with Civic allows us to do that.” 

Corey Hutcherson
Executive Director, Wake Forest Chamber Foundation


2021 Reports

Statements of Financial Condition

Assets 2021 2020
Cash and Investments $11,178,145 $10,099,915
Mortgage Loans $38,785,120 $28,659,004
Personal Loans $1,619,298 $314,620
Member Business Loans $26,591,512 $21,241,754
Home Equity Loans $883,429 $0
Auto Loans $7,768,094 $2,616,112
Credit Card Loans $604,849 $495,746
Allowance for Loan Losses ($316,580) ($281,452)
Net Loans $75,935,722 $53,045,784
National Share Insurance $483,570 $339,132
Other Assets $1,140,262 $448,012
Total Assets $88,737,699 $63,932,843
Payables $593,358 $4,583,856
Share Accounts $2,933,291 $1,820,902
Share Draft Accounts $12,490,570 $10,658,267
Money Market Accounts $56,670,066 $36,717,172
Share Certificates $8,765,289 $4,071,128
Total Deposits $80,859,217 $53,267,469
Total Reserves & Undivided Earnings $7,285,123 $6,081,518
Total Liabilities & Equity $88,737,699 $63,932,843

Year to Date as of 12/31/2021 and 12/31/2020

Statements of Income

Operating Income 2021 2020
Investment Income $26,118 $57,609
Mortgage Loans $1,014,049 $819,829
Personal Loans $58,295 $16,921
Home Equity Loans $11,108 $0
Auto Loans $132,180 $54,948
Credit Card Loans $17,822 $4,196
Member Business Loans $715,846 $613,979
Total Loan Income $1,949,301 $1,509,873
Other Operating Income $723,838 $653,567
Total Income $2,699,256 $2,221,049
Operating Expenses $1,051,425 $1,066,711
Interest on Borrowed Funds $1,441 $89,268
Share Accounts $8,100 $4,556
Share Draft Accounts $18,138 $11,214
Money Market Accounts $339,745 $460,910
Share Certificates $76,802 $36,414
Total Deposit Expense $442,784 $513,094
Total Expenses $1,495,651 $1,669,073
Net Operating Income $1,203,606 $551,976

Year to Date as of 12/31/2021 and 12/31/2020