since 1935 | #justbeyourself

Volume 7 | Issue 3 | March 2024
Our Mission: Providing financial solutions for every stage of life.

Dear Valued Member,

If you’re a regular reader of our newsletter, you know 2023 was a busy year at Community First. We grew our branch network, launched our updated website, held our first Day of Purpose, and sponsored exciting community events and exhibits. We also made news by being named Credit Union of the Year by the League of Southeast Credit Unions and a best place to work by the Jacksonville Business Journal.

All of this activity— and much more that took place behind the scenes — is covered in the 2023 Community First Credit Union Annual Report published this month. The theme of the report is Strength through Service, which captures the stability we provide our members and the region as a reliable, trusted partner for banking services.

As we embark on our 90^th year of service to the Jacksonville area, we’re continuing to follow our path of steady growth, guided by our purpose of empowering our employees, members and community to live their best lives. Our commitment to placing your needs first is evident throughout our annual report, and I hope you’ll take the time to read it.

Our Strength is Your Strength

The report reflects the solid foundation of financial stability that supports all our activities in service to our members. Our net worth ratio of 12.68% at the close of the year was among the highest in our peer group, and our record total assets of $2.72 billion, along with an excellent return-on-assets ratio of 1.03%, further reflected our financial strength.

We helped our members finance important life goals in 2023 by lending a record $180 million through more than 5,500 unsecured personal loans and more than 3,800 auto loans, driving a 19% increase in our consumer loan total. We also extended more than $55 million in commercial loans during the year, the second-highest total in our history. Providing financing for everything from construction of new hotels to support for small businesses, these loans are helping create vibrant neighborhoods and spur economic activity across the region.

The year was not without its challenges, however. I know many of you felt the effects of inflation, including soaring premiums for home and auto insurance. In addition, some of our members experienced job losses or reduced hours. These hardships were reflected in a small decline in our credit union’s net deposits for the first time in over 10 years and also contributed to a decrease in our credit union’s net income for the year.

Offsetting some of the financial pressures on our members, we were able to share the benefits of rising interest rates, more than tripling our interest payments on deposits, which reached $26.5 million in 2023 from the previous year’s total of $8.6 million.

Serving You Better

As you know, I frequently talk about member satisfaction and the continual effort we put into enhancing the Community First member experience. I’m proud to say that our efforts were rewarded in 2023, as you responded positively to our branch and ATM network expansion, to our updated, easy-to-navigate website, and to our improved processes for reporting claims and restoring funds to members who have been victims of fraud.

Much of the credit for our improvement goes to our employees, who are serving you with increased knowledge and effectiveness. We’ve invested significant resources in employee training and professional development programs, which are strengthening our culture of learning and creating an environment where everyone is respected, valued and empowered. These efforts are a big reason why we were named a best place to work in our region in 2023 and why our employee retention rate increased to 86.7%, up 10 percentage points from 2022.

Pride in Our Accomplishments

I’m tremendously proud of our credit union’s accomplishments not only in 2023 but throughout our history. We started out serving the financial needs of our region’s hard-working educators, and we have grown into a reliable provider of high-quality, high-value banking services for the entire community.

I hope you share in that pride as you travel the region and see Community First’s growing presence. I also welcome you to attend our annual meeting scheduled for Thursday, March 14 at our headquarters, 637 North Lee Street in Jacksonville. We’ll be reviewing our 2023 performance and honoring the employees whose exceptional efforts contributed to our success throughout the year.

Thank you for affording us the privilege to serve you. ■