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ANNUAL REPORT 2020

TIMES LIKE THESE ARE WHEN WE REALIZE HOW IMPORTANT EVERYONE IS TO OUR LIVES THE HEALTHCARE WORKERS MY WIFE BEING ONE SHELF STOCKERS TRUCKERS TELLERS AND SO MANY MORE ARE THE REASON THE WORLD GOES AROUND JIM STRUBLE PRESIDENT CEO TABLE OF CONTENTS REPORTS Board of Directors 7 Management 9 Treasurer 13 Supervisory Committee 14 FINANCIAL STATEMENTS Statement of Income Expenses 17 Statement of Financial Condition 19 Lending Activity 23 BOARD OF DIRECTORS 26

DIVIDENDS 1 355 991 GIVING BACK TO OUR MEMBERS At Electro we strive to give back every day And during the crazy year that was 2020 we continued to volunteer and give back in many ways whether that s to our members who earn cash back or really high dividends to certificates that reward them even more for saving Or giving back to our communities We focus on how we can help our members live better going beyond their financial lives Here are some of the ways we gave back to our members and communities SAVE TO WIN CERTIFICATES 61 MEMBERS 2 650 IN WINNINGS KASASA REWARDS 138 763 KASASA ATM FEE REFUNDS 25 966 HOMES FOR HEROES 15 HEROES 8 500 IN SAVINGS

VOLUNTEERING 204 HOURS DONATIONS 9 060 DONATED TO VARIOUS CAUSES SCHOLARSHIPS 3 MEMBERS 3 000 AWARDED POWER OF COMMUNITY GRANTS 3 ORGANIZATIONS 6 000 AWARDED GIVING BACK TO OUR COMMUNITY Through various programs we ve donated over 18 000 to our communities And even amidst a pandemic found time to volunteer and give back The Power of Comm unity grant program gave us unique opportunities to work with others who wish to make St Louis an even better place

REPORT FROM THE Our unique state ofthe art St Peters branch opening this summer BOARD OF DIRECTORS In our 2019 Annual Report I acknowledged the exciting changes Electro implemented and what we hoped to achieve in the year to come In my closing paragraph I wrote change can be difficult Little did I know how much change we would experience in 2020 As COVID 19 began to close businesses send kids home from school and demand many of us work from home the credit union s commitment to members didn t waiver We kept almost all our branches open and maintained regular hours to ensure everyone had continued access to their money We didn t want to see anyone struggle paycheck to paycheck and did everything we could to make sure our members had the funds they needed to get to work keep their car running and put food on the table We wouldn t have been able to offer these innovative solutions without the dedication and commitment of Electro employees From day one of the pandemic it was all hands on deck and I d like to specifically recognize our Loan Department for their efficient work in approving loans quickly and making sure people received their funds in a timely manner Looking ahead I m full of hope for the future The state of the credit union is strong and we have much to look forward to this year Despite last year s challenges we broke ground on our new St Peters branch This unique state of the art branch is targeted to open this summer Although 2020 was an extremely challenging year I m proud of how the credit union stepped up for our members and the community and I m confident we ll continue to do so throughout 2021 If you re continuing to face financial hardships due to the pandemic talk to us Set up a time to meet with an Electro team member and let us know what you need to find your financial peace of mind We re here to listen to our members We understand everyone s situation is unique Thank you for your continued loyalty to the credit union I look forward to serving you in 2021 and beyond Here s to a better and brighter year ahead Jim Mullineaux Chairman MEMBER GROWTH 2018 17 727 2019 18 637 2020 19 924

REPORT FROM MANAGEMENT In times of crisis and uncertainty never is it more evident that finances are incredibly personal Sadly many experience financial institutions that base their decisions even in times of great need solely on the bottom line At Electro we take the statement It s About More Than Money to heart When the pandemic hit we committed ourselves to doing everything we could to become a rock for our members employees and community even when it was scary to do so We didn t want to look back and wish we could have done more and I m proud of all the actions we took to live up to that statement With the pandemic affecting so many industries and jobs Electro stepped up to help members make it through We wasted no time providing our Comm unity Relief Package which offered personal loans with no payments for 12 full months something I ve never seen offered before We let our members know we were willing to be flexible to help out anyone in need and many were able to take advantage of loan deferment options putting millions of dollars of debt for nearly 1 000 local families on hold These solutions helped our members put food on the table cover rent access basic needs and keep their vehicles to continue working or to search for employment We also stepped up for our fellow local businesses by participating in the Small Business Administration Paycheck Protection Program PPP loan helping secure funding for businesses that employ hundreds of local St Louisans Similarly it was crucial we take care of our family of employees Staff received time off for their mental health a surprise bonus and additional emergency paid time off to care for their families or recover before the government mandated companies do so We knew these measures might impact our bottom line but never questioned providing much needed support to our employees Offering such options to members and employees may have been considered risky but reacting to the crisis as humans not as just another financial institution was the right thing to do In the end being there for our employees and members came full circle resulting in a record year In 2020 we outpaced our peers in member growth more than fivefold We had a record year for loan growth and broke 1 million in net income for the first time Our 2020 success wasn t thanks to karma it was because we bet on St Louis this proud city we call home While we confronted new challenges in 2020 we also maintained a focus on our ongoing goals We continued to strive to be one of the best places to work in St Louis earning our place on the St Louis Post Dispatch s 2020 Top Workplaces list Keeping our place on that list will be an ongoing goal for Electro every year Showing up and caring for our employees personally and professionally is owed to them for all the work they do for our members and community Our mission is to change and evolve as a company through the lens of our culture In past years we launched our Power of You and Power of Comm unity programs challenging our employees and community to share their ideas and gain access to resources to bring those ideas to life In 2021 we re launching the Power of Us With culture at the forefront of this program our staff will have the chance to change aspects of the credit union that may not align with what we stand for and represent We talk the talk and this program will ensure we walk the walk Our employees will make changes to the credit union big and small and I m so excited to see how our team makes everything we do align with our culture As you can probably sense I m overcome with pride for the credit union and optimistic about what we ll accomplish in 2021 I know many continue to deal with challenges caused by the pandemic and want to remind everyone we re still here and still creating solutions We ve had our finger on the pulse of this situation since December 2019 and I know our team will continue to evaluate the environment and adapt for our members employees and community Electro s Pandemic Task Force which formed early in 2020 continues to meet weekly to listen to members and employees concerns I ll conclude by expressing my deepest gratitude to our staff and Board All we have achieved would not be possible without the entire Electro team and volunteers 2020 was nothing short of a rollercoaster but we stuck together and built great momentum I look forward to keeping that momentum going through 2021 and for many years to come Jim Struble President Chief Executive Officer

COMM UNITY RELIEF IMPACT Impacted 1 068 members 8 036 948 in funded loans deposits SMALL BUSINESS PAYCHECK PROTECTION PROGRAM LOANS 57 member businesses 1 042 067 in funded loans I RECOMMEND ELECTRO BECAUSE THEY CARE ABOUT YOUR NEEDS AND WILL WORK WITH YOU EVEN IF YOU NEED A LITTLE EXTRA HELP WITH REBUILDING YOUR CREDIT TAMMY ELECTRO MEMBER

REPORT FROM THE TREASURER In this year s annual report Electro is shining a light on all the ways we put people first in 2020 I believe we ve always put our members and community above our bottom line but the challenges of the past year really put our promise to the test As the Board Treasurer of the credit union I can confidently say prioritizing the needs of our people was and always will be the right choice I m so proud of the ways we stepped up during an unprecedented time and the credit union remained financially strong all the while Electro was proactive in providing emergency financial relief doing so before many other financial institutions in our area In addition to our Comm unity Relief Package we allowed members to defer their loan payments provided mortgage assistance and offered financial advice and guidance The Paycheck Protection Program helped us support the small businesses that make our community so unique We took our members health and safety very seriously launching an online branch secure text banking and a virtual notary service Additionally existing credit union programs continued to perform exceptionally well Members counted on our Save to Win and Kasasa accounts to keep their money safe and working for them During a particularly demanding year for essential workers I m proud to say Homes for Heroes provided them with over 8 500 in closing cost discounts We also helped a great deal of community members finance a new house as our home loan growth nearly doubled in 2020 Last year challenged us in ways we could never have imagined but the entire Electro team never lost their energy and enthusiasm While we watched out for our members the credit union also ensured employees were taken care of We supported one another reached new heights and established goals for the future Many new exciting developments are in the works including a new branch in St Peters and a new Kasasa auto loan program which will give members a simple way to access emergency funds if necessary all while paying down their loan faster and paying less interest From the onset of the COVID 19 pandemic Electro put our people and community members first even if it meant losing some money These actions were returned to us by our members remaining loyal and many new people joining the Electro family I couldn t be prouder of how we handled the hurdles of 2020 and I know we ll continue to put our best foot forward in 2021 Dave DeWeese Treasurer REPORT FROM THE SUPERVISORY COMMITTEE From the moment COVID 19 halted our normal routines it wasn t the credit union s goal to simply survive we knew we needed to help our members and community in every way possible Thanks to Electro s forward thinking leadership team and driven staff the credit union quickly provided our members with new and necessary financial solutions We created products providing much needed relief and worked with people one on one to determine the best way Electro could help In addition to ensuring borrowing simplicity Electro made sure easy savings options were also available providing peace of mind when it came time to make decisions about stimulus payments Regardless of the numerous challenges 2020 threw our way Electro remained financially strong The Supervisory Committee once again helped to safeguard the credit union s financial well being during the past year The Supervisory Committee engaged the independent public accounting firm of J Tenbrook and Associates to conduct the annual audit of Electro Savings Credit Union for the fiscal year ending December 31 2020 Additionally the Missouri Division of Credit Unions performed a separate audit All findings resulting from these audits were satisfactorily addressed by Electro management Based on the Supervisory Committee s interaction with the Board of Directors senior management independent auditors and regulators this committee believes Electro Savings Credit Union continues to maintain the highest level of financial safety and soundness We will continue to work together to protect your credit union s financial soundness while fostering growth and innovation for success Tom Glenn Chairman

2020 LENDING ACTIVITY HOME LOANS CONSUMER LOANS 33 951 215 55 376 716 2020 INCOME EXPENSES TOTAL INCOME TOTAL EXPENSES 11 018 289 9 963 258 THIS CREDIT UNION HAS SHOWN ME OVER AND OVER AGAIN THROUGH THIS PANDEMIC THAT THEY RE WILLING TO WORK WITH ME A CREDIT UNION WHO S WILLING TO WORK WITH YOU WHEN YOU REALLY NEED IT IS INVALUABLE MICHAEL ELECTRO MEMBER NET INCOME 1 055 031 Includes non operating gains of 156 604

INCOME 2019 2020 6 638 277 7 796 407 440 994 334 133 Other Income 2 820 396 2 731 145 TOTAL INCOME 9 899 667 10 861 685 Operating 7 708 179 8 119 457 Dividends Interest 1 271 789 1 355 991 214 803 487 810 9 194 770 9 963 258 1 967 156 604 706 863 1 055 031 Interest on Loans Interest on Investments EXPENSES Provision for Loan Losses TOTAL EXPENSES NET INCOME Non Operating Gains Losses STATEMENT OF INCOME EXPENSES NET INCOME

ASSETS 2019 2020 138 530 146 166 735 604 Loan Participations 9 618 433 9 847 402 Less Allowance for Loan Loss 769 055 743 987 147 379 524 175 839 019 1 168 600 1 475 129 Investments 19 831 270 33 093 590 Other Assets 8 360 086 13 316 609 176 739 480 223 724 347 2019 2020 1 317 441 4 967 266 154 186 897 197 307 634 6 137 000 4 474 000 1 736 713 1 736 713 15 304 150 16 339 061 Merged Equity 111 266 111 266 Unrealized Gain Loss on Investments 51 122 387 735 Other Unrealized Obligations 2 002 865 1 599 328 TOTAL LIABILITIES EQUITY 176 739 480 223 724 347 Loans to Members Net Loans Outstanding Cash TOTAL ASSETS LIABILITIES EQUITY Liabilities Members Shares Deposits Non Members Shares Regular Reserves Undivided Earnings STATEMENT OF FINANCIAL CONDITION

INCOME HIGHLIGHTS 20 36 LOANS TO MEMBERS INCREASE 9 72 26 58 TOTAL INCOME TOTAL ASSETS INCREASE INCREASE 49 26 NET INCOME INCREASE 6 62 DIVIDENDS INTEREST INCREASE 27 97 MEMBERS SHARE DEPOSITS INCREASE FINANCIAL HIGHLIGHTS

LOAN CATEGORIES 2019 2020 206 613 177 952 44 899 653 45 259 974 2 305 243 2 900 865 7 221 230 7 037 925 54 632 739 55 376 716 1st Mortgage Loans 13 750 284 33 951 215 Home Equity Loans 3 061 781 7 143 572 16 812 065 41 094 787 1 571 077 5 579 808 73 015 881 102 051 311 Other Secured Loans Titled Loans Unsecured Loans Credit Card O S Balance Total Consumer Lending Total Real Estate Lending Total Business Lending TOTAL LENDING LENDING ACTIVITY

LENDING HIGHLIGHTS 1 40 2020 BOARD OF DIRECTORS EXECUTIVE COMMITTEE James Mullineaux Chair Jessica Young Vice Chair David DeWeese Treasurer David Meglio Secretary DIRECTORS CONSUMER LENDING Wilbon Cooper INCREASE Michael Knott 255 20 Alan Raymond Ken Takaidza James Telthorst SUPERVISORY COMMITTEE BUSINESS LENDING Thomas Glenn Chair INCREASE Kevin Degraw ASSOCIATE COMMITTEE 144 40 REAL ESTATE LENDING INCREASE Anthony French Committee Lead Allison Lageose DIRECTORS EMERITUS Robert Bailey Howard Hoemann Thank you to our Volunteers and employees who give their time knowledge and passion to make Electro the best it can be

IT S ABOUT MORE THAN MONEY Electro Savings Credit Union electrosavings com This Credit Union is Federally Insured by NCUA Equal Housing Lender