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CELEBRATING 80 YEARSNurturing and growing stronger community rootsANNUAL REPORT 2021

It’s tting that our 80th anniversary – our oak anniversary – landed in 2021 as Electro, and the St. Louis community as a whole faced many challenging circumstances. Oak trees are known for their strength and ability to withstand harsh storms; in fact, strong storms are what encourage trees to take deeper roots. Facing challenges with our members and communities has strengthened us all. JIM STRUBLE, CEO

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You listen to my concerns and assisted my daughter in applying for a car loan. We FELT HEARD! We feel like you really care about us and the process of purchasing a car. We will never leave Electro. ELECTRO MEMBER2

TABLE OF CONTENTSREPORTSBoard of Directors Report ....................... 8Management Report .......................... 10Supervisory Committee Report .................. 12FINANCIAL STATEMENTS Statement of Income & Expenses ............... 16Statement of Financial Condition ................ 18Lending Activity .............................. 20BOARD OF DIRECTORSBoard of Directors ............................ 223

At Electro, we strive to give back every day. And, during the crazy year that was 2021, 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 certicates 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 nancial lives. GIVING BACKTO OUR MEMBERSI am with Electro because of your employees’ personalities combined with the Kasasa checking benets. Electro has the personal feel that we appreciate. ELECTRO MEMBER4

DIVIDENDSPAID $802,466KASASA CHECKING SERVICES REWARDS$239,936KASASA CHECKING ATM FEE REFUNDS$39,146SAVE-TO-WIN® PROGRAM50 MEMBERS $3,4255

Through various programs, we’ve donated over $17,000 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.GIVING BACKTO OUR COMMUNITYThe service and the people I have worked with have been exceptional. I have never felt more valued with a nancial institution as I do with Electro. ELECTRO MEMBER6

SCHOLARSHIPS3 Students $3,000 AwardedPOWER OF COMMUNITY GRANTS4 Grants $8,000 AwardedVOLUNTEERING304 HoursCHARITABLE DONATIONS$6,170 Donated to Various Causes7

Eighty years of Electro Savings Credit Union — what a momentous milestone. I’m so proud of everything Electro has accomplished in the past eight decades, and I’m honored to be part of this organization during such an achievement. I’ve witnessed countless member, employee and organization successes. The highs, of course, were also met with some lows – most recently the setbacks and challenges presented by COVID-19.We had high hopes of 2021 being a better and brighter year. Unfortunately, the year presented many more months of restrictions, high case counts and challenging economic conditions. It wasn’t easy, but the team at Electro continued to nd new ways to help our members in need. We remained exible in our lending and forgiving in our procedures to help folks get back on their feet. While many nancial institutions in the area closed their doors, we forged on and opened our new St. Peters branch, which is fully equipped with state-of-the-art technology and digital services.On top of the continued hardships presented by the pandemic, the Electro Board of Directors suffered an immeasurable loss with the passing of Jessica Young. Jessica was a force for good on the Board – and in every other area of her life. I remember, many years ago, sitting next to Jessica at my rst Board meeting. I could tell she was paying close attention to everything, and I could already tell she knew a lot more than I did. Jim Mullineaux Board ChairBoard of Directors ReportEIGHT DECADES OF SERVICE8

She sat next to me during many meetings throughout the years, usually telling me how to state something more eloquently. She was always right about that. Jessica’s bright spirit will be deeply missed by the entire Electro family, and her legacy will live on in the mission and values of Electro. We lost a great Board member and a wonderful friend, and there will never be anyone quite like Jessica. Electro has developed the Jessica Young Professional Volunteerism Award in her memory and to recognize others who possess the same generous nature. As we move further into 2022, I have faith that the worst is behind us. Shifting our focus to rebuilding and coming back stronger, I know we’ll continue to provide our members and community with solutions when it matters most.Thank you for your continued faith in the credit union – during our successes and during the hard times. We couldn’t have accomplished these past 80 years without you, and I look forward to so many more prosperous years to come. 9

It’s tting that our 80th anniversary – our oak anniversary – landed in 2021. Electro, and the community as a whole, faced many challenging circumstances and uncertainties brought on, in part, by the pandemic. But oak trees are known for their strength and ability to withstand harsh storms; in fact, strong storms are what encourage trees to take deeper roots. Facing these challenges with our members and communities has only strengthened these bonds.For the past 80 years, we’ve been “Establishing and Growing Strong Community Roots” – our Annual Report theme for 2021 – and that’s why we’ve been able to offer stability and security to our employees, members and community. In 2021, we grew and strengthened our community roots in a few ways: We exceeded $250 million in assets, surpassed 20,000 members and opened a branch in St. Peters. I’m tremendously proud of all these accomplishments and pleased that they are all directly tied to the incredible culture we’ve fostered. First and foremost, Electro is an employer. We believe that when we take care of our employees, they’ll take care of our members. In fact, Electro was named Top 5 in St. Louis for Customer Service by Small Business Monthly, which means this mantra works. Our St. Peters branch is a physical manifestation of Electro’s employees-rst approach. When designing the branch, we didn’t start with the lobby. We started with the employee break room and created a space they would enjoy using. Having spaces like that for our team is an essential component of our thriving credit union. Jim Struble President & Chief Executive OfcerManagement ReportELECTRO SAVINGS CREDIT UNION SINCE 194110

Handing the keys of our culture over to our employees also led to impactful community action. Our commitment to diversity, equity and inclusion (DEI) fueled a series of events in celebration of LGBTQIA+ Pride Month, including our participation in Tower Grove Pride and sharing of our travels to Jefferson City to testify for the instillment of equal employment protections. Electro was also one of the rst nancial institutions to formally recognize Juneteenth by closing our branches, a decision that our employees initiated. In 2021, the Credit Union National Association recognized our community and DEI efforts nationally with awards. Throughout this year and the coming years, Electro aims to further strengthen our commitment to our culture and DEI efforts through an employee-led program named the Power of Us initiative. The Power of Us encourages employees to examine the inner workings of Electro and identify ways our processes and actions could better align with our culture. I’m excited to hear our employees’ feedback, and I deeply appreciate our Board’s commitment to positive change.Lastly, we’re honored to announce the winners of our Halliburton Scholarship program: Mary Kate Miesner, Ellen Rimsky and Amber Wilt. The world always needs fresh and compassionate ideas, which is why we’re committed to investing in our local youth. Each recipient has a bright and promising future. We have a lot of exciting activity on the horizon for 2022 and beyond. I can’t say it enough: I’m so proud of our dedicated staff and their commitment to strengthening our community through nancial stability. When one person’s nances improve, it improves the lives of that family and our community. Thank you for weathering these storms with us. We’re all stronger for it. 11

For many of our members, as well as the credit union itself, 2021 proved to be another difcult year. In complete transparency, Electro Savings Credit Union didn’t perform as well as we hoped. Nevertheless, we continued to support the success of our members and community in every way possible. It’s our top priority to work even harder and even smarter to overcome any challenges we face. 2022 is already off to a promising start, and we’ve started to turn the corner in some key areas. As we move further into 2022, our hope is to build a strong nancial footing and expand our reach to under served and under-banked communities in the St. Louis area. There are a lot of people out there who could benet from our services, and we want to make sure they know about our resources and have reliable access to them. Another goal of ours is to maintain, protect and build on Electro’s great reputation in the community.The Supervisory Committee engaged the independent public accounting rm of J. Tenbrink and Associates to conduct the annual audit of Electro Savings Credit Union for the scal year ending December 31, 2021. Additionally, the Missouri Division of Credit Unions and the National Credit Union Administration (NCUA) performed separate audits. Electro management is working very hard to address all examiners’ ndings.Tom Glenn Board Supervisory Committee ChairSupervisory Committee ReportWORKING EVEN SMARTER AND HARDER12

Based on the Supervisory Committee’s interaction with the Board of Directors, senior management, independent auditors and regulators, it is the opinion of this committee that Electro Savings Credit Union continues to maintain a high level of nancial safety and soundness. We will continue to work together to protect the nancial soundness and reputation of your credit union while fostering growth and innovation for success.13

REAL ESTATE LOANS$30,366,554201918,637CONSUMER LOANS$43,309,056202019,924202120,732Member Loan OriginationsMembership Growth14

ELECTRO MEMBERI just wanted to say thank you! I’m a member who has been more than a handful to work with. I have never had a more amazing banking relationship with anyone. Your team has gone through so much to help my husband and me. We are so grateful for this credit union.15

STATEMENT OFINCOME & EXPENSESINCOME & EXPENSES HIGHLIGHTS 11.69%TOTAL INCOME 32.37%NON-INTEREST INCOME 35.62%DIVIDENDS & INTEREST 5.53 %TOTAL INTEREST ON LOANS16

INCOME 2021 2020 Interest On Loans 8,227,852 7,796,407Interest On Investments 288,490 334,133Other Income 3,615,254 2,731,146TOTAL INCOME 12,131,596 10,861,686NET INCOME Non-Operating Gains (Losses) -4,727 156,604NET INCOME 338,746 1,058,033EXPENSES Operating 9,633,576 8,096,335Dividends and Interest on Borrowed Funds 873,033 1,355,991Provision For Loan Losses 1,281,514 507,931TOTAL EXPENSES 11,788,123 9,960,25717

STATEMENT OFFINANCIAL CONDITIONFINANCIAL HIGHLIGHTS$182,674,535LOANS TO MEMBERS$250,450,815 TOTAL ASSETS$802,466DIVIDENDS TO MEMBERS18

ASSETS 2021 2020 Loans To Members 182,674,535 176,583,003Less: Allowance For Loan Loss -1,097,443 -743,987NET LOANS OUTSTANDING 181,577,092 175,839,016Cash 33,700,061 19,303,498Investments 18,420,900 14,443,895Other Assets 16,752,762 14,307,802TOTAL ASSETS 250,450,815 223,894,211LIABILITIES & EQUITY Liabilities 5,174,426 4,967,265Members’ Shares and Deposits 226,384,567 200,044,635Non Members’ Shares 1,737,000 1,737,000Regular Reserves 1,736,713 1,736,713Undivided Earnings 16,812,195 16,473,449Unrealized Gain (Loss) On Investments 58,500 387,735Other Unrealized Obligations -1,452,586 -1,452,586TOTAL LIABILITIES AND EQUITY 250,450,815 223,894,21119

LENDING ACTIVITYLENDING HIGHLIGHTS 3.45%LOANS TO MEMBERS 47.7%BUSINESS LOANS 16.9%REAL ESTATE LOANS20

PORTFOLIO BALANCES ORIGINATIONS LOAN CATEGORIES 2020 2021 2020 2021Other Secured Loans $221,989 $189,154 $176,670 $211,363Titled Loans $93,422,005 $84,938,645 $48,098,428 $40,830,926Unsecured Loans $2,284,285 $2,807,391 $1,610,188 $1,263,967Credit Card O/S Balance $7,037,925 $6,880,957 $1,826,070 $1,002,800TOTAL CONSUMER LENDING $102,966,204 $94,816,147 $51,711,356 $43,309,056 1st Mortgage Loans $47,435,475 $55,761,361 $29,089,734 $23,035,179Home Equity Loans $11,022,841 $12,566,203 $7,038,603 $7,331,375TOTAL REAL ESTATE LENDING $58,458,316 $68,327,564 $36,128,337 $30,366,554 TOTAL BUSINESS LENDING $5,311,084 $7,845,192 $5,579,808 $3,003,656 TOTAL LENDING $166,735,604 $170,988,903 $93,419,501 $76,679,26621

Executive CommitteeJames Mullineaux, Chair Wilbon Cooper, Vice Chair David Meglio, SecretaryDirectorsThomas Glenn Michael Knott Alan Raymond Ken Takaidza James TelthorstSupervisory CommitteeThomas Glenn, Chair James Holmes Jeffrey Lyes Associate CommitteeAnthony French, Committee Lead James Holmes Jeffrey LyesDirectors EmeritusRobert Bailey Howard Hoemann Jessica Young (deceased)Board of DirectorsPROUDLY SERVING OUR CREDIT UNION22

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Electro Savings Credit Union / electrosavings.comThis Credit Union is Federally Insured by NCUA. Equal Housing Lender.