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2023 ANNUALREPORTElevate Community. Create Opportunity.
Dear Vibe Members,Above all else, thank you for your membership! As weconclude Vibe Credit Union’s 87th year in existence it iswith gratitude that I can report the state of your financialcooperative is strong. It was an exciting year for VibeCredit Union, and we appreciate you being part of it. Vibe maintains an extremely strong financial position thatwill allow us to continue providing highly competitiveproducts, services, and delivery channels. Because of you,we ended the year with strong loan growth, share growth,membership growth, and industry-leading communityimpact! In 2023, Vibe Credit Union started the execution of a newmulti-year strategic plan that will allow for themodernization of the organization. One of the mostexciting unveilings was our new organizational purpose,“Elevate Community. Create Opportunity.”, which is ournorth star and reason for existence. During good timesand bad, your credit union will be here for you.2023 EXECUTIVE SUMMARY
Over the next few years, you will continue to see many new products, services,and/or delivery channel updates that save you money, make you money ormake life more convenient. Some of the products rolled out in 2023 include: As a community-based financial cooperative dedicated to “Elevate Community.Create Opportunity.”, Vibe Credit Union takes our commitment to the communityand our purpose for existing very seriously. We are more than a financial institution;we are a community partner here to help in whatever way we can. Each and everyteam member is involved in the community and collectively, Vibe is able to make abig impact. We are proud that our team members have volunteered a total of 6,500hours this past year, and we are just getting started! Sincerely Yours,Chaz Rzewnicki, President/CEO• High Yield Reward Checking with an industry-leading 6.50% APY• Cash Back Checking with $10 cashback per month, plus up to $25 in ATM fee refunds• BankOn certified Vision Checking offering no NSF fees• Small Business Loan Program • First-Time Home Buyers Mortgage• Affordable Flex Home Loan• Medical Professionals Medical Mortgage• Fast Cash (Payday Loan Replacement)
Elevate Community.Create Opportunity.This is Vibe’s commitment to improvingour members’ overall well-being. It reflects our promise to build andsupport a community where everyone is valued and has the chance to lead afulfilling life.OUR VISION
Our values are our guide. They serve as areminder of the principles by which weconduct ourselves, both individually and asan organization. They are the foundation ofour actions, and guide us toward decisionsthat align with our vision.Be InclusiveEmbrace ChangeEducateSeek OpportunitiesOUR VALUES
As my tenure as board chairman draws to a close, I am filled with both gratitude and pride forthe privilege of serving the Vibe team and our valued membership. During this time, our teamhas demonstrated resilience and adaptability, embracing change and remaining open to newopportunities amidst a transition in leadership.Challenges were inevitable in 2023, as we experienced the economic strain of continuedinterest rate hikes by the Federal Reserve. Additionally, financial services providers aroundthe nation were put under a microscope as a result of the unfortunate fate of a couple ofpoorly managed banks. Despite these circumstances, our board and leadership team roseabove to safeguard the stability of our credit union. Vibe remains strongly capitalized and strategically positioned to continue focusing on whatmatters most – improving the financial well-being of our members and contributing to thebetterment of our communities. I extend my heartfelt appreciation for your trust and yourmembership, and am excited to embrace our collective pursuit to elevate community andcreate opportunity in the years ahead.2023 BOARD OF DIRECTORS SUMMARYMichael Ivanics, Chairman of the Board
2023 AUDIT COMMITTEE SUMMARYThe Audit Committee for Vibe Credit Union provided oversight of thefinancial statements, corporate records, and operations. Plante Moran,PLLC performed a financial audit of the Credit Union for the fiscal yearending December 31, 2023, Vibe Credit Union received an unqualifiedopinion, which represents that the financial statements presented fairlyin all material respects, the financial position and results of the CreditUnion. Plante Moran, PLLC completed an account verification as part ofthe audit. The Department of Insurance and Financial Services (DIFS) completedtheir annual examination of Vibe Credit Union in June of 2023. DIFSprovided a high rating for financial safety and soundness. The CreditUnion Internal Audit Department conducted multiple audits foraccuracy and internal controls. It is the opinion of Vibe Credit Union’sAudit Committee that the summary reports represented herein fairlyrepresent the financial condition as of December 31, 2023. Arthur Frasca, Chairman of the Audit Committee
2023 COMMUNITY IMPACTIn 2023, our team's community impact was incredible!Guided by our vision, "Elevate Community. CreateOpportunity.", we dedicated thousands of hoursacross many diverse non-profits including: Metro Food RescueLighthouse of Oakland CountyHabitat for HumanityHaven of Oakland CountyHospitality HouseWe are excited to nurture these partnerships andexpand our network for community betterment!952512576,680Volunteer HoursCommunity EventsOrganizations ServedVolunteers
Our exceptional team's dedication and enthusiasm drive ourvision and values of elevating community and we certainlycould not have done it without them! Together, we're makingmeaningful change and leaving a lasting impact. Thank you for believing in the power of community.$400,000Given Back to Communities We Serve$22,000Student Scholarships Awarded$90,000Donated to Charities of Choice1,000Hours Volunteered on First Annual Vibe Community Impact Day
2023 VIBE STATSReal Estate Loans$72,909,653934Consumer Loans$172,787,98610,857Mobile Deposits$44,234,38497,584Connection Center Chats28,316Connection Center Calls204,236Lending Center Calls13,674Business Loans$17,122,33953Membership Accounts79,4569,160New MembersTotal Members
2023 STATEMENT OF INCOME & EXPENSES$6,318,635$3,478,371$23,628$9,820,634$17,480,105OTHER COMPREHENSIVE INCOMEUnrealized gain/loss on securitiesReclassification adjustment for realized loss included in net incomePostretirement Healthcare Plan Total Other comprehensive income (loss)COMPREHENSIVE INCOMENONINTEREST EXPENSESalaries & Employee BenefitsOccupancy & EquipmentOperationsAmortization of Core Deposit IntangibleOther Total Noninterest Expense$23,122,647$6,437,389$15,304,570$625,950$738,596$46,229,152$7,659,471CONSOLIDATED NET INCOMEINTEREST INCOMELoansInvestments Total Interest Income$44,005,732$5,882,475$49,888,206$10,225,931$6,057,459$4,769,663$21,053,053$35,579,034$2,743,463$32,835,572$13,893,302$415,871$14,309,173NONINTEREST INCOMEService Charges & ReesInterchange FeesOther Total Noninterest IncomeNet Interest IncomeProvision from Loan LossNet Interest Income after Provision for Credit LossesINTEREST EXPENSEShares/DepositsBorrowings Total Interest Expense
ASSETS LIABILITIES & MEMBERS’ EQUITYLiabilitiesMembers’ Share & SavingsBorrowingsPostretirement Healthcare ObilgationAccured & Other LiabilitiesTotal LiabilitiesMembers’ EquityTOTAL LIABILITIES & EQUITY $1,100,688,026 - $1,278,311 $10,196,504 1,112,162,841 $122,498,682 $1,234,661,5232023 STATEMENT OF FINANCIAL CONDITIONCash & Cash EquivalentsTime Deposits with Other FIsInvest SecuritiesOther InvestmentsLoans Less: AllowancePremises & EquipmentAccured Interest Receivable & Late Fees Cash Surrender Value of Life InsuranceCorporate CapitalFederal Home Loan Bank StockNCUSIF DepositCore Deposit IntangibleOther AssetsTOTAL ASSETS $102,273,927 $2,737,000 $176,407,523 $9,837,937 $868,789,571 ($7,099,481) $31,675,183 $3,132,537 $13,889,879 $2,710,000 $2,407,300 $10,548,086 $1,435,450 $15,916,612 $1,234,661,523
FINANCIALS 2022 vs. 2023 Comparison2022 20230200,000,000400,000,000600,000,000800,000,0001,000,000,0001,200,000,0001,400,000,000Total Assets Deposits Loans Net Worth