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Message 2024 ANNUALREPORTElevate Community. Create Opportunity.
Dear Members,Thank you for being a part of our financial cooperative!As a financial cooperative Vibe CU is here to serve our membersand give back in big ways. Credit Unions were created to return our profits to our members, and we are proud that we did thatbetter than most financial institutions in 2024. Vibe is excited tohave been able to offer loan rates below the market, depositaccount rates significantly higher than most of our competition,improved technology and expanded access. Our new purpose:“Elevating Community. Creating Opportunity”, came to lifelast year in countless ways:Facility Updates:Our new Sterling Heights Branch, located at 2405 MetroParkway, was secured in 2024 and is expected to open in thesummer of 2025.Royal Oak & Ferndale branch locations closed forconstruction and will re-open as full-service branches inSpring 2025. We are updating the vibes at our Clarkston branch, startingfirst with a lobby closure. Significant internal and externalupgrades are taking place and are expected to be completedin summer 2025. We started construction on our first “Community Center”space at our Novi Headquarters, and it will be available foruse in Spring 2025.2024 EXECUTIVE SUMMARY
Interest Rates: Vibe offered market-leading rates with our High Yield Savings account, High Yield Checking account and CD products. Commercial Lending: We continued to make significant progress with this strategic initiative, and Vibe is now able to help with all commercial lending needs. Technology: We made significant modernizations to technology for our team and members,including a major conversion to our online banking system. This conversionallows us to provide person centric technology that offers a much better digitalexperience and easier access.Every one of our team members is involved in the community, and collectively,Vibe strives to make our purpose a reality; not just words on a wall. We are proudthat our team members were able to make a big impact by dedicating over 7,500community impact hours and investing $450,000 into our communities. VibeCredit Union takes our commitment to the community and our purpose forexisting very seriously. We are more than a financial institution; we are acommunity partner here to help in whatever way we can.Sincerely Yours,Chaz Rzewnicki, President/CEO
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 isvalued and has the chance to lead afulfilling life.OUR VISION
Our values are our guide. They serveas a reminder of the principles bywhich we conduct ourselves, bothindividually and as an organization.They are the foundation of ouractions, and guide us towarddecisions that align with our vision.Be InclusiveEmbrace ChangeEducateSeek OpportunitiesOUR VALUES
This first year serving as board chairman has been both fulfilling and inspiring. Thank you forthe opportunity to support the Vibe team, our membership, and our communities as we worktogether to elevate lives and create meaningful opportunities. Vibe is embarking on an excitingjourney of growth, strengthening our position as a reliable and uplifting partner for ourmembers and communities. It is my privilege to be part of this progress and to share thisjourney with you.I am thrilled to have contributed to the creation of the Good Vibes Foundation, which wasofficially established as a new Michigan charitable foundation toward the end of the year. Theteam has so many exciting plans to make an even bigger impact in our communities, and wecan’t wait to share more about this very soon! Several projects to improve existing branches andopen new locations began in 2024, further solidifying our dedication to our members and ourability to service them.Vibe is a well-capitalized and financially sound credit union prepared to grow and flourish in2025. We have made strategic decisions to give more back to our members and communitiesand continue to honor our commitment to serve. It is an exciting time to be a part of Vibe, and Ithank you again for affording me this opportunity.2024 BOARD OF DIRECTORS SUMMARYGaia Piir, Chairman of the Board
2024 AUDIT COMMITTEE SUMMARYThe Audit Committee for Vibe Credit Union oversaw the financialstatements, corporate records, and operations. Plante Moran,PLLC performed a financial audit of the Credit Union for thefiscal year ending December 31, 2024. Vibe Credit Union receivedan unqualified opinion, representing that the financialstatements presented fairly, in all material respects, thefinancial position and results of the Credit Union. Plante Moran,PLLC, completed an account verification as part of the audit. The Department of Insurance and Financial Services (DIFS)completed its annual examination of Vibe Credit Union in Juneof 2024. DIFS provided a high rating for financial safety andsoundness. The Credit Union Internal Audit Departmentconducted multiple audits for accuracy and internal controls. Vibe Credit Union’s Audit Committee believes that the summaryreports represented herein fairly represent the financialcondition as of December 31, 2024. Jenna Romain, Chairman of the Audit Committee
2024 COMMUNITY IMPACTIn 2024, our team's community impact wasincredible! Guided by our vision, "ElevateCommunity. Create Opportunity.", we dedicatedthousands of hours across 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!1,8741492647,503Volunteer HoursCommunity EventsOrganizations ServedVolunteers
Our exceptional team's dedication and enthusiasmdrive our vision and values of elevating communityand we certainly could not have done it withoutthem! Together, we're making meaningful changeand leaving a lasting impact. Thank you for believing in the power of community.$480,000Given Back to Communities We Serve$20,000Student Scholarships Awarded$113,833Donated to Charities of Choice1,195Hours Volunteered on Second Annual Vibe Community Impact Day
2024 VIBE STATSReal Estate Loans$77 MILLION941Consumer Loans$130 MILLION9,614Mobile Deposits$48.1 MILLION97,366Connection Center Chats23,087Connection Center Calls207,132Lending Center Calls18,171Business Loans$28.9 MILLION61Membership Accounts75,4847,323New MembersTotal Members
2024 STATEMENT OF INCOME & EXPENSES$1,470,351 $64,062 $6,662,320 OTHER COMPREHENSIVE INCOMEUnrealized Gain/Loss on SecuritiesPost-Retirement Healthcare Plan COMPREHENSIVE INCOMENON-INTEREST EXPENSESalaries & Employee BenefitsOccupancy & EquipmentOperationsAmortization of Core Deposit IntangibleOther Total Non-Interest Expense $24,918,877 $6,371,640 $16,808,324 $512,997 $1,530,522 $50,142,360 $5,127,907 CONSOLIDATED NET INCOMEINTEREST INCOMELoansInvestments Total Interest Income $51,417,216 $15,680,271 $67,097,487 $10,323,435 $6,306,174 $4,163,533 $20,793,142 $40,263,454 $5,786,329 $34,477,125 $21,472,576 $5,361,457 $26,834,033 NON-INTEREST INCOMEService Charges & FeesInterchange FeesOther Total Non-Interest IncomeNet Interest IncomeProvision from Loan Loss Net Interest Income after Provision for Credit LossesINTEREST EXPENSEShares/DepositsBorrowings Total Interest Expense
ASSETS LIABILITIES & MEMBERS’ EQUITYLiabilitiesMembers’ Share & SavingsPost-Retirement Healthcare ObligationAccrued & Other LiabilitiesTotal LiabilitiesMembers’ EquityTOTAL LIABILITIES & EQUITY $1,177,913,573 $1,067,759 $8,517,306 $1,187,498,638 $129,161,002 $1,316,659,640 2024 STATEMENT OF FINANCIAL CONDITIONCash & Cash EquivalentsTime Deposits with Other FIsInvest SecuritiesOther InvestmentsLoans Less: AllowancePremises & EquipmentAccrued Interest Receivable & Late Fees Cash Surrender Value of Life InsuranceCorporate CapitalFederal Home Loan Bank StockNCUSIF DepositCore Deposit IntangibleOther AssetsTOTAL ASSETS $110,621,948 $3,479,000 $219,838,337$10,187,208 $884,981,584 ($6,498,130) $29,852,851 $3,759,535 $14,268,173 $2,710,000 $6,300,000 $11,107,036 $922,453 $25,129,645 $1,316,659,640
FINANCIALS 2023 vs. 2024 Comparison2023 2024Total Assets Deposits Loans Net Worth0200,000,000400,000,000600,000,000800,000,0001,000,000,0001,200,000,0001,400,000,000
Elevate Community. Create Opportunity.