From the CEO’s Desk
Hello, my name is Matt Jennings, and I am the Chief Executive Officer of Quest Federal Credit Union and I hope this letter finds you enjoying the beautiful fall colors.
As we close out the third quarter of 2022, I wanted to update you on our financial progress, and this is shaping up to be another solid year for Quest and its member owners. As of September 30th, we hold $188m in assets with a 63% loan to share ratio. Membership growth is at 2.50% year to date with a growth goal for the year of 3.00%, and with our new branch open we are confident this goal will be met. Delinquency continues to be below peer average at 0.58% which is a great sign of the overall quality of our loan portfolio. We continue to have a strong bottom line with return on assets year to date of 0.47%, our target is 0.75% with a quarter to go to attain this goal. Overall, Quest is performing very well, and we look forward to another great year and I will keep you updated as the year progresses.
Our new location in Russells Point is now open for business. We held an open house and ribbon cutting on Monday, August 22nd to celebrate the new branch and we had a full house of participants. The new office is beautiful, and I encourage all members to stop by and take a tour. Karen Breidenbach is the VP of Branch Operations, Kerri Schlatter serves as the Member Service Supervisor and Grant Reppart is the Member Service Representative. Steven Stalder will round out the staff as the Branch Loan Officer. I am excited to watch this branch take flight and to see the amazing things that the staff can and will do for our member owners. We want to thank our general contractor, Bill Lewis of W. Lewis Construction for all the hard work and dedication to this project.
If you have not already, please check out our Exploration Podcast series which you can find on our website or by visiting the podcast app on your smart phone and searching Quest Exploration. We have built a robust library covering many topics that you may find of interest or that can be used for self help for such things as online banking, learning how to apply for loans, student loans and much more.
In closing, thank you for your patronage, and the Board of Directors and Staff would like to wish you all the best. We view Quest as one big family and we are here to help, so if there is anything that we can do to make your quality of life better, do not hesitate to ask! Stay safe, take care of family, neighbors, friends and yourselves. Thank you and I welcome any comments, suggestions or questions from our member/owners. I can be reached by calling the Main Office or via email at email@example.com. Thank you for your loyal patronage to Quest and I challenge you to Explore the Possibilities!
Matt Jennings, Chief Executive Officer
Quest Federal Credit Union