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 spring colors and mild weather.
As we close out the first quarter of 2023, I wanted to update you on our financial progress, and this is a great start to another solid year for Quest and its member owners. As of March 30th, we hold $192m in assets with a 64% loan to share ratio. Membership growth is at 1.4% year to date with a growth goal for the year of 3.50%, and with our new branch open we are confident this goal will be met. Delinquency is remaining low at 0.33%, which is below peer average and a great sign of the overall quality of our loan portfolio. We continue to have a strong bottom line with a return on assets year to date of 0.88%, our target is 0.75-1.25%. Overall, Quest is performing very well, and we look forward to another great year and I will keep you updated as the year progresses.
On Saturday, April 15th we held our Annual Meeting which was hosted by the Memorial Park Golf Course. It was a great morning with breakfast served by the Plaza Inn Family Restaurant. Sarah Wirbel conducted the business meeting, and we heard a financial report from Cam Hemmerly, Treasurer and a Nominating Committee report from Board Member Brandon Ramge. Ron Rogers, Allen Barrett and Jeff Beach were re-elected to the Board of Directors and Paul Minter was re-elected to the Credit Committee. Service awards were presented to Paul Minter, Samantha McNamee-Evans and Tricia Martino for 5 years, Ed Rogers for 20 years on Supervisory, Deb Preston and Tobi Collins for 25 years and Sherrill Titus for 35 years. Jolene Bailey, VP of Community Relations was given special recognition as she prepares for retirement for her outstanding service to Quest and our member owners. John “Pete” Gunn and Dave Sturgeon were recognized as outgoing Credit Committee members and their amazing service to Quest with Pete serving 42 years and Dave serving 19. Again, a great day to celebrate Quest, its Board of Directors and Staff for their outstanding service.
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