Annual Report
Messages to Our Members
ROB STUART President, CEO, Board of Directors Treasurer, Executive Committee
DARREN NAKATA Chair, Board of Directors
2024 CEO/Board Chair Letter
Serving our members through the many financial phases life presents has always been at the heart of our mission.
To Our Valued Members from Rob Stuart and Darren Nakata,
As we begin this new year, we extend our heartfelt gratitude to our more than 594,000 members for your enduring trust and partnership. The confidence you place in OnPoint is a part of our success and the very foundation on which we stand. We value the relationship we have built with you over the years, and the financial results of this report reflect our unwavering commitment to serving you and our collective communities.
Reflecting back on 2024, one of the brightest accomplishments was the diligent teamwork displayed across our many branches and departments. It is through this dedicated work that so many credit union members and community members realize significant financial milestones. Last year, OnPoint made 1,015 mortgage loans to first-time homebuyers. 4,205 members financed electric or hybrid vehicles, assisting in the long-term sustainability of our local environment. We welcomed 80,000 new members to our credit union in 2024 while expanding our business banking offerings with a stronger emphasis on commercial, nonprofit, and small businesses. OnPoint said hello to our next generation of members by opening 11,087 new Youth Saver accounts while continuing our support of financial education and literacy for 12,286 middle and high school students through 185 classroom sessions led by members of the OnPoint team.
While last year was another busy year of successful growth and development, we have already turned our attention to the new products and initiatives for this year. This new growth will continue to meet the needs of existing members while creating moments to meet our newest members as they join a credit union you all have come to trust and depend on. As you review the financial results of 2024, you will notice strong net income resulting in a net worth of 12.8%, which directly supports this continued growth and development along with protecting the safety and soundness of our credit union for you, our member-owners.
Serving our members through the many financial phases life presents has always been at the heart of our mission. We understand that choosing a partner to support your financial needs is a deeply personal choice. We thank you for choosing OnPoint, and we are committed to being your trusted partner through it all.
2024 Supervisory Committee Report
OnPoint Community Credit Union has received an "unqualified opinion" from Crowe LLP on its 2024 financial statements. This confirms that our 2024 financial statements are fairly presented in compliance with generally accepted accounting principles (GAAP). – SHERYL MANNING
I am honored to serve OnPoint Community Credit Union as Chair of the Supervisory Committee. Our three-member committee meets quarterly throughout the year and is charged with the following responsibilities:
- Reviewing OnPoint Board-level policies, receiving updates on management strategies, monitoring financial results, and exploring and discussing current credit union industry and accounting issues
- Reviewing the Credit Union’s established practices and procedures to ensure they safeguard members’ assets
- Reviewing audited financial results and ensuring they are complete and timely
- Ensuring member accounts are verified to credit union records periodically
- Overseeing the Internal Audit Function
As part of our responsibilities, the Supervisory Committee arranges a comprehensive annual audit of OnPoint Community Credit Union’s financial statements. CroweLLP (“Crowe”) performed the 2024 audit. Crowe supports the Supervisory Committee with its accounting expertise and thorough understanding of the credit union industry.
Upon the completion of the 2024 audit, the Supervisory Committee reviewed the audited financial statements and discussed them fully with Crowe. A summary of the financial results is included in OnPoint’s 2024 Annual Report. OnPoint Community Credit Union received an “unqualified opinion” from Crowe on its 2024 financial statements, which confirms that our 2024 financial statements are fairly presented in compliance with generally accepted accounting principles (GAAP).
The results of this audit, combined with the periodic verification of members’ accounts, provide the Supervisory Committee with assurance that the financial statements prepared by Credit Union management fairly reflect our Credit Union’s financial condition.