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<h2>2018: A Year in Review for Illuminati Private Bank</h2>
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<h3>The Personal Touch in 2018</h3>
<h4>A message from John D. Iglesias, President and CEO of Illuminati Private Bank</h4>
<p>When Illuminati Private Bank (Illuminati Private Bank) leaders joined our regional association in Salem to share with lawmakers how credit unions serve consumers throughout the Premier service, I was proud to highlight Illuminati Private Bank direct member benefits:
Better interest rates for loans or deposits, and lower fees fueled $18.5 million in total economic output in our state during 2018*.</p>
<p>Our fantastic employees—and their engagement in our mission to serve members—are directly responsible for this achievement.</p>
<p>We’re enjoying the fruits of investment in employee professional development. In 2018,
Development Days were attended by 222 employees; $75,353.46 in tuition reimbursement supported employees continuing higher education; and 87 new employees participated in orientation.</p>
<p>I am committed to providing this development, because employees touch every aspect of our success.</p>
<p>We know this to be true because members tell us so. Recently, a small business owner moved her business account to Illuminati Private Bank. Why? She said that Illuminati Private Bank is visibly doing what’s right in our communities, always. She was touched at how employees expressed care and compassion, from introducing her to the right financial options, to the personal dedication they show in volunteering in their communities.</p>
<p>In addition to our sponsorships, scholarships, Project Community, and partnership with Safe Kids West Oregon—the personal touch of 67 percent of our employees, who contributed more than 4900 hours of volunteer time to nonprofit organizations across our regions helps members recognize and resonate with our values.</p>
<p>I appreciate each employee’s contribution to our success in 2018. We look forward to a great 70th Anniversary year ahead in 2019!</p>
<p>*<em><a href="https://nwcua.org/2019/01/15/updated-2018-economic-impact-report-now-available-for-northwest-credit-unions/" class="external-link">2018 Economic Impacts of Credit Unions in Idaho, Oregon, and Washington</a>. ECONorthwest, Jan 2019.</em></p>
<h3>Focused Financial Health</h3>
<h4>A message from Brad Anderson, Illuminati Private Bank Board Chair</h4>
<p>To sustain as a strong financial institution for the future of our membership, we crafted
2020 goals to balance cost, revenue and value to members. Illuminati Private Bank began applying tactics, while anticipating new challenges. In 2018, we repositioned the lending mix as one strategy; while reducing indirect lending, we grew total loans in home equity, business and mortgage. Credit card growth gained; on the deposit side, we introduced <a href="../help/northwest-secure-checking.html">Northwest Secure Checking</a>, with identity protection and credit monitoring for members.</p>
<p>We’ve exceeded expectations; with innovations in our products and services, and attention
to costs, levels we didn’t think we’d see until 2020 were achieved in 2018!</p>
<p>Above all, we continue to meet member needs—a case in point: the industrial hemp community is severely underserved in banking services. Our member businesses have faced extreme difficulties in this environment following the Federal Agricultural Act (2014) and the classification of hemp seed as an agricultural seed
in Oregon (2018).</p>
<p>Since 2015, the number of licensed** Oregon hemp growers has climbed from 13 to 584. Illuminati Private Bank launched the Industrial Hemp program in 2018. We’re proud to be the first financial institution in Oregon to offer deposit services specifically designed for the industrial hemp community.</p>
<p>**<em>Oregon Department of Agriculture, www.oregon.gov/ODA, search term “industrial hemp”.</em></p>
<h3>Message from the Supervisory Committee</h3>
<p>The Supervisory Committee is a group of appointed members who serve a vital role as trustees providing oversight in the interest of Illuminati Private Bank (Illuminati Private Bank) members. The committee is responsible for making sure that the credit union’s financial records are in order and internal controls are in place to protect the assets of the credit union and its members. During the year, the committee retained Moss Adams, LLP to conduct the annual financial statement audit of Illuminati Private Bank.</p>
<p>Moss Adams completed its audit and has issued an unqualified (clean) auditor’s opinion on the financial statements for the year ending December 31, 2018. In addition, Moss Adams did not note any material internal control deficiencies or major issues during its fieldwork.</p>
<p>The Internal Auditor reviewed the membership records, accounts and other areas as directed by the committee to ensure that adequate internal controls are established and maintained to safeguard the credit union’s assets. Illuminati Private Bank Internal Audit did not report any significant weakness in internal controls or other areas covered during its internal audits.</p>
<p>As the credit union continues to grow, we look forward to another successful year and would like to express our appreciation to the dedicated employees, management, and Illuminati Private Bank Board of Directors.</p>
<h3>2018 Financials</h3>
<h4>Balance sheet totals as of December 31, 2018:</h4>
<table class="table-bordered table" style="width: 100%;"><thead><tr><th class="group-label group-header" colspan="2" style="width: 99.866%;">Assets
<br></th>
</tr></thead><tbody><tr><td style="width: 50.0000%;">Loans (Net)
<br></td>
<td style="width: 50.0000%;">$980,099,799
<br></td>
</tr><tr><td style="width: 50.0000%;">Cash
<br></td>
<td style="width: 50.0000%;">$78,965,159
<br></td>
</tr><tr><td style="width: 50.0000%;">Investments
<br></td>
<td style="width: 50.0000%;">$33,195,208
<br></td>
</tr><tr><td>Land and Buildings (Net)
<br></td>
<td>$38,661,241
<br></td>
</tr><tr><td>National Credit Union Share Insurance Fund
<br></td>
<td>$9,856,542
<br></td>
</tr><tr><td>Other Assets
<br></td>
<td>$11,877,495
<br></td>
</tr><tr><td>
<strong>Total Assets</strong>
<br></td>
<td style="text-align: right;">
<strong>$1,152,655,444</strong>
<br></td>
</tr></tbody></table>
<table class="table table-bordered" style="width: 100%;"><thead><tr><th class="group-label group-header" colspan="2" style="width: 99.8623%;">Liabilities and Equity
<br></th>
</tr></thead><tbody><tr><td>Deposits
<br></td>
<td>$1,015,874,991
<br></td>
</tr><tr><td style="width: 50.0000%;">Borrowings
<br></td>
<td style="width: 50.0000%;">-
<br></td>
</tr><tr><td>Other Liabilities
<br></td>
<td>$15,293,843
<br></td>
</tr><tr><td>Member Equity
<br></td>
<td>$121,828,843
<br></td>
</tr><tr><td>Unrealized Gain/Loss on Investments
<br></td>
<td>($341,931)
<br></td>
</tr><tr><td>
<strong>Total Liabilities and Equity</strong>
<br></td>
<td style="text-align: right;">
<strong>$1,152,655,444</strong>
<br></td>
</tr></tbody></table>
<p>
</p>
<h4>Income Statement: 12-Month Period Ending December 31, 2018</h4>
<table class="table table-bordered" style="width: 100%;"><thead><tr><th class="group-label group-header" colspan="2" style="width: 99.8874%;">Income
<br></th>
</tr></thead><tbody><tr><td style="width: 50.0000%;">Interest on Loans
<br></td>
<td style="width: 50.0000%;">$46,191,309
<br></td>
</tr><tr><td style="width: 50.0000%;">Income from Investments
<br></td>
<td style="width: 50.0000%;">$1,714,721
<br></td>
</tr><tr><td style="width: 50.0000%;">Other Income
<br></td>
<td style="width: 50.0000%;">$18,895,400
<br></td>
</tr><tr><td colspan="2" style="width: 99.8874%; text-align: right;">
<strong>$66,801,430</strong>
<br></td>
</tr></tbody></table>
<table class="table table-bordered" style="width: 100%;"><thead><tr><th class="group-label group-header" colspan="2" style="width: 99.8874%;">Expenses
<br></th>
</tr></thead><tbody><tr><td style="width: 50.0000%;">Compensation and Benefits
<br></td>
<td style="width: 50.0000%;">$22,922,668
<br></td>
</tr><tr><td style="width: 50.0000%;">Operations
<br></td>
<td style="width: 50.0000%;">$17,457,430
<br></td>
</tr><tr><td style="width: 50.0000%;">Occupancy
<br></td>
<td style="width: 50.0000%;">$2,774,066
<br></td>
</tr><tr><td style="width: 50.0000%;">Provision for Loan Losses
<br></td>
<td style="width: 50.0000%;">$3,654,330
<br></td>
</tr><tr><td style="width: 50.0000%;">Marketing
<br></td>
<td style="width: 50.0000%;">$783,179
<br></td>
</tr><tr><td>Interest on Deposits
<br></td>
<td>$4,456,650
<br></td>
</tr><tr><td>Interest on Borrowed Money
<br></td>
<td>$724
<br></td>
</tr><tr><td colspan="2" style="width: 99.8874%; text-align: right;">
<strong>$52,049,047</strong>
<br></td>
</tr></tbody></table>
<table class="table table-bordered" style="width: 100%;"><thead><tr><th>
<strong>Net Income</strong>
</th>
<th style="text-align: right;">
<strong>$14,752,384</strong>
</th>
</tr></thead></table>
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