Parsons_FCU-2021_Annual_Report.pdf

2 0 2 1 A N N U A L R E P O R T

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your life with us. Grow

all that you’ve accomplished. Appreciate

2 PARSONS FCU 2021 ANNUAL REPORT

2 0 2 1 A N N U A L R E P O R T

The challenging business environment that unforeseeably impacted our operations in 2020 continued ƥū ƎūƙĚ ēĿljǛČƭŕƥĿĚƙ îČƑūƙƙ ƥĺĚ ċūîƑēȡ îēDŽĚƑƙĚŕNj ĿŞƎîČƥĿŠij ƥĺĚ ČîēĚŠČĚ ūlj ūƭƑ ċƭƙĿŠĚƙƙ ēĚDŽĚŕūƎŞĚŠƥ activities in 2021. Despite that, our team was successful in growing our business in key critical areas with notably positive results. ƙ î îƭĚƑ GĿŠîŠČĿîŕ ǫȹ¬ƥîƑ ǛŠîŠČĿîŕ ĿŠƙƥĿƥƭƥĿūŠȡ ƑîƥĚē ūŠ ƙîljĚƥNj îŠē ƙūƭŠēŠĚƙƙȡ ūƭƑ ŞĚŞċĚƑƙɄ ƥƑƭƙƥ ĿŠ ƭƙ Džîƙ ēĚŞūŠƙƥƑîƥĚē ƥĺƑūƭijĺ îŠ ǮȦǮɼ ijƑūDžƥĺ ĿŠ ēĚƎūƙĿƥƙȦ ~ƭƑ ūƑijîŠĿČ ƥūƥîŕ ŕūîŠƙ ijƑĚDž ċNj ǧǮɼ ĿŠ ǨǦǨǧȡ ĚŠēĿŠij ƥĺĚ NjĚîƑ DžĿƥĺ ŠĚîƑŕNj ɐǧǧǮ ŞĿŕŕĿūŠ ĿŠ ūƭƥƙƥîŠēĿŠij ŕūîŠƙȦ qĚŞċĚƑƙĺĿƎ ijƑĚDž ċNj ǪȦǭɼȡ ŠĚîƑŕNj ǩǭɼ ūlj DžĺĿČĺ Džîƙ îƥƥƑĿċƭƥîċŕĚ ƥū ūƭƑ ƎîƑƥŠĚƑƙĺĿƎ DžĿƥĺ ƥĺĚ ŞĚƑĿČîŠ ūŠƙƭŞĚƑ ūƭŠČĿŕȦ

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L E A D E R S H I P OV E R V I EW

¹ĺĚ ūŠijūĿŠij ČĺîŕŕĚŠijĚƙ ūlj ƥĺĚ ƎîŠēĚŞĿČ ƥĺƑūƭijĺūƭƥ ǨǦǨǧ ŞĚîŠƥ ƥĺîƥ DžĚ ČūŠƥĿŠƭĚē ƥū ƙƥĚîēljîƙƥŕNj ŞūŠĿƥūƑ Ŀƥƙ ĚljljĚČƥƙ ūŠ ūƭƑ ŞĚŞċĚƑƙĺĿƎȡ îƙ DžĚŕŕ îƙ ƥĺĚ ūDŽĚƑîŕŕ ĚČūŠūŞNjȦ 'ƭƑĿŠij ūƭƑ ƭîŕ ƎŕĿŠij ƙĚƙƙĿūŠ DžĿƥĺ ƥĺĚ ūîƑē ūlj 'ĿƑĚČƥūƑƙ ĺĚŕē ĿŠ ¬ĚƎƥĚŞċĚƑȡ DžĚ ƑĚDŽĿĚDžĚē ƥĺĚ ŕūŠijȹƑîŠijĚ ĿŞƎîČƥ ūlj ƥĺĚ ƑĚēƭČĚē ĿŠƥĚƑĚƙƥ ƑîƥĚ ŞîƑijĿŠƙȦ ØĚ îŕƙū ēĿƙČƭƙƙĚē DŽîƑĿūƭƙ ūƎƥĿūŠƙ ƥū ĺĚŕƎ ƭƙ ēĚDŽĚŕūƎ ƙČîŕĚȡ DžĿƥĺ ƥĺĚ ijūîŕ ūlj ĚŠƙƭƑĿŠij ƥĺîƥ ūƭƑ ŞĚŞċĚƑƙ ČūŠƥĿŠƭĚ ƑĚČĚĿDŽĿŠij ƥĺĚ ƙĚƑDŽĿČĚ ƥĺîƥ ƥĺĚNj ĚŠŏūNj îŠē ĚNJƎĚČƥ ljƑūŞ ¡îƑƙūŠƙ G ÀȦ In 2021, Bauer Financial awarded us its 5-star rating once again, recognizing Parsons FCU as ūŠĚ ūlj ƥĺĚ ƙîljĚƙƥ ǛŠîŠČĿîŕ ĿŠƙƥĿƥƭƥĿūŠƙ ĿŠ ƥĺĚ ČūƭŠƥƑNjȦ ¹ĺĿƙȡ ČūŞċĿŠĚē DžĿƥĺ ŠĚƥ DžūƑƥĺ ƥĺîƥ ljîƑ exceeds regulatory requirements, allowed us to continue providing excellent rates during the year. ~ƭƑ ijƑūDžƥĺ ĿŠ ĚŠƥƑĚDŽĿŕŕĚȡ × ČūŠƥĿŠƭĚē ĿŠ ǨǦǨǧ DžĿƥĺ ƙĿNJ ƎūƙĿƥĿūŠƙ ūƎĚƑîƥĿŠij îƥ ƥĺîƥ ūljǛČĚ îŠē ūƭƑ ČūŞŞĿƥŞĚŠƥ ƥū ƙĚČƭƑĚ îēēĿƥĿūŠîŕ ƙƎîČĚ DžĿƥĺĿŠ ƥĺĚ ¡îƑƙūŠƙ ĺĚîēƐƭîƑƥĚƑƙ ċƭĿŕēĿŠijȦ ¹ĺĿƙ ŠĚDž ƙƎîČĚ îŕŕūDžƙ ĚîƙĿĚƑ îČČĚƙƙ ƥū ƥĺĚ ƎƭċŕĿČ îŠē ƎƑūDŽĿēĚƙ ūƎƎūƑƥƭŠĿƥĿĚƙ ljūƑ ljƭƥƭƑĚ ijƑūDžƥĺȦ ØĿƥĺ ūƭƑ ¡îƙîēĚŠî ūljǛČĚ ĿŠ îŕĿljūƑŠĿî îŠē ƥĺĚ ŠĚDž ĚŠƥƑĚDŽĿŕŕĚ ūljǛČĚ ljƭŕŕNj ūƎĚƑîƥĿūŠîŕ ŠūDžȡ DžĚ ƎƑūDŽĿēĚ Čîŕŕ ČĚŠƥĚƑ ƙĚƑDŽĿČĚƙ ljƑūŞ ǮȠǦǦ îŞ /¬¹ ƥū ǭȠǩǦ ƎŞ /¬¹Ȧ TŠ ǨǦǨǧȡ ūƭƑ ǪȦǭɼ ŞĚŞċĚƑƙĺĿƎ ijƑūDžƥĺ ƎƑūDŽĚē ƥū ċĚ ljūƭƑ ƥĿŞĚƙ ŕîƑijĚƑ ƥĺîŠ ūƭƑ ƎĚĚƑ ČƑĚēĿƥ ƭŠĿūŠƙɄ ijƑūDžƥĺȦ ¹ĺĚ ƑĚČĚŠƥ îēēĿƥĿūŠ ūlj ƥĺĚ ŞĚƑĿČîŠ ūŠƙƭŞĚƑ ūƭŠČĿŕ ȳ ȴȡ î ŠūŠȹƎƑūǛƥ ČūŠƙƭŞĚƑ ĚēƭČîƥĿūŠ ūƑijîŠĿǕîƥĿūŠȡ îŕŕūDžĚē ŞūƑĚ ƎĚūƎŕĚ ƥū ƥîŒĚ îēDŽîŠƥîijĚ ūlj ŞĚŞċĚƑƙĺĿƎ îŠē DžĚ ČūŠƥĿŠƭĚē ƥū ċĚŠĚǛƥ ljƑūŞ ūƭƑ ŕūNjîŕ îŠē îČƥĿDŽĚ ŞĚŞċĚƑƙ Džĺū ƑĚljĚƑ ƥĺĚĿƑ ljƑĿĚŠēƙ îŠē ljîŞĿŕNj ƥū ¡îƑƙūŠƙ G ÀȦ ØĿƥĺ îŠ ĿŞƎƑĚƙƙĿDŽĚ ǧǮɼ ūƑijîŠĿČ ŕūîŠ ijƑūDžƥĺȡ ēĚƙƎĿƥĚ ƥĺĚ ūƎĚƑîƥĿūŠîŕ ČĺîŕŕĚŠijĚƙ ƥĺƑūƭijĺūƭƥ ǨǦǨǧȡ DžĚ ƥūūŒ ČîƑĚ ūlj ƥĺĚ ŠĚĚēƙ of our members more effectively than the prior years. gîƙƥ ċƭƥ Šūƥ ŕĚîƙƥȡ ĿƥɄƙ ĿŞƎĚƑîƥĿDŽĚ ƥū ƥîŒĚ î ŞūŞĚŠƥ îŠē ƥĺ ūƭƑ ƙƥîljljȦ Tƥ Ŀƙ îŠ ĺūŠūƑ îŠē î ƎƑĿDŽĿŕĚijĚ ƥū ĺîDŽĚ ƙƭČĺ î ĚNJĚŞƎŕîƑNj ijƑūƭƎ ūlj ĚŞƎŕūNjĚĚƙȦ ¹ĺĚĿƑ ēĚēĿČîƥĿūŠ ƥū ƙĚƑDŽĿŠij ūƭƑ ŞĚŞċĚƑƙ Ŀƙ ƙĿŞƎŕNj ƭŠŞîƥČĺĚēȦ ƙ ūƥĺĚƑ ĿŠƙƥĿƥƭƥĿūŠƙ ƑĚƎūƑƥĚē ēĿljǛČƭŕƥĿĚƙ ĿŠ ijĚƥƥĿŠij ƥĺĚĿƑ ĚŞƎŕūNjĚĚƙ ƥū ƑĚƥƭƑŠ ƥū ƥĺĚ DžūƑŒƎŕîČĚȡ ūƭƑ ĚŞƎŕūNjĚĚƙ DžĚƑĚ ĚîijĚƑ ƥū ČūŞĚ ċîČŒȦ ¹ĺĚNj ČūŕŕĚČƥĿDŽĚŕNj ċĚŕĿĚDŽĚ ƥĺîƥ ƥĺĚNj ČîŠ ċĚƥƥĚƑ ƙĚƑDŽĚ ūƭƑ ŞĚŞċĚƑƙ DžĺĚŠ ƥĺĚNj îƑĚ DžūƑŒĿŠij ĿŠ ƭŠĿƙūŠ ƥūijĚƥĺĚƑȦ Šē ūƭƑ ƥĚîŞƙ DžĚƑĚ ċîČŒ ĿŠ ƥĺĚ ūljǛČĚ ljƭŕŕ ƥĿŞĚȡ ƙĿijŠĿǛČîŠƥŕNj îĺĚîē ūlj ūƥĺĚƑ ĿŠƙƥĿƥƭƥĿūŠƙȦ ~ƭƑ ŞĚŞċĚƑ ƙîƥĿƙljîČƥĿūŠ ƙƭƑDŽĚNjƙ ĺĿijĺŕĿijĺƥĚē ƥĺĚ îƎƎƑĚČĿîƥĿūŠ ūlj ūƭƑ ŞĚŞċĚƑƙ îƙ DžĚ ČūŠƙĿƙƥĚŠƥŕNj ƑĚČĚĿDŽĚē ƥūƎ ƙČūƑĚƙ îŠē ĚŠēĚē ǨǦǨǧ DžĿƥĺ îŠ îDŽĚƑîijĚ ƙîƥĿƙljîČƥĿūŠ ƑîƥĿŠij ūlj ǯǮɼȦȜ It was a year of challenges. It was a year of service. It was a year of growth.

Thank you for allowing us the opportunity to make your life’s journey easier.

K. Ray Crouse President / CEO

Bruce Hennig Chairman of the Board

4 PARSONS FCU 2021 ANNUAL REPORT

and become stronger. Prosper

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*Monitored and reported by LiveSurvey

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T R E A S U R E R ’ S R E P O R T

In a time of uncertainty, our members showed their trust in us.

¹ĺƑūƭijĺūƭƥ ǨǦǨǧȡ ƥĺĚ GĚēĚƑîŕ ¤ĚƙĚƑDŽĚ ČūŠƥĿŠƭĚē ƥū ŞîĿŠƥîĿŠ ƥĺĚĿƑ ƑĚƙūŕDŽĚ ƥū ŒĚĚƎ ĿŠƥĚƑĚƙƥ ƑîƥĚƙ ŕūDž îŠē Ǜijĺƥ ƥĺĚ îēDŽĚƑƙĚ ĚČūŠūŞĿČ ĚljljĚČƥƙ ūlj ƥĺĚ ƎîŠēĚŞĿČȦ ¹ĺîƥ ƑĚƙƭŕƥĚē ĿŠ î ēĿljǛČƭŕƥ ūƎĚƑîƥĿŠij ĚŠDŽĿƑūŠŞĚŠƥȡ DžĿƥĺ ƥĺĚ ČūŠƥĿŠƭĿŠij impact of margin squeeze on the balance sheet. ~ŠČĚ îijîĿŠȡ ĿŠ î ƥĿŞĚ ūlj ƭŠČĚƑƥîĿŠƥNjȡ ūƭƑ ŞĚŞċĚƑƙɄ ƥƑƭƙƥ ĿŠ ƭƙ Džîƙ ēĚŞūŠƙƥƑîƥĚē DžĿƥĺ îŠ ĿŠǜƭNJ ūlj ēĚƎūƙĿƥƙȦ ØĚ ƑĚČĚĿDŽĚē îƎƎƑūNJĿŞîƥĚŕNj ɐǧǫȦǬ ŞĿŕŕĿūŠ ĿŠ ēĚƎūƙĿƥƙ ċĚNjūŠē ċƭƙĿŠĚƙƙ ƎŕîŠ ljūƑĚČîƙƥȦ Tƥ Džîƙ îŕƙū î ēĿljǛČƭŕƥ NjĚîƑ ljūƑ ĿēĚŠƥĿljNjĿŠij ƎƑƭēĚŠƥ ĿŠDŽĚƙƥŞĚŠƥƙ ljūƑ ƥĺĚƙĚ îƙƙĚƥƙȡ ŠĚČĚƙƙĿƥîƥĿŠij îēēĿƥĿūŠîŕ îŠîŕNjƙĿƙ ƥĿŞĚ îŠē ūDŽĚƑƙĿijĺƥ ĚljljūƑƥȦ ¹ĺƑūƭijĺ ƥĺĚ ēĿŕĿijĚŠƥ DžūƑŒ ūlj ūƭƑ ƙƥîljljȡ DžĚ DžĚƑĚ îċŕĚ ƥū ĿŠČƑĚîƙĚ ūƭƑ ūƑijîŠĿČ ŕūîŠ ƎūƑƥljūŕĿū ċNj ɐǧǭ ŞĿŕŕĿūŠȦ ~ƭƑ îƙƙĚƥ ƐƭîŕĿƥNj ƑĚŞîĿŠƙ ƙƥƑūŠijȡ DžĿƥĺ ēĚŕĿŠƐƭĚŠƥ ŕūîŠƙ ƥū ƥūƥîŕ ŕūîŠƙ ƙĿijŠĿǛČîŠƥŕNj ŕūDžĚƑ îƥ 0.07% verses our peer credit unions’ average of 0.26%. This demonstrates the strength and sustainability of our membership . ÞĿĚŕēƙ ūŠ ĿŠDŽĚƙƥŞĚŠƥƙ DžĚŠƥ ēūDžŠ ljƑūŞ ǧȦǦǮɼ ƥū ǦȦǭǩɼ ēƭĚ ƥū ƥĺĚ ŞîƑijĿŠ ƙƐƭĚĚǕĚȡ ĿŞƎîČƥĿŠij ūƭƑ ċîŕîŠČĚ ƙĺĚĚƥȦ ÞĿĚŕēƙ ūŠ ŕūîŠƙ ēĚČƑĚîƙĚē ūDŽĚƑ ƥĺĚ NjĚîƑ ljƑūŞ ǪȦǧǯɼ ƥū ǩȦǭǬɼȡ ĿŞƎîČƥĚē îijîĿŠ ċNj ƥĺĚ ŞîƑijĿŠ ƙƐƭĚĚǕĚȦ ūƙƥ ūlj ljƭŠēƙ ƙîDž î ƑĚēƭČƥĿūŠ ljƑūŞ ǦȦǬǫɼ ƥū ǦȦǪǩɼ ēƭĚ ƥū ƥĺĚ ŕūDžĚƑĿŠij ūlj ƑîƥĚƙ ūŠ ēĚƎūƙĿƥ ƎƑūēƭČƥƙȦ Membership in 2021 continued to show a strong growth pattern. A big contributor of this upward trend was the formation of a partnership with the American Consumer Council ȳ ȴȡ DžĺĿČĺ ƎƑūDŽĿēĚƙ î ŠĚDž ŞĚƥĺūē ljūƑ ƐƭîŕĿǛĚē ĿŠēĿDŽĿēƭîŕƙ ƥū ċĚČūŞĚ ŞĚŞċĚƑƙȦ Y O U

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sĚƥ TŠČūŞĚ ljūƑ ƥĺĚ NjĚîƑ Džîƙ ɐǧǧǩȡǫǮǭȡ ƙŕĿijĺƥŕNj ċĚŕūDž ūƭƑ ċƭēijĚƥ ljūƑ ƥĺĚ NjĚîƑȦ ¹ĺĚƙĚ ĚîƑŠĿŠijƙ ĺĚŕƎ ċƭĿŕē ŞĚŞċĚƑƙɄ ĚƐƭĿƥNj ƥū ɐǨǯȦǪ ŞĿŕŕĿūŠȦ ~ƭƑ sĚƥ ØūƑƥĺ ƑîƥĿū ƙƥîNjĚē DŽĚƑNj ƙƥƑūŠij îƥ ǧǧȦǧǪɼȡ DžĚŕŕ îċūDŽĚ ƥĺĚ ƑĚijƭŕîƥūƑNj ŞĿŠĿŞƭŞ ūlj ǭȦǦɼȦ ~ƥĺĚƑ ƑĚƥƭƑŠƙ ƥū ūƭƑ ŞĚŞċĚƑƙ ĿŠČŕƭēĚē ŕūDžĚƑ ŕūîŠ ƑîƥĚƙȡ ŞĿŠĿŞîŕ ƙĚƑDŽĿČĚ ljĚĚƙȡ îŠē ƎƑūijƑĚƙƙĿDŽĚ ēĿijĿƥîŕ ċĿŠij ƙĚƑDŽĿČĚƙȦ

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6 PARSONS FCU 2021 ANNUAL REPORT

¹ĺĚ ŒĚNj ĿŠēĿČîƥūƑƙ ȳċĚŕūDžȴ ēĚŞūŠƙƥƑîƥĚ î ĺĚîŕƥĺNj ĿŠƙƥĿƥƭƥĿūŠȡ ƑĚîēNj ƥū ČūŠƥĿŠƭĚ ijƑūDžĿŠij îŠē ēĚŕĿDŽĚƑĿŠij strong member services in 2022. ¡ƑĿŞîƑNj ijūîŕƙ ĿŠ ǨǦǨǨ îƑĚ ƥū ČūŠƥĿŠƭĚ ƥĺĚ ƑĚƥƭƑŠ ūlj ĚƐƭĿƥNj ƥū ūƭƑ ŞĚŞċĚƑȹūDžŠĚƑƙ ƥĺƑūƭijĺ ŕūDžȹČūƙƥ ƙĚƑDŽĿČĚƙȡ ĚNJƎîŠēĿŠij ūƭƑ ċƑîŠČĺ ljūūƥƎƑĿŠƥ ĿŠ ĚŠƥƑĚDŽĿŕŕĚȡ × îŠē ŕĚDŽĚƑîijĿŠij ūƭƑ ƎîƑƥŠĚƑƙĺĿƎ DžĿƥĺ ƥĺĚ ŞĚƑĿČîŠ ūŠƙƭŞĚƑ ūƭŠČĿŕ ȳ ȴȦ /îČĺ ēĚČĿƙĿūŠ DžĚ ŞîŒĚ Ŀƙ ljūČƭƙĚē ūŠ ūƭƑ ČūƑĚ ŞĿƙƙĿūŠȡ “uniquely partnering with our members to make their lives journey easier.”

Brent Harvey ¹ƑĚîƙƭƑĚƑ

Financial Summary

Peer Credit Union

12/31/2019

12/31/2020 $140.7 Million

12/31/2021 $149.9 Million

Loan Growth – Total Loans

N/A

$135.0 Million

Loan-to-Share Ratio

62.32%

68.90%

66.09%

64.69%

Loan Quality Delinquent Loans / Total Loans

0.49%

0.26%

0.12%

0.13%

Net Worth to Assets Yield on Investments

10.35%

12.74%

11.64%

11.14%

0.80% 4.62% 0.31%

2.40% 4.46% 0.98% 7,780

1.08% 4.19% 0.65% 8,249

0.73% 3.76% 0.43% 8,638

Yield on Loans

Cost of Funds ( Dividends )

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your financial well-being. Develop

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8 PARSONS FCU 2021 ANNUAL REPORT

C R E D E N C E A N D P H I LO S O P H Y

Our core values and business principles.

Since the inception of Parsons Federal Credit Union back in 1975, our values and business philosophy have certainly ĚDŽūŕDŽĚē DžĿƥĺ ƥĺĚ ƥĿŞĚƙȦ ƭƥ ƥĺĚ ČūƑĚ ūlj Džĺîƥ DžĚ ēū îŠē ĺūDž DžĚ ēū Ŀƥ ĺîƙ îŕDžîNjƙ ƑĚDŽūŕDŽĚē îƑūƭŠē ūƭƑ ŞĚŞċĚƑƙ îŠē ĚŞƎŕūNjĚĚƙȦ ØĚ ēūŠɄƥ ŏƭƙƥ ČîƑĚ îċūƭƥ ūƭƑ ŞĚŞċĚƑƙ ċĚČîƭƙĚ ƥĺĚNj ūDžŠ ƥĺĚ ČƑĚēĿƥ ƭŠĿūŠȦ ØĚ îŕƙū ēūŠɄƥ ŏƭƙƥ ČîƑĚ îċūƭƥ ūƭƑ ĚŞƎŕūNjĚĚƙ ċĚČîƭƙĚ DžĚ îƑĚ ĚNJƎĚČƥĚē ƥū ēū ƙūȦ ØĚ ČîƑĚ ċĚČîƭƙĚ DžĚ ƙĿŞƎŕNj DŽîŕƭĚ ĚîČĺ îŠē ĚDŽĚƑNj ūŠĚ îƙ ūƭƑ ljîŞĿŕNj îŠē ljƑĿĚŠēƙȦ ¹ĺîƥ Ŀƙ ūƭƑ ČūƑĚ ƎĺĿŕūƙūƎĺNj ƥĺîƥ DžĿŕŕ ƑĚŞîĿŠ îƙ ūƭƑ ijƭĿēĿŠij ljūƑČĚȡ ljūƑĚDŽĚƑȦ However, to assure consistency and continuity, we expect everyone at Parsons FCU to ēū ƥĺĚĿƑ ƎîƑƥ ƥū /ȹT¹ îŠNjƥĿŞĚ ƥĺĚNj ĿŠƥĚƑîČƥ DžĿƥĺ ūƭƑ ŞĚŞċĚƑƙ îŠē ƥĺĚĿƑ ljĚŕŕūDž ĚŞƎŕūNjĚĚƙȦ OĚƑĚ Ŀƙ ĺūDž DžĚ /ȹT¹Ƞ A stands for Accountability Ȧ ØĚ ĚNJƎĚČƥ îŕŕ ūƭƑ ĚŞƎŕūNjĚĚƙ îŠē ČūŠƥƑĿċƭƥūƑƙ ƥū ijĚƥ ĿŞŞĚƑƙĚē ĿŠ Džĺîƥ ƥĺĚNj ēūȦ ØĚ ĚŠČūƭƑîijĚ ƥîŒĿŠij ūDžŠĚƑƙĺĿƎ ūlj ƥĺĚ DžūƑŒ ƥĺĚNj ēūȡ ēĚŞūŠƙƥƑîƥĚ ĿŠĿƥĿîƥĿDŽĚ ƥū ƙūŕDŽĚ ƎƑūċŕĚŞƙ ūŠ ƥĺĚĿƑ ūDžŠ ċĚljūƑĚ ƙĚĚŒĿŠij îƙƙĿƙƥîŠČĚȡ îŠē ċĚ ƑĚîēNj ƥū ŏƭŞƎ ĿŠ îŠē ƎĚƑljūƑŞ îċūDŽĚ îŠē ċĚNjūŠē ĚNJƎĚČƥîƥĿūŠȦ C stands for Customer Service Ȧ ~ƭƑ ƥĚîŞ ŞĚŞċĚƑƙ Şƭƙƥ ċĚ ijƑĚîƥ ŕĿƙƥĚŠĚƑƙ îŠē îƑĚ ĚNJƎĚČƥĚē ƥū ēū ƥĺĚĿƑ ċĚƙƥ ƥū ĚljljĚČƥĿDŽĚŕNj ƑĚƙƎūŠē ƥū ŞĚŞċĚƑƙɄ ĿŠƐƭĿƑĿĚƙȡ îŠƙDžĚƑ ĿŠƥĚƑŠîŕ ƐƭĚƙƥĿūŠƙȡ îŠē ČūŞŞĿƥ ƥū ĚNJČĚĚēĿŠij ĚNJƎĚČƥîƥĿūŠƙ ƥĺƑūƭijĺūƭƥ ƥĺĚ ūƑijîŠĿǕîƥĿūŠȦ E stands for Excellence Ȧ ØĚ ƙƥƑĿDŽĚ ƥū ČūŠƙĿƙƥĚŠƥŕNj ēĚŕĿDŽĚƑ ƥūƎ ƐƭîŕĿƥNj DžūƑŒȦ ØĚ ĚNJƎĚČƥ ūƭƑ ƥĚîŞ ƥū îƙŒ ljūƑ îŠē ƑĚČĚĿDŽĚ ljĚĚēċîČŒ îŠē ēĿƑĚČƥĿūŠȡ ċĚ ƎūƙĿƥĿDŽĚ îŠē ČūūƎĚƑîƥĿDŽĚȡ îŠē ČūŞŞĿƥ ƥū ČūŠƥĿŠƭĚ ŕĚîƑŠĿŠij îċūƭƥ ŠĚDžȡ ċĚƥƥĚƑ DžîNjƙ ūlj ƎƑūDŽĿēĿŠij ƙĚƑDŽĿČĚȡ Šūƥ ŏƭƙƥ ƥū ūƭƑ ŞĚŞċĚƑƙ ċƭƥ ƥū ĚîČĺ ūƥĺĚƑȦ I stands for Inspiration Ȧ /îČĺ îŠē ĚDŽĚƑNj ƥĚîŞ ŞĚŞċĚƑ Ŀƙ ĚŠČūƭƑîijĚē ƥū ČîƑƑNj ƥĺĚŞƙĚŕDŽĚƙ îƙ ƑūŕĚ ŞūēĚŕƙ ƥĺîƥ ƎĚĚƑƙ îŠē ČūŕŕĚîijƭĚƙ Džūƭŕē ƑĚƙƎĚČƥ îŠē ŕūūŒ ƭƎ ƥūȦ ¹ƑîĿŕċŕîǕĚƑƙ îƑĚ DžĚŕČūŞĚȡ ŕūūŒĿŠij ƥū ĺĚŕƎ ƙūŕDŽĚ ƎƑūċŕĚŞƙȡ ČƑĚîƥĚ ŠūDŽĚŕ ƙūŕƭƥĿūŠƙȡ îŠē ČƭŕƥĿDŽîƥĚ ŞūƑîŕĚȦ T stands for Teamwork Ȧ ØĚ ċĚŕĿĚDŽĚ ĿŠ ƑĿƙƥūƥŕĚɄƙ “the whole is greater than the sum of its parts” philosophy. HƑĚîƥ ĿŠēĿDŽĿēƭîŕƙȡ ƥūijĚƥĺĚƑȡ ŞîŒĚ ĚDŽĚŠ ijƑĚîƥĚƑ ƥĚîŞƙȦ ØĚ DžūƑŒ ČūƑēĿîŕŕNj DžĿƥĺ ūŠĚ îŠūƥĺĚƑȡ ČūŠƥƑĿċƭƥĚ ūƭƑ ċĚƙƥ ƥūDžîƑēƙ ƥĺĚ ijƑĚîƥ ijūūē ūlj ūƭƑ ijƑūƭƎ îŠē ŞĚŞċĚƑƙȡ îŠē ĚŞƎūDžĚƑ ĚîČĺ ūƥĺĚƑȦ Šēȡ DžĚ ēū îŕŕ ūlj ƥĺîƥ DžĿƥĺ î ƙŞĿŕĚȣ

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N EW P R O D U C T S A N D S E R V I C E S

New Products that improve our members’ lives.

¹ĺĚ ƭŠČĚƑƥîĿŠ îŠē ČĺîŕŕĚŠijĿŠij ǛƑƙƥ ĺîŕlj ūlj ǨǦǨǧ ijîDŽĚ DžîNj ƥū î ƎƑūēƭČƥĿDŽĚ îŠē ƑĚDžîƑēĿŠij ƙĚČūŠē ĺîŕljȦ ¡îƑƙūŠƙ G À ĿŠƥƑūēƭČĚē ŞƭŕƥĿƎŕĚ ŠĚDž ǛŠîŠČĿîŕ ƎƑūēƭČƥƙ îŠē ƙĚƑDŽĿČĚƙ ĿŠ ƥĺĚ ƙĚČūŠē ĺîŕlj ūlj ƥĺĚ year to help our members do more and get back to their normal lives. GūČƭƙĿŠij ūŠ ƥĺĚ ƥƑîŠƙƎūƑƥîƥĿūŠ ŠĚĚēƙ îŠē DžîŠƥƙ ūlj ūƭƑ ŞĚŞċĚƑƙȡ DžĚ ŕîƭŠČĺĚē ūŠĚ ūlj ƥĺĚ ŠîƥĿūŠɄƙ Şūƙƥ îijijƑĚƙƙĿDŽĚ /ŕĚČƥƑĿČ ×ĚĺĿČŕĚ ǛŠîŠČĿŠij ƎƑūijƑîŞƙ Ȧ ØĿƥĺ ƑîƥĚƙ îƙ ŕūDž îƙ ǧȦǯǯɼ ¡¤Ȝ ljūƑ ƥĺĚ ƎƭƑČĺîƙĚ ūlj ŠĚDž îŠē ƎƑĚȹūDžŠĚē /× îŠē ¡O/× ŞūēĚŕƙȡ îŠē ƭƎ ƥū ǧǩǫɼ ǛŠîŠČĿŠij ȳ ĿŠČŕƭēĿŠij ƥîNJȡ ŕĿČĚŠƙĚȡ HƭîƑîŠƥĚĚē ƭƥū ¡ƑūƥĚČƥĿūŠ ȳH ¡ȴȡ îŠē qĚČĺîŠĿČîŕ ƑĚîŒēūDžŠ ¡ƑūƥĚČƥĿūŠȴȡ ƥĺĚ ƎƑūijƑîŞɄƙ ƎūƎƭŕîƑĿƥNj ijƑĚDž ƐƭĿČŒŕNjȦ TŠ ƥĺĚ ǛƑƙƥ ƥĺƑĚĚ ŞūŠƥĺƙȡ DžĚ ǛŠîŠČĚē ƥĺƑĚĚ ƥĿŞĚƙ ŞūƑĚ ĚŕĚČƥƑĿČ DŽĚĺĿČŕĚƙ ƥĺîŠ ƥĺĚ ŠîƥĿūŠîŕ îDŽĚƑîijĚȡ ēūĿŠij ūƭƑ ƎîƑƥ ƥū ĺĚŕƎ ijƑūDž ƥĺĚ ƎŕîŠĚƥɄƙ ǕĚƑūȹĚŞĿƙƙĿūŠ ǜĚĚƥ ūlj ČîƑƙȦ ¡îƑƙūŠƙ G À îŕƙū ŕîƭŠČĺĚē ƥDžū ūƥĺĚƑ îƭƥū ǛŠîŠČĿŠij ƎƑūijƑîŞƙ ĿŠ ƥĺĚ ƙĚČūŠē ĺîŕlj ūlj ǨǦǨǧȦ ¹ĺĚ ǛƑƙƥ ūljljĚƑĚē ǛŠîŠČĿŠij ūlj ŠĚDž îŠē ƎƑĚȹūDžŠĚē ČîƑƙ îƥ ƑîƥĚƙ îƙ ŕūDž îƙ ǨȦǨǫɼ ¡¤Ȝ ljūƑ ƐƭîŕĿǛĚē ŞĚŞċĚƑƙȦ ¹ĺĚ ūƥĺĚƑ ƎƑūijƑîŞ ljūČƭƙĚē ūŠ ǛŠîŠČĿŠij ēƑĚîŞ ČîƑƙ ȡ ljūƑ ČîƑƙ DŽîŕƭĚē ĿŠ ĚNJČĚƙƙ ūlj ɐǧǦǦȡǦǦǦȡ ūljljĚƑĿŠij ĚƙƎĚČĿîŕŕNj îƥƥƑîČƥĿDŽĚ ƥĚƑŞƙȦ ūƥĺ ƎƑūijƑîŞƙ ĺĚŕƎĚē ¡îƑƙūŠƙ G À ijƑūDž Ŀƥƙ îƭƥū ŕūîŠ ċƭƙĿŠĚƙƙ ĿŠ ǨǦǨǧȡ îŠē ƙĚƥƥĿŠij ūƭƑ îƭƥū ǛŠîŠČĿŠij ƙƥƑîƥĚijNj ljūƑDžîƑē ĿŠ ǨǦǨǨȦ ~ƭƑ ŞîƑŒĚƥĿŠij îŠē ūƎĚƑîƥĿūŠƙ ƥĚîŞƙ DžĚƑĚ îŕƙū îċŕĚ ƥū ƙƭČČĚƙƙljƭŕŕNj ƎŕîŠ îŠē ĚNJĚČƭƥĚ ƥĺĚ ŕîƭŠČĺ ūlj ¡îƑƙūŠƙ G ÀɄƙ îŕŕȹŠĚDž Platinum Visa ČîƑēȦ ƑĚîƥĚē ƙƎĚČĿǛČîŕŕNj ƥū ƎƑūDŽĿēĚ ūƭƑ ŞĚŞċĚƑƙ DžĿƥĺ îēDŽîŠƥîijĚƙ ČîƥĚƑĚē ČŕūƙĚƑ ƥū ƥĺĚĿƑ ŠĚĚēƙȡ ƥĺĚ ŠĚDž ¡ŕîƥĿŠƭŞ ČîƑē ūljljĚƑƙ Šū ƭîŕ ljĚĚȡ Šū ljūƑĚĿijŠ ƥƑîŠƙîČƥĿūŠ ljĚĚȡ îŠē ƑĚDžîƑēƙ ūƭƑ ŞĚŞċĚƑƙ DžĿƥĺ ƥDžĿČĚ îƙ ŞîŠNj ƎūĿŠƥƙȦ ¤ĚDžîƑē ƎūĿŠƥƙ ČîŠ ĚîƙĿŕNj ċĚ ƑĚēĚĚŞĚē ljūƑ ijĿljƥ ČîƑēƙȡ ƥƑîDŽĚŕ ĚNJƎĚŠƙĚƙ îŠē î ŞNjƑĿîē ūlj ūƥĺĚƑ ijūūēƙ îŠē îČƥĿDŽĿƥĿĚƙȦ

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~ƭƑ ēĿijĿƥîŕ îŠē ūŠŕĿŠĚ ċĿŠij ČîƎîċĿŕĿƥĿĚƙ DžĚƑĚ îŕƙū ljƭƑƥĺĚƑ ƙūŕĿēĿǛĚē DžĿƥĺ ƥĺĚ ĿŠČūƑƎūƑîƥĿūŠ ūlj ƭƎēîƥĚē ǨǫǬȹċĿƥ ĚŠČƑNjƎƥĿūŠȡ ŞƭŕƥĿljîČƥūƑ îƭƥĺĚŠƥĿČîƥĿūŠȡ îŠē ċĿūŞĚƥƑĿČ ŕūijȹĿŠ ČîƎîċĿŕĿƥĿĚƙ ĿŠƥū ūƭƑ ĺĿijĺŕNj ƑîƥĚēȡ ǪȦǯȹƙƥîƑȜȜ ƑîƥĚē ŞūċĿŕĚ îƎƎ . ØĿƥĺ ĚîƙNjȡ ƭŠĿŠƥĚƑƑƭƎƥĚē ǨǪȬǭ ċĿŠij ĿŠ ŞĿŠēȡ ūƭƑ ƥĚîŞ îŕƙū ƑĚƙƭŞĚē ĚljljūƑƥƙ to provide our members access to Zelle ® ȡ ljūƑ ƭŠƎîƑîŕŕĚŕĚē ƎĚĚƑȹƥūȹƎĚĚƑ ljƭŠēƙ ƥƑîŠƙljĚƑ ǜĚNJĿċĿŕĿƥNjȦ ¹ĺƙ ƥū ƥĺūƙĚ ĚljljūƑƥƙȡ ¡îƑƙūŠƙ G À DžĿŕŕ ƎƑūƭēŕNj ċĚ îċŕĚ ƥū ūljljĚƑ ūƭƑ ŞĚŞċĚƑƙ îČČĚƙƙ ƥū èĚŕŕĚ ƙƥîƑƥĿŠij ĿŠ ǛƑƙƥ ĺîŕlj ūlj ǨǦǨǨȦ

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*APR = Annual Percentage Rate. See parsonsfcu.org/loan-rates for details. **Apple® App Store rating as of December 31, 2021

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10 PARSONS FCU 2021 ANNUAL REPORT

your standard of living. Raise

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the world of capabilities. Expand

12 PARSONS FCU 2021 ANNUAL REPORT

O P P O R T U N I T I E S A N D E X P E C TAT I O N S

2022, a glimpse into the future .

Parsons FCU was able to plan and began execution of several key projects in 2021, despite the continued challenges related to the pandemic, results of which will be seen in 2022 and beyond. With a new marketing strategy in place, Parsons FCU will usher in its ƙūČĿîŕ ŞĚēĿî ƎƑĚƙĚŠČĚ ĿŠ ƥĺĚ ǛƑƙƥ ƐƭîƑƥĚƑ ūlj ǨǦǨǨ DžĿƥĺ ƥĺĚ ƙĿŞƭŕƥîŠĚūƭƙ ŕîƭŠČĺ ūlj ƎîijĚƙ ūŠ TŠƙƥîijƑîŞȡ GîČĚċūūŒȡ ¹DžĿƥƥĚƑ îŠē gĿŠŒĚēTŠȦ E R Y O U R S E L

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TŠĿƥĿîŕŕNjȡ îČƥĿDŽĿƥĿĚƙ DžĿŕŕ ċĚ ljūČƭƙĚē ūŠ ČūŞŞƭŠĿČîƥĿŠij ƥĺĚ ċĚŠĚǛƥƙ ūlj ƥĺĚ ČƑĚēĿƥ ƭŠĿūŠƙ îŠē ƥĺĚ îēDŽîŠƥîijĚƙ ūlj ċĚĿŠij ƎîƑƥ ūlj ƥĺĚ ¡îƑƙūŠƙ G À ljîŞĿŕNjȦ ¬ĺūƑƥŕNj îljƥĚƑ ŕîƭŠČĺȡ ĚljljūƑƥƙ DžĿŕŕ ƙĺĿljƥ ƥūDžîƑēƙ ċƭĿŕēĿŠij îŠ îČƥĿDŽĚ ČūŞŞƭŠĿƥNj ūlj ljîŠƙ îŠē ljūŕŕūDžĚƑƙ DžĿƥĺ DžĺūŞ DžĚ ƎŕîŠ ƥū ĿŠƥĚƑîČƥ ēîĿŕNjȦ HĿDŽĚŠ ƥĺîƥ ĚDŽĚƑNjūŠĚ Ŀƙ ĚNJƎūƙĚē ƥū ƙūČĿîŕ ŞĚēĿî ūŠ î ēîĿŕNj îŠē ƙūŞĚƥĿŞĚƙ ĺūƭƑŕNj ċîƙĿƙȡ ƥĺĚ ƎŕîƥljūƑŞƙ ƎƑūDŽĿēĚ ƭƙ ijƑĚîƥ ūƎƎūƑƥƭŠĿƥĿĚƙ ƥū communicate and engage our current and future members. ¹ū ŞîŒĚ ƎĚĚƑȹƥūȹƎĚĚƑ ƥƑîŠƙljĚƑ ūlj ŞūŠĚNj ƙĿŞƎŕĚƑ îŠē ljîƙƥĚƑ ljūƑ ūƭƑ ŞĚŞċĚƑƙȡ

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¡îƑƙūŠƙ G À DžĿŕŕ ċĚ ƑūŕŕĿŠij ūƭƥ èĚŕŕĚ ® ĿŠ ƥĺĚ ƙĚČūŠē ƐƭîƑƥĚƑ ūlj ǨǦǨǨȦ èĚŕŕĚ Ŀƙ ƥĺĚ ĚîƙĿĚƙƥȡ ƙîljĚƙƥ îŠē Şūƙƥ ČūŠDŽĚŠĿĚŠƥ DžîNj ƥū ƙĚŠēȡ ƑĚČĚĿDŽĚ îŠē ƑĚƐƭĚƙƥ ŞūŠĚNj îČƑūƙƙ î ŞĚŞċĚƑɄƙ ƥƑƭƙƥĚē ŠĚƥDžūƑŒ ūlj ljƑĿĚŠēƙ îŠē ljîŞĿŕNjȦ In the second quarter of 2022, Parsons FCU also expects to welcome members to our new ĚŠƥƑĚDŽĿŕŕĚȡ × ūljǛČĚȦ ¹ĺĚ ŠĚDž ūljǛČĚ îŕŕūDžƙ ŞūƑĚ DŽĿƙĿċĿŕĿƥNjȡ ĚîƙĿĚƑ îČČĚƙƙ ljūƑ ūƭƑ ŞĚŞċĚƑƙȡ and provides opportunities for future growth. ¹ĺƙ ƥū ūƭƑ ¡îƙîēĚŠî ūljǛČĚ ĿŠ îŕĿljūƑŠĿîȡ îŠē ƥĺĚ ŠĚDž ĚŠƥƑĚDŽĿŕŕĚ ūljǛČĚ ċĚČūŞĿŠij ljƭŕŕNj ūƎĚƑîƥĿūŠîŕ ĿŠ ĚîƑŕNj ǨǦǨǨȡ ¡îƑƙūŠƙ G À ŞĚŞċĚƑƙ DžĿŕŕ ĺîDŽĚ Čîŕŕ ČĚŠƥĚƑ ƙĚƑDŽĿČĚƙ ljƑūŞ ǮȠǦǦ îŞ /¬¹ ƥū ǭȠǩǦ ƎŞ /¬¹Ȧ qƭŕƥĿƎŕĚ ŠĚDž ŞîƑŒĚƥĿŠij ƎƑūijƑîŞƙ ēĚƙĿijŠĚē îƙ ƎîƑƥ ūlj ¡îƑƙūŠƙ G ÀɄƙ ǨǦǨǨ ŞîƑŒĚƥĿŠij ƙƥƑîƥĚijNjȡ DžĿŕŕ îŕƙū ċĚ ƑūŕŕĿŠij ūƭƥ ƥĺƑūƭijĺūƭƥ ǨǦǨǨ îŠē ŕĚDŽĚƑîijĿŠij ¡îƑƙūŠƙ G ÀɄƙ ƎîƑƥŠĚƑƙĺĿƎ DžĿƥĺ ŞĚƑĿČîŠ ūŠƙƭŞĚƑ ūƭŠČĿŕ ȳ ȴȦ ¹ĺĚƙĚ ƎƑūijƑîŞƙ DžĿŕŕ ƥîŒĚ îēDŽîŠƥîijĚ ūlj ūƭƑ ƙūČĿîŕ ŞĚēĿî ƎƑĚƙĚŠČĚ îŠē ijĚūljĚŠČĿŠij îċĿŕĿƥĿĚƙȡ îŠē ƎūƙĿƥĿDŽĚŕNj ĿŞƎîČƥ ūƭƑ ŞĚŞċĚƑ ČūŞŞƭŠĿČîƥĿūŠƙ îŠē ŞĚŞċĚƑƙĺĿƎ ijƑūDžƥĺȦ

13

A DVA N TAG E S A N D D R I V E R S

Parsons FCU’s success in 2021 was directly related to how the credit union’s systems and operations are designed and ūƎƥĿŞĿǕĚē ƥū ċĚŠĚǛƥ ūƭƑ ŞĚŞċĚƑƙȦ ŕƥĺūƭijĺ ƥĺĚƑĚ îƑĚ î ŞƭŕƥĿƥƭēĚ ūlj ljîČƥūƑƙ ƥĺîƥ ĿŠǜƭĚŠČĚ ƥĺĚ ƙƭČČĚƙƙ ūlj ūƭƑ ūƎĚƑîƥĿūŠƙ on both short and long term basis, the following key contributors helped us conduct business successfully in 2021 and deliver results. Key success contributors in 2021.

Exceptional People GƑūŞ î ƙƥîljǛŠij îŠē ĺƭŞîŠ ČîƎĿƥîŕ ƎĚƑƙƎĚČƥĿDŽĚȡ ¡îƑƙūŠƙ G À ƑĚƙĚŞċŕĚƙ î ČŕūƙĚȹŒŠĿƥ ljîŞĿŕNjȦ ~ƭƑ ƥĚîŞ ŞĚŞċĚƑƙ ƑĚŕNj ūŠ ĚîČĺ ūƥĺĚƑȡ îƑĚ îŕDžîNjƙ DžĿŕŕĿŠij ƥū ŕĚŠē î ĺîŠēȡ îŠē ƥĺĚNj ČūŕŕĚČƥĿDŽĚŕNj ċĚŕĿĚDŽĚ Šūƥ ŏƭƙƥ ĿŠ ūƭƑ ČūƑĚ DŽîŕƭĚƙ ċƭƥ Džĺîƥ Ŀƥ ƥîŒĚƙȡ îċūDŽĚ îŠē ċĚNjūŠēȡ ƥū ŕūūŒ îljƥĚƑ ūlj ūƭƑ ŞĚŞċĚƑƙȦ sū DžūŠēĚƑ ūƭƑ ƙƥîljljɄƙ îDŽĚƑîijĚ ŞĚŞċĚƑ ƙîƥĿƙljîČƥĿūŠ ƑîƥĿŠij îƙČĚŠēĚē ƥū ǯǮɼ ĿŠ ǨǦǨǧȦȜȜ Virtually Superior gūŠij ċĚljūƑĚ ƥĺĚ ƎîŠēĚŞĿČ ĺĿƥ ƥĺĚ ƙĚƑDŽĿČĚ ĿŠēƭƙƥƑNj ĺîƑēȡ ¡îƑƙūŠƙ G À ĺîē ċĚijƭŠ ƥƑîŠƙljūƑŞĿŠij Şūƙƥ ūlj Ŀƥƙ ūƎĚƑîƥĿūŠƙ ƥū ċĚ îċŕĚ ƥū ƙƭČČĚƙƙljƭŕŕNj ƙƭƎƎūƑƥ ƥĺĚ ĚNJƎîŠēĿŠij ēĿijĿƥîŕ îŠē DŽĿƑƥƭîŕ DžūƑŕē DžĚ ŕĿDŽĚ ĿŠȦ ÀŠŕĿŒĚ ŞîŠNj ūƥĺĚƑ ČƑĚēĿƥ ƭŠĿūŠƙ îŠē

ǛŠîŠČĿîŕ ĿŠƙƥĿƥƭƥĿūŠƙȡ ¡îƑƙūŠƙ G À ĺîƙ Šūƥ ċĚĚŠ ēĚƎĚŠēĚŠƥ ūŠ ċƑîŠČĺĚƙ îŠē ūƎĚƑîƥĿūŠƙ ƥĺîƥ ƑĚƐƭĿƑĚ ƎĺNjƙĿČîŕ ƎƑĚƙĚŠČĚȦ ØĚ ūƎĚƑîƥĚ ūŠŕNj ƥDžū ūljǛČĚƙȡ ĿŠ ¡îƙîēĚŠîȡ îŠē ĚŠƥƑĚDŽĿŕŕĚȡ × ċƭƥ ƎƑūDŽĿēĚ ūƭƑ ŞĚŞċĚƑƙ îČČĚƙƙ ƥū ūDŽĚƑ ǩǦȡǦǦǦ ¹qƙ îŠē ŠĚîƑŕNj ǫȡǭǦǦ ~ȹ~¡ ƙĺîƑĚē ċƑîŠČĺĚƙ îČƑūƙƙ ƥĺĚ ÀȦ¬Ȧ ØĚ ƙĚƑDŽĚ ċūƥĺ ūƭƑ ŠîƥĿūŠîŕ îŠē ĿŠƥĚƑŠîƥĿūŠîŕ ŞĚŞċĚƑƙ DŽĿƑƥƭîŕŕNjȡ ƥĺƙ ƥū ūƭƑ ƙƥîƥĚȹūljȹƥĺĚȹîƑƥ ŞūċĿŕĚ ċĿŠij îŠē ǪȦǯȹƙƥîƑȜ rated smartphone app. Scalability Advantage ĚČîƭƙĚ ūlj ūƭƑ ĚîƑŕNj ĚljljūƑƥƙ ƥū ēĿijĿƥîŕĿǕĚ îŠē NjĚîƑƙ ūlj ĚNJƎĚƑĿĚŠČĚ ƎƑîČƥĿČĿŠij ūƭƑ DŽĿƑƥƭîŕ ƎƑĚƙĚŠČĚȡ ūƭƑ ūƎĚƑîƥĿūŠƙ îƑĚ ēĚƙĿijŠĚē îŠē ūƎƥĿŞĿǕĚē ƥū ƎƑūDŽĿēĚ ƙƥƑĚîŞŕĿŠĚē ƙČîŕîċĿŕĿƥNj ĿŠ ŠĚîƑŕNj îŕŕ îƙƎĚČƥƙ ūlj ūƭƑ ċƭƙĿŠĚƙƙȦ ¡îƑƙūŠƙ G À ēūĚƙ Šūƥ ƑĚŕNj ūŠ ŠĚDž branch openings and physically operating in hundreds of ijĚūijƑîƎĺĿČ ƑĚijĿūŠƙ ĿŠ ūƑēĚƑ ƥū DžĚŕČūŞĚ ŠĚDž ŞĚŞċĚƑƙ îŠē ƙĚƑDŽĚ ƥĺĚŞ ƥĺĚ DžîNj ƥĺĚNj ēĚƙĚƑDŽĚ ƥū ċĚ ƙĚƑDŽĚēȦ ~ƭƑ T¹ îŠē ƙNjƙƥĚŞƙ ČîƎîċĿŕĿƥĿĚƙ îƑĚ îŕƙū ĺĿijĺŕNj ƙČîŕîċŕĚ îƙ DžĚ ŕĚDŽĚƑîijĚ support systems that are available to us based on our needs îŠē ĚNJƎĚČƥîƥĿūŠƙȦ Iron-clad Security and Reliability 'ƭĚ ƥū ūƭƑ ĚîƑŕNj îēūƎƥĿūŠ ūlj ēĿijĿƥîŕ ƎŕîƥljūƑŞƙ ƥū ċĚƥƥĚƑ ƙĚƑDŽĚ ūƭƑ DžūƑŕēDžĿēĚ ċîƙĚ ūlj ŞĚŞċĚƑƙȡ ¡îƑƙūŠƙ G À ĺîƙ ċĚĚŠ ūŠĚ

G

N

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I

O

Y

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R

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T

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H

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I

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G

R

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Y

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I S C O

D

*Based on Apple® App Store reviews on December 31, 2021

**Monitored and reported by LiveSurvey

14 PARSONS FCU 2021 ANNUAL REPORT

E

L

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through the challenges. Endure

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ūlj ƥĺĚ ŞîĿŠ ǛŠîŠČĿîŕ ĿŠƙƥĿƥƭƥĿūŠƙ ƙƎĚîƑĺĚîēĿŠij ĚŠĺîŠČĚē ƙĚČƭƑĿƥNj îŠē îƑūƭŠē ƥĺĚ ČŕūČŒȡ ƑĚŕĿîċŕĚ ŞĚŞċĚƑ îČČĚƙƙ ƥū îČČūƭŠƥƙȡ îƙ DžĚŕŕ îƙ ƎƑūēƭČƥƙ îŠē ƙĚƑDŽĿČĚƙȦ ¡îƑƙūŠƙ G À ĚŠČƑNjƎƥƙ îŕŕ ŞĚŞċĚƑ ĿŠljūƑŞîƥĿūŠ îŠē ēîƥî îČƑūƙƙ ūƭƑ ƥƑîŠƙŞĿƙƙĿūŠ ŕĿŠĚƙȡ ČūŞƎƭƥĚƑƙ îŠē ƥĚƑŞĿŠîŕƙȡ îŠē ūƭƑ ĚŞƎŕūNjĚĚƙ ČūŠŠĚČƥ ƥū îŕŕ ūlj ūƭƑ ƙNjƙƥĚŞƙ ƭƙĿŠij ƙĚČƭƑĚȡ ƎƑĿDŽîƥĚ ēîƥî ŕĿŠĚƙȦ ØĚ ĺîDŽĚ îŕƙū ĿŞƎŕĚŞĚŠƥĚē ŞƭŕƥĿȹljîČƥūƑ îƭƥĺĚŠƥĿČîƥĿūŠ ljūƑ ūƭƑ ūŠŕĿŠĚ îŠē ŞūċĿŕĚ ċĿŠij îŠē ƑūƭƥĿŠĚŕNj ƎƑūDŽĿēĚ ƎĺĿƙĺĿŠij Ȭ ƙūČĿîŕ ĚŠijĿŠĚĚƑĿŠij ƥĚƙƥƙ îŠē ƥƑîĿŠĿŠij ljūƑ îŕŕ ĚŞƎŕūNjĚĚƙ ƥū ŒĚĚƎ ĚDŽĚƑNjūŠĚ ĿŠljūƑŞĚē îŠē ūŠ îŕĚƑƥȦ ¹ĺƙ ƥū îŕŕ ƥĺĚƙĚ ŞĚîƙƭƑĚƙȡ DžĚ ĺîDŽĚ Šūƥ ċĚĚŠ ĿŞƎîČƥĚē by recent increases in cybersecurity breaches or incidents. Wide Selection of Products & Services ØĚ ūljljĚƑ î DžĿēĚ ƙĚŕĚČƥĿūŠ ūlj ǛŠîŠČĿîŕ ƎƑūēƭČƥƙ îŠē ƙūŕƭƥĿūŠƙ ƥū ūƭƑ ŞĚŞċĚƑƙȡ ƑūƭƥĿŠĚŕNj ċĚîƥĿŠij ƥĺĚ ƙĚŕĚČƥĿūŠƙ ūljljĚƑĚē ċNj ƎĚĚƑ ǛŠîŠČĿîŕ ĿŠƙƥĿƥƭƥĿūŠƙȦ ~ƭƑ ŞĚŞċĚƑƙ ĺîDŽĚ ƑĚîŕĿǕĚē ƥĺîƥȡ Ŀlj î ƙĚƑDŽĿČĚ ūƑ ƎƑūēƭČƥ Ŀƙ ēĚƙĿƑîċŕĚ îŠē ċĚŠĚǛČĿîŕȡ ¡îƑƙūŠƙ G À DžĿŕŕ be offering and promoting those to them sooner rather than ŕîƥĚƑȦ ¹ĺîƥ ĺîƙ ĿŠƙƥĿŕŕĚē î ƙĚŠƙĚ ūlj ƎƑĿēĚ îŠē ČūŠǛēĚŠČĚ ĿŠ ċūƥĺ

ŞĚŞċĚƑƙ îŠē ĚŞƎŕūNjĚĚƙȡ ĚljljĚČƥĿDŽĚŕNj ČūŞŞƭŠĿČîƥĿŠij ƥĺîƥ ¡îƑƙūŠƙ G À ĺîƙ ƥĺĚĿƑ ċĚƙƥ ĿŠƥĚƑĚƙƥ ĿŠ ŞĿŠēȦ

15

M E M B E R T R U S T A N D S AT I S FAC T I O N

ƙ ČĺîŕŕĚŠijĿŠij îƙ ǨǦǨǧ Džîƙȡ ƙƎĚČĿǛČîŕŕNj ƑĚŕîƥĚē ƥū ƙƥîljǛŠij ƙĺūƑƥîijĚƙ îŠē ƐƭîŕĿƥNj ūlj ƙĚƑDŽĿČĚ îČƑūƙƙ ĚDŽĚƑNj ċƭƙĿŠĚƙƙ ƙĚijŞĚŠƥȡ ¡îƑƙūŠƙ GĚēĚƑîŕ ƑĚēĿƥ ÀŠĿūŠ ƙƥîNjĚē ūŠ ƥūƎ ūlj ƥĺĚ ČĺîƑƥƙ DžĺĚŠ Ŀƥ ČîŞĚ ƥū ŞĚŞċĚƑ ƙîƥĿƙljîČƥĿūŠ îŠē ČūŠǛēĚŠČĚȦ Our member survey responses stayed remarkably consistent throughout the year, delivering an impressive average customer satisfaction rate of 98%.* Our members routinely raved about the care and attention they received from our team members and communicated ƥĺĚĿƑ ČūŠǛēĚŠČĚ ĿŠ ƥĺĚ ƙŒĿŕŕ ŕĚDŽĚŕƙȡ ŒŠūDžȹĺūDž îŠē ČîƎîċĿŕĿƥĿĚƙ ūlj ƥĺĚ ƑĚƎƑĚƙĚŠƥîƥĿDŽĚƙ ƥĺĚNj ĿŠƥĚƑljîČĚē DžĿƥĺȦ Our success is determined by what our members have to say about us.

a better way of banking. Experience

*Monitored and reported by LiveSurvey

16 PARSONS FCU 2021 ANNUAL REPORT

“I was with Parsons for a long time. Employed and retired. Thanks Parsons FCU for a great service. More power to you!” ȵ gĿDŽ̬ƭƑDŽĚNj ūŞŞĚŠƥ

“The representatives are always awesome at Parsons!” ȵ gĿDŽ̬ƭƑDŽĚNj ūŞŞĚŠƥ

“Being over 40 years with PFCU, tells everything I need to say :)” ȵ gĿDŽ̬ƭƑDŽĚNj ūŞŞĚŠƥ

“I appreciate the knowledge and professionalism from everyone I speak to here. I always get amazing customer service, your reps are always helpful.” ȵ gĿDŽ̬ƭƑDŽĚNj ūŞŞĚŠƥ

“I’ve been with Parsons FCU for a few years, and every single encounter with them has been exceptional, despite my comparatively small-status among businesses they likely serve.” ȵ gĿDŽ̬ƭƑDŽĚNj ūŞŞĚŠƥ

“PFCU does a great job; website is great,

“My husband and I have been members of Parsons Federal Credit Union for over 20 years, and in all that time, I have never had one complaint. Parsons is a great Financial Institution and I sincerely value the service your employees provide.” ȵ gĿDŽ̬ƭƑDŽĚNj ūŞŞĚŠƥ

well laid out, easy to work with. Wish all banks were like that” ȵ gĿDŽ̬ƭƑDŽĚNj ūŞŞĚŠƥ

17

P E O P L E AT T H E CO R E

A team of talent, commitment, and integrity.

~ƭƑ ƙƥîljlj îŠē ĚŞƎŕūNjĚĚƙ îƑĚ Šūƥ ŏƭƙƥ ēĚēĿČîƥĚē ƥū ƙĚƑDŽĿŠij ūƭƑ ŞĚŞċĚƑƙȵîƥ ¡îƑƙūŠƙ G Àȡ ƥĺĚNj ǛŠē ƥĺĚŞƙĚŕDŽĚƙ ŒĚNj ŞĚŞċĚƑƙ ūlj ūƭƑ ĚNJƥĚŠēĚē ljîŞĿŕNjȦ ¹îŒĿŠij ČîƑĚ ūlj ūŠĚ îŠūƥĺĚƑ Ŀƙ ƎîƑƥ ūlj ƥĺĚ ŏūċ îŠē taking care of our members, as well as possible, is everyone’s job collectively! ƙ ƙĺîƑĚē ĿŠ ƥĺĚ ƎƑĚDŽĿūƭƙ ƙĚČƥĿūŠ ūlj ƥĺĿƙ ƑĚƎūƑƥȡ ǯǮɼȜ ūlj ūƭƑ ŞĚŞċĚƑƙĺĿƎ Ŀƙ DŽĚƑNj ƙîƥĿƙǛĚē DžĿƥĺ ĺūDž DžĚŕŕ ūƭƑ ƙƥîljlj ŕūūŒƙ îljƥĚƑ ƥĺĚĿƑ ĿŠƥĚƑĚƙƥƙ îŠē DžĚŕŕȹċĚĿŠij îƙ ƥĺĚNj ijū ƥĺƑūƭijĺ ƥĺĚĿƑ ŕĿljĚɄƙ ŏūƭƑŠĚNjȦ ƭƥȡ ŞĚŞċĚƑƙɄ ƙîƥĿƙljîČƥĿūŠ Ŀƙ Šūƥ ŏƭƙƥ î ēĚƑĿDŽîƥĿDŽĚ ūlj ūƭƑ îċĿŕĿƥNj ƥū ĺĿƑĚ ƑĚƙƎĚČƥîċŕĚȡ ijūūēȹŠîƥƭƑĚē ĿŠēĿDŽĿēƭîŕƙȦ While Parsons FCU’s core values help guide our team members daily when interacting with our members, consistent and effective training of our staff ensures that our members can rely on our expertise, competence, and up-to-date knowledge. TŠ îēēĿƥĿūŠȡ ĚDŽĚƑNj ŞĚŞċĚƑ ūlj ūƭƑ ŞîŠîijĚŞĚŠƥ ƥĚîŞ Ŀƙ ƑĚîēNj îŠē DžĿŕŕĿŠij ƥū ƙƥĚƎ ĿŠ îŠē ĺĚŕƎ ČūîČĺ îŠē ŞĚŠƥūƑ ūƭƑ ƥĚîŞ ŞĚŞċĚƑƙȡ ŞîŒĿŠij ƥĺĚĿƑ ĚNJƎĚƑĿĚŠČĚ îŠē ĿŠƙƥĿƥƭƥĿūŠîŕ ŒŠūDžŕĚēijĚ ĚîƙĿŕNj îČČĚƙƙĿċŕĚ ƥū îŠNjūŠĚȦ

ÀŠŕĿŒĚ Şūƙƥ ūlj ūƭƑ ƎĚĚƑ ūƑijîŠĿǕîƥĿūŠƙ îŠē ƥĺƙ ƥū ūƭƑ ƎƑĚȹƎîŠēĚŞĿČ ĚljljūƑƥƙ ƥū ēĿijĿƥĿǕĚ ƥĺĚ DžîNj DžĚ ƙĚƑDŽĚ ūƭƑ ŞĚŞċĚƑƙȡ ūƭƑ ƙƥîljlj DžĚƑĚ îēĚƐƭîƥĚŕNj ƥƑîĿŠĚē îŠē ČūŞljūƑƥîċŕĚ ƙDžĿƥČĺĿŠij ƥū î ljƭŕŕNj DŽĿƑƥƭîŕ ƙƥîƥĚ ūlj ūƎĚƑîƥĿūŠ ēƭƑĿŠij ƥĺĚ ƎîŠēĚŞĿČȦ ~ƭƑ ƙƥîljlj ƑĚƥƭƑŠĚē ƥū ƥĺĚ ūljǛČĚ ljƭŕŕ ƥĿŞĚ ĿŠ ƥĺĚ ¬ƎƑĿŠij ūlj ǨǦǨǧ îŠē ƑĚƙƭŞĚē ƙĚƑDŽĿŠij ŞĚŞċĚƑƙ DžĿƥĺūƭƥ ƑĚƐƭĿƑĿŠij îƎƎūĿŠƥŞĚŠƥƙ ĿŠ îēDŽîŠČĚȦ TŠ ƥĺĚ Gîŕŕ ūlj ǨǦǨǧȡ îŕŕ ūƭƑ ĚŞƎŕūNjĚĚƙ ƎîƑƥĿČĿƎîƥĚē ĿŠ ƥĺĚ îŠŠƭîŕ ūŕƭŞċƭƙ 'îNj ƥƑîĿŠĿŠij ĿŠ ƎĚƑƙūŠȡĺĚƑîŕēĿŠij î DžĚŕČūŞĚ ƑĚƥƭƑŠ ƥū Džĺîƥ Ŀƙ ŠūDž ČūŠƙĿēĚƑĚē ŠūƑŞîŕȡ ƎūƙƥȹƎîŠēĚŞĿČ ūƎĚƑîƥĿūŠȦ ØĚ îƑĚ DŽĚƑNj ƎƑūƭē ūlj ūƭƑ ƥĚîŞ ŞĚŞċĚƑƙ îŠē îƑĚ ČūŠDŽĿŠČĚē ƥĺîƥ ƥĺĚNj îƑĚ ƙūŞĚ ūlj ƥĺĚ DŽĚƑNj ċĚƙƥ ĿŠ ƥĺĚ ČƑĚēĿƥ ƭŠĿūŠ îŠē ǛŠîŠČĿîŕ ƙĚƑDŽĿČĚƙ ĿŠēƭƙƥƑNjȡ DžĺĚŠ Ŀƥ ČūŞĚƙ ƥū ƥîŕĚŠƥȡ ČūŞŞĿƥŞĚŠƥȡ and integrity.

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*Monitored and reported by LiveSurvey

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18 PARSONS FCU 2021 ANNUAL REPORT

to the satisfaction of our members. Dedicated

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F I N A N C I A L R E P O R T I N G

Statement of Financial Condition

Income Statement

As of 12/31/2021

As of 12/31/2020

As of 12/31/2019

As of 12 / 31 / 2021

As of 12 / 31 / 2020

As of 12 / 31 / 2019

Income Interest on Loans

Assets Loans

$5,629,796

$5,588,827 1,161,706

$5,116,149 1,758,635

$149,912,445

$140,722,850

$135,038,781

Income from Investments

696,669 921,032

Allowance for Loan Losses

(579,285)

(603,920)

(324,854)

Other Income

795,614

866,940

Cash

30,029,296 71,378,503

24,025,045 74,252,261

16,907,884 63,924,195

Investments

Total Income

$7,247,496

$7,546,148

$7,741,724

Prepaid & Deferred Expenses

682,601

399,129

267,308

Net Fixed Assets Accrued Income

1,218,327

1,544,142

1,683,475

438,928

484,069

405,141

Expenses Employee Compensation & Benefits Professional & Outside Services

Other Assets

10,349,427

9,875,643

9,679,418

Accounts Receivable

427,121

735,315

523,008

$2,476,942

$2,633,891

$2,411,594

389,057 239,076

363,856 517,324

164,066 333,296

Total Assets

$263,857,362

$251,434,534

$228,104,356

Provision for Loan Losses

Office Operations Other Expenses

2,441,086

2,274,839

2,098,799

Liabilities Accounts Payable Accrued Expenses All Other Liabilities

602,437

519,825

655,758

$29,517 591,217

$17,146 667,611

$213,359 385,622 2,999,986

Total Expenses

$6,148,597

$6,309,735

$5,663,513

2,968,218

8,032,865

Member Share Accounts

231,728,445

212,936,074

195,941,004

Income Before Dividends Interest on Borrowed Money

$1,098,899

$1,236,413

$2,078,211

Total Liabilities

$235,317,397

$221,653,696

$199,539,971

84,588

85,253

99,584

Equity Reserves

Dividends

1,034,099

1,748,614

1,776,522

Other Non-Operating Income/(Expense)

(75,000) 228,374 133,587

0

0

$6,000,000 23,405,987

$6,000,000 23,272,400

$6,000,000 23,054,933

Gain/(Loss) on Investments

814,922 217,467

131,995 334,100

Undivided Earnings

Net Income

Unrealized Investment Gains/(Losses)

(866,022)

508,439

(490,548)

Total Equity

$28,539,965

$29,780,839

$28,564,385

NCUSIF Stabilization Expense

$0

$0

$0

Net Income

$133,587

$217,467

$334,100

Total Liabilities & Equity

$263,857,362

$251,434,534

$228,104,356

20 PARSONS FCU 2021 ANNUAL REPORT

NET LOAN GROWTH

AVERAGE LOAN BALANCE $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0.0 2019 2020 $24,680 $26,621

$20.0

$30,948

$15.0

$17.8

$13.0

$10.0

$8.3

$5.0

$3.1

$0.0

$(2.6)

2021

2019

2020

2021

MM

Member Loans

Participation Loans

$(8.6)

MEMBER GROWTH

YIELD ON INVESTMENTS

3.00%

8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00%

2.50%

2.40%

7.30%

2.00%

6.03%

1.50%

4.72%

1.00%

1.08%

0.73%

0.50%

0.00%

2019

2020

2021

2019

2020

2021

ACCOUNTS PER MEMBER

SHARE DRAFT PENETRATION

2.80

80%

70%

2.70

60%

2.60

50%

2.50

40%

30%

2.40

20%

2.30

10%

2.20

0%

JUN 19

DEC 19

JUN 20

DEC 20

JUN 21

DEC 21

JUN 19

DEC 19

JUN 20

DEC 20

JUN 21

DEC 21

PARSONS FCU

CREDIT UNIONS $250M - $500M

PARSONS FCU

CREDIT UNIONS $250M - $500M

21

P R O U D L E A D E R S H I P G R O U P

Behind it all, are people who truly care.

gĚîēĚƑƙĺĿƎ ¹ĚîŞ Ray Crouse ¡ƑĚƙĿēĚŠƥ îŠē ĺĿĚlj /NJĚČƭƥĿDŽĚ ~ljǛČĚƑ

Board of Directors Bruce Hennig , ĺîĿƑŞîŠ Derek Mau, ×ĿČĚ ĺîĿƑŞîŠ Brent Harvey, Treasurer Joe Piotrowski, Secretary Donna Williams, 'ĿƑĚČƥūƑ Farzin Torbati, 'ĿƑĚČƥūƑ Francisco Aguayo, 'ĿƑĚČƥūƑ Ruth McMorrow, 'ĿƑĚČƥūƑ Nicholas Tierno, 'ĿƑĚČƥūƑ

gūČîƥĿūŠƙ

Pasadena, California 100 WWalnut Street, Pasadena, CA 91124 Branch Hours: M-F 8:00am - 4:30pm PST Branch Tel: (626) 440-7000 Centreville, Virginia 5875 Trinity Parkway, #110, Centreville, VA 20120 Branch Hours: M-F 8:00am - 4:30pm EST Branch Tel: (703) 659-0984 or (703) 659-0981

Kathie Cordova ĺĿĚlj ¤ĚƥîĿŕ ~ljǛČĚƑ

Linda Gurule ĺĿĚlj ~ƎĚƑîƥĿŠij ~ljǛČĚƑ

Ty Reaber ūŠƥƑūŕŕĚƑ

Contact

Email mbrserv@parsonsfcu.com

Allen Gharapetian ×ĿČĚ ¡ƑĚƙĿēĚŠƥ qîƑŒĚƥĿŠij

Associate Board of Directors Brian Leto, ƙƙūČĿîƥĚ 'ĿƑĚČƥūƑ

Mailing Address P. O. Box 90667

Wendy Van Wickle, ƙƙūČĿîƥĚ 'ĿƑĚČƥūƑ Wendimarie Haven, ƙƙūČĿîƥĚ 'ĿƑĚČƥūƑ

Jeff Barnett IT Manager

Pasadena, CA 91109-0667 qîĿŠ ¹ĚŕĚƎĺūŠĚ sƭŞċĚƑ Toll Free: (800) 765-4527

Executive Committee Bruce Hennig, ĺîĿƑ Derek Mau Ruth McMorrow

Supervisory Committee Theresa Laws, ĺîĿƑ

parsonsfcu.org

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Pranesh Bhatt Farzin Torbati

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EQUAL HOUSING OPPORTUNITY

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22 PARSONS FCU 2021 ANNUAL REPORT

your ambitions. Cultivate

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the ones you love. Nurture