2024 Annual Report

As we reflect on our performance in 2024, we see the fruits of our dedication to improving your financial well-being. We take our responsibility and privilege as stewards of your financial success very seriously. In a world filled with uncertainty and change, we are committed to serving our Christian community faithfully and responsibly.

“Not Easily Broken” resonates deeply with our mission and purpose as a Christian Credit Union. Just as Ecclesiastes 4:9-12 tells us, “Though one may be overpowered, two can defend themselves. A cord of three strands is not easily broken,” our team was called upon in 2024 to be a beacon of hope and stability amidst life’s storms. Reflecting on the unprecedented challenges and triumphs of the past year, we felt God’s steadfast presence, guiding and strengthening us through every trial and triumph. We thank God for the gifts He has bestowed upon us. We are a healthy, growing, well-capitalized, and safe credit union with solid liquidity.

Scripture tells us in Ecclesiastes 3:1, “To everything, there is a season and a time for every purpose under heaven.” Indeed, this past year has been a unique season, filled with challenges and opportunities for growth. I am proud to report that America’s Christian Credit Union (ACCU) navigated both. Despite external macroeconomic forces that dramatically increased loan rates and rising consumer delinquencies, your credit union excelled in serving members’ financial needs, whether needing loans or seeking returns on their deposits.

Key Financial Metrics:

• Loans grew 14.9% versus the credit union industry at 1.3%.
• Shares grew 4.5% versus the credit union industry at 3.3%.
• Assets grew 7.1% versus the credit union industry at 2.1%.
• Dividend payouts rose by $5 million from 2023, while managing operating expenses below the industry average.

As a result, ACCU’s return on assets remained balanced at 0.51%, compared to an industry average of 0.50%, and nearly double that of other faith-based credit unions posting returns of 0.26%. However, the metric that best highlights the faith of our membership in ACCU and the Lord’s blessings is our member growth rate. In 2024, we saw a growth rate of 8.8% versus the credit union industry at 0.3%, driven by new deposit products with superior rates of return, onboarding enhancements, and our deepened partnerships. Below are some highlights of achievements in 2024 in the context of ACCU’s corporate priorities:

Stronger Ministries: In 2024, we invested nearly $65 million into churches, ministries, Christian schools, and Christian-owned businesses through competitive rate financing as well as planning, prayer, and personal service to help them advance their financial positions and focus on discipleship and Kingdom advancements. We also completed a groundbreaking agreement with the Church of God in Christ, becoming their “preferred financial institution” to serve their six million congregants and thousands of church locations throughout the United States.

Stronger Families: To better serve our members and offer competitive rates, we introduced a new high-yield savings account in 2024, enabling our members to enjoy a high rate of interest ranked amongst the top 5% in the nation. Overall, we progressively increased our dividend rates across our deposit products, increasing dividends paid to our membership by over $5 million compared to 2023.

Stronger Communities: ACCU saw a resurgence in membership growth, welcoming nearly 20,000 new health care sharing members. We diligently secure and manage accounts for these members, working alongside Christian Care Ministry and Impact Health Sharing, both committed to building Christian communities that care, pray, and share each other’s health burdens.

Stronger Futures: ACCU developed and deployed a revitalized student lending program, offering competitive rates and expanding access to lending services to Christian colleges and universities that previously lacked private student loan options. We also spearheaded programs to ensure that private Christian K-12 schools remain financially sound, guiding them through the lending and expansion processes or money management and operating accounts. Simultaneously, the families of these schools have access to affordable means to provide a Christ-centered primary education.

As we look ahead to the future, I am filled with hope and optimism. With God’s grace, I am confident that America’s Christian Credit Union will continue to navigate the challenges ahead and serve as a beacon of light and hope in the financial industry, “not easily broken.” Thank you for entrusting us with your financial journey. It is an honor and privilege to serve you, now and always. We thank God for His continued blessings and pray we can continue to help you deliver for Christ.

In Christ’s Service,

Vicki VannBerstein, MBA
President/CEO

Brothers and Sisters in Christ,

Greetings in the name of the One who has redeemed us and is continually transforming us.

As I reflect on the 2024 year, ACCU has weathered several storms. We effectively stayed the course and remained strong financially even as others in the industry floundered. I believe the work of our leadership team should receive the accolades. The team, under the leadership of the CEO, identified opportunities and pursued them to the benefit of ACCU.

The directors and supervisors continue to pray for our team corporately and individually. Again, this year, I invite you to do the same—lift them up in your private time before the Almighty. The economic climate is not predictable, so the team needs continued wisdom to navigate in ways that will allow them to ensure ACCU’s success.

You and I as members have a contribution to make as we think about the verse chosen for the Annual Meeting. The verse: “Though one may be overpowered, two can defend themselves. A cord of three strands is not easily broken”. So as individual ACCU employees working on our behalf—certainly they are strengthened when they work with one another. Yet we as believers know that ‘the cord’ is Christ Jesus. He alone is the one who can hold our lives and our world together.

As we enter 2025, may we individually and collectively place ourselves before Him—seeking His direction for our lives and the work He has called us to.

I always remain a pilgrim on this journey with you.

In His Service,

Barbara Dickerson, PhD
Board Chair

Dear Members,

I am honored to present the Treasurer’s Annual Report for America’s Christian Credit Union (ACCU) for the year ended December 31, 2024. This year has been one of strategic growth and resilience as we navigated a competitive financial landscape and challenging interest rate environment to better serve our members.

Key Achievements:

• Asset Growth: Our total assets grew by 7.08%, reaching $688.8 million by the end of 2024, up from $643.3 million in 2023. ​ This growth reflects our commitment to financial stability and prudent management
• Loan Portfolio Expansion: We saw a significant increase in our loan portfolio, which grew by 14.95% to $536.0 million in 2024 from $466.3 million in 2023. ​Notable increases include: Real estate loans: up 11.75% to $419.9 million. Auto loans: up 8.20% to $64.4 million. Other loans: up 66.63% to $51.7 million.
• Income and Revenue: Total income increased by 11.12%, from $33.7 million in 2023 to $37.5 million in 2024.​ Income was driven by a 16.08% increase in loan income, reflecting our successful efforts to grow our lending activities.
• Investment Strategy: While ACCU’s investment portfolio decreased by 14.09% to $111.6 million, this strategic reallocation allowed us to support the robust growth in our loan portfolio.
• Member Dividends: To remain competitive and retain deposits, we significantly increased dividends paid to members by 60.13%, from $8.3 million in 2023 to $13.2 million in 2024. ​ This demonstrates our commitment to providing value to our members.
• Operational Efficiency: Operating expenses increased by 4.67%, from $20.2 million in 2023 to $21.1 million in 2024. Key areas of investment included employee compensation and benefits and professional services.
• Net Income: Net income decreased by 29.88%, from $4.9 million in 2023 to $3.4 million in 2024. ​ This was primarily due to the higher cost of funds and increased provision for loan losses, reflecting our initiative-taking approach to risk management.

Looking Ahead: As we move forward, our focus will remain on sustainable growth, financial stability, and exceptional member service. We are committed to leveraging our strengths and seizing new opportunities to enhance the value we provide to our Christian members and communities. Thank you for your membership and continued trust and support of America’s Christian Credit Union.

Respectfully yours,

David Morse, CPA, MST
Board Treasurer

Stronger
Families

$50,739,900+
invested in adoption financing since program inception¹

$39,039,600+
invested in home financing and personal loan support to members as of year-end 2024¹

Stronger
Futures

$224,000+
invested in student lending in 2024¹

$38,460,000+
invested in school campus financing since program inception¹

Stronger
Ministries

2,022+
organizational members & ministries served throughout the United States¹

$29,268,700+
invested in ministry financing in 2024¹

Stronger
Communities

$35,692,000+
invested in Christian-owned businesses in 2024¹

$1,298,735,800+
in transactions facilitated for Christian Healthcare Sharing in 2024¹

Each quarter, America’s Christian Credit Union recognizes an employee who personifies our mission to “Reach, Serve, and Teach.”
During 2024, these upstanding individuals faithfully and sacrificially blessed our members and assisted their co-workers.

Financial Statement

Unaudited Consolidated
Statements of Financial Condition

As of December 31, 2024

Unaudited Consolidated
Statements of Income

As of December 31, 2024

Supervisory Report

One of the most critical duties performed by the Supervisory Committee is the review of the financial condition of the Credit Union and its related financial statements and reporting. Related to this process is the completion of a verification of accounts. The last review was completed to the satisfaction of the Committee with an effective date of March 31, 2024. America’s Christian Credit Union meets state and federal requirements for safety and soundness and remains in good standing with the California Department of Financial Protection & Innovation and the National Credit Union Administration.

Respectfully submitted,

Kyle Rodgers
Chair, Supervisory Committee

Supervisory Committee:
Kyle Rodgers, Chair
Michelle Norman, CPA, Secretary
Adele Harrison, MBA, PhD, Member
Adam Davidson, Member
Keith Cox, Member

Annual Reports

• Annual Report 2024 – Not Easily Broken
• Annual Report 2023 – For Such a Time as This
• Annual Report 2022 – Iron Sharpens Iron
• Annual Report 2021 – Strength in the Lord
• Annual Report 2020 – He is Our Shelter
• Annual Report 2019 – Together For Good
• Annual Report 2018 – Run With Endurance
• Annual Report 2017 – Celebrating 60 Years Strong
• Annual Report 2016 – Renewed Strength
• Annual Report 2015 – To Whom Much Is Given, Much Is Required
• Annual Report 2014 – Hope and a Future

Audited Financial Statements

• 2024 Audited Financial Statements
• 2023 Audited Financial Statements
• 2022 Audited Financial Statements
• 2021 Audited Financial Statements
• 2020 Audited Financial Statements
• 2019 Audited Financial Statements
• 2018 Audited Financial Statements
• 2017 Audited Financial Statements