2025 Annual Report

Summit Credit Union experienced another exceptional year in 2025, marked by successful initiatives, impactful marketing events, and the receipt of numerous accolades. The credit union's achievements were made possible through the dedicated efforts of our staff, who consistently adhere to the philosophy of "people helping people."

The net income for 2025 reached an impressive $2.8 million, surpassing the $1 million mark for the sixteenth consecutive year. Our commitment to financial stability is evident in the continued emphasis on maintaining a robust contingency fund for growth and emergencies (capital), which now stands at 15.3% of our total assets.

Total assets continued their steady climb in 2025, rising 3.1% to $360.3 million, while loans increased 1.3% to $232.7 million and deposits remained strong, increasing 2.4% to $291.4 million.

In the realm of remote delivery, we persist in providing services that empower members to access their accounts at any time and from anywhere. Some notable highlights include:

• Digital Banking users: 15,730
• Zelle® users: 10,666
• ATM withdrawals: 63,216
• Zelle® transactions: $111,932
• Member shared-branch transactions: $18,241

We also offer Zelle®, Apple Pay®, Samsung Pay®, Google Pay®, and Visa® Checkout.

Financial Education and Support: We do more than other financial institutions. The items below highlight some of our efforts.

• Conducted 62 financial well-being workshops, virtually and in business partner facilities. This opened the door to 47 personal credit score analyses and actively engaged 976 participants.
• Granted educational scholarships totaling over $55,000 to 57 students.
• Provided fund and supply drive activities to support local charities, raising over $3,000 in cash.
• Attended 73 employee benefit fairs hosted by our business partners, raising both product awareness and non-member awareness.
• Provided educational alerts to our members about the ever-growing threat of scams, fraud, and identity-theft.

As we move forward into 2026, be assured that your Board of Directors and management team are dedicated to delivering the very best financial products and services while maintaining a financially strong, stable, and growing organization.

—Dan Greene, Chairman

The Supervisory Committee is charged with monitoring the overall operations of the credit union. It ensures the highest degree of safety and soundness and guarantees that the best interests of the membership are protected.

The Supervisory Committee employed the auditing firm of Doeren Mayhew to assist in performing its duties. A comprehensive annual certified audit was performed during June of 2025 and covered the period between April 1, 2024 and March 31, 2025.

In addition to this annual audit, a yearly examination is performed by the North Carolina Credit Union Division, the agency that regulates state-chartered credit unions in North Carolina. This examination was conducted during April 2025. The exam covered the period from January 1, 2024 through December 31, 2024.

Based on audits and examinations performed during the course of the year, your Supervisory Committee is satisfied that the credit union’s accounting records and reports are prepared promptly and accurately. The system of internal controls being used is sufficient and the plans, policies, and procedures established by the Board of Directors are currently being followed.

—Kizzy Lea, Committee Chairwoman