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President's Report, April 2018 Dear Member, There are many reasons we believe that you should be proud to be a member of JM Associates Federal Credit Union (JMAFCU). According to the J. D. Power 2017 National Bank Satisfaction Study, the national bank average customer satisfaction score is 83.5%. JMAFCU's fourth quarter 2017 surveys revealed a 98.8% member satisfaction rate. You receive great service as a member of JMAFCU. Electronic access has changed the way consumers interact with their financial institution. To keep up to date, JMAFCU completely revamped its home banking service (SAFE IB), its mobile application (SAFE Mobile) and launched a new card application (JMCard SAFE) to manage your debit and credit cards. More than 43% of all members actively used SAFE IB in December, and more than 42% actively used SAFE Mobile. In today's electronic environment, new threats emerge. JMAFCU has committed and is committing significant time and resources to ensure your data remains secure. You are securely electronically connected to JMAFCU. Other financial institutions use fee income as a substantial supplement to their bottom line. Credit Unions have historically charged lower fees. On average, Credit Unions of similar asset size to JMAFCU collect three times (3x) more fee income than JMAFCU. JMAFCU does not burden its members with fees just to bolster the bottom line. You benefit from lower fees as a member of JMAFCU. The primary purpose of a Credit Union is to provide service to its members, as opposed to generating a profit. While it is necessary to generate some income to continue to operate, our focus is, and always will be, service. In the pages that follow, you will find financial reports. Your Credit Union is financially healthy and growing. I hope you're as proud to be a member of JMAFCU as we are proud to serve you. Jim Ryan President 3 The Way We Do Things Has Changed. Who We Are Has Not! • 2017 Annual Report