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Heritage Federal Credit UnionStrategic Plan2024

Improve Member Experience

Improve Employee Experience

Grow Asset Base While Improving Efficiency

Mission:Improve Lives; Simplify Banking

Vision:Make every member feel like the only member

Values: Integrity Adapt Connect Communicate

Community Pillars: Economic Sustainability Youth Empowerment Community Health

About Us

SWOT Analysis

Risks

Financial Projections

Member ExperienceStrategic Goal 1

Simplify & Modernize Brand Experience

Create Standardized Member Service Framework

Improve Service Efficiency

Increased Use of Auto-Decisioning

Deepen Member Relationships

Increase Cross Sales

Continue Branch Transformation Strategy

Streamline Loan and Deposit Account Processes

Develop New Offerings to Encourage Use & Relationships

.

Enhance Payment Programs

Create Standardized Sales Framework

Improve Member Experience

Home

Vis id minim dicant sensibus. Pri aliquip conclusionemque ad, ad malis evertitur torquatos his. Has ei solum harum reprimique, id illum saperet tractatos his. Ei omnis soleat antiopam quo. Ad augue inani postulant mel, mel ea qualisque forensibus.

Vis id minim dicant sensibus. Pri aliquip conclusionemque ad, ad malis evertitur torquatos his. Has ei solum harum reprimique, id illum saperet tractatos his. Ei omnis soleat antiopam quo. Ad augue inani postulant mel, mel ea qualisque forensibus.

Create Standardized Member Service Framework

Continue Branch Transformation Strategy

Simplify & Modernize Brand Experience

Home

Back

Complete Virtual Banking Center Project

Continue Drive Thru and Lobby Modernization

1

Member Experience1.1 Brand Experience

2

1

2

Implement Consistent Processes & Communication

Implementation of Virtual Branch Service

Expand SBA Program into a Fully Developed Lending Channel

Small Business Online Application & Automation

3

4

1

2

Home

Back

Member Experience1.1 Brand Experience1.1A Member Service Framework

1

2

Implement Consistent Processes & Communication

Implementation of Virtual Branch Service

IExpand SBA Program into a Fully Developed Lending Channel

Small Business Online Application & Automation

3

4

1

2

Click + to see measures, target dates and responsibilities

Home

Back

Member Experience1.1 Brand Experience1.1b Branch Transformation

Complete Virtual Banking Center Project

Continue Drive Thru and Lobby Modernization

1

2

Click + to see measures, target dates and responsibilities

Increase Use of Auto-Decisioning

Streamline Loan and Deposit Account Processes

Improve Service Efficiency

Home

Back

Member Experience1.2 Service Efficiency

1

2

Evaluate Routine Credit Score Updates

Enhance Zest Use With Credit, Personal and Auto Lending

Enhance Zest Operation With Equities and Small Business Lending Decisions

3

1

2

1

2

Improve Automation in Online Account Opening

Home Equity in Meridian Link LOS

Small Business Application in Meridian Link LOS

Automations in Account and Loan Revision Sytstems

3

4

1

2

Home

Back

Member Experience1.2 Service Efficiency1.2A Increase Use of Auto-Decisioning

1

2

Evaluate Routine Credit Score Updates

Enhance Zest Use with Credit, Personal and Auto Lending

Enhance Zest Operation with Home Equity and Small Business Lending Decisions

3

1

2

Click + to see measures, target dates and responsibilities

Home

Back

Member Experience1.1 Brand Experience1.1A Member Service Framework

1

2

Implement Consistent Processes & Communication

Implementation of Virtual Branch Service

IExpand SBA Program into a Fully Developed Lending Channel

Small Business Online Application & Automation

3

4

1

2

Click + to see measures, target dates and responsibilities

1

2

2

Implement Real-Time Payments Program Leveraging TCH or FedNow

1

Analyze and Improve Rewards Programs

2

2

Secure an Experienced Retail Leader to Advance the Sales Success of the Retail Function

Establish a Sales Philosophy and Process

Increase Cross Sales

1

Sales Training Initiatives

Enhance Payment Programs

2

Deepen Member Relationships

3

1

Member Experience1.3 Deepen Member Relationships

2

Home

Develop New Offerings to Encourage Use & Relationships

Create a Standardized Sales Framework

1

2

Create Cross Sale Marketing Initiatives Based on Mined Data to Increase Product Adoption

Create Cross Sale Marketing initiatives for Existing Members Based on Mined Data to Increase Adoption

Implement Savvy Money to Produce Cross Sales Through Self-Service

Create Standardized Sales Network

3

1

2

4

2

1

2

Evaluate Expansion of FHA, VA and USDA Options In-House for Possible Implementation

Develop Competitive ARM Product(s) That Are Also Saleable on the Secondary Market

Develop a Construction Only Loan Program

Evaluate Buy Now Pay Later (BNPL) Options to Add Product Line for Card Sales

3

4

1

2

Home

Back

Member Experience1.3 Deepen Member Relationships1.1A Increase Cross Sales

1

2

Create Cross Sale Marketing Initiatives Based on Mined Data to Increase Product Adoption

Create Cross Sale Marketing initiatives for Existing Members Based on Mined Data to Increase Adoption

Implement Savvy Money to Produce Cross Sales Through Self-Service

Enhance CRM Options

3

4

1

2

Click + to see measures, target dates and responsibilities

Home

Back

Member Experience1.3 Deepen Member Relationships1.1b Develop new offerings to encourage use & Relationshps

1

2

Evaluate Expansion of FHA, VA and USDA Options In-House for Possible Implementation

Develop Competitive ARM Product(s) That Are Also Saleable on the Secondary Market

Develop a Construction Only Loan Program

Evaluate Buy Now Pay Later (BNPL) Options to Add Product Line for Card Sales

3

4

1

2

Click + to see measures, target dates and responsibilities

Home

Back

Member Experience1.3 Deepen Member Relationships1.1C Enhance Payment Programs

1

2

Implement Real-Time Payments Program Leveraging TCH or FedNow

Analyze and Improve Rewards Programs

1

2

Click + to see measures, target dates and responsibilities

Home

Back

Member Experience1.3 Deepen Member Relationships1.1D Create a Standardized Sales Framework

1

2

Secure an Experienced Retail Leader to Advance the Sales Success of the Retail Function

Establish a Sales Philosophy and Process

Sales Training Initiatives

3

1

2

Click + to see measures, target dates and responsibilities

Employee ExperienceStrategic Goal 2

Foster Organizational Development

Develop Consistent Organizational Structures

Develop a Performance-based Culture

Maintain Effective & Competitive Incentive & Bonus Programs

Evolve a Culture of Employee Engagement & Satisfaction

Engage in Communication Initiatives

Develop Level-appropriate Succession Planning Structure

Develop an Internal Member Service Framework

Increase Community Engagement

.

Develop & Implement Initiatives to Support Employee Well-being

Improve Employee Experience

Home

Develop Standard Professional Development Processes

Vis id minim dicant sensibus. Pri aliquip conclusionemque ad, ad malis evertitur torquatos his. Has ei solum harum reprimique, id illum saperet tractatos his. Ei omnis soleat antiopam quo. Ad augue inani postulant mel, mel ea qualisque forensibus.

Vis id minim dicant sensibus. Pri aliquip conclusionemque ad, ad malis evertitur torquatos his. Has ei solum harum reprimique, id illum saperet tractatos his. Ei omnis soleat antiopam quo. Ad augue inani postulant mel, mel ea qualisque forensibus.

Growth & EfficiencyStrategic Goal 3

Simplify & Modernize Brand Experience

Create Standardized Member Service Framework

Improve Service Efficiency

Increased Use of Auto-Decisioning

Deepen Member Relationships

Increase Cross Sales

Continue Branch Transformation Strategy

Streamline Loan and Deposit Account Processes

Develop New Offerings to Encourage Use & Relationships

.

Enhance Payment Programs

Create Standardized Sales Framework

Grow Asset Base While Improving Efficiency

Home

Vis id minim dicant sensibus. Pri aliquip conclusionemque ad, ad malis evertitur torquatos his. Has ei solum harum reprimique, id illum saperet tractatos his. Ei omnis soleat antiopam quo. Ad augue inani postulant mel, mel ea qualisque forensibus.

Vis id minim dicant sensibus. Pri aliquip conclusionemque ad, ad malis evertitur torquatos his. Has ei solum harum reprimique, id illum saperet tractatos his. Ei omnis soleat antiopam quo. Ad augue inani postulant mel, mel ea qualisque forensibus.

Auto Decisioning

Prof. Development

Streamline Account Process

Org Structures

Succession Planning

Incentive/Bonus

Service Framework

Communication

Optimize Branches

Assets / FTE

Optimize FTE

Community

Non-Interest Income

Vendor Consolidation

Well-being

Strategic Goal 1

Improve Member Experience

Strategic Goal 2

Improve Employee Experience

Strategic Goal 3

Grow Asset Base While Improving Efficiency

Member Service Framework

Br. Transformation

Cross Sales

New Offerings

Payments

Sales Framework

New Albany

Knox

Mortgage Investors

Expand Commercial

Heritage Investments

Indirect Sales

Core Deposits

Simplifying & Modernizing Heritage Brand Experience

Expansion / Growth Plans

Deepen Member Relationships

Non Interest Income

Balance Sheet

Improve Service Efficiency

Organizational Development

Performance Based Culture

Efficiency

Employee Engagement

SWOT Analysis

Strengths

(Internal)

What Heritage does well and can continue to build upon

Strengths, Weaknesses, Opportunities and Threats

S

Weaknesses

(External)

What Heritage can improve upon to overcome internal barriers and be prepared for opportunities

W

Opportunities

(Internal)

Things Heritage is positioned to act upon and benefit from

O

Threats

(External)

External forces or barriers that may interfere with achieving goals, or redirect our goals

T

Home

Home

Risk of impact from changes in legal or regulatory environment

05

Legal, Regulatory and Compliance

Risk of losses due to processes, systems and practices

Operational

04

Risk or potential of losses due to changes in the interest rate environment

Intrest Rate

03

Risk of loss due to our members not making good on their loans, impacting our income and allowance

Credit

02

Risk factors impacting our strategy, financial projections, or how we are viewed by our members and the community

Strategic, Financial and Reputational

01

Factors

Risk

Home

Risks

Risk Appetite

Heritage must employ sound ERM principles, transparent decision-making, and effective communication to prioritize risk. The credit union manages seven interrelated categories of risk to effectively ensure a safe and sound financial institution that supports consumers, members, communities, and businesses. Where we have discretion, the credit union is willing to assume more risk, but will remain balanced and nimble in meeting the challenges of an evolving business landscape and industry, allowing us to position ourselves for planned growth.Heritage’s strategic objective closely align with its mission, vision, and core values. The credit union must maintain a highly motivated, talented, and empowered workforce and will deploy resources to maximize their use and effectiveness. The credit union will operate with integrity, maintain strong ethical standards, and adhere to applicable legal and regulatory compliance requirements. The credit union accepts some risk in fostering a safe, sound, and innovative financial institution and recognizes it is not practical or desirable to avoid all risk. The credit union must be proactive to address significant risks to its business and members, recognizing that the best of intentions and/or processes will not always prevent problems, issues, and/or failures from occurring.

Heritage Federal Credit Union (Heritage) has an overall MODERATE risk appetite. The credit union will consider higher-risk opportunities so long as it receives an appropriate return for the level of risk incurred and the risk can be appropriately measured, monitored, and mitigated.

Home

Risks

Strategic, Financial and Reputational

Risk

Economic conditions have affected and could continue to adversely affect our income and profits.

Changes in economic or political conditions could adversely affect Heritage’s earnings, if the ability of Heritage’s borrowers to repay loans, or the value of the collateral securing such loans, declines.

Mergers and Acquisitions may not produce revenue enhancements or cost savings at levels or within timeframes originally anticipated and may result in unforeseen integration difficulties and dilution to existing value.

Our accounting estimates and risk management processes rely on analytical and forecasting models.

Home

Risks

Credit

Risk

If Heritage’s actual credit losses for loans or debt securities exceed our allowance for credit losses for loans and debt securities, our net income will decrease. Also, future additions to Heritage’s allowance for credit losses will reduce our future earnings.

Heritage’s business depends on the creditworthiness of our members. As with most financial institutions, we maintain allowances for credit losses for loans to provide for defaults and nonperformance, which represent an estimate of expected losses over the remaining contractual lives of the loan portfolios. This estimate is the result of our continuing evaluation of specific credit risks and loss experience, current loan portfolio quality, present economic, political and regulatory conditions, industry concentrations, reasonable and supportable forecasts for future conditions, and other factors that may indicate losses. The determination of the appropriate levels of the allowances for loan and losses inherently involves a high degree of subjectivity and judgment and requires us to make estimates of current credit risks and future trends, all of which may undergo material changes. Generally, our nonperforming loans and other real estate owned reflect operating difficulties of individual borrowers and weaknesses in the economies of the markets we serve. The allowances may not be adequate to cover actual losses, and future allowance for credit losses could materially and adversely affect our financial condition, results of operations, and cash flows. Heritage’s loan portfolio includes loans with a higher risk of loss. Heritage originates commercial real estate loans, commercial loans, agricultural real estate loans, agricultural loans, consumer loans, auto loans, and residential real estate loans within our market areas. Commercial real estate, commercial, consumer, and agricultural real estate and operating loans may expose a lender to greater credit risk than loans secured by residential real estate because the collateral securing these loans may not be sold as easily as residential real estate. These loans also have greater credit risk than residential real estate for the following reasons:

  • Commercial Real Estate Loans. Repayment is dependent upon income being generated in amounts sufficient to cover operating expenses and debt service.
  • Commercial Loans. Repayment is dependent upon the successful operation of the borrower’s business.
  • Consumer and Auto Loans. Consumer loans (such as personal lines of credit) are collateralized, if at all, with assets that may not provide an adequate source of payment of the loan due to depreciation, damage, or loss.
  • Agricultural Loans. Repayment is dependent upon the successful operation of the business, which is greatly dependent on many things outside the control of either Heritage or the borrowers. These factors include weather, input costs, commodity and land prices, and interest rates.

Home

Risks

Interest Rate

Risk

Heritage’s earnings depend substantially on our interest rate spread, which is the difference between (i) the rates we earn on loans, securities, and other earning assets and (ii) the interest rates we pay on deposits and other borrowings. These rates are highly sensitive to many factors beyond our control, including general economic conditions and the policies of various governmental and regulatory authorities. When market interest rates rise, Heritage has competitive pressure to increase the rates that we pay on deposits, which could result in a decrease of our net interest income. If market interest rates decline, Heritage could experience fixed-rate loan prepayments and higher investment portfolio cash flows, resulting in a lower yield on earning assets. Heritage’s earnings can also be impacted by the spread between short-term and long-term market interest rates.

Changes in interest rates could adversely affect Heritage’s results of operations and financial condition.

Home

Risks

Operational

Risk

A failure or breach, including cyber-attacks, of our operational or security systems could disrupt our business, result in the disclosure of confidential information, damage our reputation, and create significant financial and legal exposure.

We rely on third party vendors, which could expose Heritage to additional cybersecurity risks.

Failure to keep pace with technological change could adversely affect Heritage’s results of operations and financial condition.

Changes in consumer use of banks and changes in consumer spending and savings habits could adversely affect Heritage’s financial results.

Heritage’s controls and procedures may fail or be circumvented, and our methods of reducing risk exposure may not be effective.

Home

Risks

Legal, Regulatory and Compliance

Risk

We have risk related to legal proceedings.

Heritage operates in a highly regulated environment, and changes in laws and regulations to which we are subject to may adversely affect our results of operations.

Our earnings could be adversely impacted by incidences of fraud and compliance failure.

5 Year - Income Statement

Policy Limits

Home

Key Takeaways

5 Year Forecast

Financial Performance and Peer Data

Ratio Dashboard

5 Year

Income Statement

5 Year

Balance Sheet

Economic Forecast

Financial Forecasts

2024 - 2025

FHN Financial Forecast (2024 - 2025). Reviewed quarterly by management & the ALCO Committee.

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Heritage’s controls and procedures may fail or be circumvented, and our methods of reducing risk exposure may not be effective.

Heritage regularly reviews and updates its internal controls, procedures, and corporate governance policies and procedures. Heritage also maintains an Enterprise Risk Management program designed to identify, manage, mitigate, monitor, aggregate, and report risks. Any system of controls and any system to reduce risk exposure, however well designed and operated, is based in part on certain assumptions and can provide only reasonable, not absolute, assurances that the objectives of the system are met. Additionally, instruments, systems, and strategies used to hedge or otherwise manage exposure to various types of market compliance, credit, liquidity, operational, and business risks and enterprise-wide risk could be less effective than anticipated. As a result, Heritage may not be able to effectively mitigate its risk exposures in particular market environments or against particular types of risk.

  • Implement Real-Time Payment Options
  • Analyze and Improve Rewards Programs

We accomplish this through:

Competitive payment options are on the rise, and Heritage needs to provide speed and ease to the payments process to Improve Lives and Simplify Banking.

Enhance Payment Programs

  • Increase Cross Sales - both activities and improved CRM capabilities
  • New Offerings encouraging use and relationships
  • Enhanced Payment Programs
  • Standardized Sales Framework

We accomplish this through:

Relationships are the core of our business. The more we can help our members, the more those member relationships become profitable and long-lasting.

Deepen Member Relationships

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  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.
  • Activate and surprise your audience.

Create a new layer with all the Genially features.

Bring it to life with an interactive window

Got an idea?

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Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

Strengths

Several years of improving performance. Strong financials and balance sheet. Brand reputation is strong, with a diversified and fairly stable base. Commercial function is strong and growing. FOM expansion presents new opportunities. Experienced and seasoned executive level and Board. Senior and manager levels are knowledgeable and have great potential. Recent investments are laying a strong foundation on which to build (i.e. lending and digital channels). Redesigning branch experience Energetic people in our teams

  • Consolidating Virtual Service - Completing and growing the Virtual Banking Center
  • Branch Modernization - Continuing the drive thru and lobby modernization initiatives

We accomplish this through:

Modernizing the ways we interact and support our members both in person and remotely for positive and relevant engagements.

Continue Branch Transformation Strategy

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.
  • Activate and surprise your audience.

Create a new layer with all the Genially features.

Bring it to life with an interactive window

Got an idea?

We rely on third party vendors, which could expose Heritage to additional cybersecurity risks.

Third party vendors provide key components of our business infrastructure, including certain data processing and information services. Third parties may transmit confidential, propriety information on our behalf. Although we require third party providers to maintain certain levels of information security, such providers may remain vulnerable to breaches, unauthorized access, misuse, computer viruses, or other malicious attacks that could ultimately compromise sensitive information. While we may contractually limit our liability in connection with attacks against third party providers, Heritage remains exposed to the risk of loss associated with such vendors. In addition, a number of our vendors are large national entities with dominant market presence in their respective fields. Their services could prove difficult to replace in a timely manner if a failure or other service interruption were to occur. Failures of certain vendors to provide contracted services could adversely affect our ability to deliver products and services to our members and cause us to incur significant expense.

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.
  • Activate and surprise your audience.

Create a new layer with all the Genially features.

Bring it to life with an interactive window

Got an idea?

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Measures

2024

Target Year

Curtis??

Responsible

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Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

??

Measures

2024

Target Year

Curtis??

Responsible

??

Measures

2024

Target Year

Curtis??

Responsible

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.
  • Activate and surprise your audience.

Create a new layer with all the Genially features.

Bring it to life with an interactive window

Got an idea?

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.
  • Activate and surprise your audience.

Create a new layer with all the Genially features.

Bring it to life with an interactive window

Got an idea?

??

Measures

2024

Target Year

Curtis??

Responsible

Heritage operates in a highly regulated environment, and changes in laws and regulations to which we are subject to may adversely affect our results of operations.

Heritage operates in a highly regulated environment and is subject to extensive regulation, supervision, and examination by, among others, the NCUA, the FDIC, the CFPB, and the State of Indiana. Such regulation and supervision is primarily intended for the protection of the depositors and federal deposit insurance funds. Applicable laws and regulations may change, and such changes may adversely affect our business. The Dodd-Frank Act, enacted in July 2010, mandated the most wide-ranging overhaul of financial industry regulation in decades. This legislation, among other things, weakened federal preemption of state consumer protection laws and established the CFPB with broad authority to administer and enforce a new federal regulatory framework of consumer financial regulation, including consumer mortgage banking. The scope and impact of many of the Dodd-Frank Act provisions were determined and issued over time. Regulatory authorities also have extensive discretion in connection with their supervisory and enforcement activities, including but not limited to the imposition of restrictions on the operation of an institution, the classification of assets by the institution, the adequacy of an institution’s Bank Secrecy Act/Anti-Money Laundering program management, and the adequacy of an institution’s allowance for credit losses for loans. Any change in such regulation and oversight, whether in the form of restrictions on activities, regulatory policy, regulations, or legislation, including but not limited to changes in the regulations governing institutions, could have a material impact on Heritage and its operations.

  • Simplifying and Modernizing the Heritage Brand Experience
  • Improving Service Efficiency
  • Deepen Member Relationships

We accomplish this through:

Improve Lives and Simplify Banking for Our Members

Improve Member Experience

An economic forecast based upon information received from FHN Financial for the years 2024 and 2025 is provided below. Forecasted data for future years is not available and unknown as of the date of this plan. This information is reviewed quarterly by management and the ALCO Committee.

Click to Enlarge

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Measures

2025

Target Year

Curtis??

Responsible

  • Implement Real-Time Payment Options
  • Analyze and Improve Rewards Programs

We accomplish this through:

Competitive payment options are on the rise, and Heritage needs to provide speed and ease to the payments process to Improve Lives and Simplify Banking.

Enhance Payment Programs

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Contextualize your topic

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5 Year Forecast Takeaways

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Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

Changes in economic or political conditions could adversely affect Heritage’s earnings, if the ability of Heritage’s borrowers to repay loans, or the value of the collateral securing such loans, declines.

Heritage’s success depends, to a certain extent, upon economic or political conditions, local and national, as well as governmental monetary policies. Conditions such as recession, unemployment, changes in interest rates, inflation, money supply, and other factors beyond Heritage’s control may adversely affect its asset quality, deposit levels, and loan demand and, therefore, Heritage’s earnings. Because Heritage has a significant amount of real estate loans, decreases in real estate values could adversely affect the value of property used as collateral. Adverse changes in the economy may also have a negative effect on the ability of borrowers to make timely repayments of their loans, which would have an adverse impact on earnings. In addition, all of Heritage’s loans are to individuals and businesses in our market area. Consequently, any economic decline in our primary market areas, which include Indiana and Kentucky, could have an adverse impact on earnings.

  • Member Service - Standardized framework of how we operate
  • Transformation - Continuing to develop modernized branch and member interaction models

We accomplish this through:

Meet the mission of Improving Lives and Simplifying Banking through improvements to keep Heritage relevant to the members and community.

Simplify and Modernize Brand Experience

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.
  • Activate and surprise your audience.

Create a new layer with all the Genially features.

Bring it to life with an interactive window

Got an idea?

  • Fostering Organizational Development
  • Developing a Performance-based Culture
  • Evolving a Culture of Employee Engagement & Satisfaction

We accomplish this through:

Improve Lives and Simplify Banking for Our Employees

Improve Employee Experience

  • Member Service - Standardized framework of how we operate
  • Transformation - Continuing to develop modernized branch and member interaction models

We accomplish this through:

Meet the mission of Improving Lives and Simplifying Banking through improvements to keep Heritage relevant to the members and community.

Simplify and Modernize Brand Experience

  • Creating cross sale marketing initiatives based on mined data to increase product adoption for both new and existing members
  • Implementing Savvy Money system to produce cross sales through self-service
  • Enhance CRM Options

We accomplish this through:

Deepening relationships requires a deeper understanding of needs and a deeper partnership on products and services.

Increased Cross Sales

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.
  • Activate and surprise your audience.

Create a new layer with all the Genially features.

Bring it to life with an interactive window

Got an idea?

  • Expansion of Mortgage Products
  • Development of ARM and Construction Products
  • Evaluating new programs such as Buy-Now-Pay-Later for possible implementation

We accomplish this through:

Ensure we have and continue to develop products our members need so that we remain relevant.

Develop New Offerings to Encourage Use and Relationships

  • Increase Cross Sales - both activities and improved CRM capabilities
  • New Offerings encouraging use and relationships
  • Enhanced Payment Programs
  • Standardized Sales Framework

We accomplish this through:

Relationships are the core of our business. The more we can help our members, the more those member relationships become profitable and long-lasting.

Deepen Member Relationships

  • Consolidating Virtual Service - Completing and growing the Virtual Banking Center
  • Branch Modernization - Continuing the drive thru and lobby modernization initiatives

We accomplish this through:

Modernizing the ways we interact and support our members both in person and remotely for positive and relevant engagements.

Continue Branch Transformation Strategy

??

Measures

2024

Target Year

Curtis??

Responsible

  • Evaluating Routine Updates to Credit Scores
  • Enhancing Zest for Use with Credit, Personal and Auto Lending
  • Enhancing Zest Operation with Home Equity and Small Business Lending

We accomplish this through:

Auto-decisioning leverages actual experience to enable faster and more consistent responses to members, all hours of the day.

Increase Use of Auto-Decisioning

??

Measures

2024

Target Year

Curtis??

Responsible

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Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

Our earnings could be adversely impacted by incidences of fraud and compliance failure.

Financial institutions are inherently exposed to fraud risk. A fraud can be perpetrated by a member of Heritage, an employee, a vendor, or members of the general public. We are most subject to fraud and compliance risk in connection with the origination of loans, ACH transactions, wire transactions, ATM transactions, and checking transactions. Our largest fraud risk, associated with the origination of loans, includes the intentional misstatement of information in property appraisals or other underwriting documentation provided to us by third parties. Compliance risk is the risk that loans are not originated in compliance with applicable laws and regulations and our standards. There can be no assurance that we can prevent or detect acts of fraud or violation of law or our compliance standards by the third parties that we deal with. Repeated incidences of fraud or compliance failures would adversely impact the performance of our loan portfolio.

  • Simplifying and Modernizing the Heritage Brand Experience
  • Improving Service Efficiency
  • Deepen Member Relationships

We accomplish this through:

Improve Lives and Simplify Banking for Our Members

Improve Member Experience

??

Measures

2024

Target Year

Curtis??

Responsible

??

Measures

2024

Target Year

Curtis??

Responsible

??

Measures

2024

Target Year

Curtis??

Responsible

  • Evaluating Routine Updates to Credit Scores
  • Enhancing Zest for Use with Credit, Personal and Auto Lending
  • Enhancing Zest Operation with Home Equity and Small Business Lending

We accomplish this through:

Auto-decisioning leverages actual experience to enable faster and more consistent responses to members, all hours of the day.

Increase Use of Auto-Decisioning

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.
  • Activate and surprise your audience.

Create a new layer with all the Genially features.

Bring it to life with an interactive window

Got an idea?

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

  • Member Service - Standardized framework of how we operate
  • Transformation - Continuing to develop modernized branch and member interaction models

We accomplish this through:

Meet the mission of Improving Lives and Simplifying Banking through improvements to keep Heritage relevant to the members and community.

Simplify and Modernize Brand Experience

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

  • Consolidating Virtual Service - Completing and growing the Virtual Banking Center
  • Branch Modernization - Continuing the drive thru and lobby modernization initiatives

We accomplish this through:

Modernizing the ways we interact and support our members both in person and remotely for positive and relevant engagements.

Continue Branch Transformation Strategy

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.
  • Activate and surprise your audience.

Create a new layer with all the Genially features.

Bring it to life with an interactive window

Got an idea?

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

A failure or breach, including cyber-attacks, of our operational or security systems could disrupt our business, result in the disclosure of confidential information, damage our reputation, and create significant financial and legal exposure.

Although we devote significant resources to maintain and regularly upgrade our systems and processes that are designed to protect the security of our computer systems, software, networks, and other technology assets and the confidentiality, integrity, and availability of information belonging to us and our members, there is no assurance that our security measures will provide absolute security. Further, to access our products and services our members may use computers and mobile devices that are beyond our security control systems. In fact, many other financial services institutions and companies engaged in data processing have reported breaches in the security of their websites or other systems, some of which have involved sophisticated and targeted attacks intended to obtain unauthorized access to confidential information, destroy data, disable or degrade service, or sabotage systems, often through the introduction of computer viruses or malware, cyberattacks, and other means. Certain financial institutions in the United States have also experienced attacks from technically sophisticated and well-resourced third parties that were intended to disrupt normal business activities by making internet banking systems inaccessible to members for extended periods. These “denial-of-service” attacks typically do not breach data security systems, but require substantial resources to defend, and may affect member satisfaction and behavior. Despite our efforts to ensure the integrity of our systems, it is possible that we may not be able to anticipate or to implement effective preventive measures against all security breaches, especially because the techniques used change frequently or are not recognized until launched, and because security attacks can originate from a wide variety of sources, including persons who are involved with organized crime or associated with external service providers or who may be linked to terrorist organizations or hostile foreign governments. Those parties may also attempt to fraudulently induce employees, members, or other users of our systems to disclose sensitive information in order to gain access to our data or that of our members. We have implemented employee and member awareness training around phishing, malware, and other cybersecurity risks. These risks may increase in the future as we continue to increase our mobile payments and other internet-based product offerings and expand our internal usage of web-based products and applications. If our security systems were penetrated or circumvented, it could cause serious negative consequences for us, including significant disruption of our operations, misappropriation of our confidential information or that of our members, or damage our computers or systems and those of our members and counterparties, and could result in violations of applicable privacy and other laws, financial loss to us or to our members, loss of confidence in our security measures, member dissatisfaction, significant litigation exposure, and harm to our reputation, all of which could have a material adverse effect on us. Heritage is also subject to laws and regulations relating to the protection and privacy of the information of members, employees and others, and any failure to comply with these laws and regulations could expose Heritage to liability and/or reputational damage.

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

Changes in consumer use of banks and changes in consumer spending and savings habits could adversely affect Heritage’s financial results.

Technology and other changes now allow many members to complete financial transactions without using banks. For example, consumers can pay bills and transfer funds directly without going through a bank. This process of eliminating banks as intermediaries could result in the loss of fee income, as well as the loss of member deposits and income generated from those deposits. In addition, changes in consumer spending and savings habits could adversely affect our operations, and we may be unable to timely develop competitive new products and services in response to these changes.

5 Year Income Statement

  • Generate experiences with your content.
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  • Make sure your audience remembers the message.
  • Activate and surprise your audience.

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  • Monitoring, Analyzing and Enhancing

We accomplish this through:

In order to remain relevant and optimize performance, we must continually evolve our comp and bonus programs

Maintain Effective & Competitive Incentive and Bonus Programs

Threats

Staffing challenges (compensation, as well as available talent) create issues with succession planning and growing internal talent.Increased competition from traditional and non-traditional competitors, including those typically out-of-market. Inflation impacts on all facets on operations as we try to expand. Combination of economic instability and harsh regulatory environment. Cybersecurity threats (i.e. ransomware). Another pandemic or similar crisis, competitors and failing to advance and improve. Continued supply chain disruptions, creating issues with potential branch construction and our members’ willingness/ability to spend.Decreasing core deposits.Looming potential for delinquency in markets.Change in regulations around fees and product offerings. Increasing costs of processing systems and vendor relationships. New retail model acceptance by general membership.

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.
  • Activate and surprise your audience.

Create a new layer with all the Genially features.

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??

Measures

2024

Target Year

Curtis??

Responsible

5 Year Balance Sheet

??

Measures

2025

Target Year

Curtis??

Responsible

??

Measures

2025

Target Year

Curtis??

Responsible

??

Measures

2024

Target Year

Curtis??

Responsible

??

Measures

2024

Target Year

Curtis??

Responsible

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

  • Securing a Sales Leader
  • Establishing a Sales Philosophy
  • Implementing Sales Training Initiatives

We accomplish this through:

The way in which we encourage, manage and control the sales process is important to the member experience, and ultimately building deeper relationships.

Create a Standardized Sales Framework

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Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

  • Continue Expansion and Business Growth Plans
  • Change Balance Sheet Composition and Size
  • Explore Short & Long-term Non-interest Income Growth Opportunities
  • Explore Initiatives to Improve Efficiency

We accomplish this through:

Strategically Expand and Grow in ways that are fiscally healthy and support our long-term ability to serve the community

Grow Asset Base While Improving Efficiency

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Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

  • Retail - consistent processes and communication
  • Digital - Expansion of offerings and introduction of virtual branch service
  • Commercial - Expanding SBA and Small Business convenience options

We accomplish this through specific process targetting in:

How we do business with our members needs to be purposeful & consistent to meet the mission of Improving Lives & Simplifying Banking.

Create Standardized Member Service Framework

  • Retail - consistent processes and communication
  • Digital - Expansion of offerings and introduction of virtual branch service
  • Commercial - Expanding SBA and Small Business convenience options

We accomplish this through specific process targetting in:

How we do business with our members needs to be purposeful & consistent to meet the mission of Improving Lives & Simplifying Banking.

Create Standardized Member Service Framework

??

Measures

2024

Target Year

Curtis??

Responsible

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.
  • Activate and surprise your audience.

Create a new layer with all the Genially features.

Bring it to life with an interactive window

Got an idea?

??

Measures

2025

Target Year

Curtis??

Responsible

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

  • Improve Automation in Online Account Opening
  • Add Home Equity Loans to Meridian Link LOS
  • Add Small Business Loans to Meridian Link LOS
  • Automations in Account & Loan Revision Systems

We accomplish this through:

Efficiencies are double-wins, as they Simplify Banking for our members, while also reducing steps (Improving Lives) for our employees. Less time in operational tasks means more time with members.

Streamline Loan & Deposit Account Processes

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.
  • Activate and surprise your audience.

Create a new layer with all the Genially features.

Bring it to life with an interactive window

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Measures

2024

Target Year

Curtis??

Responsible

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

??

Measures

2025

Target Year

Curtis??

Responsible

  • Fostering Organizational Development
  • Developing a Performance-based Culture
  • Evolving a Culture of Employee Engagement & Satisfaction

We accomplish this through:

Improve Lives and Simplify Banking for Our Employees

Improve Employee Experience

  • Continue Expansion and Business Growth Plans
  • Change Balance Sheet Composition and Size
  • Explore Short & Long-term Non-interest Income Growth Opportunities
  • Explore Initiatives to Improve Efficiency

We accomplish this through:

Strategically Expand and Grow in ways that are fiscally healthy and support our long-term ability to serve the community

Grow Asset Base While Improving Efficiency

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

  • Consolidating Virtual Service - Completing and growing the Virtual Banking Center
  • Branch Modernization - Continuing the drive thru and lobby modernization initiatives

We accomplish this through:

Modernizing the ways we interact and support our members both in person and remotely for positive and relevant engagements.

Continue Branch Transformation Strategy

??

Measures

2024

Target Year

Curtis??

Responsible

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

??

Measures

2024

Target Year

Curtis??

Responsible

  • Consolidating Virtual Service - Completing and growing the Virtual Banking Center
  • Branch Modernization - Continuing the drive thru and lobby modernization initiatives

We accomplish this through:

Modernizing the ways we interact and support our members both in person and remotely for positive and relevant engagements.

Continue Branch Transformation Strategy

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.
  • Activate and surprise your audience.

Create a new layer with all the Genially features.

Bring it to life with an interactive window

Got an idea?

  • Member Service - Standardized framework of how we operate
  • Transformation - Continuing to develop modernized branch and member interaction models

We accomplish this through:

Meet the mission of Improving Lives and Simplifying Banking through improvements to keep Heritage relevant to the members and community.

Simplify and Modernize Brand Experience

Our accounting estimates and risk management processes rely on analytical and forecasting models.

The processes that we use to estimate probable credit losses and to measure the fair value of assets carried on the balance sheet at fair value, as well as the processes used to estimate the effects of changing interest rates and other market measures on our financial condition and results of operations, depend upon the use of analytical and forecasting models. These models are complex and reflect assumptions that may not be accurate, particularly in times of market stress or other unforeseen circumstances and require us to make judgments about the effect of matters that are inherently uncertain. Different assumptions could have resulted in significant changes in valuation, which in turn could have a material adverse effect on our financial condition and results of operations.

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.
  • Activate and surprise your audience.

Create a new layer with all the Genially features.

Bring it to life with an interactive window

Got an idea?

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

  • Improve Automation in Online Account Opening
  • Add Home Equity Loans to Meridian Link LOS
  • Add Small Business Loans to Meridian Link LOS
  • Automations in Account & Loan Revision Systems

We accomplish this through:

Efficiencies are double-wins, as they Simplify Banking for our members, while also reducing steps (Improving Lives) for our employees. Less time in operational tasks means more time with members.

Streamline Loan & Deposit Account Processes

Weaknesses

Lack of investments has left core and systems ease-of-use not up to industry standards for both staff and members. Lack of integration/automation leads to inefficiencies. Processes, procedures and systems have failed to keep pace with growth, and are generally slow and inefficient. Relationships with members are primarily transaction-based, not relationship-based, and are often inconsistent and not user-friendly. Primarily reactive to the market and not a leader in any particular area. Operational issues tend to block innovation. Most branch staff have been trained to focus on transactions and there is no sales or leadership culture. Lack of employee development and culture of enablement has created reduced depth, decisions delegated upward and difficulty executing strategies. This forces management into operational roles instead of leadership and development. Shallow talent pool, combined with a historically difficult hiring and retention market. The lack of ‘bench strength’ has led to weak succession planning. Compensation comparatives and transparency. High expense ratio impacts financial position. Overabundance of projects using the same teams and individuals leads to slower production and greater frustration or burnout.

Failure to keep pace with technological change could adversely affect Heritage’s results of operations and financial condition.

The financial services industry is continually undergoing rapid technological change with frequent introductions of new technology-driven products and services. The effective use of technology increases efficiency and enables financial institutions to better serve members and to reduce costs. Our future success depends, in part, upon its ability to address member needs by using technology to provide products and services that will satisfy member demands, as well as to create additional efficiencies in Heritage’s operations. We may not be able to effectively implement new technology-driven products and services or be successful in marketing these products and services to members. Failure to successfully keep pace with technological change affecting the financial services industry could negatively affect our growth, revenue, and profit. Upgrading the our computer systems, software, and networks subjects Heritage to the risk of disruptions, failures, or delays due to the complexity and interconnectedness of our computer systems, software, and networks. The failure to properly upgrade or maintain these computer systems, software, and networks could result in greater susceptibility to cyber-attacks, particularly in light of the greater frequency and severity of attacks in recent years, as well as the growing prevalence of supply chain attacks affecting software and information service providers. Failures related to upgrades and maintenance also increase risks related to unauthorized access and misuse. There can be no assurance that any such disruptions, failures, or delays will not occur or, if they do occur, that they will be adequately addressed.

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.
  • Activate and surprise your audience.

Create a new layer with all the Genially features.

Bring it to life with an interactive window

Got an idea?

??

Measures

2024

Target Year

Curtis??

Responsible

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

??

Measures

2025

Target Year

Curtis??

Responsible

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.
  • Activate and surprise your audience.

Create a new layer with all the Genially features.

Bring it to life with an interactive window

Got an idea?

  • Generate experiences with your content.
  • It’s got the Wow effect. Very Wow.
  • Make sure your audience remembers the message.
  • Activate and surprise your audience.

Create a new layer with all the Genially features.

Bring it to life with an interactive window

Got an idea?

Monthly Management and Board performance dashboard.

Financial Performance and Peer Data

Click to Enlarge

Policy Limits

  • Retail - consistent processes and communication
  • Digital - Expansion of offerings and introduction of virtual branch service
  • Commercial - Expanding SBA and Small Business convenience options

We accomplish this through specific process targetting in:

How we do business with our members needs to be purposeful & consistent to meet the mission of Improving Lives & Simplifying Banking.

Create Standardized Member Service Framework

  • Expansion of Mortgage Products
  • Development of ARM and Construction Products
  • Evaluating new programs such as Buy-Now-Pay-Later for possible implementation

We accomplish this through:

Ensure we have and continue to develop products our members need so that we remain relevant.

Develop New Offerings to Encourage Use and Relationships

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

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Measures

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2024

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Target Year

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Curtis??

Lorem ipsum

Responsible

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

Mergers and Acquisitions may not produce revenue enhancements or cost savings at levels or within timeframes originally anticipated and may result in unforeseen integration difficulties and dilution to existing value.

We have acquired, and expect to continue to acquire, other financial institutions or parts of those institutions in the future, and we may engage in new banking center expansion. We may also consider and enter into new lines of business or offer new products or services. We may incur substantial costs to expand, and we can give no assurance such expansion will result in the levels of profits we seek or expect. There can be no assurance that integration efforts for any mergers or acquisitions will be successful or that, after giving effect to the merger or acquisition, we will achieve profits comparable to, or better than, our historical experience.

??

Measures

2025

Target Year

Curtis??

Responsible

Here you can put an important title

Contextualize your topic

Yep, you read that right. Interactivity and animation can turn even the most boring content into something super fun. In Genially, we use AI (Awesome interactivity) in all our designs so that you can level up with interactivity and turn your content into something that engages and provides value.

Economic conditions have affected and could continue to adversely affect our income and profits.

Heritage’s financial performance generally, and in particular the ability of borrowers to pay interest on and repay principal of outstanding loans and the value of collateral securing those loans, as well as demand for loans and other products and services that Heritage offers, is highly dependent upon the business environment in the markets where Heritage operates and in the United States as a whole. Heritage, among other financial institutions, has and continues to experience unfavorable or uncertain economic and market conditions that has been caused by declines in economic growth, business activity; limitations on the availability or increases in the cost of credit and capital; increases in inflation or interest rates; high unemployment; or a combination of these or other factors. These factors have negatively impacted our operating results and have a negative effect on the ability of our borrowers to make timely repayments of their loans, increasing the risk of loan defaults and losses. If the forecasts of economic conditions and other economic predictions are not accurate, we may face challenges in accurately estimating the ability of our borrowers to repay their loans. Expectations of negative market and economic conditions will be reflected in the allowances for credit losses for loans to the estimated extent they will impact the credit losses of new and existing loans over their remaining lives. The provision for credit losses will report the entire increased credit loss expectations over the remaining lives of the loans and debt securities in the period in which the change in expectation arises. Further, because of the impact of such increased credit losses on earnings and capital, our ability to make loans and pay dividends may be substantially diminished.

  • Creating cross sale marketing initiatives based on mined data to increase product adoption for both new and existing members
  • Implementing Savvy Money system to produce cross sales through self-service
  • Enhance CRM Options

We accomplish this through:

Deepening relationships requires a deeper understanding of needs and a deeper partnership on products and services.

Increased Cross Sales

??

Measures

2024

Target Year

Curtis??

Responsible

We have risk related to legal proceedings.

We are involved in judicial, regulatory, and arbitration proceedings concerning matters arising from our business activities and fiduciary responsibilities. We establish reserves for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. We may still incur legal costs for a matter even if we have not established a reserve. In addition, the actual cost of resolving a legal claim may be substantially higher than any amounts reserved for that matter. The ultimate resolution of a pending or future legal proceeding, depending on the remedy sought and granted, could materially adversely affect our results of operations and financial condition.

Heritage Federal Credit Union (“Heritage”) is a federal-chartered cooperative association headquartered in Newburgh, Indiana, organized in accordance with the provisions of the Federal Credit Union Act of 1934 for the purpose of promoting thrift among and creating a source of credit for its members. Today we serve over 65,000 members and our membership is open to everyone who lives, works, worships, attends school, participates in programs to alleviate poverty or distress, or participates in associations headquartered in; and businesses and other legal entities, incorporated and unincorporated organizations located in, or maintaining a facility located in Gibson, Posey, Warrick, Vanderburgh, Daviess, Knox, Spencer, Pike, Perry, Crawford, Clark, Floyd or Harrison Counties in Indiana; or Henderson, Daviess, Hopkins, Hancock, Ohio, McLean, Webster, Union or Crittenden Counties in Kentucky; or Lawrence, Wabash, White, Gallatin or Hardin Counties in Illinois. Today we have 225 employees and 17 branches to serve our members.

About Us

Opportunities

New business and potential M&A opportunities in the expanded FOM.Continued growth in commercial lines and new growth in lines such as wholesale lending, private banking, and indirect. Develop staff and programs to support such growth.Increased efforts on the ‘next generation’ of members, such as financial literacy and relationship banking models.Senior leadership is young and eager to learn and succeed.Systems, data management and analysis capabilities are improving.Focus on automation.Improving use of data and development of data systems to make decisions.New payments processes offer potential for faster service and more relationship building for both retail and commercial members.Develop wealth services to increase income.Self-service options for members.Opportunities in new lines, including SBA, CUSOs, and Fintech integrations to improve offerings and member experience.Target marketing

  • Retail - consistent processes and communication
  • Digital - Expansion of offerings and introduction of virtual branch service
  • Commercial - Expanding SBA and Small Business convenience options

We accomplish this through specific process targetting in:

How we do business with our members needs to be purposeful & consistent to meet the mission of Improving Lives & Simplifying Banking.

Create Standardized Member Service Framework

  • Securing a Sales Leader
  • Establishing a Sales Philosophy
  • Implementing Sales Training Initiatives

We accomplish this through:

The way in which we encourage, manage and control the sales process is important to the member experience, and ultimately building deeper relationships.

Create a Standardized Sales Framework