2015 Annual Report

In 2015, Sperry Federal Credit Union achieved remarkable goals on behalf of its members – most im-
portantly, the NCUA Preliminary Warning Letter was formally rescinded in recognition of the fiscal results we
have achieved. The credit union had another financially strong year driven by Sperry’s senior leadership and
staff, with guidance and direction from our membership, Board of Directors and Supervisory Committee.

I am greatly pleased to report that after four consecutive quarters, Sperry’s Net Worth has increased by
4.29%, satisfying our Net Worth Restoration Plan two years ahead of schedule. As a result, Sperry improved
its standing from an “under-capitalized” to “well-capitalized” credit union, and was upgraded by the NCUA to
a CAMEL 3 rating. In addition, with a dedicated focus on member service, innovation and technology, Sperry
achieved a 39% growth in new membership, plus a 7.64% increase in our capital ratio.

CEO and Vice Chairman Kevin Healy is a strong and determined leader who works diligently to exe-
cute the Board’s strategic plan; along with his staff, Kevin has helped Sperry turn a corner and get back on the
path to long-term success. Under his leadership, the Board is confident that Sperry will continue to thrive and
build a sustainable credit union for generations to come.

This year, as we mark 80 years of service to our members and their communities, we continue to main-
tain our vision of people helping people through efficient and innovative services – and rates – that add value
to the lives of our members. At the heart of every credit union is the value it delivers to its members, and I
would like to personally thank all of you for continuing to support Sperry as your trusted financial partner. We
look forward to helping all members – current or new – achieve their goals, such as buying a home, building a
college fund, and saving for retirement.

Gary Barello
Chairman of the Board of Directors

Income before Expenses 7,645,102

This past year delivered continued progress and new beginnings for Sperry Federal Credit Union and its members. In
juxtaposition, I think back to 2012 – when the NCUA told our Board of Directors that Sperry could not recover from the severe
challenges we faced due to the failures of the previous management team. As Vice Chairman of the Board, I knew then, as I con-
tinue to know now, that the NCUA was wrong. And I believe – with no apologies – the best is yet to come for Sperry.

Through perseverance, commitment and hard work, Sperry identified and remedied our challenges. With that said, I
would like to sincerely thank our members, the Board, and the Supervisory Committee for your determination and resiliency over
these past three years. The Board has backed our management team and staff, inspiring the passion needed to drive our achieve-
ments throughout 2015 and the future.

Every day at Sperry, we strive to offer the best possible services for our members. These services can help enhance your
lives, and in a world moving faster than ever before, we understand the value this provides. We continue to work diligently to
offer you and your families the most competitive rates on Long Island: our Certificates of Deposit and new Youth Savings Ac-
counts reflect this commitment.

We have also embraced the potential of social media – our Facebook page was launched this year to enable us to better
connect and communicate with members. Sperry proudly awarded nine college-bound members with scholarships, in sync with
our sponsorship of local youth organizations to reinforce our support of tomor-
row’s leaders. To build upon our community service contributions, we attended
street fairs across Nassau County and supported Long Island charities, including
the Maurer Foundation, the United Way of Long Island, and Island Harvest.

As your CEO and Vice Chairman, I am amazed to reflect upon Sperry’s
progress over the past few years. I remain fully committed to leading us forward –
together – on the path of evergreen success in the years ahead.

Kevin J. Healy
CEO & Vice Chairman of the Board of Directors