When Mike Hambrick arrived at Envision Credit Union in April 2011, the $260 million Tallahassee, Fla., institution was still struggling under the weight of the previous administration's strategies.
The subsequent steps taken by Hambrick, the new senior vice president and chief financial officer, and Darryl Worrell, the new president/CEO hired in 2010, put the credit union on a stable course while setting the stage to better manage interest rate risk in preparation for what will one day be a changing rate environment.
At the time, Envision was burdened with high overhead and had too many 30-year fixed-rate mortgages on its books. Long-term assets topped out at 43% of the overall portfolio with little to balance the risk on the short-term side. By 2009, losses from real estate loans and other long-term assets had taken a $2.4 million bite out of credit union earnings, Hambrick said.
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