WIXLIB

32020 ANNUAL REPORTYour money for goodDid you know?Direct financial valueNearly 4.5 million37,74545 minutesTotal Thank Use participation dividendspaid to members for using their creditunion’s services in 2020.Number of members who activelyreceived free Bright Track creditmonitoring services as of Dec. 31.Average time staff spent witheach new member providingfree financial coaching.*These calculations are based on the sum of: a.) account rate and fee comparisons between Dupaco and local banks (for each particular product), and b.) actual promotions and dividends received by members. Business accounts were excluded.dupaco.com/YourMoneyForGoodDupaco is a not-for-profit credit union owned by its members. Thatmeans you control your money and reap the benefits—with your moneystaying right here, helping your friends, neighbors and community.In 2020, Dupaco provided its membership morethan 50 million in value—that’s an average of 431* per member!Credit union uncoversadditional savings for homeownersVAN HORNE, Iowa—With the record-low mortgagerates that came with 2020, Chris and Jess Walters sawan opportunity to save money on their home loan.But when the Van Horne couple turned to the bankthat held their mortgage, they were turned away.“The rates kept dropping, and it was a no-brainerto refinance,” Chris said. “So it was nerve-wrackingwhen the bank said we didn’t qualify.”Panicked, Chris reached out to Dupaco’s CarrieMinor for guidance. She had helped him open hisfirst credit union account several years earlier.“I’ve always kept a connection with Dupaco, becausethe people there are always great,” Chris said.Not only did Minor help the couple refinance theirloan into a Dupaco Mini-Mortgage—saving themthousands in interest and shaving 11 years off their 55,000Total given to first-time homebuyers through Dupaco R.W. Hoefer Foundationgrants for down-payment or closing-cost assistanceloan—but she spotted an opportunity to help themsave even more.Minor said Dupaco could refinance their mortgageon their lake cabin too.“It was streamlined, quick and easy,” Chris said ofthe refinancing process. “It was all so simple.”A couple of months later, the couple received a call.Minor said interest rates had dropped again. Byrefinancing both loans again, the couple could savethousands more in interest.“That doesn’t happen very often when a lendercontacts you and says, ‘I can save you money,’”Chris said. “It gave us that warm and fuzzy feelingthat you’re a person and not a number. They’relooking out for us.”Chris knows his financial cooperative stands readyto help others too. That’s why he continues to referfriends to Dupaco for their financial needs.“Dupaco offers so much. It’s a one-stop-shop,”he said. “The credit union has always been there forme when I needed them.”Home loansNest. Crib. Whatever youcall it, call it your own.Apply online at dupaco.com/homes, or callus at 800-373-7600, ext. 204SCENE IN: 2020Members Chris and Jess Walters meet with Dupaco’s Carrie Minor at the Williams Boulevard branch in Cedar Rapids, Iowa. Minor helped the couple refinance two home loans—twice—as interest rates continued to drop in 2020. (B. Kaplan photo)A BIG reason to be thankful:Together, members shareAt a cooperative like Dupaco, you’re not just amember—you’re an owner. Active participation not onlypowers the credit union but promotes financialwell-being through education, better rates, fewer feesand Thank Use participation dividends. Here’s howparticipating members earned Thank Use in 2020:Average cardtransactionsper memberNearlyTotal Thank Usepaid to participatingmembers 4.5millionNumber of memberswho participatedall five years 71Average ThankUse payoutNumber of statesin which participatingmembers reside50Total membersthankedPlus nine other countries:Eswatini, France, Ireland, Israel,Japan, Mexico, Netherlands,Uruguay and VietnamNumber of kids whoparticipated through theBoost categoryDear members,Thanks for using thefinancial cooperativeyou own!4,859Total Thank Useparticipation dividendspaid to members since 2016More than 16.8millionLearn how28531,610More than63,000to earn at dupaco.com/ThankUse

42020 ANNUAL REPORTWe’ll meet you where you areSCENE IN: 2020Dupaco Community Outreach and Education Vice President Deb Schroeder (from left),COE Representative Becky Beschorner and Dupaco President and CEO Joe Hearnattend the virtual open house for the Innovation Lab in Independence, Iowa, on Nov. 18.(D. Klavitter/Dupaco photo)Finding local financial help isn’t always easy(or convenient).Dupaco helps bridge that gap by delivering moneyresources, guidance and services where you are.The financial cooperative brings the credit unionexperience to workplaces through its free MoneyMatters program. Employees can access financialeducation and resources to help them succeed bothpersonally and professionally.In 2020, Dupaco expanded its community outreach.You now have access to financial education,advice and services at the new Dupaco Connectlocations inside the Innovation Labs in Cascade andIndependence, Iowa. More locations will follow.Here’s what you can expect:EducationAll Dupaco Connect locations will host financialeducation sessions on a regular basis.AdviceYou can set up a time to meet a Dupaco expertat your closest Dupaco Connect to create a plan toreach your financial goals.SCENE IN: 2020Financial servicesAll Dupaco Connects feature a live video teller/24-hour ATM to cover your everyday banking needs.1,240Dupaco’s Tony Viertel (right) and Peter Spinoso kick off the When You Know Better, You DoBetter virtual financial education series with the Budgeting & Saving webinar Sept. 17from the Innovation Lab in Cascade, Iowa. (T. Viertel/Dupaco photo)997Number of businessesserved by Dupaco’sCommunity Outreach andEducation team in 2020Number ofworkplace visitsthe team madein 2020Connect with us at dupaco.com/DupacoConnect74When you know better, you do betterGuided contentexperienceDupacoblogExplore content on Dupaco’s home pageby answering questions about yourgoals. Learn how to boost your financialwell-being, save and more.Dupaco experts offer advice to help youtackle every stage of your financial life.148,981: Number of times blogcontent was viewed in 2020—morethan three times that of 201913,178: Number of times visitorsexplored one of Dupaco’s 16 guidedcontent experiences in 2020FightingfraudNumbercrunchingDupaco wants to help you fight fraud.Check out our web pages, blogs, videos,printable resources and on-demandwebinars to learn more about protectingyour identity.90 : Number of fraud resourcesNumber of virtualpresentations, visits andone-on-one meetings theteam offered in 2020Learn more ways to know and grow yourmoney at dupaco.com/learnEducationaleventsDupaco’s website offers a variety ofcalculators to help you weigh yourfinancial options.Dupaco kicked off a series of FacebookLive videos to help you manage yourmoney during the pandemic.37,814: Number of times Dupaco’s22,554: Number of times Dupaco’scalculators were accessed in 2020Facebook Live videos were viewedavailable at dupaco.com911013121415211816173Did youknow?45Dupaco features a giant interactivetouch-screen experience at NewBoCity Market in Cedar Rapids, Iowa.The screen invites you to play funand educational financial games.2,130: Number of people who usedthe screen in 2020112Interactivetouch screen619202322724825As of Dec. 31, 2020, Dupaco members resided in all 50 states,plus the District of Columbia and 24 other countries: 1 U.S. 14 Switzerland 2 Canada 15 Turkey 3 Mexico 16 Israel 4 Guatemala 17 Saudi Arabia 5 Costa Rica 18 China 6 Aruba 19 Thailand 7 Venezuela 20 Vietnam 8 Uruguay 21 Japan 9 Ireland 22 Philippines 10 United Kingdom 23 Marshall Islands 11 Norway 24 Australia 12 France 25 New Zealand 13 NetherlandsAccess your money wherever you areSharedBranchMake fee-free deposits, withdrawalsand more at 5,600-plus CO-OP SharedBranch locations nationwide.Get startedATM networkEnjoy surcharge-free access at morethan 30,000 ATMs nationwide.at dupaco.com/accessQuickBalancePicturePayGet one-touch access to your accountbalances without signing into Shine.Pay bills once or on a recurring basisfrom any device.72,290: Number of active Shine 62,970,942: Total amount ofusers as of Dec. 31bills paid using Picture Pay in 2020MobilewalletMake fast, contactless mobile paymentswith your Dupaco cards. You can addthem to Apple Pay, Google Pay orSamsung Pay.2,634,668: Number of DupacoVisa credit card transactions in 2020MobiledepositMake your deposits electronicallywith photos of your checks. 136,817,746 was depositedthrough mobile deposits in2020—more than three times theamount deposited in 2019

52020 ANNUAL REPORTMembers continue to put their trust in DupacoReport from the Chair of the Board—Andy SchroederS T A T E M E N T S O F F I N A N C I A L C O N D I T I O N ***DEC. 31, 2020 AND 2019ASSETS2020*Loans to members, net of allowance for loan losses(2020— 14,772,000; 2019— 13,086,000) 1,485,839,434 ,528 2,430,731,369 1,888,189,051CashInterest-bearing deposits in financial institutionsInvestmentsSecurities available-for-saleAccrued interest receivableProperty and equipment, at depreciated costSCENE IN: 2020Andy Schroeder, chair of the board, takes oath among Dupaco’s eight other volunteer directorsfollowing the 2020 Annual Meeting on March 1, 2020, at the Peosta (Iowa) Community Centre.(D. Klavitter/Dupaco photo)Through hard work and living out our mission, teamDupaco continues to be that bright spot members relyon even during some of our communities’ darkest days.When I look back at the past year, I am in awe andincredibly grateful for every Dupaco employee who madesacrifices and remained committed to improving ourmembers’ financial positions and delivering personalizedfinancial advice, products and services.The dedication of everyone on the Dupaco team whokept positive attitudes amid the mountain of uncertaintyhas been truly inspiring.Through the challenges that 2020 brought us, memberscontinued to look to Dupaco to act in their best interest.And our comprehensive, triannual membership surveyresults support this.Of the more than 26 attributes that are surveyed—everything from locations and hours to rates and fees—you told us the things that matter most to you as Dupacomembers are “accuracy and confidentiality” (tablestakes as a financial institution), followed by “Dupacounderstands my financial needs” and “Dupaco alwaysacts in my best interest. “The survey also validated that members expect, andDupaco is proud to deliver, the availability of technologyand access to accounts with our dynamic online andmobile banking platforms.While the Federal Reserve estimates that 39% ofAmericans will struggle if faced with a 400 emergency,Dupaco wants to help members save for that rainy dayto ensure financial resiliency.The habit of systematically saving money is a coreprincipal of Dupaco.And now, through a special feature in Shine Onlineand Mobile Banking, Dupaco members can start their veryown savings goals with just a few clicks or taps. Just entera target amount and date, and the tool will automaticallycalculate a customized plan so you can systematicallysave to reach your goal.It’s tools like this that have already helped Dupacomembers improve their financial positions while positivelyimpacting their overall well-being.In fact, as part of Thank Use 2020, members workedcooperatively to start (and stick to!) a savings plan, whichearned them additional Thank Use.And, thanks to Thank Use, members with a savingsbalance of more than 400 increased 19% just in thepast year alone. Now that’s thrifty!Once again, BauerFinancial ranked Dupaco with a5-Star Superior rating for being one of the country’sstrongest financial institutions. For the third consecutiveyear, Forbes Magazine ranked Dupaco as a top creditunion in America. And for the 10th consecutive year,we earned the Crystal Performance Award as one of thetop performing credit unions in the country based on theRaddon Performance Index.These achievements are no easy task, and your teamat Dupaco is honored to have received this recognition.I owe a special thank you to my fellow volunteers.Their dedication to this credit union and our members isremarkable. I have learned so much from each of them.Thank you for your ongoing membership and trust inDupaco as your financial home.Cooperatively yours,Other assetsDeposit—National Credit Union Share Insurance Fund (NCUSIF)OtherTOTAL ASSETSLIABILITIES AND MEMBERS’ EQUITY2020*2019 98,162 877 2,095,833,4591,588,480,981 334,897,910 299,708,070 2,430,731,369 1,888,189,051LiabilitiesSavings accountsShare draft accountsTerm share certificatesNotes payableAccrued expenses and other liabilitiesTotal liabilitiesTotal members’ equityTOTAL LIABILITIES AND MEMBERS’ EQUITY2019S T A T E M E N T S O F I N C O M E ***FOR THE YEARS ENDED DEC. 31, 2020 AND 20192020*2019 69,445,70010,735,67580,181,375 63,278,20914,577,50177,855,710Interest and dividend expenseNet interest ision for loan lossesNet interest income after provision for loan lossesOther ,58837,059,02074,405,139 24,036,93765,532,989 24,323,619Interest incomeLoansInvestmentsTotal interest incomeOperating expensesNET INCOME**** Beginning Jan. 1, 2019, a new Financial Accounting Standards Board pronouncement required the credit union to recognize 3,374,000 and 7,684,000 in unrealized gain/(loss)on equity investments through net income in 2020 and 2019, respectively, rather than directly through members’ equity. These regulatory authorized equity investments fund futureemployee benefit expenses and charitable community enrichment. The impact of this guidance on future periods is dependent on future market conditions and investment activity.*** Consolidated financial information. Dec. 31, 2019, was updated to reflect consolidated financial statements of Dupaco Community Credit Union and its subsidiaries.*Unaudited.HOW INCOME DOLLARS ARE SPENTMEMBER BENEFITS *BEXPENSESDCA15.2%A Dividends paid to members4.0%B Member givebackHFC Community growth/enrichment 0.9%19.4%D ReservesGF Operating expenses21.1%G Salaries and benefits30.9%3.7%H Occupancy*40 of every 1 earned went toward member benefits during 2020.OTHER STATISTICSEquity/Asset Ratio: 13.78%% IncreaseMembership: 135,876 Increase% Increase IncreaseAssets28.73% 542,542,318Loans17.55% 224,016,689Deposits30.02% 456,814,193Membership8.42%—ASSETS* 2,400,000,000DEPOSITS* 1,900,000,000 1,700,000,000 2,000,000,000 1,500,000,000 1,600,000,000 1,300,000,000 1,200,000,000 1,100,000,000 900,000,000 800,000,000 700,000,000 400,000,000 500,000,0002011 2012 2013 2014 2015 2016 2017 2018 2019 20202011 2012 2013 2014 2015 2016 2017 2018 2019 2020MEMBERS*LOANS*140,000 1,400,000,000120,000 1,200,000,000100,00080,00060,00040,00020,0002011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1,000,000,000 800,000,000 600,000,000 400,000,0002011 2012 2013 2014 2015 2016 2017 2018 2019 2020*Through December 2020. Your savings federally insured to at least 250,000 by the National Credit Union Administration (NCUA), a U.S. Government Agency,backed by the full faith and credit of the United States Government.Andy Schroeder, Chair of the Board4.8%E Loan lossesE

62020 ANNUAL REPORTDupaco’s mission shines brighter than everReport from the President & CEO – Joe HearnFrom adapting to theever-changing guidance of theCOVID-19 response to turningthe lights back on after adevastating derecho, our teamwas there for our members in2020, standing strong andready to help as their financialfirst responder.2 0 2 0H I G H L I G H T S373Dupaco’s 557 employeesvolunteered their expertiseby serving on 150 nonprofitboards and committeesNEWProvidedDupaco member reliefassistance loans related to COVID-19 andthe Midwest derechoLaunched upgraded onlinemembership applicationStaff vigilance more than 5.2preventedmillionin memberfraud losses 1.3 millionWaived more thanin fees for members during COVID-19Providedmore thandeferrals on11,700 paymentconsumer loans related toFinanciallysupportedCelebrated Thank nearly 4.5Use payout of millionNEWThe challenges and obstaclesthat were brought on duringthe last year proved one thing:Your credit union’s mission toensure every member remainsfinancially resilient has nevershined brighter than in 2020.We continue to learn andexpand on ways to meet youDebuted Shine Text Banking 40,000Awardedin student scholarships throughthe Dupaco R.W. Hoefer Foundation 30 millionDistributed nearlyin Paycheck Protection Program loans to654 small businessesCOVID-19 and the derecho165 nonprofit and communityorganizationsDeposits totalnearly 1.98 billionAssets exceed 2.43 billionLoans outstandingexceed 1.50 billionDupaco capitalreserves remainextremely strongAn increaseof more than30%An increaseof more than28%An increaseof more than17%Exceeding nearly13.8%of assetswhere you are. In person orvirtually, we ramped up ourdigital connection points toensure our teams stayedconnected to you throughwebinars, one-on-one videoconversations and onlineappointment scheduling.You can start yourconversation by emailingconnect@dupaco.com.Adapting our deliverychannels while consistentlyembracing and enhancingtechnology has allowed usto serve you in ways you notonly expect but deserve. Wedebuted new services likeShine Text Banking andremote notarization whileenhancing our online memberapplication and mobilebanking app.Dupaco was proud topartner with Dubuque-basednonprofit Creative AdventureLab to provide free SmallBusiness Survival Coachingto community nonprofits andsmall business members. Andwhen these small businessowners needed someonethey could trust as a resourcefor the Paycheck ProtectionProgram, your credit unionwas here for them.Dupaco lent out nearly 30 million to 654 smallbusinesses through the PPP,with an average loan size ofSCENE IN: 20202:15/6:55Dupaco President and CEO Joe Hearn gives a heartfelt thank you to staff for their response during thepandemic via video from his home office on March 26.just 45,000. Nearly half ofDupaco’s PPP loans were for 10,000 or less. One loantotaled just 80. We werehonored to have receivedthe U.S. Small BusinessAdministration’s Impact Awardfor being the top PPP creditunion lender in Iowa.In 2020, more than 63,000participating Dupaco membersearned nearly 4.5 million inbonus dividends as part of thefinancial cooperative’s ThankUse program.Since 2016, Dupaco haspaid more than 16.8 millionin Thank Use directly to ourmember-owners. The ThankUse dividend demonstrates thepower of D

Welcome to the financial home you own On behalf of the Dupaco Board of Directors and staff, I'm delighted to present your credit union's 2020 Annual Report. It highlights Dupaco's . PAGE 5 Members continue to put their trust in Dupaco PAGE 6 Dupaco's mission shines brighter than ever PAGE 7 Dupaco in 2020: A chronology