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2022: A Year in Review for NWCU

Members tell Forbes: NWCU is the #1 Credit Union in Oregon

Members can be proud of this ranking—we’re in a select group of credit unions. Of the 5,400 credit unions nationwide, only 3.4% were recognized by consumers as stand-outs in service performance.

Forbes and market research firm Statistica ranked credit unions and banks nationally, using customer survey data, scoring overall recommendations, satisfaction, and five additional service factors (trust, terms and conditions, branch services, digital services, and financial advice).

Read more in the full report: The Best Banks and Credit Unions In Every State 2022. I am deeply thankful to members for choosing us. We celebrated with displays on inbranch screens and billboards and staff recognition surprises. I could not be prouder of our teams, as they consistently bring a personal touch to financial services. The Forbes ranking also set the stage for our first public announcement (July 2022) of a proposed strategic and collaborative merger with TwinStar Credit Union of Lacey, WA. Unusual for credit unions of our size and performance—TwinStar CU also consistently ranks as a leader in Washington credit unions—the plan to merge is designed to leverage TwinStar and Northwest’s exemplary services. These first plans took shape in 2022; Northwest members will vote in 2023, following regulatory approval.

John D. Iglesias President & Chief Executive Officer (CEO)

A message from David Rainwater, Northwest Community Credit Union Board Chair

“NWCU aggressively repriced both lending and deposit products to control interest rate risk while remaining competitive.”

STRONG LOAN GROWTH—NWCU experienced strong loan growth in 2022, with the loan portfolio increasing by $254 million over the prior year. This growth assisted the Credit Union to deploy excess liquidity which had built up during the pandemic. These factors yielded a Return on Average Assets of 0.77%, with a low Operating Expense Ratio of 2.82%. The increase in interest income and operational efficiencies allowed NWCU to maintain a low operating cost which produced a Net Worth Ratio of 9.92%. NWCU earnings on loans and investments are projected to increase in 2023 by approximately 28% which will increase net income by approximately 4.5%.

THE HIGH INFLATION AND HIGH-RATE ECONOMY—In April 2022, the Federal Reserve started its rate hike campaign to combat inflation. NWCU aggressively repriced both lending and deposit products to control interest rate risk while remaining competitive. At year-end, interest rates were at a twenty-year high. This high yield environment allowed the Credit Union to realize an additional $6 million in interest income from loans and investments with a net income of $13.9 million, $2.7 million over our budgeted net income. This income allowed NWCU to make additional contributions to our local communities and positioned us well for 2023 and any economic challenges ahead.

Message from the Supervisory Committee

The Supervisory Committee is a group of appointed members who serve a vital role as trustees providing oversight in the interest of Northwest Community Credit Union (NWCU) members. The committee is responsible for making sure that the credit union’s financial records are in order and internal controls are in place to protect the assets of the credit union and its members. During the year, the committee retained Moss Adams, LLP to conduct the annual financial statement audit of NWCU. Moss Adams is currently performing an audit of NWCU’s 2022 financial statements. The Supervisory Committee expects Moss Adams will issue an unqualified (clean) auditor’s opinion on the financial statements for the year ending December 31, 2022, as in previous years. In addition, the Committee does not anticipate Moss Adams will note any material internal control deficiencies or significant findings during its fieldwork. The Internal Auditor reviewed the membership records, certain accounts and other areas as directed by the committee to ensure that adequate internal controls are established and maintained to safeguard the credit union’s assets. NWCU Internal Audit did not report any significant weakness in internal controls or other areas covered during its internal audits. As the credit union continues to grow, we look forward to another successful year and would like to express our appreciation to the dedicated employees, management, and Board of Directors of Northwest Community Credit Union. — Cathi McNutt Supervisory Committee Chair Supervisory Committee Members: Cathi McNutt, Supervisory Committee Chair; Kristen Rutherford, Supervisory Committee Secretary; Robert Erick, Supervisory Committee Member; Kyrria Martinez, Supervisory Committee Member

2022 Financials

Balance sheet totals as of December 31, 2022:

Loans (Net)
Land and Buildings (Net)
National Credit Union Share Insurance Fund
Other Assets
Total Assets
$$ 1,806,109,861
Liabilities and Equity
Other Liabilities
Member Equity
Unrealized Gain/Loss on Investments
Total Liabilities and Equity
$ 1,806,109,861

Income Statement: 12-Month Period Ending December 31, 2022

Interest on Loans
Income from Investments
Other Income
$ 73,319,955
Compensation and Benefits
Provision for Loan Losses
Interest on Deposits
Interest on Borrowed Money
$ 59,432,708
Net Income $ 13,887,248