Strength and stability in a disruptive year

During uncertain economic times, First West maintained a dedicated focus on members and communities and achieved strong 2020 financial results.

VIEW THE COMPLETE ANNUAL REPORT

2020 ANNUAL REPORT

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A MESSAGE FROM OUR BOARD CHAIR & CEO

Character members can count on

“Adversity does not build character, it reveals it.” If this is true—and we believe it is—then 2020 was a year of personal and corporate character coming into plain sight. Our “why”—to simplify lives and help our members and communities thrive—and our co-operative values compel us to stand with and support one another in good times and in difficult times. That is why, when British Columbians began to feel the impact of the COVID-19 pandemic, First West showed up. We were there for our members, employees and community partners.
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Shawn Neumann, Board Chair | Launi Skinner, CEO

FINANCIAL HIGHLIGHTS

Performance dashboard

Key financial strength metrics—for detailed analysis of our financial results, download Management's Discussion & Analysis.

Assets

$1.2 billion or 10.5% increase in 2020, compared with 7.3% in 2019.

Loans

$3.3 million or 0.04% increase in 2020, compared with 6.5% in 2019.

Deposits

$885.4 million or 9.2% increase, compared with 7.0% in 2019.

Wealth Assets Under Management

$282.6 million or 9.4% increase, compared with 12.3% in 2019.

Loans by Lending Sector (%)

Stable portfolio product mix, with commercial lending increasing to 38%, from 36% in 2020, and personal loans at 8% compared with 10% in 2019.

Total Funding Composition (%)

Strong funding and liquidity profiles, with deposits totaling $10.5 billion, an increase of 9.2% in 2020 from $9.7 billion in 2019.

Profit ($M)

Profit for the year after tax at $61.6 million was $26.6 million or 30.1% lower in 2020, compared with $88.2 million in 2019. Profit from continuing operations at $48.8 million was $6.1 million, or 14.2% higher in 2020 compared with $42.7 million in 2019.

Revenue Mix ($M)

Continued strong diversification of interest, fee, commission and other income in 2020.

Total Assets and Wealth Assets Under Management ($B)

Including wealth assets under management, First West's total assets grew to approximately $15.5 billion, an increase of 10.2% from $14.1 billion in 2019.

Credit Rating | Long-Term

Investment Grade Credit Rating (DBRS Morningstar). Long-term issuer rating.

Credit Rating | Short-Term

Investment Grade Credit Rating (DBRS Morningstar). Short-term issuer rating / short-term instruments.

Strong Regulatory Capital Ratio*

Capital buffer $461 million relative to minimum regulatory requirement of 8.0%. *As defined by BCFSA.
“First West’s strong financial performance through a year like no other is a testament to our organizational resilience. Our size and stability ensured we were ready and could be there for our members and communities when they needed us most.”
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Tom Webster, Chief Financial Officer

More 2020 highlights

We continued to produce real value that meets the evolving needs of members, communities and employees.

Members

Communities

Employees

Transforming the banking experience

In 2020 we introduced members to Finley, our AI-powered digital assistant who is available 24/7 to offer advice, product and service information, and guidance on navigating our division websites and digital banking platforms.

We also launched Google Pay™ and Samsung Pay across all our brand divisions, enabling mobile in-app and tap payment with Member Card® debit cards.

Supporting others when it’s needed most

In the summer of 2020, our Get a Meal, Give a Meal campaign provided creative incentives for members to continue supporting local businesses and food banks. For each order of $50 or more at participating member-owned restaurants, members received a $25 discount and we donated $5 to a local food bank. Our efforts helped to generate more than $70,000 in business for local restaurants and $8,130 for local food banks, a total equivalent to 24,390 meals for those in need.

Empowering employees to succeed

In March 2020, within just a few days of B.C. declaring a state of emergency, we leveraged our partnerships with industry-leading technology providers to transition many employees to serve members securely and safely from home.

Through the year we also expanded virtual training options and continued building our ability to provide expert advice to members when 120 of our personal and business banking advisors began the industry-leading Personal Financial Planner® (PFP) training program.

Downloads

Download previous annual reports

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009 | Envision Financial

2009 | Valley First

2008 | Envision Financial

2008 | Valley First