Complete Annual Report
Results from resilience
First West remained focused on the future and showing up for members and communities, producing another year of strong financial results amid challenging times.VIEW THE COMPLETE ANNUAL REPORT
2021 ANNUAL REPORT
A MESSAGE FROM OUR BOARD CHAIR & CEO
Forging ahead with clarity and confidence
Shawn Neumann, Board Chair | Launi Skinner, CEO
Wealth Assets Under Administration
Loans by Lending Sector (%)
Total Funding Composition (%)
Revenue Mix ($M)
Total Assets and Wealth Assets Under Administration ($B)
Credit Rating | Long-Term
Credit Rating | Short-Term
Strong Regulatory Capital Ratio*
Building a more sustainable credit union for future generations
As of August 25, 2021, First West received an ESG Risk Rating from leading ESG research, ratings and data firm Sustainalytics and was assessed to be at 18.6 low risk of experiencing material financial impacts from ESG factors. First West’s ESG Risk Rating places our credit union in the twelfth percentile in the banking industry, and third percentile in the regional banking subindustry assessed by Sustainalytics.*
Learn more on page 9 of the annual report.
More 2021 highlights
We continued to produce real value that meets the evolving needs of members, communities and employees.
Transforming the banking experience
A refreshed online and mobile banking experience brought members a new interface optimized for a more seamless, intuitive and personalized experience, on practically any modern device.
We also unveiled a new online membership application and an enhanced business membership account opening experience, making it easier and faster to become a member and enjoy the benefits of our local approach to financial services.
Supporting others when it’s needed most
We invested more than $3.3 million in our communities in 2021. We were especially honoured to be able to give more than $231,000 in relief funding for British Columbians impacted by wildfires and floods.
First West also invested $1 million into our multi-faceted Simple Generosity program to help our members and local non-profits and businesses who faced unprecedented challenges and demands due to the pandemic.
Empowering employees to succeed
We grew employee learning options through new bite-sized, “just-in-time” training and LinkedIn Learning for all employees. In 2021, employees completed over 1,000 courses, watched over 21,000 learning videos and spent more than 1,100 hours training on the LinkedIn platform.
Our new “Leader as Coach” launched in early 2021 and 48 leaders have since completed the program, with more in queue for 2022.