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Forging ahead with clarity and confidence

If 2020 was a year that revealed First West’s depth of character and generosity of spirit, then 2021 was a year of moving forward with renewed resolve. It was a year of keeping our foot on the gas, of sharpened focus and hustling harder to continue building the strength of our credit union and securing our future.
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Shawn Neumann, Board Chair | Launi Skinner, CEO

Performance dashboard

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


Grew by $0.5 billion or 4.0% in 2021, compared with an increase of 10.5% in 2020.


Grew by $1.0 billion or 11.2% in 2021, compared with 0.04% in 2020.


Increased by $452.6 million or 4.3% in 2021, compared with 9.2% in 2020.

Wealth Assets Under Administration

Increased by $855.3 million or 25.9% in 2021, compared with 9.4% in 2020.

Loans by Lending Sector (%)

Stable portfolio product mix, with commercial lending increasing to 39%, from 38% and personal loans at 7% compared with 9% in 2020.

Total Funding Composition (%)

Strong funding and liquidity profiles, with deposits totaling $11.0 billion, an increase of 4.3% in 2021, compared to 9.2% in 2020.

Profit ($M)

Profit for the year of $66.9 million was $5.3 million or 8.6% higher in 2021, compared with $61.6 million in 2020. Profit from continuing operations was higher by $18.1 million or 37.1% from 2020, primarily due to increased net interest income and recovery in credit provision.

Revenue Mix ($M)

Continued strong diversification of interest, fee, commission and other income in 2021.

Total Assets and Wealth Assets Under Administration ($B)

Including wealth assets under administration, First West's total assets grew to approximately $16.9 billion, an increase of 9.0% from $15.5 billion in 2020.

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 of $450 million relative to minimum regulatory requirement of 8.0%. (*as defined by BCFSA)
First West’s strong performance during another year of uncertainty boils down to how our employees show up for members every day with smarts, intention and care. We’re relentless in creating consistently remarkable experiences.
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Mark Moreland, Chief Financial Officer

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.

* Copyright ©2021 Sustainalytics. All rights reserved. This website contains information developed by Sustainalytics ( Such information and data are proprietary of Sustainalytics and/or its third-party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at