Complete Annual Report
Rock solid in uncertain times
Throughout a volatile year, First West produced solid financial results, came alongside our members during difficult times and continued to write our own script for the future.VIEW THE COMPLETE ANNUAL REPORT
2022 ANNUAL REPORT
A MESSAGE FROM OUR BOARD CHAIR & CEO
Navigating challenging times through purpose
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
Leading ESG research, ratings and data firm Sustainalytics has rated First West as 16.7 low risk of experiencing material financial impacts from ESG factors. First West’s ESG Risk Rating places our credit union among sustainability leaders in the banking industry.
Learn more on page 9 of the 2022 annual report.
More 2022 highlights
We continued to produce real value that meets the evolving needs of members, communities and employees.
Doing more for your money—and your future
- A new registered High-Interest Savings Account with a bonus interest rate and flexibility to invest any amount helps members grow their all-important savings, tax-free.
- New online and mobile app cyber security features added yet another layer of protection for our members’ digital banking.
Making meaningful impact
We invested more than $3.2 million in our communities in 2022.
First West employees also contributed 6,268 hours of community leadership to more than 162 non-profit and charitable organizations throughout British Columbia.
Our signature cause, supporting a third of registered food banks across B.C., raised $393,039, driven by employee-led fundraising and community partnerships. Since 2010, First West has raised nearly $4,792,000 and collected 197,368 pounds of food for local food banks.
Helping employees thrive
Research shows that the best organizations focus on both performance and organizational health.
Organizational health refers to the ability of an organization to align behind goals, execute with excellence, and renew and adapt to change.
First West’s Organizational Health Index score for 2022 puts us in the top 10% of companies globally.