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

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A MESSAGE FROM OUR BOARD CHAIR & CEO

Navigating challenging times through purpose

Periods of prolonged uncertainty, such as what we’ve encountered in recent years, have a way of pushing us to prioritize and focus on what’s truly important under the circumstances. For the team at First West Credit Union, the things that matter are ultimately driven by our purpose, by the reason we exist: to help members and communities thrive. This is the beacon that always cuts through the fog of uncertain times, the North Star that enables us to know in which direction to head.
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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, see Management's Discussion & Analysis.

Assets

Grew by $0.6 billion or 5.0% in 2022, compared with an increase of 4.0% in 2021.

Loans

Grew by $1.1 billion or 10.5% in 2022, compared with 11.2% in 2021.

Deposits

Increased by $388.5 million or 3.5% in 2022, compared with 4.3% in 2021.

Wealth Assets Under Administration

Decreased by $65.4 million or 1.6% in 2022, compared with a 25.9% increase in 2021.

Loans by Lending Sector (%)

Stable portfolio product mix across commercial and retail loan books in 2022.

Total Funding Composition (%)

Strong funding and liquidity profiles, with deposits totaling $11.4 billion, an increase of 3.5% in 2022, compared to 4.3% in 2021.

Profit ($M)

Profit for the year of $37.0 million was $29.9 million or 44.7% lower in 2022, compared with $66.9 million in 2021.

Revenue Mix ($M)

Continued strong diversification of interest, fee, commission and other income in 2022.

Total Assets and Wealth Assets Under Administration ($B)

Including wealth assets under administration, First West's total assets grew to approximately $17.4 billion, an increase of 3.4% from $16.9 billion in 2021.

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 $432 million relative to minimum regulatory requirement of 8.0%. (*as defined by BCFSA)
“The high quality of our financial performance amid economic turbulence reflects the trust we’ve earned from our members by always working in their best interest.”
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Mark Moreland, Chief Financial Officer

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.

Members

Communities

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.

Downloads

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2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009 | Envision Financial

2009 | Valley First

2008 | Envision Financial

2008 | Valley First

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