Earnings recovery accelerates

A stabilized interest rate environment paved the way for accelerated earnings, positioning First West for a new chapter of growth, financial strength and enhanced banking experiences for members.

VIEW THE COMPLETE ANNUAL REPORT

2025 ANNUAL REPORT

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A MESSAGE FROM OUR BOARD CHAIR & CEO

The next chapter in cooperative banking

2025 marks an important moment for First West Credit Union. When Envision Financial and Valley First came together in 2010, we set out to build something unique in Canadian cooperative banking: a multi brand credit union rooted in beloved local identities and strengthened by the scale of a larger organization. That bold decision shaped who we are today—a financial cooperative grounded in local care, backed by deep expertise, and focused on helping our members and communities flourish. Now, we're entering a new chapter of growth.
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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 in the downloads section below.

Assets

Grew by $0.5 million or 3.8% in 2025, compared with 0.2% in 2024.

Loans

Increased by $0.5 billion or 4.2% in 2025, compared with 5.0% in 2024.

Deposits

Increased by $0.1 billion or 0.6%, compared with 1.5% decrease in 2024.

Wealth Assets Under Administration

Increased by $0.7 billion or 12.5%, compared with 20.5% increase in 2024.

Loans by Lending Sector (%)

Stable portfolio product mix across commercial and retail loan books in 2025.

Total Funding Composition (%)

Stable funding and liquidity profiles, with deposits totalling $11.9 billion, an increase of 0.6% in 2025, compared with 2024.

Profit / Loss ($M)

Profit of $30.5 million in 2025, compared with loss of $12.0 million in 2024.

Revenue Mix ($M)

Continued strong diversification of interest, fee, commission and other income in 2025.

Total Assets and Wealth Assets Under Administration ($B)

Including wealth assets under administration, First West's total assets grew by approximately $1.2 billion, an increase of 6.2% from $19.6 billion in 2024.

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 $575.2 million relative to minimum regulatory requirement of 8.0%. (*as defined by BCFSA)
“In 2025, we came alongside our members as they continued to wrestle with persistent financial pressures like inflation and rate normalization. The strong financial performance we achieved reflects the trust they have in us to help them navigate uncertainty and feel more resilient and confident about their financial futures.”
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Mark Moreland, Chief Financial & Strategy Officer

More 2025 highlights

We continued to create value for members, communities and team members.

Members

Communities

Team Members

Building better advice and banking experiences

  • With thousands of members approaching mortgage renewals following the normalization of central bank target interest rates, our teams mobilized early to help members navigate new rates with confidence.
  • We expanded our digital offerings self-serve wire transfers for commercial members, giving them more convenience with this fast, reliable payment method.
  • We continued investing in our branches through major, multi-location renovations designed to elevate and modernize in-branch experience, with elements reflecting our brand evolution.

Making meaningful impact

  • We invested more than $2.6 million in our communities in 2025.
  • First West team members also contributed 7,206 hours of community leadership to 221 non-profit and charitable organizations throughout British Columbia.
  • Our signature cause, supporting a third of registered food banks across B.C., raised $476,000, driven by team member-led fundraising and community partnerships. Since 2010, First West has raised more than $5.9 million and collected over 233,000 pounds of food for local food banks.

A top employer in B.C.

First West has been named to the B.C.’s Top Employers list for three years in a row. This annual competition recognizes the British Columbia employers that lead their industries in creating exceptional workplaces. Competitive vacation and maternity/parental allotments and extras like health and well-being support programs (including mental health care) help put First West among this esteemed group of organizations.

We’re also a platinum winner of Canada’s Most Admired Corporate Cultures™ award, recognizing our ongoing commitment to nurturing a positive and effective workplace environment.

Downloads

Download previous annual reports

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009 | Envision Financial

2009 | Valley First

2008 | Envision Financial

2008 | Valley First