TREASURER’S REPORT

I am proud to report that Valley First Credit Union experienced another solid financial year in 2022. A few highlights from the year include:

Total assets increased by $69 million, resulting in year-end assets of $964 million, ahead of budget by $11.9 million.

Total Shares decreased by $13 million to $795 million. This decrease was seen in all categories but was driven mainly by decreases in regular shares and share drafts due to inflation and other economic factors affecting members’ savings.

Total net loans increased by $201 million from the prior year ending in a record year in lending of $734.5 million primarily because of increases in consumer and real estate loans. The percentage of loans to assets grew from 59.5% to 76.19%.

The Credit Union had net income of $9.4 million, which was a $1.22 million increase from the prior year.

Return on Assets improved from 0.98% in 2021 to 1.01% in 2022.

The Net Worth ratio increased from 8.87% in 2021 to 9.21% in 2022.

Based on the National Credit Union Administration (NCUA) benchmarks, we remain categorized as a “well capitalized” credit union.

As we look toward the future, I am confident our organization will continue to utilize our financial strength to help our members and continue our goals around banking with a purpose.

Patricia Gillihan SECRETARY/TREASURER VALLEY FIRST CREDIT UNION

Statement Of Condition Income Statement