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TO $1 BILLION AND BEYOND! TO
This past year was an exciting one in the history of Valley First Credit Union. We beat our annual budget by $1.29 million and ended the year with $9.37 million in Net Income. We had a record year in lending with $735 million in loans, which was ahead of budget by $128.8 million. We finished the year with 80,228 members, ahead of plan by 6,998. Finally, we climbed closer to $1 billion in assets, ahead of budget by $11.9 million. We exceeded every goal for every major financial performance indicator. The state of Valley First Credit Union is strong!
Beyond numbers on paper, these results mean we are in a strong position to fulfill our vision to financially improve the lives of our members and serve the communities we call home. Supporting those closest to us—our members, our staff, and our communities— remains our focus at Valley First.
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First and foremost, Valley First exists to serve our members. Our financial success means we can help more members buy a home, secure financing for reliable transportation, and earn more on their savings for college, vacation, or retirement. In 2022, Valley First helped 297 families become homeowners and assisted 9,010 members in buying a new vehicle.
According to Credit Union National Association’s Annual Member Benefit Report, the loan rates in each category they track nationally were lower at Valley
First than they were at competing California banks and credit unions. And our savings rates for Retirement, Certificate and Money Market accounts were all higher. Helping members save money on loans and earn more on savings is where the real, tangible benefit for our members comes in.
Our strong financial footing also allows us to support the communities where we live.
In the past year:
Valley First donated more than $97,000 to local non-profits, including a major sponsorship of the new Modesto Children’s Museum, opening summer 2023.
Our employees attended 165 community events throughout the Central Valley, volunteering 1,115 service hours.
We provided financial education to 2,571 people in our community.
I’m proud to serve as chairman of the board and would like to thank my fellow volunteer board members for their support, hard work, and the gift of your time.
And finally, thank you to all our members for your continued support.
Chris Peterson BOARD CHAIR VALLEY FIRST CREDIT UNION
