2022 ANNUAL REPORT Rivermark Community Credit Union

CHAIR'S REPORT

On behalf of the Board of Directors, it is my privilege to report another year of success at Rivermark Community Credit Union. Whether you are a long-time member or have recently joined our credit union, we are thankful to each of you for your continued support. We recognize the trust you place in us as we work toward our purpose-driven mission of "Building Financial Empowerment Together."

One of the primary responsibilities of the Board is to provide oversight and direction for the credit union. This year, we worked alongside Rivermark’s management team to outline a new set of strategic pillars to help guide your credit union over the next three years. These include:

• Build Digital First – Leverage best-in-class technology for the sole purpose of creating time for more meaningful and personalized conversations with members.
• Grow Sustainably – Provide affordable financial solutions to members with an emphasis on being local, personal, and accessible.
• Engage Employees – Empower our workforce’s digital, product, and service skills to excel at their jobs and offer support for career pathing.

I am also pleased to report that for the third consecutive year, Rivermark was named one of America’s best credit unions by Forbes magazine. The credit union received high satisfaction scores in five areas including trust, terms and conditions, branch services, digital services, and financial advice.

I would again like to thank our members for making 2022 a successful year. I would also like to extend my gratitude to each member of the Board, Supervisory Committee, and all Rivermark employees for their dedication and hard work. Your many contributions are instrumental and help us maintain a strong foundation for the members of Rivermark. I look forward to another year of working with each of you to ensure we provide the best possible service to the members of our credit union.

PRESIDENT'S REPORT

I am pleased to report 2022 as a year of growth and remarkable accomplishments. Without a doubt, the driving force behind our success is you, our members. I want to thank each of you for your continued support and for choosing Rivermark as your financial partner.

Ownership Matters

In a recent independent analysis by ECONorthwest, Rivermark members received $7.7 million in direct member benefits from their not-for-profit credit union compared to having those same services at a for-profit bank. That direct member benefit is calculated by accounting for the differences in rates and fees on comparable accounts. On average Rivermark members save $390 per year and members with five or more services save over $1,000 per year.

In addition to the direct member impact, Rivermark’s total economic impact including supply chain spending, wages, and direct member benefits, exceeded $140.7 million in 2022. Credit unions are owned and driven by the members who use their services. Unlike for-profit financial institutions, which pay stockholders, credit unions reinvest earnings into the membership through direct benefits such as better interest rates, lower fees, and other services that hard-working people need.

Structure Matters

With the recent events surrounding bank failures, I want to reassure you that Rivermark is strong, growing, and financially sound. Structurally, Rivermark is vastly different from these headline banks in the diversity of our balance sheet, who we serve, and how we manage risk. For more than 72 years, Rivermark has applied strong financial risk management practices by investing first in our members and their financial well-being. Credit union deposits are federally insured by the National Credit Union Share Insurance Fund. In fact, credit union members have never lost a penny of insured savings at a federally insured credit union. We are well-capitalized and remain in a strong financial position to grow sustainably.

Year In Review

In 2022, we saw our total assets grow to $1.4 billion, an increase of 8.9% over the prior year. Loan growth was a major theme increasing 45% year over year. We were excited to deliver on our strategic pillars of “Getting Members into Housing” and “Helping Businesses Thrive” by originating $166.6 million in home loans and $72.1 million in commercial loans. We also welcomed 6,678 new members and are now serving a membership of over 88,000.

Accomplishments

• New Hollywood branch opened
• Early Direct Deposit made available
• New mortgage products (ITIN, Self-Employed)
• Record number of Certified Credit Union Financial Counselors
• New Diversity Small Business Program

Community Partnerships

“Building Financial Empowerment Together” continues to be our mantra, and we strengthened our Financial Wellness foundation this year. A Financial Wellness department was established to develop our team of financial coaches and cultivate community partnership to bring our services to historically marginalized and underserved communities. We were recognized as having the most FICEP certified financial coaches of any credit union in the country. We look forward to our coaches meeting with members wherever they are on their financial journey.

Thank you for the trust you put in us as your member-owned financial cooperative. We will continue to act in the best interest of our membership and the communities we serve.

SUPERVISORY COMMITTEE REPORT

Your Supervisory Committee was comprised of five members at year-end 2021, whose names appear at the end of the Annual Report. The Committee’s responsibility is to oversee and verify that the Credit Union has established and maintains an internal framework that ensures compliance with laws and regulations and the reliability and integrity of financial statements.

We fulfill this responsibility in primarily two ways: we meet regularly with our Internal Auditor and we engage an external audit firm to audit the financial statements. We selected Moss Adams to perform an independent audit of Rivermark Community Credit Union’s financial statements in accordance with generally accepted auditing standards. In their opinion, the financial statements present fairly, in all material respects, the financial position of Rivermark Community Credit Union as of December 31, 2022, and the results of its operations and cash flows. A copy of the complete audited financial statements are available at the administrative office of Rivermark Community Credit Union.

Committee members attend and participate in the Board of Directors meetings. The Committee itself also meets regularly. At those meetings, we review the work of the Internal Auditor, management, and the external auditor to ensure that the Committee’s responsibilities are properly discharged.

RIVERMARK IN THE COMMUNITY