2021 ANNUAL REPORT Rivermark Community Credit Union

PRESIDENT'S REPORT

Seth Schaefer-CEO

2021 was another year most of us will never forget, filled with continued twists and turns and unexpected challenges. We were honored to support members in record numbers during this time, and to continue to offer expanded and innovative ways for members to manage their financial lives.

The need for innovation was never stronger than it was during the last two years, and we were pleased to show our innovation leadership by celebrating our one millionth video teller transaction. Through our Personal Teller Kiosks, now with enhanced privacy options and expanded hours, we were able to really “be there” for our members when conventional methods proved challenging.

As a member-owned organization, our whole reason for existing is to support the financial health of our members. We were heartened that, despite the economic and personal challenges we all continued to experience, overall member financial health remained strong.

The financial health of our members directly contributed to Rivermark’s increased financial strength in 2021. We ended the year with a 167% increase in net income, from $4.49 million to $11.99 million, primarily because we were able to avoid anticipated loan losses, robust mortgage lending and increased credit and debit card income from online shopping. Some financial highlights of the year include:

  • Over 6,200 new checking accounts, saving members over $220 a year on average.
  • More than 1,000 families were able to take advantage of low interest rates to buy or refinance a home with us.
  • 3,800 members were able to secure new low-interest rate credit cards, saving members an average of $185 per year with our reduced fees and lower interest rates.
  • At the same time commercial loans increased 27.3%, ending the year at $38.9 million as our business services department continues to grow.

We are proud that our financial strength and commitment to members enabled us to grow and partner with the highly regarded Lighthouse Community Credit Union to serve their 1,600 members in nearby counties in Washington State. With shared values and philosophy, Lighthouse and Rivermark merged, expanding our field of membership into Clark, Cowlitz, Klickitat, and Skamania counties and offering Lighthouse members expanded product offerings and benefits. Our strength and commitment to members also allowed us to make great strides in other key areas, such as:

  • Expanding our financial wellness services to members as we welcomed a new partner, Human Investing. Human Investing is a fee-only investment advisory firm with a commitment, like ours, to supporting the financial pursuits of all people, not just those with high net worth.
  • Formalizing and strengthening our Diversity, Equity, and Inclusion efforts; centering them around understanding unconscious bias, building inclusive teams and norms, mitigating bias in the employee lifecycle and gaining understanding to serve historically marginalized communities. We are proud that our efforts are helping us build and maintain a workforce with diversity even stronger than that of the overall community. They have also led to a new level of support for minority-owned businesses through an innovative matching grant/loan program with the Black American Chamber and Multnomah County.
  • Earning our Community Development Financial Institution (CDFI) certification through the U.S. Department of the Treasury, as a mission-driven organization with a focus on meeting the needs of low-income and underserved communities. This important certification will enable us to access grant funds to reduce financial stress, expand homeownership and low-cost loans to veteran-, women- and minority-owned businesses.

We were able to give back to the community in even more significant ways than in the past:

  • We contributed more than $150,000 to the community through donations and sponsorships, including a $20,000 gift to the Oregon Energy Fund through the Rivermark Community Fund of the Oregon Community Foundation. Our contribution is supporting assistance with energy bills for low-income families struggling to make ends meet.
  • Our valued staff contributed more than 800 volunteer hours to worthy organizations.
  • Due to the generosity of staff, members, and the community at large, for the fifth consecutive year, we were able to deliver a record-setting amount of food to Oregonians. An unbelievable two million meals were donated to the Oregon Food Bank, as part of KGW’s Great Food Drive.

We are proud of these achievements and contributions but are especially proud that Rivermark was honored for the second year in a row as one of Forbes magazine’s best in-state credit unions. Out of over 5,000 credit unions nationwide, only 3.6% made their list. The selection is based on extensive customer surveys, and we are honored to have earned members’ trust, loyalty, and endorsement.

It is with great appreciation that we offer a tremendous thank you to our valued members for the faith and trust you put in us every day. We will continue to work hard to earn that trust, year after year, and generation after generation.

SUPERVISORY COMMITTEE REPORT

Jessica Epley-Supervisory Committee Chair

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 Nearman, Maynard, Vallez, Certified Public Accountants 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, 2021, 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

At the start of each year, Rivermark publishes its Community Impact Report to highlight the previous year’s focus and support of equitable housing, children’s health, and food insecurity. We welcome you to reflect with us on our 2021 activities, as we celebrate the importance of empathy, resiliency, and gratitude. There is much work yet to accomplish in fostering healthy, empowered, and inclusive communities for generations to come.

Thank you to all who contributed to our community efforts this year, whether by donating to our annual charitable drives, our equitable housing foundation, or by getting more involved with one of the nonprofit organizations we support.

FINANCIAL STATS

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FINANCIAL SUMMARY

EXECUTIVE TEAM

  • Seth Schaefer, Chief Executive Officer
  • Aben Hill, Chief Lending Officer
  • Brian Griffis, Chief Financial Officer
  • Cori Poland, Chief eXperience Officer
  • David Noble, Chief Marketing Officer
  • Stephanie Strimling, Chief Innovation Officer

BOARD OF DIRECTORS

  • Dennis Fullan, Chair
  • Kim Bickford, Vice Chair
  • Josh Stephenson, Secretary
  • Bill Roberts Jr.
  • Brett Byrant
  • Gary Frayn
  • Gloria Zabel
  • Jesus Palomares
  • Rob LaVigne
  • Steve Holland
  • Steve Lucas

SUPERVISORY COMMITTEE

  • Jessica Epley, Chair
  • Alex Roth
  • Courtney Aguirre
  • Lauren Toda
  • Morgan Braze