Complete Annual Report
2021 ANNUAL REPORT
A MESSAGE FROM OUR BOARD CHAIR & CEO
Forging ahead with clarity and confidence
If 2020 was a year that revealed First West’s depth of character and generosity of spirit, then 2021 was a year of moving forward with renewed resolve. It was a year of keeping our foot on the gas, of sharpened focus and hustling harder to continue building the strength of our credit union and securing our future.
Shawn Neumann, Board Chair | Launi Skinner, CEO
FINANCIAL HIGHLIGHTS
Performance dashboard
Key financial strength metrics—for detailed analysis of our financial results, download Management's Discussion & Analysis.
Assets
Grew by $0.5 billion or 4.0% in 2021, compared with an increase of 10.5% in 2020.
Loans
Grew by $1.0 billion or 11.2% in 2021, compared with 0.04% in 2020.
Deposits
Increased by $452.6 million or 4.3% in 2021, compared with 9.2% in 2020.
Wealth Assets Under Administration
Increased by $855.3 million or 25.9% in 2021, compared with 9.4% in 2020.
Loans by Lending Sector (%)
Stable portfolio product mix, with commercial lending increasing to 39%, from 38% and personal loans at 7% compared with 9% in 2020.
Total Funding Composition (%)
Strong funding and liquidity profiles, with deposits totaling $11.0 billion, an increase of 4.3% in 2021, compared to 9.2% in 2020.
Profit ($M)
Profit for the year of $66.9 million was $5.3 million or 8.6% higher in 2021, compared with $61.6 million in 2020. Profit from continuing operations was higher by $18.1 million or 37.1% from 2020, primarily due to increased net interest income and recovery in credit provision.
Revenue Mix ($M)
Continued strong diversification of interest, fee, commission and other income in 2021.
Total Assets and Wealth Assets Under Administration ($B)
Including wealth assets under administration, First West's total assets grew to approximately $16.9 billion, an increase of 9.0% from $15.5 billion in 2020.
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 $450 million relative to minimum regulatory requirement of 8.0%. (*as defined by BCFSA)
“”Mark Moreland, Chief Financial Officer
Building a more sustainable credit union for future generations
As of August 25, 2021, First West received an ESG Risk Rating from leading ESG research, ratings and data firm Sustainalytics and was assessed to be at 18.6 low risk of experiencing material financial impacts from ESG factors. First West’s ESG Risk Rating places our credit union in the twelfth percentile in the banking industry, and third percentile in the regional banking subindustry assessed by Sustainalytics.*
Learn more on page 9 of the annual report.
More 2021 highlights
We continued to produce real value that meets the evolving needs of members, communities and employees.
