Core fundamentals provide stability as earnings recover

Driven by strong core financial performance, strength and stability, we continued to provide better banking experiences for our members while our earnings began recovery amid stabilizing economic conditions.

VIEW THE COMPLETE ANNUAL REPORT

2024 ANNUAL REPORT

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A MESSAGE FROM OUR BOARD CHAIR & CEO

Leading with certainty and purpose

Today’s business leaders champion corporate purpose as a greater calling. Regarded as the positive, lasting impact an organization can have on the world, an effective purpose can serve as a rallying cry, uniting team members in pursuit of a common goal. At First West Credit Union our purpose—together, we create a future where everyone can flourish—is the heart and soul of our organization.
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Shawn Neumann, Board Chair | Launi Skinner, CEO

FINANCIAL HIGHLIGHTS

Performance dashboard

Key financial strength metrics – for detailed analysis of our financial results, see Management's Discussion & Analysis in the downloads section below.

Assets

Grew by $29 million or 0.2% increase in 2024, compared with 7.0% in 2023.

Loans

Increased $0.6 billion or 5.0% in 2024, compared with 6.1% in 2023.

Deposits

Decrease of $0.2 billion or 1.5%, compared with 5.3% increase in 2023.

Wealth Assets Under Administration

Increased by $0.9 billion or 20.5%, compared with 7.5% increase in 2023.

Loans by Lending Sector (%)

Stable portfolio product mix across commercial and retail loan books in 2024.

Total Funding Composition (%)

Stable funding and liquidity profiles, with deposits totalling $11.8 billion, a decrease of 1.5% in 2024 compared with 2023.

Profit / Loss ($M)

Loss for the year of 12.0 million in 2024, compared with loss of 1.8 million in 2023.

Revenue Mix ($M)

Continued strong diversification of interest, fee, commission and other income in 2024.

Total Assets and Wealth Assets Under Administration ($B)

Including wealth assets under administration, First West's total assets grew by approximately $1.0 billion, an increase of 5.4% from $18.6 billion in 2023.

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 $557 million relative to minimum regulatory requirement of 8.0%. (*as defined by BCFSA)
“Making authentic connections—getting to know our members, listening to them and being a trusted partner in achieving their financial objectives—underpins the financial strength and stability that members can count on from First West during the challenging economic times like we have seen in the past two years.”
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Mark Moreland, Chief Financial Officer

More 2024 highlights

We continued to create value for members, communities and team members.

Members

Communities

Team Members

Building better advice and banking experiences

  • Real-time credit alerts notify members by email or text when their line of credit falls below a specific threshold.
  • Collabria cardholders receive near-real-time alerts when their credit card balance is low, helping them avoid fees or interest charges.
  • Members can now schedule in-person, phone, or video appointments with an advisor directly from our websites, any time and for any type of financial advice.

Making meaningful impact

We invested more than $3.1 million in our communities in 2024.

First West team members also contributed 6,831 hours of community leadership to 264 non-profit and charitable organizations throughout British Columbia.

Our signature cause, supporting a third of registered food banks across B.C., raised $414,329, driven by team member-led fundraising and community partnerships. Since 2010, First West has raised nearly $5.6 million and collected 215,561 pounds of food for local food banks. 

A top employer in B.C.

First West has been named to the B.C.’s Top Employers list for two years in a row. This annual competition recognizes the British Columbia employers that lead their industries in creating exceptional workplaces. Competitive vacation and maternity/parental allotments and extras like health and well-being support programs (including mental health care) help put First West among this esteemed group of organizations.

We’re also a platinum winner of Canada’s Most Admired Corporate Cultures™ award, recognizing our ongoing commitment to nurturing a positive and effective workplace environment.

Downloads

Download previous annual reports

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009 | Envision Financial

2009 | Valley First

2008 | Envision Financial

2008 | Valley First