2022

annual report

For All That You Love
Safe. Secure. Stable.
annual report

Message from the Board Chair

As the Chair of your volunteer Board of Directors, I’m proud to say that Redwood Credit Union remains financially safe, secure, and stable despite the economic challenges faced globally. Our cooperative business model allowed us to continue to be a source of support for our Members, team members, and communities in all the ways you have come to expect. I encourage you to read through this report to see RCU’s many achievements over the past year.
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Judy Herrerias-JamesJudy Herrerias-James, Chair, board of directors
AWARDS

Honored to be
Recognized

The many awards given to Redwood Credit Union speak volumes about our passionate team members who work extremely hard to provide the financial services people want and need.
See the Full List
Hover, then click for more information
Forbes best in state credit unions logo

2022 Best-in-State Credit Union

Forbes
3rd consecutive year!
North Bay Business Journal Best place to work 2022 award

Best Place to Work in the North Bay

North Bay Business Journal
17 consecutive years!
North Bay Biz award

Best Credit Union in the North Bay

NorthBay Biz
15th time winning!
Pacific Sun Best of Marin 2022 award

Best Credit Union in Marin

Pacific Sun
6 consecutive years!
Bohemian 2022 award

Best Credit Union in Sonoma and Napa Counties

Bohemian
10 consecutive years in both counties!
Marin IJ Readers Choice Award

Readers' Choice Best Credit Union

Marin IJ
6 consecutive years!
Petaluma Argus Courier People's choice award

Peoples' Choice Best Credit Union

Petaluma Argus-Courier
11 consecutive years!
North Bay Biz award

Best Company to Do Business With in Napa

NorthBay Biz
Across all categories, RCU has won the most "Best Of" awards in the history of the program.
Sonoma Index Tribune award

Peoples’ Choice Best in Two Categories

Sonoma Index Tribune
For financial institution and financial planner
Napa Valley Register award

Best Bank/Credit Union and Best Financial Services Firm

Napa Valley Register
2nd consecutive year!
Press Democrat best of Sonoma County award

Readers' Choice Best Credit Union

The Press Democrat
11 consecutive years!
GGBA award

Corporate Partner of the Year

Golden Gate Business Administration
Honored to be chosen by San Francisco Bay area's LGBTQ+ Chamber of Commerce
Members icon

430,194

Members served
California icon

8th

largest credit union
in California
(out of 270)
USA icon

41st

largest credit union in
the United States
(out of 4,900)

How We Partnered

Hands shaking icon

296,090

Lives impacted
through grantmaking
Community icon

$3,142,388

in community support to local
nonprofits and organizations
annual report

Message from the President & CEO

Though we had to navigate economic fluctuations and financial uncertainty along with the rest of the world, Redwood Credit Union remained safe, secure, and stable, and 2022 was a good year for us. We learned it’s more important than ever to do business with people and companies you trust. And we kept our focus on service so we could help our Members face the challenges and frustrations of their financial lives. We think that’s the right approach, because when it comes right down to it, we’re in the people business. It’s not just about the bottom line. If we get the people part right, the bottom line falls into place naturally.
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Brett MartinezBrett Martinez, President and CEO

How We innovated

how we shared the love

Team Members in the Community

Shred-a-Thons

RCU added a new shred-a-thon event in Lake County, adding to those in Mendocino, Napa, Marin, and Sonoma counties, for five events in total. We’re thrilled to help community members protect themselves from fraud and identity theft and to ease the burden on the environment.

Shred-a-Thon Highlights Include:

Members icon

2,700

people served
California icon

$7,700

raised for local non-profits
USA icon

100,080

lbs of documents destroyed
USA icon

24,300

lbs of e-waste diverted
annual report

Message from the Audit & Enterprise Risk Committee Chair

As Chair of your Audit and Enterprise Risk Committee, now more than ever, it’s my pleasure to report that Redwood Credit Union continues to be safe, sound, and deliver strong financial performance. This success can be attributed to the tireless and vigilant work of the Credit Union's leadership, as well as the unwavering support and commitment of our Members.
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Rob EylerRob Eyler, Audit & Enterprise Risk Committee Chair

Board of directors

Judy Herrerias-James

Judy Herrerias-James

Board Chair,
Volunteer since 2013
Rob Eyler

Rob Eyler

Board Vice Chair,
Volunteer since 2009
Jim Olmsted

Jim Olmsted

Board Secretary,
Volunteer since 1993
Lisa Wittke Schaffner

Lisa Wittke Schaffner

Board Member,
Volunteer since 2012
Debra Watts

Debra Watts

Board Member,
Volunteer since 1976
M. Christina Rivera

M. Christina Rivera

Board Member,
Volunteer since 2014
David Gouin

David Gouin

Board Member,
Volunteer since 2008
Jeri Hansen

Jeri Hansen

Board Member,
Volunteer since 2020
Rod Dole

Rod Dole

Board Member,
Volunteer since 1978
Gerardo Martin

Gerardo Martin

Associate Board Member,
Volunteer since 2022
Greg McGuirk

Greg McGuirk

Emeritus Board Member,
Volunteer since 1980

Audit & ENterprise Risk Committee

Rob Eyler

Rob Eyler

Committee Chair,
‍Volunteer since 2009
Jim Olmsted

Jim Olmsted

Committee Secretary,
‍Volunteer since 1993
David Gouin

David Gouin

Committee Member,
Volunteer since 2008
Dave Imoto

Dave Imoto

Committee Member,
Volunteer since 1989
Gerardo Martin

Gerardo Martin

Committee Member,
Volunteer since 2022

RCU Services Group Board of DIrectors

Gina Carter

Gina Carter

Board Chair,
Volunteer since 2015
Judy Herrerias-James

Judy Herrerias-James

Board Vice Chair,
Volunteer since 2013
Jim Olmsted

Jim Olmsted

Board Secretary,
Volunteer since 1993
Debra Watts

Debra Watts

Board Member,
Volunteer since 1976
Brett Martinez

Brett Martinez

Board Member,
Serving Members since 2002
Business icon

14,856

Business Members served
Mobile icon

33,678,966

mobile logins
Chat icon

10,034

Members served through online chat

2022 Financials

Redwood Credit Union continues to deliver strong financial performance and remains a safe and sound place where Members can save, borrow, and conduct their financial business.
RCU Corporate Building
ASSETS
DEPOSITS
equity
loans
financials

2022 Financial Statement

December 31, 2022

Consolidated Statement of Financial Condition (unaudited)

Assets

December 31, 2022

Loans to Members, Net of Allowance for Loan Losses
$5,654,318,199
Cash and Investments
1,582,941,594
Property and Equipment
128,695,703
Accrued Interest Receivable
22,886,959
National Credit Union Share Insurance Fund Deposit
61,588,382
Other Assets
79,438,723
TOTAL ASSETS
$7,529,869,560

Liabilities

Members' Shares
$6,555,772,819
Accrued Expenses and Other Liabilities
82,269,103
TOTAL LIABILITIES
$6,638,041,922

Members' Equity

Realized Earnings
$908,694,746
Unrealized Gain (Loss) on Available-for-Sale Investments
(16,867,108)
TOTAL MEMBERS' EQUITY
891,827,638
TOTAL LIABILITIES AND MEMBERS' EQUITY
$7,529,869,560

Consolidated Statement of Operations (unaudited)

Interest Income

Interest on Loans to Members
$204,493,194
Interest on Investment and Cash Equivalents
36,817,336
TOTAL INTEREST INCOME
$241,310,530

Cost of Funds

Dividends on Members' Shares
$18,985,108
Interest on Borrowed Funds
3,704,676
TOTAL COST OF FUNDS
$22,689,784
Net Interest Income
$218,620,746
Provision for Loan Losses
20,762,170
Net Interest Income after Provision for Loan Losses
197,858,576
Non-Interest Income
66,858,801
Non-Interest Expense
152,297,123
NET INCOME
$112,420,254

Annual Meeting Video