2023

annual report

Bike buildingDigital banking
For all
that you
love
Agee family
Inspiring
hope
DOI all team
Forbes 2023 America's Best Small Employers
Elevating
financial
well-being
RCU volunteers
RCU boothGrove Cafe
Heart

459,067

Members served
Heart
California

8th

largest credit union
in California
(out of 260)
California
USA

37th

largest credit union in
the United States
(out of 4,700)
USA
One of America's Best
Small Employers
Forbes
Out of 300 U.S. companies that made the list, only 4 are California-based financial institutions.
Best Place to Work
in the North Bay
NBBJ
18
consecutive years!
Best Credit Union
in the North Bay
NorthBay Biz
16th
time winning!
Best Credit Union
in Marin
Pacific Sun
7
consecutive years!
Best Credit Union in
Sonoma and Napa Counties
Bohemian
11
consecutive years in both counties!
Readers' Choice
Best Credit Union
Marin IJ
7
consecutive years!
Readers' Choice
Best Credit Union
Petaluma Argus-Courier
12
consecutive years!
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.
Peoples' Choice Best
in Three Categories
Sonoma Index-Tribune
Best
Credit Union
Financial Institution
Financial Planner
Best Credit Union/Bank
Best Financial Services Firm
Napa Valley Register
3rd
consecutive year!
Readers' Choice Best
Credit Union &
Best Mortgage Company
The Press Democrat
12
consecutive years as Best Credit Union!
Best of Napa County
in Three Categories
The Press Democrat
Best
Credit Union
Checking Account
Commercial Lending
Hands

5,739

hours of team
member volunteerism
Hands
Day Of Impact
Cash flow

$4,005,277

to local nonprofits
and organizations
Cash flow
how we partnered

In our communities

how we partnered

Redwood Credit Union Community Fund (RCUCF)

how we innovated

New and remodeled facilities

418

bicycles
given to children ages 5-10

11

nonprofits
partnered with RCU  to get bikes to kids

418

helmets & locks
given out for safe and secure ownership

22

communities
were served

Financial wellness & resilience

3,300

residents served

$5,600

raised for local nonprofits

134,940

lbs of documents destroyed

35,777

lbs of e-waste collected

Audit & Enterprise Risk Committee

Jim Olmsted

Jim Olmsted

Committee Chair,
Volunteer since 1993
Lisa Wittke Schaffner

Lisa Wittke Schaffner

Committee Secretary,
Volunteer since 2012
David Gouin

David Gouin

Committee Member,
Volunteer since 2008
Dave Imoto

Dave Imoto

Committee Member,
Volunteer since 1989
Geraldo Martin

Gerardo Martin

Committee Member,
Volunteer since 2022

RCU Services Group Board of Directors

Jim Olmsted

Jim Olmsted

Board Chair,
Volunteer since 1993
Judy Herrerias-James

Judy Herrerias-James

Board Vice Chair,
Volunteer since 2013
Debra Watts

Debra Watts

Board Secretary,
Volunteer since 1976
Gina Carter

Gina Carter

Board Member,
Volunteer since 2015
Brett Martinez

Brett Martinez

Board Member,
Serving Members since 2002

17,184

Business Members served

29,637

Members sending money
with RCUpay

88,274

Online Member
service chats
Assets
Deposits
LOANS
Equity
Membership
financials

2023 Financial Statement

December 31, 2023

Consolidated Statement of Financial Condition (unaudited)

Assets

December 31, 2023

Loans to Members, Net of Allowance for Loan Losses
$6,221,943,177
Cash and Cash Equivalents
1,406,285,897
Investments
506,517,764
Property and Equipment
134,695,837
Accrued Interest Receivable
28,672,087
National Credit Union Share Insurance Fund Deposit
62,905,698
Other Assets
151,184,522
TOTAL ASSETS
$8,512,204,982

Liabilities

Members' Shares
$6,916,333,459
Borrowed Funds
$500,000,000
Accrued Expenses and Other Liabilities
111,453,592
TOTAL LIABILITIES
$7,527,787,051

Members' Equity

Undivided Earnings
$999,060,860
Unrealized Gain on Available-for-Sale Investments
(14,642,929)
TOTAL MEMBERS' EQUITY
984,417,931
TOTAL LIABILITIES AND MEMBERS' EQUITY
$8,512,204,982

Consolidated Statement of Operations (unaudited)

Interest Income

Interest on Loans to Members
$287,405,725
Interest on Investment and Cash Equivalents
74,457,960
TOTAL INTEREST INCOME
$361,863,685

Cost of Funds

Dividends on Members' Shares
75,798,263
Interest on Borrowed Funds
16,962,761
TOTAL COST OF FUNDS
$92,761,024
Net Interest Income
$269,102,661
Provision for Loan Losses
33,286,585
Net Interest Income after Provision for Loan Losses
235,816,076
Non-Interest Income
65,225,115
Non-Interest Expense
176,120,729
NET INCOME
$124,920,462