Redwood Credit Union experienced purposeful growth over the last year, in keeping with our mission to passionately serve the best interests of our Members, team members, and communities. As we strive to find more and better ways to serve you, we’ve experienced significant increases in asset and membership size.
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AWARDS
Honored to be Recognized
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2022 Best-in-State Credit Union
Forbes
3rd consecuitive year!
Best Place to Work in the North Bay
North Bay Business Journal
17 consecutive years!
Readers' Choice Best Credit Union
Marin IJ
6 consecutive years!
Peoples' Choice Best Credit Union
Petaluma Argus-Courier
11 consecutive years!
Peoples' Choice - Two Categories
Sonoma Index Tribune
11 consecutive years!
Readers' Choice Best Credit Union
The Press Democrat
11 consecutive years!
Best Credit Union in the North Bay
North Bay Business Journal
17 consecutive years!
Best Bank / Credit Union
Napa Valley Register
2nd consecutive year!
Corporate Partner of the Year
Golden Gate Business Administration
Honored to be chosen by San Francisco Bay area's LGBTQ+ Chamber of Commerce
430,194
Members served across the globe
8th
largest credit union in California (out of 270)
40th
largest credit union in the United States (out of 4,900)
in community giving to local nonprofits and organizations
430,194
Members served across the globe
8th
Largest credit union in California (out of 270)
430,194
largest credit union in the United States (out of 4,900)
annual report
Message from the President & CEO
Though we had to navigate economic fluctuations and financial uncertainty along with the rest of the world, 2022 was a good year for us. We kept our focus on service so we could help our Members face the challenges and frustrations of their financial lives. And 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 numbers. If we get the people part right, the numbers work out for themselves.
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. Highlights include:
14,856
Business Members served
33,678,966
Mobile logins
10,034
Members served through online chat
Board of directors
Judy Herrerias-James
Board Chair, Volunteer since 2013
Rob Eyler
Board Vice Chair, Volunteer since 2009
Jim Olmsted
Board Secretary Volunteer since 1993
Lisa Wittke Schaffner
Board Member, Volunteer since 2012
Debra Watts
Board Member, Volunteer since 1976
M. Christina Rivera
Board Member, Volunteer since 2014
David Gouin
Board Member, Volunteer since 2008
Jeri Hansen
Board Member, Volunteer since 2020
Rod Dole
Board Member, Volunteer since 1978
Gerardo Martin
Associate Board Member, Volunteer since 2
Greg McGuirk
Emeritus Board Member, Volunteer since 1980
Audit & ENterprise Risk Committee
Rob Eyler
Committee Chair, Volunteer since 2009
Jim Olmsted
Committee Secretary, Volunteer since 1993
David Gouin
Committee Member, Volunteer since 2008
Dave Imoto
Committee Member, Volunteer since 1989
Gerardo Martin
Committee Member, Volunteer since 2
RCU Services Group Board of DIrectors
Debra Watts
Board Chair, Volunteer since 1
Gina Carter
Board Vice Chair, Volunteer since
Judy Herrerias-James
Board Secretary, Volunteer since 2013
Jim Olmsted
Board Member, Volunteer since 1993
Brett Martinez
Board Member, Volunteer since 2
2022 Financials
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ASSETS
DEPOSITS
equity
loans
financials
2022 Financial Statement
December 31, 2022
Consolidated Statement of Financial Condition (unaudited)
Assets
December 31, 2021
Loans to Members, Net of Allowance for Loan Losses
$4,695,291,615
Cash and Investments
2,526,027,703
Property and Equipment
100,807,037
Accrued Interest Receivable
16,664,146
National Credit Union Share Insurance Fund Deposit
56,104,877
Other Assets
35,264,665
TOTAL ASSETS
$7,430,160,043
Liabilities
Members' Shares
$6,588,960,503
Accrued Expenses and Other Liabilities
44,901,560
TOTAL LIABILITIES
$6,633,862,063
Members' Equity
Realized Earnings
$796,274,492
Unrealized Gain on Available-for-Sale Investments
23,488
TOTAL MEMBERS' EQUITY
796,297,980
TOTAL LIABILITIES AND MEMBERS' EQUITY
$7,430,160,043
Consolidated Statement of Operations (unaudited)
Interest Income
Interest on Loans to Members
$175,825,680
Interest on Investment and Cash Equivalents
4,079,002
TOTAL INTEREST INCOME
$179,904,682
Cost of Funds
Dividends on Members' Shares
$18,779,253
Interest on Borrowed Funds
0
TOTAL COST OF FUNDS
$18,779,253
Cost of Funds
Net Interest Income
$161,125,429
(Credit) Provision for Loan Losses
(3,688,805)
Net Interest Income after (Credit) Provision for Loan Losses
164,814,234
Non-Interest Income
72,849,404
Non-INterest Expense
135,033,511
NET INCOME
$102,630,127
Message from the Board Chair
Redwood Credit Union experienced purposeful growth over the last year, in keeping with our mission to passionately serve the best interests of our Members, team members, and communities. As we strive to find more and better ways to serve you, we’ve experienced significant increases in asset and membership size.
As the Chair of your volunteer Board of Directors, I’m proud to say 2022 was a strong year for Redwood Credit Union. Sound leadership, long-term vision, thoughtful planning, and ongoing investments in our Member sand communities allowed us to continue to grow and improve to meet your needs. I encourage you to read through this report to see RCU’s many achievements over the past year.
Not only did we achieve amazing financial results, but we were honored to be recognized with numerous awards by our local communities and the credit union industry. Across the North Bay, we were voted Best Credit Union by our most important audience—our Members. And once again, we were named by Forbes Magazine as a top ten Best-in-State credit union based on a nationwide survey of consumers about their banking relationships.
Thank you for your trust and loyalty. We’re honored to serve your financial needs every day, and we look forward to helping you succeed for many years to come.