2022

annual report

annual report

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.
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Judy Herrerias-James
AWARDS

Honored to be
Recognized

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Hover, then click on each award for more information.
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 consecuitive year!
North Bay Biz award

Best Place to Work in the North Bay

North Bay Business Journal
17 consecutive years!
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!
Sonoma Index Tribune award

Peoples' Choice - Two Categories

Sonoma Index Tribune
11 consecutive years!
Press Democrat best of Sonoma County award

Readers' Choice Best Credit Union

The Press Democrat
11 consecutive years!
North Bay Biz award

Best Credit Union in the North Bay

North Bay Business Journal
17 consecutive years!

Best Bank / Credit Union

Napa Valley Register
2nd consecutive year!
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
across the globe
California icon

8th

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

40th

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 giving to local
nonprofits and organizations
Members icon

430,194

Members served
across the globe
California icon

8th

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

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.
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Brett Martinez

How We innovated

new & upgraded technology

New Online & Mobile Banking

We began our journey to help Members move from our current online and mobile banking systems to our new digital banking platform
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Mortgage Enhancements

More customization and automation, refined workflow and portfolio management, and an overall enhanced experience.
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International Money Transfer

Provides the ability to send funds to more than 170 countries—with competitive exchange rates and fees.
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Contactless ATMs

Reduced contact with public surfaces, speedy and safe, making it as convenient as possible for Members to access cash when and where they need it.
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OPA Next-Day Grace

Allows Members who have opted in to overdraft protection program to have fee reversed if they deposit by 11 a.m. the next day.
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AI-Driven Loan Decisions

Increased speed and efficiency allows for more auto and credit card loan approvals and a more comprehensive approach for evaluating risk.
Read more

Visa Balance Transfer

New electronic transfers are processed in as little as one business day, decreasing payment delivery time by 5-14 days.
Read more

Additional Payment Options

No more need to log in to your RCU account to make payments, plus more options on how to pay loans.
Read more

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. 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