1949 – 2019

Seventy Years Strong

A message from John D. Iglesias, President and CEO of Northwest Community Credit Union

It’s stunning to consider: In the space of just 100 years—from the Gold Rush of 1849, when gold were West Coast currency—the U.S. financial system developed to the degree that a handful of wood products workers formed an employee saving and lending system in 1949. No nuggets, no staked claims—and no banks: Just records, service, and trust.

In the 70 years since our inception as Weyerhaeuser Springfield Federal Credit Union, we’ve gone from paper to computer systems; online services to a mobile app; branches to ATMs to member families banking with us from all 50 states. We expanded to serve all wood products employees; then related industries; and to all communities in 15 Oregon counties, offering people-helping-people commitment to uncommon care in financial services.

How far we’ve come! We feel a great gratitude for every member, employee, and their families who have served to build our Northwest Community Credit Union legacy: Stronger than ever, and poised to step into a yet brighter, innovative future…our next 70 years.

Sustainable Growth & Value: Another Record Year

A message from Brad Anderson, Northwest Community Credit Union Board Chair

Focused financial health—in 2019, we continued to guide sustainable growth and build value for our members by introducing innovating products and services. NWCU achieved another record year, with $14.7 million net income and balanced asset growth of 3.5%.

New gains: We helped 1,600 members earn $127,761.00 in interest with more than 3,000 loans through the Level Up savings account that rewards members who have loans with us.

Members go Digital: A member incentive and easy online registration significantly increased eStatement enrollment: 49.8% of 53,744 enrolled members.

Assisting Underserved Members: New Northwest Cash helped 908 unique members with 2,438 loan requests totaling $2.4 million. When we discovered that thousands of members used high cost, predatory payday lenders, we knew many could benefit from a better solution. These small, short term

Message from the Supervisory Committee

The Supervisory Committee is a group of appointed members who serve a vital role as trustees providing oversight in the interest of Northwest Community Credit Union (NWCU) members. The committee is responsible for making sure that the credit union’s financial records are in order and internal controls are in place to protect the assets of the credit union and its members. During the year, the committee retained Moss Adams, LLP to conduct the annual financial statement audit of NWCU.

Moss Adams completed its audit and has issued an unqualified (clean) auditor’s opinion on the financial statements for the year ending December 31, 2019. In addition, Moss Adams did not note any material internal control deficiencies or major issues during its fieldwork. The Internal Auditor reviewed the membership records, accounts and other areas as directed by the committee to ensure that adequate internal controls are established and maintained to safeguard the credit union’s assets. NWCU Internal Audit did not report any significant weakness in internal controls or other areas covered during its internal audits.

As the credit union continues to grow, we look forward to another successful year and would like to express our appreciation to the dedicated employees, management, and NWCU Board of Directors.

2019 Financials

Balance sheet totals as of December 31, 2019:

Assets
Loans (Net)	$939,269,654
Cash	$117,201,804
Investments	$78,065,262
Land and Buildings (Net)	$38,189,401
National Credit Union Share Insurance Fund	$9,752,141,
Other Assets	$12,911,491
Total Assets	$1,195,389,753

Liabilities and Equity
Deposits	$1,045,086,652
Borrowings	-
Other Liabilities	$13,599,468
Member Equity	$136,649,962
Unrealized Gain/Loss on Investments	$53,671
Total Liabilities and Equity	$1,195,389,753

Income Statement: 12-Month Period Ending December 31, 2019

Income
Interest on Loans	$48,279,444
Income from Investments	$3,603,349
Other Income	$19,324,174
$71,206,967

Expenses
Compensation and Benefits	$23,825,155
Operations	$17,852,823
Occupancy	$2,775,921
Provision for Loan Losses	$4,368,492
Marketing	$1,414,976
Interest on Deposits	$6,148,481
Interest on Borrowed Money	-
$56,385,848

Net Income	$14,821,119