2022

Annual Report

LEER EN ESPAÑOL

TOGETHER WE ADVANCE

A Message from the CEO and Board Chair

As we begin our 86th year together as a local, not-for-profit, financial collaborative, we reflect on the impact our partnership has had on tens of thousands of members, our communities, and our commitment to excellence. By nature, our credit union is a cooperative whose success depends on our members. By supporting one another, we all have the access and the opportunities we need to reach our financial goals. That’s why “Together We Advance.”


We are entering the third year of our Juntos Avanzamos designation. Juntos Avanzamos means “Together We Advance” in Spanish. And while this designation is specific to our efforts to be an inclusive credit union that empowers and supports Hispanic communities, “Together We Advance” includes every member, every employee, and every community partner.


Together, we made significant advancements in 2022. We experienced historic loan growth, meaning more members had access to funds to help them on their financial journeys. We collaborated with partners to advance technology to protect members from fraud, to improve access to services for historically underserved communities, and to gain a global perspective on the best credit union practices. We’ve created needed products and services to fund business loans that have encouraged entrepreneurship, and we’ve also helped first-time homebuyers realize the dream of homeownership. We’ve done all of this together.


Our strategic priorities are centered on Inspiring Service, Inclusion, and Innovation. Each priority guides our work to improve the lives of the members and communities we serve. We’ve launched new products and services to help members earn and save money. We’ve created partnerships and community events where we can all come together to celebrate our cultures, our dreams, and our financial success. Together, we stand committed to these strategic priorities.


We have also created an innovative new operational model that will lower overall operational costs, help offset our environmental impacts, and better serve our members and employees where they are. We opened our newest branch at Bridgeport Village and announced plans for a new branch and administrative center in Woodburn. We have additional plans to improve access to our services and update our branches in the coming months.


Unitus celebrated significant community giving and recorded impressive employee volunteer hours. Through our work together, we supported 80 charitable organizations in 2022, an accomplishment that would not be possible without our membership. We’ve once again been honored as a top philanthropic corporation in the Portland area. Beyond philanthropy, we’ve also received awards for technological advancements and our state-of-the-art website. We appreciate the recognition and know that every member-centered decision we make draws the attention of our communities, our peers, and our industry. We are proud to be leading the way.


We hope you’re proud to be a Unitus member! As a member of Unitus, you receive the inspiring service you deserve in an inclusive financial environment that removes barriers to access and opportunities; you benefit from continuous innovation that improves the member experience. These advancements are possible because of our work together, and we are grateful for your membership.


STEVEN

STAPP

PRESIDENT & CEO

SOMNATH

BANERJEE

BOARD CHAIRMAN

INSPIRING


SERVICE

At Unitus, we have a standard definition for service: “taking action to create value for someone else.” One of our strategic priorities is to deliver inspiring service to every member during every encounter they have with the credit union. Whether it’s a standard branch transaction or a complex commercial loan, our members can see and feel the Unitus difference. We believe there is no “one-size-fits-all” approach when it comes to finances; so, we serve each individual member in the way they need to be served. It’s part of our commitment to building relationships and walking alongside our members on every step of their financial journeys.

VOICE OF THE MEMBER

We measure our success in several different ways. We’re constantly seeking and acting upon feedback from our members. Our “Voice of the Member” program utilizes member surveys, social media, and online reviews along with call, chat, and email interaction analytics. Essentially, this frames how we listen and respond to member feedback:

  • We read all commentary and turn it into action to enhance the experiences around our products and services;
  • We “close the loop” when we receive feedback by responding to members and their needs;
  • We utilize focus groups to get feedback when developing or improving products to ensure the member experience is at the center;
  • We institute organization-wide training around inspiring service so experiences are consistent and exceed members’ expectations.

One of our key metrics is the “Net Promoter Score” (NPS). To determine our NPS, members are asked how likely they are to recommend Unitus to a friend or colleague on a scale of 1-10. We started tracking NPS in 2010 and last year we had the highest NPS in our history at 76.29. For perspective, a score above 50 is considered “excellent” and above 80 is considered “world class.”

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Bain & Company, NPS Creators

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5-STAR REVIEWS

We also track feedback through online reviews. In 2022, Unitus received 137 5-star reviews on Yelp and Google. We appreciate hearing directly from our members so we can identify areas for improvement. We also love to celebrate our employees who have provided inspiring service. We are grateful for each and every online review we receive.

Quotation Mark

Shalayah was wonderful to work with for my recent car loan. She was professional, informative, and excellent with communication. She kept me in the loop every step of the process and was both patient and kind when answering my many questions. I’m thrilled with my new car and low interest rate! Would highly recommend!”

— Catie W.

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Google Review

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One of our favorite ways to celebrate our

members is with what we call “Surprise & Delight!”


One of our members opened a business account for her

24-hour daycare at the Mill Plain branch. Unfortunately, she

faced many delays in actually opening for business. Once she

got the greenlight to open, the member headed to our branch

to let our staff know since they’d been cheering her on.

To celebrate, branch staff surprised the member with some

learning games for the kids and a big calendar to help stay organized.

Our member’s face lit up when our caring staff shared these gifts!

“Surprise and delight” is just one way we show we care and that we’re

with our members through every life-defining moment!

SURPRISE DELIGHT

YOUR FEEDBACK IN ACTION

Members expressed several friction points around making deposits on our mobile app. In 2022, we revamped our digital banking platform to improve the process. The result: mobile deposits are now faster and more efficient—and you can deposit more than one check at a time! Members have noticed a difference; last year they deposited $190 million in 241,631 transactions through the Unitus app!

RECORD LOAN GROWTH

Woman Throwing Confetti

Whether it’s a car, a home, an education—Unitus’ inspiring service helped thousands of dreams come true in 2022! We saw record loan growth in our auto, mortgage, equity, and business loan segments. Funding loans is about more than the bottom line; each loan means a member is able to achieve one of their financial goals.

2022 LOAN GROWTH BY CATEGORY

AUTO

20.3%

car parts

FIRST MORTGAGE

4.2%

36.2%

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EQUITY/OTHER REAL

ESTATE

30.4%

Filled In Property Appraisal Icon

9.5%

Credit Card Icon

37.9%

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OTHER CONSUMER LOANS

CREDIT CARDS

BUSINESS

It pays to turn to the home loan experts at Unitus Mortgage—literally. Through our HomeAdvantage® program, members buying or selling their homes earn cash rewards, which totaled $41,285 in 2022.

Michelle is just one of the 18 members who was awarded a HomeAdvantage® grant.

“Home Advantage connects you with a vetted realtor, who walks you through the process and at the end you get a cash reward. It gave us the ability to splurge on a few items on our wish list for the house, so that was really nice.” - Michelle H.


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2022 MORTGAGES BY THE NUMBERS

MORTGAGES

FUNDED

HOMES

PURCHASED

LOANS

REFINANCED

$138.5m

221

187

— Jimmy & Erika

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Google Review

Quotation Mark

Yesterday, we picked up the keys for our brand new (very first!) home. Todd Twardowski, our absolute rockstar of a mortgage officer, made it all possible. I thought that buying a home would be a soul-crushing exercise in red tape and glad-handing, but this whole experience has been absurdly pleasant. Really."

To kick off the program, we held a Summer of Rewards Sweepstakes, with the grand prize of paying someone’s rent or mortgage for a month. Paul G. won the grand prize and was thrilled to accept it at the North Williams branch. He lives in the neighborhood and likes the convenience of having a local branch nearby. Not only did Paul win the grand prize, he’s also earning rewards when he makes debit card purchases.

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Unitus launched an exclusive member benefit in 2022 with Unitus Rewards. Members enrolled in Unitus Rewards receive 5¢ for every debit card purchase $5.00 and up, with the rewards deposited directly into a high-yield savings account.

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PAUL G.

"SUMMER OF REWARDS" SWEEPSTAKES WINNER

VIRTUAL BRANCH

Our members deserve inspiring service, whether they visit us in a branch, over the phone, or through our Virtual Branch. By leveraging technology, our Virtual Branch team can assist members wherever they may be. Since launching in 2020, the Virtual Branch has seen a significant increase in member interactions. Unitus is proud to offer this inspiring service so members can conduct business on the go.

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5.9%

Arrow Right

VIRTUAL BRANCH HOURS

M-F 8:30-5:30

SATURDAY 9:30-2:30

2022 VIRTUAL BRANCH INTERACTIONS

BY THE NUMBERS

Online Friendship Elements Separation

22,893

LIVE

CHATS

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18.7%

1,123

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VIDEO

APPOINTMENTS

11.6%

2,986

ONLINE MEMBERSHIP

APPLICATIONS

INCLUSIVE


FINANCIAL PARTNERS

Unitus is committed to inclusive financial practices that benefit everyone in the communities we serve. This commitment ensures we work to remove barriers to provide access and opportunity to individuals who have been historically underserved by the financial industry. Unitus has earned the Juntos Avanzamos designation from Inclusiv, an organization whose mission is to help low- and moderate-income people and communities achieve financial independence through credit unions. As one of 123 credit unions to earn this designation, Unitus is committed to serving and empowering Hispanic and immigrant consumers—helping them navigate the U.S. financial system and providing safe, affordable, and relevant financial services.

INDIVIDUAL TAXPAYER IDENTIFICATION NUMBER LOANS

In 2021, Unitus funded its first mortgage for a member through their Individual Taxpayer Identification Number (ITIN). An ITIN is a tax processing number only available for certain nonresidents, immigrants, their spouses, and dependents who cannot obtain a social security number due to their citizenship status. In 2022, Unitus funded 193 ITIN loans, providing nearly $12 million in funding.





Esmeralda and Javier purchased their first home through a Unitus ITIN loan in 2022. They were thrilled to learn they qualified for an ITIN loan and that the process went so smoothly. “We felt a little nervous. Like really? It didn’t click. Was this possible? This could be done?” explained Esmeralda.


It was possible! And another life-defining moment was made possible by the inclusive financial practices at Unitus. “I remember it was a Friday when they gave us the key,” said Esmeralda. “Once we were there, that’s the moment we realized what was happening. Like saying, ‘wow, we did it.’ The kids were happy, each one in their own room!”



Unitus has seen its Hispanic membership grow by

31.8%

rated as best in class by Coopera, an economic development firm focused on the emerging Hispanic market.

Unitus entered into a unique partnership with the Consulate of Mexico in 2022—one of two credit unions committed to providing education and services to members of the Mexican community in Portland. Part of the partnership includes financial education, something Consular Carlos Quesnel Melendez says is necessary. “How to obtain your ITIN in the U.S., how to obtain your federal registration in Mexico, how to start a business, both here and in Mexico, how to obtain housing credit. In other words, we have a series of services,” explained Consular Quesnel.


Unitus participates in the Consulate’s Consulados Moviles (mobile consulate) program, reaching rural areas with financial education and resource information. The credit union also teaches workshops and is on-site at the Consulate’s pop-up events around the metro area.


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CONSULATE PARTNERSHIP

2022 HISPANIC COMMUNITY IMPACT

193

$12 Million

Sent

flag: Mexico

Majority of funds sent to Mexico

International Money Transfers

ITIN Loans

Family Moving To New House

$6 Million

51

managers work girl guy financial advisors bank employees
Isometric Bank Counter
Stand Banner

¡Hablamos español!

  • Citizenship
  • DACA
Statue of Liberty

Spanish-Speaking

Employees

Immigration Loans

Offered

Financial Education

Stack of coins

Students

Spanish Language Calls

Cell Phone Woman

3,344

Appointments Booked

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21

Spanish Language

Classes

Community Giving

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Spanish couple of man playing guitar and woman dancing flamenco in red dress. Hispanic guitarist and passionate female dancer. Colored flat graphic vector illustration isolated on white background
  • MENTE
  • VOZ
  • Milagro Theatre
  • WOU Bilingual Teacher Scholars
  • Hacienda CDC
  • El Programa
  • Latino Network
  • Hispanic Metropolitan Chamber Latino Scholarship Fund


Financial

Education

193

$74,550

285

Eight future bilingual teachers at Western Oregon University are the recipients of Unitus-funded scholarships. Unitus entered into a three year commitment to fund a cohort of the Bilingual Teacher Scholars program.

The program provides bilingual and bicultural students with an annual scholarship of up to $3,000, professional development opportunities, academic support, and individualized advising. Unitus’ funding specifically supports students who are bilingual and bicultural in Spanish and English in becoming Oregon K-12 teachers.

"There is no higher priority in educator workforce development than preparing teachers with the cultural and linguistic assets that match our children, families, and communities,” said Mark Girod, Dean of WOU’s College of Education.


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As part of the global cooperative movement, Unitus recognizes engaging with credit unions around the world can provide insight to improve financial practices here at home.

Unitus completed its two-year Global Bridges engagement program with the National Credit Union Federation of Korea (NACUFOK), organized by the Worldwide Foundation for Credit Unions. As part of the program, a delegation from NACUFOK visited Oregon in May, with Global Bridges credit unions traveling to South Korea in November.

Global Bridges gives teams a global context of current credit union challenges through engagement. Because financial practices and concepts are different than those traditionally employed in the United States, Global Bridges credit unions had the opportunity to see South Korea’s model in action while gathering new ideas.

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FINANCIAL EMPOWERMENT COLLABORATIVE

Unitus is a member of the Financial Empowerment Collaborative (FEC) in partnership with the Urban League of Portland, Advantis Credit Union, Consolidated Community Credit Union, Point West Credit Union, Rivermark Community Credit Union, and the GoWest Credit Union Foundation. The FEC works to provide solid pathways for participants on their path to financial and housing stability and creating generational wealth.

The collaborative just launched the Azie App, which provides a link to the services offered by each of the credit unions and ensures fulfillment of services by the participating credit unions and Urban League of Portland, empowering individuals to achieve financial success.

The app is named after Azie Taylor Morton, the first and only African American to hold the office of Treasurer of the United States during the Carter Administration from 1977-1981.

INNOVATION IN PHILANTHROPY

The Portland Business Journal recognized Unitus with its “Innovation in Philanthropy” award.

The credit union earned the award for its partnership with AWARE Food Bank in Woodburn, Oregon. Unitus donated $50,000 to support the food bank’s Farmworker Program Coordinator position.

Unitus’ contribution is also helping AWARE rebuild after an arson destroyed the food bank, wiping out its entire food supply.

The coordinator helps ensure farmworkers can access the food bank’s resources by delivering food directly to them where they work.

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INNOVATION


AT WORK

Earning recognition for being innovative is an honor, but that’s not why we do it. We believe when we innovate, we are creating long-term value for our membership. In 2022, we celebrated several accomplishments that put Unitus front-and-center in the credit union industry through innovative product development, improving the member experience, and distributing our facilities to better serve members where they are.

DISTRIBUTED ADMINISTRATIVE NETWORK

Unitus began the first phase of its Distributed Administrative Network plan in 2022. The new operational model will better serve the credit union’s changing needs and will reduce operating costs. This strategic shift means Unitus will have several distinct administrative centers that support remote, hybrid, and in-office employees. Unitus will vacate Unitus Plaza in downtown Portland in 2024, with administrative offices moving to a new facility on Durham Road in Tigard. Its five acres of designated wetlands will help offset Unitus’ environmental impact.

The Distributed Administrative Network allows Unitus to select geographic locations that can reduce commute and environmental impacts, gives us the opportunity to offset our footprint with on-site wetlands, and allows for operational systems that are environmentally friendly and controlled on-site. Our sustainability efforts will also include rooftop solar panels and rooftop gardens at our future Woodburn location.

We also have the opportunity to better meet our workforce’s needs by creating collaborative spaces for work, well-being, and activities. The Mill Plain branch is currently serving as an administrative center where staff can reserve workspaces for on-site work as needed.

INNOVATION THROUGH COLLABORATION

Innovation is even better with collaboration! Unitus, along with Advantis Community Credit Union and Rivermark Community Credit Union received the CUNA Excellence in Technology Award for co-creation of an identity verification solution.

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In 2022, Unitus launched Virtual Teller Machines,

which operate like a traditional ATM with the added option of live video chat with a

teller right through the screen. Unitus’ VTMs offer the same great in-branch service with a live teller during extended hours, including Saturdays. Members have access to traditional ATM services, backed by a real person,

supporting them in real time. Our virtual tellers supported 234 video sessions

in 2022.

VIRTUAL TELLER MACHINES

id-go provides a seamless implementation of technology to quickly verify a member’s identity, regardless

of how they’re connecting to the credit union. This improves the member experience and protects them

from fraud. This verification solution has a universal application for credit unions across the nation,

and is being shared with peers. Cozera partnered with the credit unions to develop this

innovative technology solution.

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WEBSITE AWARD

Millions of members and prospective members visit Unitus’ website each year, which is why we’re always making improvements to help better the user experience. The Web Marketing Association honored Unitus with the “Standard of Excellence” Award in 2022, praising the website’s ease of use, design, content, and copywriting.

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By soliciting feedback from staff and members during the planning process, Unitus

created a streamlined website that increases white space to improve navigation,

site satisfaction, and the overall user experience. The new design offers a modern-

ized look for both desktop and mobile users, featuring one-click site navigation to

virtually any page. Eliminating visual clutter allowed designers to highlight the new Unitus

brand more clearly through vivid colors, content banners, and custom videos.

All site content adheres to the Unitus brand voice, which presents easy-to-understand content in a jargon-free environment. The friendly, welcoming, and inclusive tone reflects the inspiring service offered by the dedicated staff at Unitus. Dedicated landing pages drive traffic from ongoing digital marketing campaigns with clear calls-to-action and invitations to join Unitus Community Credit Union.

THE NEW UNITUS BRAND

Unitus relaunched its brand in 2022 to better reflect the credit union’s current membership. With a focus on inspiring service, inclusion, and innovation, the new design conveys a sense of community, which is a reflection of the credit union’s commitment to inclusive financial practices. Current members can see themselves as part of the community huddle. As for prospective members, the brand represents inclusion.

The new Unitus brand makes it clear that within the cooperative movement we can all support one another and be a part of the same community, united despite our differences and unique financial situations.

To relay the message of “There is More that Unites Us,” Unitus produced three new television commercials in 2022 to tell our story.

POINTS


OF PRIDE

As we reflect on all of our accomplishments in 2022, there are a few points of pride that stand out. When we connect with our communities through service, celebration, or financial education, we are building relationships that have a meaningful impact on our members, our staff, and the world around us.

United in our purpose and values, Unitus donated more than $455,000 to 80 charitable causes and organizations across Oregon and SW Washington, continuing our tradition of giving back to local nonprofits, organizations, and emergency relief funds in times of crisis. 30% of this overall giving was directed to culturally specific, BIPOC (Black, Indigenous, and People of Color)-led, community-based organizations with programs serving communities of color. Additionally, more than 1,750 employee paid volunteer hours were served in our community.

READ THE ENTIRE 2022 COMMUNITY IMPACT REPORT

BARBARA LEONARD DAY OF SERVICE

Barbara Leonard served as Unitus’ first female board chair. In honor of the tenth anniversary of her passing, Unitus employees and family members served community partners at 15 locations on the “Barbara Leonard Day of Service.”

On the “Barbara Leonard Day of Service,” 66% of Unitus employees and their families volunteered with the following community partners: Blanchet House, Children’s Book Bank, City of Salem Parks, Clackamas Service Center, Clark County Food Bank, Family Promise, Hoyt Arboretum, Impact NW, Oregon Humane Society, Project Never Again, Ronald McDonald House, Rose Haven, Snowcap Community Charities, SOLVE, and the Tualatin River Wildlife Refuge.

"We're grateful to have Unitus employees volunteer to get warm clothes to our guests experiencing homelessness in Portland. It's our mission to alleviate suffering in the community and we're only able to do that with the help of volunteers."

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Quotation Mark

This is the perfect way to honor her, is to have families working together to give in service to the community. And the best way to do it, is to serve with joy in your heart."

— Dr. Kimberly Matier

mentored by Barbara Leonard

— Julie Showers, Blanchet House

Ms. Leonard was known for her service to the community. Born and raised in Portland, she graduated from Girls Polytechnic in 1964 and later earned a bachelor’s in business administration from the University of Oregon. Ms. Leonard joined Unitus when the credit union had select employee group membership and she worked in the telecommunications industry, serving on Unitus’ board of directors for more than 18 years. She was a passionate supporter and leader at the Portland chapter of The Links, Incorporated—an international women’s civic organization for which she raised more than $500,000 for educational scholarships. Ms. Leonard was also an active member of Maranatha Church in Northeast Portland and a mentor to local high school students.


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For the 12th consecutive year, the Portland Business Journal ranked Unitus in the top ten in its annual philanthropy honors. The journal ranked Unitus the third most philanthropic large corporation in the Portland Metro Area. The honor is awarded to large corporations based on their community giving, volunteerism, and other community service and engagement efforts.

The Portland Business Journal also acknowledged our Chief Human Resources Officer, Gayle Evans, as a “Woman of Influence.” The annual Women of Influence Awards honor the region’s most

influential businesswomen. The awards’ call for nominations sought women who have made a difference in their

communities and blazed a trail, leaving a mark on the

Pacific Northwest community. Nominees were

judged on professional accomplishments,

community leadership, as well as awards

and milestones.

Gayle Evans, SVP/Chief Human Resources

Officer

Unitus entered into a partnership with the Hillsboro Hops in 2022. The Hillsboro Hops’ mission is to provide memorable, first-class experiences to enrich the lives of fans, staff, players, and community.

The team’s mission aligns with Unitus’ values and focus on community engagement. As part of the partnership, Unitus sponsored six “Los Soñadores” nights where the culture and heritage of our local Hispanic/Latino community is celebrated. The Hops transform to “Los Soñadores,” or “dreamers” throughout the season to honor the dreamers among us.

The partnership also led to the development of the “Barley’s Buddies” program, in which Unitus recognizes local students who showed perseverance and determination in the classroom. Unitus hosted 10 buddies in 2022, giving them a “behind the scenes” tour, meet and greet with Hops coaching staff and players, throwing the first pitch, watching warm-ups from the dugout, and club seats

for the students and their families.

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BARLEY S BUDDIES
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Music brings people together! That’s why Unitus hosted its first ever El Festival de Mariachis in September at Ron Tonkin Field.



More than 2,500 guests from all over the state joined us to celebrate Hispanic culture with food, drinks, entertainment, cultural vendors, and more! The festival helped Unitus reach its goal of creating a safe space for families to come together to enjoy the Hispanic culture. Mariachi bands from Hillsboro High school, Glencoe High School, and Forest Grove High School entertained the crowd. El Festival de Mariachis will now be an annual Unitus event.




FINANCIALLY


STRONG

The financial strength of Unitus Community Credit Union is validated every year through an independent audit. The Audit Committee is appointed by the Board of Directors to provide oversight of the financial reporting process.

AUDIT COMMITTEE

Chair

John Pierce

Board Liaison

Laura Conroy

Committee Members

Rebekah Anderson

Will Clark-Shim

Terry Donahe

Harit Ghelani

Kenny Sallee

Luke Watson

Everett Wild

The independent accounting firm Moss Adams LLP was engaged by the Committee to conduct a financial audit as of and for the year ended December 31, 2022 and perform a verification of member accounts in accordance with federal and state laws. The Committee utilized an internal audit to review, measure, and report on activities that ensure compliance with laws and regulations as well as continued integrity of the internal control environment.


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Based on reports and information received, it is the opinion of the Audit Committee that Unitus Community Credit Union’s financial operations and system of internal controls are sound. I would like to thank the Audit Committee for their contributions.


John Pierce

AUDIT COMMITTEE CHAIR

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2022 Financial Summary

Statement of Financial Condition

Assets

Cash & Cash Equivalents

Equity Securities

Investments Available-for-Sale

Federal Home Loan Bank Stock

Loans Held-for-Sale

Loans Receivable

Accrued Interest Receivable

National Credit Union Share

.......................$72,467,735

........................................$3,286,766

...........$194,560,714

..............$3,771,400

.....................................$604,350

...............................$1,381,288,876

....................$4,200,948

Insurance Fund Deposit

...................$14,461,785


Property & Equipment

Operating Right-of-Use Assets

Other Assets

...........................$34,361,681

................$6,067,506

............................................$12,141,695

Total Assets

......................................$1,727,213,456


Liabilities

Members' Shares

Borrowed Funds

Lease Liabilities

Accrued Expenses & Other

..............................$1,506,919,156

.....................................$42,480,000

.........................................$6,534,692

Liabilities

.............................................$20,566,867


..................................$1,576,500,715

Total Liabilities

Members' Equity

Undivided Earnings

Accumulated & Other

.............................$165,643,068

Comprehensive (Loss) Income

.......($14,930,327)

Total Members' Equity

.........................$150,712,741

Total Liabilities

................$1,727,213,456

and Members' Equity

Statement of Income

Interest Income

Income from Loans

Income from Investments

.....................................$46,834,201

............................$3,144,826

Total Interest Income

..................................$49,979,027

Interest Expense

Dividends on Members' Shares

Interest on Borrowed Funds

...................$4,188,727

...........................$781,398

Total Interest Expense

Provision for Loan Losses

...................................$4,970,125

.............................$3,533,000

Net Interest Income after Provision

for Loan Losses

Non-Interest Income

.....................................$41,475,902


Interchange Income

Service Charges & Fees

Mortgage Banking & Loan

......................................$7,748,545

.................................$6,836,486

Servicing

....................................................$4,679,266

Operating Lease Income

..............................$1,075,635

Other Non-Interest Income

.............................$235,769

Total Non-Interest Income

.........................$20,575,701

Non-Interest Expenses

Compensation & Benefits

Office Operations

Data Processing

Office Occupancy

Promotional

Loan Servicing

Professional Services

Other Non-Interest Expenses


..........................$31,738,256

..........................................$4,954,179

.............................................$4,524,638

..........................................$4,324,163

...................................................$3,152,243

................................................$1,635,521

....................................$1,621,644

.......................$2,606,906


Total Non-Interest Expenses

......................$54,557,550

Total Net Income

........................................$7,494,053

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Report on the Audit of the Financial Statements

We have audited the accompanying statements of financial condition of Unitus Community Credit Union (the Credit Union) as of December 31, 2022 and 2021, and the related statements of income, comprehensive income, changes in members’ equity, and cash flows for the years then ended, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America. This includes the design, implementation, and maintenance of internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement.


An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.


We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.


Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Unitus Community Credit Union as of December 31, 2022 and 2021, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Moss Adams LLP

Portland, Oregon

March 3, 2023

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REPORT OF INDEPENDENT AUDITORS

To the Board of Directors and Audit Committee

Unitus Community Credit Union

Portland, Oregon


Truss bridge over river under sundown sky

Unitus has been a part of the Oregon community since 1937, when a group of Pacific Telephone & Telegraph employees pooled their resources to provide affordable loans to their co-workers. Today, Unitus serves 15 counties in Oregon and the entire state of Washington with a commitment to innovation, inclusion, and providing inspirational service. As of December 31, 2022, we are 106,775 members strong, a membership increase of 2.25% over 2021.


We are dedicated to fostering a culture of belonging for our workforce and members by celebrating diversity, inspiring continuous growth, and standing strong against injustice, creating a safe and inclusive environment for our employees and the communities we serve.


Our Board of Directors, Audit Committee, and Leadership team work together to ensure that every decision is made with members’ financial well-being in mind.


BOARD OF DIRECTORS

Chair

Somnath Banerjee

Vice Chair

Matthew Mičetić

Secretary

Rhonda Cramer


Directors

Frank Chinn

Laura Conroy

Nicole Davison León

Tiffini Mueller

Directors Emeritus

Sue Iggulden

Will Rader

AUDIT COMMITTEE

Chair

John Pierce

Board Liaison

Laura Conroy

Committee Members

Rebekah Anderson

Will Clark-Shim

Terry Donahe

Harit Ghelani

Kenny Sallee

Luke Watson

Everett Wild

LEADERSHIP TEAM

President/CEO

Steven Stapp

EVP/Chief Strategy & Innovation Officer

David Fehrer

SVP/Chief Risk Officer

James Alexander

SVP/Chief Lending Officer

Brian Devereux

SVP/Chief Human Resources Officer

Gayle Evans

SVP/Chief Financial Officer

Michael Namba

SVP/Chief Retail Officer

Corlinda Wooden