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2020 ANNUAL REPORT

PRESIDENT'S REPORT

Seth Schaefer, President/CEO

Welcome to the 70th Annual Meeting of Rivermark Community Credit Union. In February 1951, 58 Safeway store employees gathered to hear a presentation on the advantages of credit unions. Over 70 years later, the growth of that credit union (originally called Safeway Portland Employees Federal Credit Union) is still going strong. Eighty-five thousand members now depend on those early efforts to provide you with the not-for-profit cooperative banking model you know today as Rivermark Community Credit Union. On behalf of our Board of Directors and employees, we thank you for the opportunity to earn your trust every day through personal conversations, unparalleled access, and a unique local community experience.

We know you depend on your credit union to consider your individual situation and provide guidance, tools, and security during any life stage. The pandemic has had economic impacts on many of our members, and this has allowed us here at Rivermark to step forward with solutions. Tens of thousands of members have benefited from loan modifications, free skip pays, no interest emergency loans, Payment Protection Loans through the Small Business Administration, and Financial Wellness coaching from our Certified Financial Counselors.

Even though we operate within a very digital world, Rivermark has always viewed these tools as a way to facilitate good conversations. Whether it’s our branch model, our new Video Banking functionality, or advancements in how to pay, apply, and get help, we consistently look for ways to give you seamless access to the tools you need to manage your money.

We recognize that we serve a broad member base, including those who have been most marginalized in our society. To support all members, we must champion people from different backgrounds who are represented and valued at all levels within our organization. Powered by our mission of ‘building financial empowerment together’, we have developed internal and external efforts to expand diversity, equity, and inclusion. We continue to create paths to expand home ownership, help small businesses thrive, and simplify the movement of money. By partnering with community organizations, we hope to build trust and become known as an ally in every member’s financial life.

In our communities, Rivermark provides funds, support, and volunteer time to our three primary focuses: housing insecurity, food insecurity, and children’s health and welfare. We strive to help members get and keep housing. The Rivermark Community Foundation provided $10,000 each to Rebuilding Together Washington County and Rebuilding Together Portland, which support critical home repairs to low-income homeowners. Partnering with others in the KGW Great Food Drive, we collectively provided 3.2 million pounds of food this year to the Oregon Food Bank. We continue our decades-long commitment to Doernbecher’s Children’s Hospital (Children’s Miracle Network) by teaming up with other area credit unions to donate $350,000 to this important organization.

Financially, there were two main themes for 2020: asset growth and mortgage loan growth. Assets grew 28.95% in 2020, ending at $1.12 billion. The low rate environment last year created a great opportunity for members to lower their monthly mortgage payments. This resulted in 1,120 loans funded in 2020, almost three times the volume of the previous year. Commercial deposits increased 43% as our business services department continues to grow.

Rivermark stands financially well positioned for any economic environment, with capital levels above industry averages. Again, we thank you and appreciate the opportunity to continue to earn your trust.

SUPERVISORY COMMITTEE REPORT

Rebecca Hoffenberg, Supervisory Committee Chair

Your Supervisory Committee was comprised of five members at year-end 2020, whose names appear at the end of the Annual Report. The Committee’s responsibility is to oversee and verify that the Credit Union has established and maintains an internal framework that ensures compliance with laws and regulations and the reliability and integrity of financial statements.

We fulfill this responsibility in primarily two ways: we meet regularly with our Internal Auditor and we engage an external audit firm to audit the financial statements. We selected Moss Adams LLP, Certified Public Accountants to perform an independent audit of Rivermark Community Credit Union’s financial statements in accordance with generally accepted auditing standards. In their opinion, the financial statements present fairly, in all material respects, the financial position of Rivermark Community Credit Union as of December 31, 2020, and the results of its operations and cash flows. A copy of the complete audited financial statements are available at the administrative office of Rivermark Community Credit Union.

Committee members attend and participate in the Board of Directors meetings. The Committee itself also meets regularly. At those meetings, we review the work of the Internal Auditor, management, and the external auditor to ensure that the Committee’s responsibilities are properly discharged.

RIVERMARK IN THE COMMUNITY

2020 will be remembered as a profound collective hardship as well as a positive inflection point for empathy and curiosity. Events heightened underlying issues of food insecurity, housing insecurity, systemic inequality, and health and wellness issues, sparking important conversations and offering us boundless opportunities to help one another. In many ways, 2020 gave us a unique lens to see what is possible in our community.

As a mission-driven organization, Rivermark exists solely for the purpose of serving the community. We are committed to creating opportunities that address economic inequities through our business practices, our hiring, and our community giving.

We remain resolute in our community development pillars of housing security, children’s health and fighting hunger. We believe that the credit union model can act as an accelerator in addressing these issues. We invite you to explore Rivermark’s 2020 community impact and to further engage with the organizations working diligently to make our community a better place for all.

FINANCIAL STATS

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FINANCIAL SUMMARY

EXECUTIVE TEAM

  • Seth Schaefer, Chief Executive Officer
  • Brian Griffis, Chief Financial Officer
  • Aben Hill, Chief Lending Officer
  • Cori Poland, Chief eXperience Officer

BOARD OF DIRECTORS

  • Dennis Fullan, Chair
  • Kim Bickford, Vice Chair
  • Steve Holland, Secretary
  • Steve Lucas
  • Josh Stephenson
  • Gary Frayn
  • Bill Roberts Jr.
  • Tony Kullen
  • Rob LaVigne

SUPERVISORY COMMITTEE

  • Rebecca Hoffenberg, Chair
  • Morgan Braze
  • Gordon Feighner
  • Alex Roth
  • Jessica Epley

All names listed are as of 12/31/2020