Dear Members,

Spring is a wonderful time of year. Not only do the days grow longer and warmer, but this season’s feeling of renewal creates an excitement and enthusiasm for the possibilities of the months ahead.

Without a doubt, we’ve traveled a rough stretch of road the last few years, and the recovery of the global economy has been slower than hoped. We continue to grapple with inflation, as individuals, families, and businesses are all feeling the squeeze of higher prices and rising interest rates. With many pandemic- era challenges persisting into 2023, it’s no wonder people continue to feel anxious and uncertain about the state of their finances. That has been especially apparent in recent weeks as we’ve held our collective breaths, waiting to see what effects the recent high- profile collapse of a few institutions might have on the economy.

The good news is that America First is not like those financial institutions—we’re structured and managed very differently, which is why, even as I consider the difficult economic conditions we’re facing, I’m encouraged for the future. In fact, I’m optimistic about the coming year. Because I know how strong, resilient, and prepared our credit union is.

America First is safe, sound, and independently rated among the best and strongest financial institutions in the country. This is due in no small part to our core principles, our dedicated employees and volunteer leadership, and our unyielding commitment to serving each one of you in the way that best meets your unique needs. The first line of our mission statement declares that our chief concern is the financial well-being of our members, and that has been our True North since 1939. Everything we do is to benefit our membership. It’s the sole reason our organization exists.

That simple principle guides every decision America First’s Board of Directors makes. This exceptional group serves tirelessly and without compensation, and I can’t overstate the importance of their wealth of experience and expertise, their measured decision making, and their genuine concern for every America First member. Their direction is invaluable to us, especially during times when the path ahead appears difficult. Under their steadfast leadership, we’ve continued to thrive and move forward. 

In 2022, our membership grew by nearly 68,000 people, bringing our total to just over 1.3 million members, all benefiting from the world-class products and services offered at America First. A good measure of our safety and soundness can be found in the credit union’s net worth ratio. At year’s end, the net worth ratio was 10.87%, up from 9.95% one year ago.

For context, the National Credit Union Administration (NCUA), our federal regulator, considers a minimum net-worth position of 7.00% to be well-capitalized. Prudent management aimed at maintaining a healthy net worth is a part of why we’re well positioned to weather the ups and downs of economic cycles.

The credit union’s assets increased to $17.4 billion by year’s end, and our yearly net income exceeded $215 million, producing a healthy 1.24% return on assets. Our loan portfolio grew by $2.5 billion, while deposits rose by $168 million. The overall loan portfolio mix is diversified with appropriate credit risk levels, and our allowance for loan loss reserves is adequate to absorb loan losses. Our deposits remain federally insured up to $250,000. The capital reserves we have built since the credit union was founded, as well as our discipline to thrift and a conservative fiscal strategy, remain strong. All of that is to say, America First is proud to be an outstanding financial partner and a secure place to keep your money. These, and other financial numbers, can be found in our annual financial report, a summary of which is included in this publication. They have been thoroughly audited by our independent auditor, Deloitte, who has given them an unqualified opinion.

Last year, we funded more than $553 million in mortgage loans and remain a premier real estate lender in every area we serve. One of the things we take the greatest pride in is helping our members obtain the homes of their dreams, and we’re thrilled that we were able to help over 2,000 members purchase or refinance their homes last year. 

Throughout the year we continued to streamline operations, cut costs, improve systems, and promote more efficient digital delivery; and we added, remodeled, or replaced branches, with our network reaching 119 service locations across five states. Our Greater Good programs, administered through the America First Charitable Foundation, saw over 1,600 employees serve 63 organizations in 225 different projects, totaling nearly 4,500 hours of volunteering. Corporate giving initiatives included our 18th Annual Food Drive, with goods worth $30,000 donated to local pantries. And with your help, our 28th Annual Warm the Soles of Kids program provided 2,830 pairs of shoes to schoolchildren in need at 35 different schools. These and countless other endeavors have helped us to enhance and give back to the communities we serve.

Looking back at all we accomplished in 2022, I’m most proud of our continued progress in offering unparalleled personal service. I know our success is a direct result of the efforts of our over 3,100 dedicated full- and part-time staff members. I am deeply grateful for all they do each and every day and consider myself so fortunate to work alongside them.

Most of all, I’m grateful for you, our members.

Thank you for trusting America First, for letting us help you pursue your financial dreams, and for supporting this amazing organization. As we work together to create even more ways to help each other and make the most of every dollar, I couldn’t be more excited for what’s in store!

Sincerely,

Thayne Shaffer 

President and CEO