2022 Patelco Annual Report (1) - Flipbook - Page 16
Chief Financial Officer’s report
As we look forward to Patelco’s 87th year serving members, we remain in a strong financial position to serve our members.
In 2022, we grew our Total Assets to $9.1 billion, while our Net Worth grew to over $900 million, or a 10% Net Worth Ratio,
significantly exceeding the 7% Well Capitalized threshold established by the NCUA.
As of March 31, 2023, over 90% of our members’ deposits were insured, and we have grown our cash balances to over
$1 billion and maintained over $3 billion in available borrowing capacity.
Our strong financial standing enables us to continue our mission supporting members’ financial wellbeing during
this uncertain economic environment.
Rolland Jurgens
Chief Financial Officer
Chief Lending Officer’s report
Although 2022 saw increasing rates as the Fed fought inflation, we continued supporting our members’ financial wellbeing
through competitive rates on our loans. In 2022, we granted our members over $2.4 billion in loans, including a record $570
million in home equity loans and lines, positioning Patelco as the top-ranked home equity credit union lender in the Northern
California region we operate in. Additionally, we helped 1,075 members improve their credit score and simultaneously build
their savings through our innovative ScoreUp loan, which deposits loan proceeds into the borrower-owned savings account
and releases them after loan payments are made.
We remain committed to helping members in all our California communities achieve their financial goals by continuing to
offer competitive rates and innovative lending products.
Richard Wada
Chief Lending Officer
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2022
ANNUAL REPORT