2023 ANNUAL REPORT Rivermark Community Credit Union

CHAIR'S REPORT

On behalf of the Board of Directors, it is my privilege to report another year of success at Rivermark Community Credit Union. Whether you are a long-time member or have recently joined our credit union, we are thankful to each of you for your continued support.

One of my primary responsibilities as Board Chair is to provide oversight and direction for the credit union. That starts with a talented and caring Board of Directors with a wide range of skills and backgrounds. Over the years, Rivermark has remained committed to building a strong and diverse Board with differing perspectives and backgrounds. This has resulted in a financially stable, community focused, and progressive credit union. Some examples of how this diversity in thinking has translated into business success include:

• Changes to our target market with a focus on underserved households known as ALICE— Asset Limited, Income Constrained, Employed. These households include people of all genders, ages, races/ethnicities, and across all family types.
• A commitment to earning our Community Development Financial Institution (CDFI) designation to support low-income and underserved communities.
• Support in communities of color through participation in the Underwriting for Racial Justice pilot program to rethink how we analyze risk in underwriting to increase access to mortgage, consumer, and small business credit.
• A strong and growing Diversity, Equity, and Inclusion (DEI) program to help build trust and rapport with a more diverse employee and member base.
• The introduction of Opportunity Checking, designed to meet the needs of members with low incomes, particularly those outside of the financial mainstream.

As a result, Rivermark continues to build on its purpose-driven mission to “Building Financial Empowerment Together” and thus serving and attracting a higher percentage of members from all walks of life who need access to high quality and lower cost financial services.

Merger Announcement & Update

In January, we announced that Rivermark and Advantis Credit Union plan to unite as one credit union in the latter part of 2024. The merger has the unanimous support of the boards of both institutions and management. For members, this merger this will result in expanded value, convenience, and access, as well as enhanced products and services. For employees, this merger offers job security and stronger development and advancement opportunities. The combined credit union will remain committed to offering highly competitive rates, low fees, and the personal service you’ve come to expect. Rivermark and Advantis have also established a combined purpose − to transform lives and communities, together – with expanded financial coaching and wellness programs, philanthropic giving, volunteerism, non-profit partnerships, and much more.

Next, both credit unions are applying for and expect to receive state and federal regulatory approval. Following this step, legal merger of both credit unions is likely to occur in the fall of 2024. We’re committed to transparency and will keep you updated as things continue to progress. Members will see no changes until late 2024 or 2025. For the latest information, please visit rivermarkcu.org/merger.

I would again like to thank our members for making 2023 a successful year. I would also like to extend my gratitude to each member of the Board, Supervisory Committee, and all Rivermark employees for their dedication and hard work. I look forward to another year of working with each of you to ensure we provide the best possible service to the members of our credit union.

PRESIDENT'S REPORT

I am pleased to report 2023 as a year of growth and strategic accomplishments. Your loyalty and support continue to be a driving force behind our success, and I want to thank you for choosing Rivermark Community Credit Union as your financial partner.

Awards & Recognition

I want to start by recognizing Rivermark’s achievement for being awarded the Platinum Level Bell Seal for Workplace Mental Health by Mental Health America (MHA). The Bell Seal is a workplace mental health certification that recognizes employers who strive to create mentally healthy workplaces for their employees.

Rivermark also achieved Gallup’s Exceptional Workplace metrics, which signify organizations that truly make a difference for their employees by continually listening, measuring, and making decisions that lead to an exceptional workplace experience.

In addition, twenty-three more employees completed a nationally recognized financial certification program providing them with the skills and knowledge to guide members to sound financial advice. In total, Rivermark has over 60 certified financial coaches (over 20 bilingual), which is the most of any credit union of its size nationwide.

The Credit Union Difference

Once again, we were reminded of the value of how credit unions are structured. As not-for-profit financial cooperatives, we are here to serve you – the member. For that reason, credit unions avoided the mess that several regional banks experienced in the past year. Regardless of market whims, you can count on Rivermark to be a safe and secure harbor for all your deposit and other financial needs.

Year In Review

In 2023, we saw our total assets grow to $1.44 billion, an increase of 3.4% over the prior year. Deposit growth was a major theme for the credit union in 2023. To reduce our reliance on wholesale borrowings, the credit union introduced several new deposit account types. Those efforts resulted in over 3,200 new certificate accounts and over 1,000 new money market accounts totaling over $200 million in account balances. We also welcomed over 8,000 new members and are now serving over 91,000 members.

2023 Community Impact

Rivermark’s community involvement focused on four primary areas of need including, housing insecurity, children’s health, food insecurity, and financial empowerment. 2023 highlights include:

• Raising over $70,000 at Rivermark’s 6th Annual Charity Golf Tournament, benefiting the Rivermark Community Fund.
• A $25,000 grant awarded to C-Roots in support of building a kitchen and communal area for a complex of tiny homes in Vancouver.
• A $75,000 donation to Doernbecher Children’s Hospital during the Credit Union for Kids auction.
• Sponsorship of the KGW Great Food Drive raising enough money to secure 2.2 million meals for the Oregon Food Bank.
• Sponsorship and employee volunteerism at the Latino Home Fair, PDX Diaper Bank, Kindness Farm, the Urban League Financial Empowerment Collaborative, the Black Economic Collective, the Portland and Vancouver PRIDE parade, and many other local organizations.

Strategic Accomplishments

• Perpetual Loans – This new digital service enables members to accept preapproved loans within Online Banking and to view their current credit score.
• Branch Improvements – Members can now interact with a video teller or choose the ATM mode.
• Mortgage Origination System – Member improvements include the ability to upload documents and follow their application status in real time.
• Card Management – New card control options in the Mobile app include the ability to set travel notifications, change your PIN, or turn a lost or stolen card on/off.

In closing, I want to thank you for the trust you put in us as your member-owned credit union. We will continue to act in the best interest of our membership and the communities we serve.

SUPERVISORY COMMITTEE REPORT

Your Supervisory Committee was comprised of 4 members at year-end 2022, 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 to perform an independent audit of Rivermark'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 as of December 31, 2023, 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.

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.

FINANCIAL STATS

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