SEATTLE — BECU is reporting its performance growth for 2022, showing assets actually decreased while lending grew more than 20%.
The results, released as part of its 2022 Annual Report, show membership grew to nearly 1.4 million members (a 3.6% year-over-year increase), assets at year-end were $28.8 billion (a 4.6% year-over-year decrease), net worth was 10.66%, the loan portfolio grew by 23.1% to $16.3 billion in 2022, and member deposits were $25.9 billion, which was relatively flat year-over-year after two years of “record-setting growth.”
Return to Members
According to BECU,in 2022 it returned more than $362.3 million to members through its rates and low to no fees compared with bank averages (an average of $265 per member).
That includes:
- Reprice program. BECU said the program saved more than 42,500 eligible members an estimated $2.7 million by automatically reducing the interest rates on their loans and/or credit cards for those who demonstrated healthy financial habits.
- Eliminated/Reduced fees. BECU said it eliminated and/or lowered Non-Sufficient Funds (NSF) and overdraft fees, saving consumer and business members millions of dollars in the long run.
- First-Time Homebuyer Grant program. BECU said it assisted eligible members in purchasing over 170 homes with almost $1.26 million in down payment grants.
Member Features, Products and Programs
During 2022, BECU said its investments in service offerings included:
- BECU Envelopes, which helped approximately 25,000 members collectively put aside $45 million in digital envelopes in their BECU savings or Money Market accounts.
- Video Banking, which enabled members to “securely fulfill financial needs such as opening new accounts, applying for loans or making mortgage inquiries from the comfort of their home or any location.”
Return to Community
Through its philanthropic giving, BECU reported it donated $8.5 million in funding to community partners in 2022 focused on increasing financial well-being and equity.
Key efforts included:
- Community Giving, which awarded grants to local organizations aimed at improving access to postsecondary education, workforce and entrepreneur development and financial literacy. Example grant recipients included Your Money Matters Mentoring, Evergreen State College and Asia Pacific Cultural Center (APCC).
- The BECU Foundation, which introduced the inaugural Housing Stability and Green Equity Initiative grant programs to aid nonprofits serving untapped communities in BECU’s service areas.
- Member-Inspired Giving, which ranted $525,000 to more than 60 member-nominated nonprofits fostering meaningful change through its annual People Helping People Awards program.
Financial Education
According to BECU, in support of its purpose, the credit union also reached over 13,100 members and community members last year through financial education opportunities, including one-on-one Financial Health Checks, BECU-hosted webinars and seminars and Financial Reality Fairs. Additionally, BECU partnered with GreenPath Financial Wellness to provide more than 4,200 members with access to free in-depth counseling services. Members used the debt management program to tackle $6.8 million in debt, the credit union said.