February 15, 2023
Throughout 2022, we were faced with some of the most challenging economic conditions in decades, including an uncertain rate environment and rising inflation. UCU navigated all of this with dedication and focus to be here on an individual level for each of our member-owners. Despite the challenges, in 2022 UCU continued to have strong financial performance and growth, while striving to provide best in class member service. We were able to finish our drive-up conversion to provide streamlined Video Teller drive-up services at all locations, which are especially helpful during inclement weather days where branch lobbies may be delayed or closed. Digital banking was upgraded from a version the credit union had used for many years, and while we acknowledge the difficulties of change, we are pleased with the final product and robust features of the new online platform and mobile app.
The financial condition of UCU has continued to strengthen, allowing us to provide great rates for members on deposits and loans. While the rapidly changing rate environment is a tough cadence to maintain, we are focused on being competitive in the market and responsible to our member-owners as a financial cooperative. Throughout 2022, we continued to have strong loan growth in real estate, commercial business and consumer loans, helping members get into a new home, buy a vehicle, build credit, and more. Total loans grew over 8% for the year, mirroring the overall asset growth for the credit union. At year end, UCU held nearly $460MM in assets, ending the year with net income of $3MM, demonstrating the resilience and strength of the credit union.
At UCU, we are Here for U, our members. The following are highlights of ways members were impacted by the credit union’s initiatives. We provided 13% more in dividends to members in 2022 than the prior year, rewarding continued membership. We helped 210 members get into new homes in 2022, and 42 of those were members buying their first homes. We also helped 1,744 members purchase an auto or recreational vehicle with a UCU loan, helping them get around, whether to and from work, school or just to have fun. As an additional personalized member education offering, UCU now has six Certified Credit Union Financial Counselors, ready to help assist members in person or virtually with budgeting, credit score improvement, tips to improve individual financial situations, and more. We are Here for U, throughout the communities of Maine, and we want to help advance the financial well-being of all.
In summary, this was another solid year at UCU as a safe and strong financial institution. We could not achieve these successes without the guidance of our volunteer Board of Directors, and the dedication and hard work of each of our employees. As we look ahead, we are focused on the impact the credit union has on each person and community in our reach, finding the best way help each member find financial well-being.
Renee Ouellette, CPA
President / CEO
To read the entire 2022 Annual Summary please visit this link.