Community First is proud to be a local, member-owned financial institution where all decisions are made by employees and volunteers who are very vested in the communities we serve. Your trust, coupled with our commitment to doing the right thing, is a powerful force allowing us to grow and thrive. “People helping people” is a simple mantra that underscores ... you are our why. 

As we look back at last year we are reminded that not everything can be predicted. Yet, even in the midst of confusing times, we Find a Way to endure and even learn to thrive. Despite the continued challenges presented by the global pandemic, 2021 was a year of strong growth and success for your credit union.

There are many ways to measure the performance of a financial institution. Industry analysts rely on quantitative signs of strength, safety and growth. Others look at metrics and ratios that measure net income, capital, and market share. While all of these measurements are important, we think that the most important measurement is how we serve our members.

Community First’s strategic goals are built around achieving our mission as measured by our 3 Key Success Factors: Employee Experience, Member Experience, Growth/Financial Sustainability.

 

EMPLOYEE EXPERIENCE  

Our commitment to outstanding member service can only be honored by attracting and retaining the best employees. In 2021, we celebrated 68 internal promotions, providing development opportunities for our team members to grow their careers at the credit union. We increased our starting wage, paying particular attention to our member-facing roles. The work they do and the service they deliver for you is critical to our success. Employee engagement scores increased from 80% to 85% in 2021. When it comes to employment, the world is changing and we need to change with it. We take care of our employees because they take care of you.
 

MEMBER EXPERIENCE

Understanding what matters most to you and how we can better serve you is important to us. Member survey results were very positive, with 77% of members indicating they are “members for life," and 80% that the credit union is very easy to do business with. Another important measure is the Credit Union Loyalty Score - it is comprised of 4 key metrics: Very satisfied; Will give Credit Union all future loan business; Will give all future deposit business; and extremely likely to recommend the Credit Union to others. In 2021, our Loyalty Score increased by 5 points, with members reporting: “CFCU lives its promise to find a way, is a strong supporter of community events and organizations, provides service that goes above and beyond, and treats me like a member/owner of the credit union.”

GROWTH/FINANCIAL STRENGTH

We are proud to help make dreams come true. Deposits grew 17% to $4.4 billion, and loan growth increased by just over 6% to $3.1 billion. We finished the year with total assets of $4.9 billion, a 16.4% increase over 2020. The continued low interest rate environment meant reduced earnings from both loans and investments, but staff worked diligently to offset lower revenues by finding efficiencies in operations, resulting in a 3.25% reduction in operating expenses from the previous year. Loan delinquencies and charge-offs continued to stay well below industry averages. At year end, we transferred $54 million to reserves to continue to build the credit union’s financial strength. Community First has a net worth of 11.16%, well above the regulatory requirement, and is one of the strongest credit unions in the country. 

It’s a big point of pride that for the 13th consecutive year, your credit union has earned the honor of being one of the Top 10 credit unions in the country for our financial performance. Our financial strength enables us to do more for our members – like providing lower loan rates, much higher rates on deposits, convenient locations, caring employees and the opportunity together to make a positive difference in the communities we call home. 

Every person that joins Community First is another life we get to impact for the better.

Last year, 10,984 people joined our credit union family. Being a part of a member’s life journey is a privilege and a joy, and we’re thrilled to now serve 148,970 member-owners.

From everyday moments to life’s major milestones, Community First is here for our members. As your needs change, our products and services evolve with you.
 

We’re here to help you live your best life with financial services you need and advice you can trust.

Our team worked hard last year to expand our offerings with a new digital banking system. This innovative system enabled us to introduce many new features to give members an exceptional experience across our mobile and online banking platforms. Features like card controls, a new security feature that lets you temporarily lock or unlock your credit and debit cards to protect funds and help prevent unauthorized transactions. Real time transaction alerts, which can be set by location, dollar amount and even merchant type. New credit score monitoring and score simulation tools and the ability to bring in your accounts from other financials to give you a full overview of your financial situation, and to make transferring between accounts easy and convenient.

Looking ahead to 2022, we will continue to add new features to the digital banking system, and this spring we plan to introduce Palm Vein Authentication, a touchless biometric technology that securely and uniquely identifies you by simply presenting the palm of your hand over a small, touchless scanner. This new technology is widely regarded as the most secure biometric identification and will enable us to protect your identity and personal information on an even greater level. In the summer of 2022, we will roll out contactless 'Tap to Pay' debit and credit cards. Tap to Pay joins chip and digital wallet transactions as the most secure ways to make in-person payments. Along with the Tap to Pay feature, we’ve also redesigned all of our debit and credit cards. As your current cards expire or need to be replaced, you’ll receive new cards with the Tap to Pay feature. Additionally, in 2022, work will begin on a new branch in Manitowoc and as well as several branch remodels. The Community First Insurance Center will move from the Richmond St. branch and co-locate with our branch staff and Community First Financial Advisor team at the Oneida St. office. We will continue to explore opportunities and member requests for branches in other communities.

At Community First, we believe in the power of community. Nothing makes us prouder than to know we’re making a positive impact to help the places you call home flourish. In 2021, on your behalf, the credit union contributed $1.7 million to 124 non-profit, civic and economic development causes throughout our service region. We give across a broad range of interest areas because our member-owners care about a broad range of needs. Beyond financial contributions, our in-kind donations further supported non-profits, and members contributed over $62,000, purchasing icons and candy bars in the branches to support a variety of causes. Our team also had an incredible impact, sharing their time, talent and resources, volunteering 17,791 hours last year. Our community involvement comes from a strong belief that as a business we don’t just provide jobs and income. We want to be active participants, joining together with our members to make a real difference in people’s lives. Each year we push ourselves to fulfill the credit union philosophy of “people helping people” and do everything we can to support the communities we serve.
 
Standing still has never been an option for Community First, and the events of the past year and those we’re experiencing today only amplify that truth. As we look ahead to the remainder of 2022, we will rise to meet whatever life brings, with agility, resolve, and grace. On behalf of your Board of Directors, and our entire team, thank you for your continued faith in Community First. Thank you for trusting us to serve your financial needs, especially during these uncertain times. #meraki

Together, We’ll Find a Way!