BECU Builds on Financial Strength in 2022
Despite turbulent economic times, BECU maintained a strong position in 2022, growing membership and increasing member share, liquidity and capital, and continuing to invest in the communities we serve.
As the nation navigates ongoing and heightened economic uncertainty, I am proud to share that BECU continues to operate from a position of financial strength. During these times, we are reinforcing our commitment to members, using the credit union's solid position to return our profits to our members and build a more equitable future for the communities we serve.
It is a privilege to lead BECU, a purpose-driven, and diverse not-for-profit credit union, and it's an exciting time to take the helm. We recently published our 2022 Report to Membership. Our annual report details our financial accomplishments, as well as our efforts to assist members in attaining their financial goals, our collaboration with local community partners and the ways in which we're enhancing our employee experience. I am particularly grateful to our members, employees, and our board of directors for their support. Through these efforts and partnerships, we continue to navigate a challenging and turbulent economic environment from a strong financial position.
Among our 2022 highlights, our financial cooperative grew its membership to nearly 1.4 million members (a 3.6% year-over-year increase) and ended the year with $28.8 billion in assets. In the same period, BECU's member loan portfolio grew by 23.1% from the previous year to $16.3 billion in 2022. As the nation's fourth largest credit union, we continued to increase member share, liquidity and capital with a net worth ratio of 10.66% at the end of the year.
As a financial cooperative owned by our members, BECU has a different kind of approach to banking. As we grow, so does our ability to invest back into the credit union, our membership and the community. I invite you to read our 2022 annual report. We feature many examples of organizations and individuals who we support through our financial education and philanthropy programs. In fact, BECU donated $8.5 million in community giving in 2022 to a variety of projects, including affordable housing initiatives, educational access, environmental protection and social justice.
As we enter the next chapter of our 88-year history, I've been meeting with members, local leaders, community partners and employees. I am excited for the future we all share and look forward to building upon a strong foundation to expand our impact, accelerate our growth and increase our reach to the members and communities we serve.