b'PRESIDENT/CEOS REPORT CHAIRPERSONS REPORT2022ANNUAL REPORTAloha kakou, Aloha Members,For 75 years, our small credit union has been making a difference on the principle of people helpingIt is a pleasure to welcome you to our first live, in-person annual meeting in three years! This gathering people. signifies a welcome return to normalcy as we learn to navigate the threat of COVID among us.A year ago, as we embarked on our 75th year, we became Kauai Federal Credit Union, simplifying our2022 was a year of expansion and growth for our credit union. At a time when credit unions around the name, reaffirming that we are of Kauai, for Kauai, and dedicated to those who teach, serve, and protectcountry have struggled to find relevance in their communities, our amazing staff has again listened carefully our island. to our members, networked with the community, and sought out the very best tools in our industry to find This year, we begin the exciting journey to a new branch and the birthing of an economic resilience centerways to serve you, our ever-growing membership.in Kapaa.As you can see in our treasurers report, we have experienced incredible growth in many measurable ways We have learned that Kapaa means hold steadfast, We are steadfast in our commitment to creating aahead of our peers across the state and the nation. In addition, we have been recognized and honored by more equitable, regenerative economy. As a result, our credit union is more relevant than ever before. the National Credit Union Association for the innovation and success we have achieved in one of the most difficult economies in decades. We have laid important groundwork and are now poised for continued As a financial cooperative, our success belongs to our members. We grow together. Putting down roots ingrowth and expanded service for Kauais people.Kapaa enables us to leverage all the tools at our disposal as a Community Development Credit Union. YourTheculminationof2022resultedintheacquisitionofpropertylocatedat1624KuhioHwyinKapaa, ideas for how we work, how we offer services, and how we help Kauai to thrive are the root of our success.formerly the home of Otsukas Furniture Store. This new space will allow us to centralize several satellite Because WE BELIEVE in what we are doing, we can create success for others. Our member depositsoffices scattered around the island that were necessary for the growing staff as we established economic increased by 10% this year, and our net worth increased by almost 40%. The restored Otsuka building willprograms in our expanded role as a CDFI, Community Development Financial Institution serving the become a landmark for what can be accomplished by putting people over profit.financially underserved in our community. Plans are underway at this time to bring a clear vision into focus for this space as an Economic Resiliency Center that will include a long-awaited Kapaa branch as well as This building is already underway. Over the past year, our continued support of the community throughother services and programs to fulfill very critical needs in our community.loans,investments,rentandutilitiessupport,grants,andscholarshipstotaledover$50million.InOur CEO Monica Belz and her very talented team have accomplished these amazing milestones while partnership with the County, we have now dispersed over $27.5 million in rent and utilities assistance,at the same time keeping our credit union safe and sound for our members and their assets. This, in my most to individuals earning less than 50% of the average median income in our region. In addition, weopinion, is just short of miraculous!have upgraded our core systems to provide better and more relevant services. We also meet our regulatory requirements at the highest level, ensuring peace of mind for our members in an increasingly complexOn behalf of the entire Board of Directors, I invite you to join me in offering my sincerest congratulations world of digital finance.and deepest mahalo to the whole team, both staff and volunteers, for this enormous effort and noteworthy Most importantly, we are a strong, cohesive team. We are joining arms with financial cooperatives nationallysuccess. and worldwide to implement programs that support diversity, equity, and inclusion, focusing on housingAloha, and lets enjoy this celebration. affordability, small business innovation, and support for our non-profits and essential services.In the aftermath of COVID-19, we are forging a pathway that honors our foundational values and secures aMuch Alohaprosperous future for our keiki.Mahalo nui loa, Roberta Charles, Monica ChairpersonBoard of DirectorsMonica BelzPresident/CEO'