2020 in Review

Voted #1 Financial Institution:


Readers’ Choice Award Best of Tillamook County, Headlight Herald Readers’ Choice Award, and Lincoln City News Guard Best of the Beach.

TOP 200 Healthiest Credit Unions:


Named one of the Top 200 Healthiest Credit Unions by Deposit Accounts for the seventh year in a row.

PPP Loans:

We supported our local businesses by funding 331 Paycheck Protection Program loans totaling $16.5 million.

Emergency Fire Loans:

Following the Lincoln County wild fires last fall, we funded 53 loans totaling  $316,309 for residents who needed support immediately.

Give More 24!: 

We set a goal for our staff to raise $2,000 for Give More 24!, an online giving marathon held each September. We’re thrilled to say we raised $4,620 for Cowlitz County non-profits!

Doernbecher Details:

We raised $23,296 for Doernbecher Children’s Hospital.

Warrenton Financial Service Center:

We opened our 15th location in the heart of Warrenton’s shopping district, featuring a relaxed ambience and a full-service Red Leaf Organic Coffee shop.

Volunteer Spirit:

Pre-COVID, our staff volunteers were out in full force at community events. From the Newport Seafood & Wine Festival to the Lincoln City Chamber Super Auction to Rainy Months Series shows at the Columbia Theatre in Longview, our staff showed their generosity by donating their time to great local events.

International Credit Union Day:

We celebrated #Credituniongood by giving each employee $10 and a special pay-it-forward card to brighten someone’s day with a random act of kindness. Small gestures left a big impact!

Brown Bag Day:

In February, our Cowlitz County staff put together 915 brown bag lunches that were distributed throughout the community to citizens in need. 

Humane Society and Animal Shelter Support:

We’ve pledged to donate $5 to the nearest Humane Society or animal shelter for each youth account we open. Our $4,560 donation supported Humane Societies and animal shelters in five counties.

Support our Students:

We donated $55,000, and distributed $7,000 in additional donations, to 17 school districts across our field of membership. The funds were used to supplement meal programs during school closures amid the early months of the pandemic.

Law Enforcement Appreciation:

In January, we raised $665 for the Behind the Badge Foundation (WA) and $250 for the Oregon Fallen Badge Foundation. Both foundations support the families of fallen officers. We also delivered “copcakes” to every police station and sheriff’s office in our service areas as a token of our gratitude for their service.

Towel Drive:

We hosted a towel drive for Community House on Broadway in Longview. We donated 153 new bath towels for residents and their families and our Community Service Committee donated an additional $300.

Foundation Donations:

We completed a three year commitment to eight hospital foundations and four college foundations, totaling $87,000 in grants. Funds were used to improve education, health services, and quality of life in our membership areas.

Angel Tags:

Thanks to the generosity of local shoppers, donors, and staff volunteers, we ensured we filled all 102 Angel Tags for foster children in Cowlitz and Wahkiakum Counties.

Department Donations:

Community support was an especially strong focal point in 2020. During October, we empowered each financial service center and department with $200 to make a big impact in the community. Donation funds were used to support student supply drives, at-risk youth programs, emergency support services and shelters, animal shelters, and a host of other projects, including a mural at an early learning center! This event generated thoughtfulness and goodwill, and exemplified the credit union philosophy of people helping people.

CEO & Board Chairman Report

We can all agree that 2020 presented its share of challenges. But as Albert Einstein said, “In the midst of every crisis, lies great opportunity.” When the COVID-19 pandemic overtook our lives last year, we made a conscious decision to emerge from the situation a better and stronger credit union than when we entered it. 

In March of 2020, we ordered hand sanitizing stations for each location, enhanced our cleaning procedures, discontinued food sharing such as popcorn and cookie days, and shared with our members the many ways they can do their banking without visiting a financial service center. As the pandemic raged on, we closed our lobbies for 12 weeks. During that time, we equipped our locations with distance markers, clear shields, and other protocols to keep our members and staff safe for the lobby re-openings.

Meanwhile, we prepared for the worst by increasing our allowance for loan loss reserves, reducing our operating expenses, and holding off on filling some staff positions. Our conservative measures paid off: we ended the year with 11.6% capital – well above the “well-capitalized” standard of 7.0%. Our loan losses were less than half of what we had budgeted, and reportable delinquency was just .11% at year-end. 

During this state of flux, members were open to changing their normal banking habits and embracing technology. In February, just before COVID hit, mobile deposits and ATM deposits accounted for just 12% of total member deposits.  At year-end, they accounted for 43% of total deposits. The overall number of deposits decreased 20% from February to December, as more members moved to direct deposit and ACH deposit. At year-end, 34% of member households did their banking online rather than calling or visiting us.

We did a lot more than COVID response in 2020. We also opened a new financial service center in the heart of the retail district in Warrenton, Oregon, complete with a full-service Red Leaf Organic Coffee shop inside.  We refreshed our entire fleet of ATMs, which now accept check and cash deposits with no envelopes needed. And, we introduced new services including My Credit Score, ClickSWITCH, Fibre Card Manager, and Zelle®.

In April, we’re excited to introduce our first Express service center, inside the Woodland Red Leaf café at 1495 Dike Access Rd. Featuring two Interactive Banking Machines and a staff concierge, this Express service center will complement our full-service location in Woodland. Members will be able to withdraw, deposit, transfer funds, and cash checks. Loan applications and new membership applications will be conducted via our online portal

As we begin to see heartening signs that the pandemic could be under control in the foreseeable future, we all wonder what a “return to normal” will even look like. It’s probably something different than we ever imagined at the beginning of 2020. But this is a certainty: We achieved our goal of finishing the year a stronger and better credit union. Assets grew 23% to $1,416,654,933, loans grew 7.5% to $836,916,279 and shares grew a whopping 25% to $1,235,297,637. 

Thank you to our members for their loyalty and understanding, and thank you to our staff for their dedication through trying times. Here’s to brighter years ahead!

Christopher Bradberry

Greg Berg
Chairman of the Board

Statement of Financial Condition

Dec. 31, 2019

Dec. 31, 2020

 Gross Loans



Allowance for Loan Loss



Net Loans



Cash & Equivalents






Cash and Investments



Foreclosures & Repossessions



Fixed Assets



Other Assets



Total Assets



Total Liabilities



Regular Shares



Checking Shares



Money Market Shares



Certificate Shares






Undivided Earnings



Other Comprehensive Income






Total Liabilities & Equity



Statement of Income & Expense



Total Interest Income



Total Interest Expense



Net Interest Income



Fee Income



Other Income



Credit Card Program



Debit Card Program



Loan Origination Income



Non Operating Gain/Loss



Non Interest Income



Compensation & Benefits



Travel & Conference



Office Occupancy



Office Operations



Education & Promotion



Loan Servicing



Professional Services



Operating Fee



Misc Operating



Non Interest Expense



Acquisition Related






Provisions for Loan Losses



Net Income



The complete audited financial statements will be available at our main office by April 30, 2021.

Supervisory Committee Report

Your Supervisory Committee is comprised of five volunteers: Jim Duscha, Julie Palmer, Jeff Skeie, Charlie Gourde, and Amy Hallock. The 2020 Supervisory Committee was also joined and assisted by Supervisory Committee Associates Ashley Lachney and David Thelin. The Supervisory Committee has the responsibility to oversee and verify the Credit Union has developed and maintains an internal control framework that provides reasonable assurance to the reliability and integrity of the financial statements and compliance with laws and regulations.

Your Supervisory Committee fulfills this responsibility in two ways. We meet regularly with the Credit Union’s Vice President of Internal Audit, Luci Sherard, who assists the Committee in verifying compliance with our internal control framework. We also engage an external audit firm, Moss-Adams, to audit the financial statements and the operational controls surrounding those financial statements in accordance with generally accepted auditing principles.

Supervisory Committee members attend regular monthly Supervisory Committee meetings, as well as monthly meetings of the Board of Directors. At these meetings we review the work of the Internal Auditor, the external auditor, and management to ensure that the Supervisory Committee’s responsibilities are properly discharged.

Based on our audits and the reports of other experts, the Committee is satisfied that the records of Fibre Federal are accurately maintained, and the Credit Union is in compliance with applicable laws and regulations. We thank the Credit Union management and staff for their diligent work that ensures such a well-run organization.

Jim Duscha,
Supervisory Committee Chair

Board of Directors

Greg Berg, Board Chair
Jan Dennis, 1st Vice Chair
Steve Mealy, 2nd Vice Chair
Jack Courtney, Secretary
Terry Alsteen, Director
Alden Bebe, Director
John Barker, Director
Jerry Howell, Director
Kelli Harding, Director

Supervisory Committee

Jim Duscha, Chair
Julie Palmer, Secretary
Jeff Skeie, Member
Charlie Gourde, Member
Amy Hallock, Member
Ashley Lachney, Associate
David Thelin, Associate

Senior Management Team

Christopher Bradberry, President/Chief Executive Officer
Joe Amrine, SVP/Chief Credit Officer
Shelly Buller, SVP/Chief Operating Officer
Rick Dahl, SVP/Chief Retail Officer
David Keegan, SVP/Chief Information Officer
Angie Gilreath, SVP/Chief Experience Officer
Ryan Sullivan, SVP/Chief Financial Officer

The complete audited financial statements will be available  at our main office by April 30, 2021.

Federally Insured by NCUA

See a PDF version of this report HERE.