Page 2 - 2024 California Coast Credit Union Annual Report

With the apparent passing of an economic cycle of rising interest rates driven by growing inflation, we face new challenges as economic uncertainty grips the U.S. economy. Factors such as political instability, changes in government policies, consumer financial health, and market fluctuations all contribute to increasing risk to the U.S. banking system. California Coast Credit Union is prepared, having bolstered our reserves and enhanced liquidity and risk management. Cal Coast remains conservative in balance sheet management, always vigilant about what matters most—you, our member.
The Federal Reserve's unexpected rate increases haven't led to the predicted rate declines for 2024, resulting in compressed interest margins and declining financial industry profitability. Cal Coast anticipated this rate environment, resulting in strong earnings and reserves, making California Coast a safe place for your funds.
Our strong financial condition allows strategic investments in new and enhanced products and services that benefit our growing membership. Our
MISSION STATEMENT
Sincerely,
Todd M. Lane President and CEO
efforts to bring you new features and functionality in our Online and Mobile Banking platform will continue to roll out in 2024. Once full conversion has taken place, this new platform will also allow Cal Coast to quickly build even greater features and functionality based on your specific banking needs. Together, we will control the member experience in this important and growing delivery channel.
As the oldest financial institution in San Diego and Riverside Counties, we celebrate 95 years of legacy service in 2024 with exciting offers for our members and the community. We hope that our 200,000+ members will enjoy celebrating with us, and we look forward to continuing to serve you. Thank you for your confidence and loyalty.
The reason we exist is to promote our members’ financial prosperity while continuously delivering exceptional, caring service.
2024 ANNUAL REPORT