One of the highlights of the year is distributing earnings to our members through the bonus dividend program. For the first time in Goldenwest history, the year-end bonus dividend will exceed one million dollars. What makes this milestone remarkable is that we are returning such a high level of profit to our membership during the same time period we absorbed considerable expenses from the merger with USU Credit Union. Through an amazing effort to mitigate merger costs, maximize operational efficiencies and grow our lending portfolio, the Goldenwest management team has stayed true to our mission of providing a healthy year-end dividend to all members.

As I’ve met with USU Credit Union members over the past year, the bonus dividend program was one of the many benefits we presented as a unique aspect of belonging to the Goldenwest family. We are very excited to include USU Credit Union members in the bonus dividend program for the first time. Without question, our USU Credit Union members have made Goldenwest a stronger organization.

Members will earn a total 4.10% Annual Percentage Yield (APY) with the 2014 year-end bonus dividend. The dividend is paid on primary shares, secondary shares, IRA shares and Christmas Club shares for the month of December only.

On occasion, members have asked me how we establish the bonus dividend yield. The Board of Directors and Executive Management Team work closely together each year to determine the yield based on credit union performance and overall market conditions. In the decision-making process we carefully consider factors such as our net capital position, asset quality and operating expenses. Over the course of 11 years, the bonus dividend program has returned $6,875,000 to our members!

Our credit union branch network continues to grow. Next month we will open our second branch in the St George market. The new office is under construction on the corner of Riverside and Mall Drives. In addition, I’m pleased to announce that plans are underway for a branch in West Jordan at 7800 South and 5600 West.

As we pause to reflect on an incredible year, I am reminded of the talented and dedicated staff members who are among my greatest blessings. I extend my congratulations to our employee of the month, Stephanie Taylor. Stephanie provides exceptional member service at our Clinton office as the business development officer and mortgage originator.

Serving Goldenwest members is a responsibility that I take most seriously, and a privilege that I enjoy immensely. Thanks for the trust you have given me.

Best wishes to you and your family for a very Merry Christmas and a prosperous New Year!