In so many ways, 2014 was a tremendously successful and historic year for Goldenwest Credit Union. Thanks to our strategic merger with USU Credit Union, historically low rates combined with an optimistic economic outlook, and the extraordinary efforts of our employees, Goldenwest has achieved success across a broad array of financial metrics.

During 2014 our total assets grew by more than $58 million to $1,053,139,276. I'm pleased to report a healthy return on assets at 1.16% or $12 million in net income. Our productive year resulted in a capital ratio that is unquestionably strong, increasing from 12.9% to 13.3%.

Members have readily taken advantage of low lending rates and enticing product offerings, contributing to our loan portfolio growing by $66 million and netting an overall 11.40% increase. Our loan-to-deposit continued to trend in an upward direction from 67.4% to 72.29%. During the same time, our delinquency decreased from 0.46% to 0.25% and net charge-offs decreased from 0.29% to 0.17%.

Our members collectively earned more than $1 million in December with the year-end bonus dividend. Over the past 11 years, Goldenwest has returned $6,875,000 to members through the bonus dividend program. No other credit union in Utah has matched that level of commitment to their members with a year-end dividend.

We could not have asked for a better strategic merger partner than USU Credit Union. This merger has brought about vast amounts of synergy benefitting our combined 100,000 members. Not only has our branch network expanded from Logan to St George, but our product offerings have become broader and stronger. The merger with USU Credit Union, which now operates as a division of Goldenwest, has undeniably contributed to Goldenwest's success.

Beginning January 20, 2015, Goldenwest will be one of the first 50 financial institutions in the nation to offer Apple Pay to our Visa cardholders. Apple Pay is just one of many payment systems projects we've developed in recent months. In 2014, we increased our online and mobile presence with the GoPay mobile merchant services, person-to-person payments and enhancements to bill pay.

Ultimately, our goal is to continue operating as a safe and sound credit union that significantly improves the financial lives of our members. We are committed to being trustworthy stewards of your money with the intent to remain steadfast in our mission of returning high value and savings.

On a different note, I wish to express my thanks to everyone involved in opening our second branch office in St George area. We held a ribbon cutting ceremony at the Washington branch on January 14th, and we are excited to serve our 2,000 members who live in Washington County at the new office on Riverside Drive as well as our branch on Sunset Boulevard.

Congratulations to Alicha Choffel in our IT Department who was named our employee of the month. Alicha is one of our critical behind-the-scenes team members who worked around the clock to get our Washington branch computers, printers and phones functioning for the grand opening.

Thanks for your continued loyalty and support. As always, I welcome your comments on my blog posts and invite you to follow me on Twitter @GoldenwestCUCEO.