As we reflect on a year that brought about both economic challenges and opportunities for members, we are grateful for Goldenwest’s strength and stability as a not-for-profit financial cooperative. I am pleased to share the Credit Union’s achievements and positive impacts during 2022:

• $3.75 million bonus dividend paid to members in December.
• Significantly higher yields on Certificates and Insured Money Market accounts.
• $268.1 million growth in total assets to $2,773,873,335 for a 10.7% annual increase.
• $361 million in secondary-market mortgage origination.
• $421 million in consumer loans, for a 23.2% annual increase.
• Return on assets are strong at 1.50%.
• Net capital ratio rose to 13.2%.
• Delinquency remained low at 0.22% and net charge-offs at 0.09%.
• Net membership grew by 7.66% to 173,855 credit union members.
• New branch openings in Rexburg, Idaho and Eagle, Idaho.
• New Goldenwest-Healthcare branch in McKay-Dee Hospital now serving caregivers and visitors to the hospital.
• Construction started on the Springville branch and new Corporate Center in Washington Terrace.
• Goldenwest Insurance Services wrote $2.5 million in new home and auto insurance policies, saving members up to 35% on their premiums.
• Community outreach and support for the Cystic Fibrosis Foundation, Catholic Community Services, USU Alumni Association, Utah PTA, Idaho PTA, and several school foundations.

Our employees’ excellent work during 2022 has kept Goldenwest in growth mode without compromising member service. The Board of Directors and other Credit Union volunteers have provided thoughtful guidance and leadership throughout the year. Together, this exceptional team is building a credit union that will stand the test of time.

2023 Outlook

The good news is that 2023 started with impressive yield increases on Certificates. Even better, President’s Club members are earning an additional 0.25% Annual Percentage Yield (APY) on all Certificates. For members wanting more liquidity, check out the recent yield increases on the Insured Money Market Accounts.

Likewise, rates steadily climbed on most loan products in 2022. If you are in need of a loan this year, our knowledgeable loan officers will take care of you with competitive rates combined with no fees on most of our lending products. Another piece of good news is that mortgage rates have stabilized in recent weeks. With one-half percent origination fee, Goldenwest can save money on your mortgage if you are in the market to purchase a home.

We are grateful for the warm welcome in Idaho from both longtime and new members. Branches are now serving members in Rexburg and Eagle, and new offices are slated to open in Boise and Post Falls during the first quarter of 2023. If you have friends or family in Idaho, tell them about the money-saving benefits of joining Goldenwest!

Members living and working in the Ogden area have likely seen the new Goldenwest Corporate Center under construction on the south end of Washington Boulevard. With the support and vision of our member-elected Board of Directors, this building represents the lasting legacy of Goldenwest Credit Union. The new Corporate Center will open with a grand celebration and dedication to member service in late 2023.

Thank you for your ongoing loyalty and membership. Goldenwest is a resilient credit union because of members who believe in the values of hard work, thrift, and cooperation. If there is anything we can do to make 2023 a successful year for you, please reach out to me or any member of our leadership team. We’ll take care of you!