The numbers are in and Goldenwest Credit Union is reporting its’ strongest year since 2008. In 2012 our net income nearly doubled, with an increase from $6.2 million to $12 million. Return on assets grew from 0.81% to 1.51%. And, our capital ratio increased from 11.31% to 12.3% of assets in reserve.

More people are experiencing the benefits of our not-for-profit financial cooperative. Our net membership grew 4.03% for a total of 87,126 members in our credit union family.

It is evident our members are feeling greater financial security. Last year our consumer loan portfolio grew to $20.7 million, resulting in an overall 4.68% increase. During the same time, our delinquency declined from 0.68% to 0.30% and net charge-offs decreased from 1.77% to 0.43%.

What does this mean to you? The Goldenwest economy is strong. Our members saw the direct benefit with the 4.50% APY bonus dividend paid in December. Furthermore, it means Goldenwest is secure and in a position for well-managed growth. With this success, we will continue to offer better products, advanced delivery channels, robust technology and additional branches.

For example, this spring we will introduce mobile check deposit and a new online banking system. Both of these products are at the forefront of technology for electronic banking services.

While we embrace the convenience of technology, we continue to find tremendous value in personally serving members at our branches. Last year we expanded our branch network to 20 locations by adding new offices in Lehi and Centerville. In a few weeks we will break ground for a new office in Bountiful, with a scheduled opening this summer.

We are pleased with this solid performance, yet we are not content to maintain the status quo. Goldenwest is a goal-oriented organization that is always striving to try harder and do better.

We stand ready to help you achieve success with your financial goals. In 2013, we will give you and your family more resources that will save you time and money. Watch for details coming soon!

As always, I welcome your comments and suggestions at president@gwcu.org. I also invite you to follow me on Twitter @GoldenwestCUCEO.

Warmest Regards,

Kerry H. Wahlen
President/CEO