Goldenwest Reports 2011 Financial Results

OGDEN, UT: January 30, 2012 – Goldenwest Federal Credit Union recently released financial results for 2011.

“We are pleased to report signs of a stabilizing economy with respectable growth over recent years,” said Kerry H. Wahlen, president and chief executive officer. “Goldenwest concluded 2011 with net income increasing to $6.2 million and a strong return on assets of 0.81%.”

Following are highlights from 2011:

• Net income increased $6.2 million, with return on assets growing from 0.60% to 0.81% during the year.
• Capital ratio remained strong with 11.31% of assets in reserve.
• Consumer loans grew by $5.6 million, resulting in an overall 1.26% annual increase.
• Assets increased $13.2 million, capping the year with $778,700,479 in total assets.
• Delinquency declined from 3.05% to 0.68% during a 12-month period.
• Real estate owned decreased 50% in the last six months to $2.5 million.
• Net charge-offs posted at 1.77%.
• Membership grew by 4.03% to 83,751.

“With a tremendous amount of hard work, Goldenwest has performed remarkably well in a difficult economic environment,” said Bill Hart, chairman. “We are thankful to members and staff for their continued loyalty and dedication to our credit union.”

About Goldenwest Federal Credit Union

Celebrating their 75th anniversary in 2011, the Ogden-based credit union operates 18 branches with offices in Weber, Morgan, Davis, Salt Lake, Utah and Washington Counties. The credit union recently released plans to open their 19th office, which will be located in Lehi. Goldenwest is a leading provider of consumer loans, mortgages, free checking services and deposit products throughout Utah.