Goldenwest Reports 2016 Financial Results

OGDEN, UT: January 27, 2016 – Goldenwest Federal Credit Union recently released financial results for 2016.

“I’m pleased to report Goldenwest Credit Union delivered solid performances within our key strategic initiatives for growth and strength in 2016,” reported Kerry H. Wahlen, President and CEO. “The impact of our success directly results in higher return to members, enhanced delivery channels, and stronger product offerings.”

Highlights from the past year include:
• Consumer loans grew by $116.4 million, for a 15.4% annual increase.
• Total assets grew by $121.5 million to $1,249,309,136.
• Return on assets posted at 1.40% and $16.7 million in net income.
• Net capital ratio remained at 13.9% of assets in reserve.
• Delinquency remained low at 0.47% and net-charge offs were 0.15%.
• Net membership increased by almost 7% from 106,031 to 113,395.
• Branch locations grew from 27 to 28, with a new USU Credit Union branch on the Utah State University campus; two existing branches were relocated.
• Members collectively earned $1.4 million with a year-end bonus dividend.
• Mass re-issue of Visa cards featuring EMV chips to membership.
• Healthcare Credit Union merger announcement.

Wahlen noted the official merger between Goldenwest and Healthcare Credit Unions was effective on January 1, 2017, and was not included in the 2016 Financial Report. With the merger, Goldenwest now holds $1.325 billion in assets and membership exceeds 120,000. Healthcare Credit Union brings eight additional locations in Salt Lake County to the Goldenwest branch network.

“I’m proud of the way our talented team responded to taking on this merger in the midst of a high-growth period for the Credit Union,” added Wahlen. “I express my sincere gratitude to our volunteers, administration, managers, and staff for their hard work and support in providing our existing and new members with top-notch service and unsurpassed value.”