Financial Earnings Report 2015
OGDEN, UT: February 4, 2016 – Goldenwest Federal Credit Union recently released financial results for 2015.
“We are pleased with our year-end financial report, marked with substantial growth and notable achievements throughout the past 12 months,” stated Kerry H. Wahlen, President and CEO. “Our team produced solid performances within our key metrics while delivering the highest levels of service our members.”
Highlights from 2015 include:
• Consumer loans grew by $106.8 million, resulting in an overall 16.5% annual increase.
• Total assets grew by more than $74 million to $1,127,833,276.
• Return on assets posted strong income at 1.50% and $16.4 million in net income.
• Net capital ratio increased from 13.3% to 13.9% of assets in reserve.
• Delinquency remained low at 0.40% and net-charge offs were 0.18%.
• Membership increased from 99,712 to 106,031.
• Branch locations grew from 25 to 27, with a new Goldenwest office in St George and a USU Credit Union branch inside Lee’s Marketplace in Logan.
• Members collectively earned more than $1.2 million in December with a year-end bonus dividend.
• Goldenwest and Utah State University jointly announced plans for a new on-campus USU Credit Union branch and Welcome Center.
• Ribbon cutting held for a new 25,000 square-foot Goldenwest Operations Center located in Washington Terrace.
• Multiple upgrades and advances in mobile banking technology, including Touch ID login, card controls and mobile wallets.
“Our charge to operate a fiscally sound credit union whilst looking ahead to the future is a stewardship we take most seriously,” concluded Wahlen. “I congratulate our employees on a job well done, thank our board members for their strategic vision, and extend my appreciation to our membership for their continued loyalty to Goldenwest.”