2021 was a year with extraordinary accomplishments and growth for Goldenwest Credit Union. Utah’s robust economy and the ongoing loyalty of a strong membership base were key factors in our success. Highlights for the year include:

• $3 million dividend paid to members in December.
• $321 million growth in total assets to $2,505,814,127 for a 14.7% annual increase.
• $763.4 million in secondary-market mortgage origination.
• $268.5 million in consumer loans, for a 17.4% annual increase.
• Return on assets hit an all-time record at 2.0%.
• Net capital ratio posted at a strong 13.1%.
• Delinquency declined to 0.13% and net charge-offs decreased to 0.06%.
• Net membership grew by 8.11% to 161,487 total credit union members.
• Goldenwest Insurance Services wrote more than $2.5 million in new home and auto insurance, and an additional $1.68 million in commercial insurance.
• New branch openings in Bluffdale and St George (SunRiver).
• New online and mobile branches were launched featuring a single, unified platform to create a consistent digital banking experience.
• Virtual branch was launched to provide enhanced video, text, and chat options for members who choose to conduct business remotely.
• Zogo financial literacy app introduced.
• Online and in-person Medicare Seminars for senior members across the state, along with in-branch Medicare plan enrollment services.
• Community outreach and support for the Cystic Fibrosis Foundation, Catholic Community Services, USU Alumni Association, Utah PTA, and several school foundations throughout Utah.

Once again, our employees stepped-up during moments that were unpredictable and strenuous due to the ongoing pandemic. I could not be more grateful for their unwavering determination to serve our members in a professional manner through both the good and challenging times. In addition, I deeply appreciate the nine remarkable individuals who serve on our member-elected Board of Directors for their continued support and leadership throughout the year.

2022 Outlook

I believe Goldenwest is poised to deliver another year of strong growth with optimal service and high value to our members.

In February 2022 we will open the first Goldenwest office located outside of Utah in Rexburg, Idaho. We have many members in southeast Idaho who attend college in the region, and we are excited to offer them in-person service. In addition, our 2022 plans include building a branch in Springville, opening a satellite office inside McKay-Dee Hospital in Ogden, and breaking ground for an additional corporate building in Washington Terrace.

We understand our membership is sensitive to rates, so we will diligently keep a close eye on market forecasts and inflation as the year progresses. Together with the Board of Directors, our goal is to provide the best value possible to both borrowers and savers in every economic environment.

If there is any way we can make 2022 a better year for you, your family, or your business, don’t hesitate to reach out to me or any member of our leadership team. We look forward to serving you!