As I reflect on 2025, I am filled with gratitude and a deep sense of accomplishment. It was a year defined by a particularly strong financial performance as well as numerous positive impacts for our members. Together, we achieved a great deal, and I am excited to share a few highlights.

Impressive Growth

Goldenwest experienced an exceptional year for growth – among the strongest I have witnessed during my tenure. Total assets reached $3.95 billion, representing a 14.3% increase. Our loan portfolio grew by $502.03 million, an 18.9% gain over the prior year.

Membership also grew steadily, with a 6.7% net increase, bringing our total membership to 208,088. It is satisfying to see more individuals, families, and businesses choosing Goldenwest as their trusted financial partner.

Several of our specialized divisions had a standout year as well. Our insurance team generated more than $5.60 million in new home, auto, and commercial insurance policies, and our mortgage department originated $398.55 million in secondary-market mortgages.

Financial Strength

Goldenwest’s financial foundation remains strong. We finished the year with an impressive return on assets of 1.74% and a net capital ratio of 13.3%. Just as important, we maintained a low delinquency rate at 0.35% and net charge-offs at 0.20%.

Year-End Member Bonus

Our commitment to returning value and earnings to our members was unmistakable as we distributed $4 million through the Golden Rewards Loyalty Bonus on December 31st. The year-end bonus not only rewards your activity and engagement with the Credit Union, but also gives you the opportunity to build your savings in the high-yield Gold Account!

Preserving Our Tax-Exempt Status

I want to extend a sincere thank-you to the many members who joined us in supporting the Don’t Tax My Credit Union campaign last spring. At a time when federal tax reforms threatened the credit union tax exemption, your voices made a difference. Lawmakers in Washington D.C. ultimately preserved this status, ensuring credit unions nationwide can continue providing affordable, member-focused financial services.

Branch Expansion

We continued to expand our physical footprint in 2025. New branches opened in Mountain Green and Payson, and we are underway with planning and construction for future locations in Hurricane, Tremonton, Lehi, and Chubbuck (Pocatello). These investments in our branch network express our commitment to personally serve members where they live and work.

Estate Planning Services

In the summer, Goldenwest launched estate planning services in partnership with Legal Karma. This new offering provides members with convenient, affordable access to essential tools such as wills, trusts, and powers of attorney—another way Goldenwest is helping members plan confidently for the future.

New Website Launch

Following two years of careful planning and development, we launched a new website in July. With cleaner design, simplified navigation, and improved functionality, the new site makes it easier for members to find information about our products and services, as well as conveniently manage their financial needs.

Recognition

We were honored to receive the Utah “Best of State” medal in the Credit Union category, our 13th time earning this distinction. Goldenwest was also named one of the “Best Credit Unions to Work For” nationally by American Banker and recognized by Utah Business as one of the state’s “Best Companies to Work For.” These awards are a tribute to our dedicated employees and the culture they have built.

Merger Announcement

After months of thoughtful discussion and consideration, Goldenwest and Ascent Credit Union announced plans to merge our two organizations. This strategic merger will form one of the strongest credit unions serving members across Utah and Idaho. To honor Ascent’s heritage, its four branches will return to the Weber State Credit Union brand and operate as a division of Goldenwest. Systems integration is anticipated to be completed in November 2026.

Leadership Transition

With my full support and endorsement, the Board of Directors appointed Executive Vice President David Butterfield as Goldenwest’s next President and CEO, effective July 1, 2026. I have had the privilege of working alongside David for many years and have full confidence in his leadership, vision, and deep commitment to our members and employees.

I also wish to recognize longtime Executive Vice President and Chief Financial Officer Darren Godfrey, who will retire in the spring of 2026. Darren’s steady leadership and financial expertise have been instrumental to Goldenwest’s success for decades. Brock Mortensen, currently President and CEO of Ascent Credit Union, will assume the CFO role at Goldenwest, bringing extensive experience and a strong commitment to our cooperative values.

Looking Ahead

The year ahead brings exciting opportunities, continued growth, and a strong foundation for the future. After nearly 40 years with this Credit Union, and 14 years serving as President and CEO, it remains my greatest honor to be part of an organization so deeply committed to its members, employees, and communities. I look forward to seeing Goldenwest’s continued success in the years ahead.