2013 Financial Earnings Report

February 7, 2014

Goldenwest’s strategic merger with USU Credit Union continues to show positive results in our financial statements, as well as provide added value for our members. A recently released comprehensive report of the year-end combined financial statements from Goldenwest and USU Credit Union provides a closer look at our financial strength.

Final 2013 reports post return on assets at 1.37% or $12.1 million in net income. Our capital ratio increased from 12.3% to 12.9% of assets in reserve.

Greater confidence in the economy and historically low rates contributed to our consumer loan portfolio growing by $32 million, resulting in an overall 6.43% increase. During the same time, our delinquency remained low at 0.46% and net charge-offs decreased from 0.43% to 0.29%.

During the fourth quarter, assets exceeded $1 billion for the first time in credit union history. Final postings on December 31st report Goldenwest with $994.9 million in total assets.

Goldenwest members collectively earned more than $790,000 in December with the tenth consecutive year-end bonus dividend. Furthermore, we expanded our branch network to 26 locations by adding a new Goldenwest office in Bountiful and the five USU Credit Union branches in Cache and Box Elder counties.

Our credit union reached new heights in 2013, yet we know there are many opportunities to provide more value for our members. We will continue to press forward in delivering the tools and resources needed to help you achieve your financial goals and dreams.

Many exciting projects are in the works this year – products and services that will provide even greater benefits to you and your family. We look forward to serving you in 2014 and for many years to come.

I welcome your comments on my blog posts and invite you to follow me on Twitter @GoldenwestCUCEO for the latest Goldenwest and USU Credit Union news.

Kerry H. Wahlen
President/CEO