2024: A Year of Growth and Gratitude

January 31, 2025

I’m excited to share several notable accomplishments in 2024—a year marked by positive impacts for our members and the continued strength of our Credit Union.

A Strong Commitment to Members

At the start of the year, we launched the Golden Rewards Member Loyalty Program, featuring a free Gold Account with an impressive 6.00% Annual Percentage Yield (APY) for every member. This program represents our ongoing dedication to rewarding our members who choose Goldenwest as their financial partner for loans, deposits, and insurance.

Goldenwest’s Chairman of the Board, Dan Musgrave, commented on our commitment to members as the Board declared the year-end dividend.

Chairman Musgrave enthusiastically stated, “Our dedication to delivering strong returns to our members is evident with the distribution of $3.5 million through the year-end Golden Rewards Loyalty Bonus.”

Impressive Growth

By the end of the year, we reached $3,456,655,982 in total assets, marking an impressive 13.0% in growth. Our loan portfolio also saw significant gains, growing by $248.7 million, representing a favorable 11.3% increase from the previous year.

Membership growth was steady, with a 5.3% net increase, bringing the total number of Goldenwest members to 195,086. We’re thrilled to see more individuals, families, and businesses benefiting from our products and services.

Our insurance division had a banner year, generating over $5.7 million in new home, auto, and commercial insurance policies. Meanwhile, our mortgage department nearly doubled its production from the previous year, originating $290.7 million in secondary-market mortgages.

Financial Strength

Goldenwest’s financial performance remains solid, with a return on assets of 1.51% and a net capital ratio of 13.3%. In addition, BauerFinancial continues to award Goldenwest Credit Union with their highest five-star rating for financial strength. These strong metrics underscore our stability and commitment to sound financial practices.

Additionally, we maintained low delinquency rates at 0.50% and net charge-offs at 0.32%, further demonstrating our commitment to risk management.

Expanding Our Reach

We made significant strides in growing our branch network in 2024. We opened offices in Pleasant GroveIdaho Falls, and started new construction projects in Mountain Green and Payson. These expansions reflect our commitment to providing convenient access through our in-branch services for members across Utah and Idaho.

Recognition

In our hometown of Ogden, we were honored to receive the “Large Business of the Year” award from the Ogden-Weber Chamber of Commerce at their Annual Gala. Additionally, we were thrilled to earn the Utah “Best of State” medal in the Credit Union category for the 12th time.

Looking Ahead

As we move forward into 2025, I am optimistic about the future of Goldenwest. Our success is largely due to the dedication of our talented employees, the loyalty of our members, and the guidance of our Board of Directors. I express my gratitude to each of you for your continued trust and support.

Goldenwest has upheld the core value of “People Helping People” since our founding in 1936, and this commitment remains at the heart of everything we do. If there’s anything our team can do to help you achieve your financial goals and dreams in 2025, please don’t hesitate to reach out. As always, I look forward to hearing from you at president@gwcu.org.