Goldenwest Credit Union

Goldenwest Reports 2017 Financial Results

Ogden—Goldenwest Federal Credit Union recently released financial results for 2017.

“Last year, Goldenwest reached new levels of financial achievement with strong performances in our defined strategic initiatives,” said Kerry H. Wahlen, President and CEO. “The success of the Credit Union has resulted in attracting new members, providing a greater diversification of products, improving the user experience, and increasing accessibility to services.”

For the 12 months ending December 31, 2017, highlights include:

  • Consumer loans growing by $172.7 million, for a 19.8% annual increase.
  • Total assets growing by $173.2 million to $1,422,511,560.
  • Return on assets posting at 1.31% and $17.6 million in net income.

  • Net capital ratio increasing to 14.1 of assets in reserve.
  • Delinquency remaining low at 0.24% and net-charge offs at 0.38%.
  • Net membership increasing by 12.7% from 113,395 to 127,840.
  • New branch locations opening in West Jordan and Marriott-Slaterville; existing branches relocated in Providence and Centerville.
  • Members collectively earning $1,750,000 with a year-end bonus dividend.
  • Healthcare Credit Union operating system merger completion on May 1, 2017.
  • Goldenwest Insurance Services acquiring a Health Insurance Brokerage, offering group health insurance to local businesses.

“As a not-for-profit financial cooperative, our primary focus remains centered on providing Credit Union members with products and services that are both competitive in the marketplace, and beneficial to their individual financial lives,” added Wahlen. “As we build on the Credit Union’s success, high return and value to our member-owners is at the forefront of everything we do.”