As we look back on 2025, we see a year of thoughtful transition, measured progress, and renewed purpose. We continued building on Salal’s solid footing while adapting to a complex economic landscape and making investments to enhance the financial products, tools, and services our members rely on.
In 2025, we made strategic adjustments to manage costs and ensure the credit union’s long-term health. By carefully balancing our deposit and loan volumes, we improved efficiency and increased our capital ratio to 8.96%. This enhances our ability to navigate a challenging economic environment, ensure deposits remain well protected, and continue supporting our members today and in the future.
Our net income was $2.3 million. While our overall earnings were impacted by increased reserves for potential loan losses, we were able to adapt to the shifting interest rate environment and our liquidity remained strong. That allowed us to maintain flexibility, grow our lending, and keep our focus on helping our members build their financial well-being.
We saw loan balances increase just under 2% year over year, driven by growth in our Dealer Direct home improvement lending program. At the same time, our responsible approach to lending kept our credit quality stronger than industry averages—safeguarding the credit union and helping keep borrowing costs lower for members. We also improved our loan and deposit yields throughout the year, helping us build earnings momentum heading into 2026.
This past year, we expanded our cannabis banking services into New York and New Jersey, bringing access to dependable financial tools to more licensed and regulated businesses and their employees. We launched small business banking services across our branch network, offering more personalized support to local businesses, entrepreneurs, and freelancers. We continued to improve our digital tools—making our website easier to navigate, strengthening member communication, and laying the groundwork for a streamlined application experience launching in early 2026.
Salal was founded on the belief that people working together can achieve big things, and that spirit continues to guide everything we do. Through our neighborhood banking initiatives, our branch teams became even more active in the communities we serve, hosting and attending events, and engaging with members where they live and work. Our staff volunteered at food banks, supported families in need, and led financial education and fraud-prevention seminars. We showed up at farmers markets, Pride events, senior centers, community cookouts, and more—building connections and growing awareness of the value of Salal membership.
Thanks to our members, we were able to grow our community giving again in 2025. We provided $229,226 in charitable giving to organizations and programs such as GRID Alternatives, Feeding Washington, Neighborcare Health, and the United Ways of the Pacific Northwest Disaster Recovery Fund. Since 2017, we’ve donated over $2.7 million to important causes in the communities we serve. See the Community Impact section of this report to learn more about the difference Salal members made in 2025.
We also marked an important leadership transition. After 17 years of service to Salal, including 13 as CEO, Russell Rosendal retired at the end of December. Russ’s steady leadership and deep commitment helped shape the credit union we are today. We’re grateful for his many contributions and the strong foundation he built.
In January of 2026, we welcomed Kevin Skinner as our new President and CEO. Kevin brings more than 25 years of financial services experience and a deep commitment to creating access, building equity, and making financial services work better for everyone. He joins the Salal community with an eagerness to listen, connect, and continue the mission of helping people grow their financial well-being.
As we look to the year ahead, our focus is on sustainable growth, continued improvements in operational efficiency, and ensuring our financial decisions support better rates, fewer fees, and greater value for our members. We aim to expand core deposits, responsibly scale our lending, and continue improving the banking experience. The progress we made in 2025 puts us in a strong position to keep delivering on our mission: to remove financial obstacles and help people achieve their financial goals.
On behalf of the Salal team and our Board of Directors, thank you for your continued trust and membership. Everything we accomplish starts with you, our members, and we’re excited to keep building toward a brighter financial future together.
Sincerely,
Brian Luong, Chair, Salal Board of Directors
Kevin Skinner, President and Chief Executive Officer
Secretary
President & CEO
SVP, Chief Lending Officer
SVP, Chief Diversity & People Officer
CMA, SVP, Chief Financial Officer
SVP, Chief Digital & Strategy Officer
Brian Luong – Chair
Alan Lederman
Catherine Bailey
Kevin Skinner
Annette Murphy – Chair
Chad Cheney
Jennifer Eslava
Kristin Burnett
Kevin Knowles – Chair
Magnus Andersson
Karen Schartman
Daniel Hirsty
Doug Larson
Kevin Skinner
Brett Ballman
Randy Cloes
Catherine Bailey – Chair
Brian Luong
Alan Lederman
Karen Schartman
Magnus Andersson
Chad Cheney
Laura McMillan
Alan Lederman – Chair
Erin Moyer
Jason Kunkel
Daniel Hirsty
Kevin Skinner
Brett Ballman
Randy Cloes
Skott Pope
Kari Stenslie
Randy Cloes – Chair
Jeff Anderson
Chad Cheney
Jennifer Eslava
Kevin Skinner
Brett Ballman
Skott Pope – Chair
David Davenport
Nate Derby
Kevin Skinner
Matt Vance
Christian Grunert
Matthew Heitland
Keith Price
|
YEAR END
|
LOANS, NET ($ in millions)
|
|---|---|
|
2025
|
937
|
|
2024
|
924
|
|
2023
|
991
|
|
2022
|
1,038
|
|
YEAR END
|
ASSETS ($ in millions)
|
|---|---|
|
2025
|
1,164
|
|
2024
|
1,177
|
|
2023
|
1,218
|
|
2022
|
1,279
|
|
YEAR END
|
DEPOSITS ($ in millions)
|
|---|---|
|
2025
|
1,002
|
|
2024
|
1,044
|
|
2023
|
1,040
|
|
2022
|
1,028
|
|
YEAR END
|
TOTAL EQUITY ($ in millions)
|
|---|---|
|
2025
|
98
|
|
2024
|
91
|
|
2023
|
88
|
|
2022
|
79
|
Table scrolls right.
|
ASSETS ($ IN 000'S)
|
2025
|
2024
|
2023
|
|---|---|---|---|
|
Cash and Cash Equivalents
|
35,568
|
65,627
|
26,933
|
|
Investments
|
133,517
|
128,344
|
139,192
|
|
Loans to Members
|
947,513
|
932,773
|
1,000,746
|
|
Less: Allowance for Credit Losses
|
(10,788)
|
(8,479)
|
(10,033)
|
|
Loans, net
|
936,725
|
924,294
|
990,713
|
|
Fixed Assets, net
|
24,573
|
26,241
|
28,079
|
|
Federal Share Insurance Fund Deposit
|
7,153
|
7,166
|
6,990
|
|
Other Assets
|
26,815
|
25,519
|
25,873
|
|
Total Assets
|
1,164,351
|
1,177,191
|
1,217,780
|
|
LIABILITIES AND MEMBERS' EQUITY ($ IN 000'S)
|
2025
|
2024
|
2023
|
|---|---|---|---|
|
Savings
|
101,148
|
106,158
|
122,816
|
|
Checking
|
428,278
|
429,449
|
425,409
|
|
Money Markets
|
190,169
|
150,488
|
121,888
|
|
Certificates
|
282,679
|
343,034
|
316,580
|
|
Non-Member Certificates
|
-
|
15,258
|
52,962
|
|
Total Deposits
|
1,002,274
|
1,044,387
|
1,039,655
|
|
Borrowings
|
40,833
|
12,821
|
63,825
|
|
Other Liabilities
|
23,244
|
29,175
|
25,895
|
|
Reserves, Undivided Earnings & Other Comprehensive Income
|
98,000
|
90,808
|
88,405
|
|
Total Liabilities & Members' Equity
|
1,164,351
|
1,177,191
|
1,217,780
|
|
INCOME STATEMENT ($ IN 000'S)
|
2025
|
2024
|
2023
|
|---|---|---|---|
|
Interest on Loans to Members
|
54,148
|
51,091
|
53,408
|
|
Interest on Investments & Cash Equivalents
|
5,716
|
6,405
|
5,424
|
|
Total Interest Income
|
59,864
|
57,496
|
58,832
|
|
Interest Paid to Members
|
18,414
|
21,161
|
14,812
|
|
Interest on Borrowings
|
489
|
899
|
4,708
|
|
Total Interest Expense
|
18,903
|
22,060
|
19,520
|
|
Net Interest Income
|
40,961
|
35,436
|
39,312
|
|
Provision for Credit Losses
|
7,916
|
4,055
|
41
|
|
Net Interest Income After Provision for Credit Losses
|
33,045
|
31,381
|
39,271
|
|
Fee and Other Income
|
21,835
|
20,114
|
17,574
|
|
Gains/Loss from Sale of Assets
|
(880)
|
1
|
6
|
|
Total Non-Interest Income
|
20,955
|
20,115
|
17,580
|
|
Employee Compensation and Benefits
|
31,567
|
30,026
|
31,080
|
|
Operations
|
15,855
|
15,628
|
14,748
|
|
Occupancy
|
4,270
|
4,360
|
4,305
|
|
Total Non-Interest Expense
|
51,692
|
50,014
|
50,133
|
|
NET INCOME
|
2,308
|
1,482
|
6,718
|
All 2025 financial numbers presented are unaudited. All 2023 and 2024 financial numbers are audited. Reclassification – Certain reclassifications have been made to conform to the current-year presentation. The reclassifications had no impact on previously reported net income or members’ equity. Audited financial statements are available upon request.
Last year, we committed to showing up where we could, stepping in where help was needed, and doing our part to bridge critical funding shortfalls. Over the past year, new and familiar challenges emerged that made it harder for individuals and households to stay stable. The lapse in SNAP benefits led more families to seek food assistance at the same time food banks were facing declining resources. Rising costs and strained systems made access to health care more difficult for many, while economic shifts and changing labor markets underscored the need for pathways to stable, living-wage jobs. At the same time, local flooding and weather-related disruptions reminded us how quickly unexpected events can place additional stress on families and communities.
As disconcerting as these realities were, they also revealed something powerful. Across our communities, we saw people, organizations, and businesses come together—responding collectively, sharing responsibility, and supporting one another in meaningful ways. This is the essence of Power in Together®, and we’re committed to being counted among those who stepped forward. Looking ahead, we are energized by opportunities to invest in solutions that strengthen stability today and open doors for tomorrow.
to health, safety, and crisis support.
for global disaster relief and regional flood and food recovery.
towards advancing access to care and strengthening the healthcare workforce.
in workforce and skills training.
At Salal, we’re committed to being there for people and communities when it matters most. In 2025, our giving focused on responding to immediate needs, while also investing in opportunities that promote long-term stability. We helped families access food and healthcare and provided training and skill-building opportunities for meaningful work. Our efforts also included responding to unexpected events, such as natural disasters, which put additional strain on individuals and local communities. Each investment reflected our commitment to meeting people where they are, offering assistance in the moment while expanding opportunity for the future.
When severe flooding displaced families across Washington State, Salal supported the United Ways of the Pacific Northwest Disaster Recovery Fund to help families access immediate relief. This funding provided temporary housing and stability at a time when uncertainty was high and resources were limited.
As one family shared, “Having a stable place to stay after being displaced by the flooding has meant everything to our family.”
This is what it looks like when communities come together to respond in real time.
Through our support of GRID Alternatives, Salal invested in hands-on solar training that prepares individuals for careers in the clean energy economy. This funding strengthened training programs by providing safety equipment, real-world installation experience, and workforce readiness efforts that help participants gain in-demand skills and access clean energy careers. By reducing barriers to entry and expanding access into meaningful work, this investment empowers both economic mobility and a more inclusive clean energy future.
At Salal, we believe health care should be accessible to everyone. That’s why we supported Neighborcare Health, a leading provider of medical and dental care serving low-income families, children, seniors, immigrants, and individuals experiencing homelessness. Through nearly 30 neighborhood and school-based clinics across Seattle and on Vashon Island, Neighborcare delivers culturally responsive care and ensures patients are not turned away due to inability to pay, using sliding-fee programs and insurance assistance to remove barriers to care.
When SNAP benefits lapsed in 2025, hundreds of thousands of people across Washington State suddenly found themselves without expected food resources. As a result, food banks experienced a sharp increase in demand, with many families struggling to fill the gap. Salal’s support for Feeding Washington helped strengthen hunger relief systems to reach families facing hunger across the Pacific Northwest.
At Salal, our branches are more than locations—they are community connectors. Through locally directed dollars, branch teams supported neighborhood organizations focused on stability, recovery, and opportunity. This place-based impact reflects our commitment to showing up locally and strengthening the communities our members call home.
Fill out the form below and one of our Mortgage Advisors will get back to you within 1-2 business days. Their recommendations come with no obligation.
Fill out the form below and one of our Mortgage Advisors will get back to you within 1-2 business days. Their recommendations come with no obligation.
Fill out the form below and one of our Mortgage Advisors will get back to you within 1-2 business days. Their recommendations come with no obligation.
Select your state below to schedule a call with the Salal Dealer Direct representative in your region.
