Chair, Salal Board of Directors

We entered 2021 knowing many of the challenges and uncertainties brought on by the COVID-19 pandemic would likely still be with us and have a major impact on our daily lives. As the pandemic stretched into its second year, we continued to adapt to our changing world. We found new ways to serve our members better and made key improvements to existing products, tools, and services. Thanks to the support and loyalty of our members, we were able to remain a strong and thriving financial institution—and be there for our members and their communities through these uncertain times.

Despite the many pandemic-related headwinds we again faced this past year, Salal saw solid growth in many areas in 2021. For the first time in our 73-year history as a credit union, we surpassed the $1 billion mark in total assets—a significant achievement. Deposits grew to $949.4 million. Loan balances grew 8.3% to finish the year at $702.2 million, while charge-offs continued to be well below industry averages. We finished the year with a net income of $9.2 million and a healthy return on assets of 0.88%.


President and Chief Executive Officer

In 2021, we expanded the geographic reach of many of our products, giving us the opportunity to help many more people around the country afford solar energy, make home improvements, tap into their home equity, or buy their first home. Our Custom Fit Home Equity product became available in Oregon and California, and Salal Home Lending expanded to serve members in Idaho and Nevada. Our Dealer Direct Lending program added 11 new states and now serves a total of 31. Along with serving more states, in 2021 we were able to help three times as many families invest in solar power as we did in 2020. 

As our member’s banking needs have evolved, we’ve worked hard to evolve with them. The pandemic brought our digital banking services to the forefront, and in 2021 we continued our commitment to expanding and improving the technology our members have come to rely on to do their everyday banking. We upgraded our online application portal, significantly improving the application experience. We also added more helpful tools to our Mobile and Online Banking services, including a new balance transfer feature that lets members save money on interest in just a few quick steps.

This past year we also refreshed and updated how we communicate with our members and the wider world. This “brand refresh” was designed to help our communication efforts better reflect who we are as an organization today—and where we’re hoping to go in the future. A key part of this initiative was to enhance and clarify Salal’s approach to charitable giving, focusing and renewing our commitment to make a difference in the communities we serve.  

Salal and five other local credit unions joined together with public and private investment to help fund the Solera housing development in the Renton Highlights. Construction broke ground in August 2021 on this mixed-use apartment community with nearly 50% of the units reserved for affordable and workforce priced housing. The successes we saw in 2021 also enabled us, once again, to make good on our 5% Promise, as we set aside $460,000 for charitable donations. These funds power our community giving programs, with special focus given to housing insecurity, social equity, renewable energy, and support for our healthcare professionals.

We’re proud to report that since 2017, we’ve committed $1.8 million in charitable donations to our local communities. See the Community Impact section of this report to learn more about the difference our members made in 2021.

For 2022, we’re very excited about continuing to grow our solar and energy efficiency lending throughout the country. As legacy energy costs increase and sources become less reliable, our solar lending financing helps our members reduce their long-term energy costs, while helping to battle climate change at the same time. We hope to begin offering our unique Custom Fit Home Equity product in even more states, helping more members affordably access the equity in their homes. We’re looking forward to adding more features to our Mobile and Online Banking products, making payments easier, delivering cost savings to members, and improving the digital banking experience for our growing nationwide membership. We’re also looking to improve the products and services we offer to our cannabis business members. As always, we’ll continue to be a trusted source of financial information and products to help members manage an uncertain world and unlock opportunities they have for a better future.  

At the core of who we are as a credit union is the belief that when people work together, they have the power to improve the lives of each other and their communities. Salal’s success this past year is just one more example of this spirit in action. Our many accomplishments in 2021 were due in no small part to the steadfast commitment of our members and the dedicated efforts of the Salal team. We remain deeply grateful to you, our members, for your continued trust and confidence, as we look forward to helping you achieve your financial goals and thrive in 2022.


Annette Murphy, Chair, Salal Board of Directors

Russell E. Rosendal, President and Chief Executive Officer


Chair, Supervisory Committee


The mission of the Supervisory Committee is to oversee the operations of the credit union to protect the investments of its members. The Committee meets with management, independent external auditors, and governmental examiners to ensure the credit union operates in compliance with the requirements of state and federal regulatory agencies.

The Supervisory Committee meets regularly with management to review and evaluate the credit union’s operating policies; ensure internal controls are defined, effective, and followed; review and recommend policy changes to the Board of Directors; and ensure sound operating procedures are adhered to in accordance with established policies.

The Supervisory Committee works with the credit union’s internal auditor to make certain the activities of the internal audit department are reported to the Board of Directors. The internal auditor's reports and recommendations have increased the Committee’s visibility and effectiveness internally and externally. This is reflected in the positive feedback received from Salal surveys, regulators, and independent auditors. The Committee also serves as the Board of Director’s liaison with the independent auditors in carrying out the annual audit opinion, as well as reporting the auditors’ findings and recommendations to credit union members at the annual meeting. In the 2020 audit, our independent auditors, Moss Adams LLP, CPAs, issued an unqualified opinion.

The Supervisory Committee finds the reporting and operating procedures of the credit union, as well as the actions and policies of the Board of Directors, committees, and management, to be in compliance with applicable laws and regulations.





Vice Chair










President & CEO


SVP, Chief Lending Officer


CMA, SVP, Chief Financial Officer


SVP, Chief Diversity & People Officer


SVP, Chief Digital & Strategy Officer



Annette Murphy - Chair

Brian Luong

Ben Steiner

Russell E. Rosendal

Joe LePla


John Zielonka - Chair

Catherine Bailey

Ben Steiner

Chad Cheney

Eric Oliner

Quynh Nguyen


Randy Cloes - Chair

Annette Murphy

Joe LePla

Sophie Brougham

Russell E. Rosendal

Bob Schweigert

Brett Ballman


Kevin Knowles - Chair

Ali Seals

Russell E. Rosendal

Bob Schweigert

Randy Cloes


Catherine Bailey - Chair

Ben Steiner

Dick Woo

Annette Murphy

Joe LePla

Alan Lederman

Ali Seals

Brian Luong


Alan Lederman - Chair

Brian Luong

Nishat Akhter

Russell E. Rosendal

Bob Schweigert

Randy Cloes

Skott Pope

Brett Ballman


John Zielonka - Chair

Nishat Akhter

Quynh Nguyen

Russell E. Rosendal

Skott Pope

Michael Bishop

Natalie VanderVegt

Matt Vance 

Megan Wozniak

Christian Grunert

Matthew Heitland

Keith Price

Sylvia Pope


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Loans, net

Year End
Loans, net
($ in millions)
2021 702.2
2020 648.2
2019 577.1
2018 501.7
2017 419.6
Loans, net Graph


Year End
($ in millions)
2021 1076.8
2020 992.8
2019 737.2
2018 656.2
2017 536.7
assets Graph


Year End
($ in millions)
2021 949.4
2020 870.9
2019 638.6
2018 570.8
2017 434.9
Deposits Graph

Net Worth

Year End
Net Worth
($ in millions)
2021 85.9
2020 78.7
2019 67.9
2018 58.4
2017 54.3
Net Worth Graph


Cash and Cash Equivalents
YE 2021149,412
YE 2020197,729
YE 201948,765
YE 2021168,687
YE 202087,246
YE 201966,472
Loans to Members
YE 2021711,681
YE 2020657,290
YE 2019584,994
Less: Allowance for Loan Losses
YE 2021(9,511)
YE 2020(9,122)
YE 2019(7,942)
Loans, net
YE 2021702,170
YE 2020648,168
YE 2019577,052
Fixed Assets, net
YE 202132,392
YE 202035,408
YE 201934,725
Federal Share Insurance Fund Deposit
YE 20215,267
YE 20204,836
YE 20193,960
Other Assets
YE 202118,907
YE 202019,364
YE 20196,214
Total Assets
YE 20211,076,835
YE 2020992,751
YE 2019737,188
Member Savings
YE 2020175,593
YE 2020155,353
YE 2019117,303
Checking Deposits
YE 2021563,235
YE 2020 449,690
YE 2019 272,877
Premium Plus Deposits
YE 2021125,569
YE 2020158,857
YE 2019137,777
YE 202185,003
YE 2020107,034
YE 2019110,634
Total Deposits
YE 2021949,400
YE 2020870,934
YE 2019638,591
YE 202114,034
YE 202014,419
YE 201912,359
Other Liabilities
YE 202127,484
YE 202028,738
YE 201918,303
Reserves, Undivided Earnings
& Other Comprehensive Income
YE 202185,917
YE 202078,660
YE 201967,935
Total Liabilities & Members' Equity
YE 20211,076,835
YE 2020992,751
YE 2019737,188
Interest on Loans to Members
YE 202129,724
YE 202030,904
YE 201930,624
Interest on Investments & Cash Equivalents
YE 20211,585
YE 20201,496
YE 20192,413
Total Interest Income
YE 202131,309
YE 202032,400
YE 201933,037
Interest Paid to Members
YE 20211,028
YE 20202,718
YE 20192,905
Interest on Borrowings
YE 2021193
YE 2020333
YE 2019323
Total Interest Expense
YE 20211,221
YE 20203,051
YE 20193,228
Net Interest Income
YE 202130,088
YE 202029,349
YE 201929,809
Provision for Loan Losses
YE 2021274
YE 20202,258
YE 20191,453
Net Interest Income After Provision for Loan Losses
YE 202129,814
YE 202027,091
YE 201928,356
Fee and Other Income
YE 202124,321
YE 202022,669
YE 201914,010
Gains on Investment Activity
YE 2021-
YE 2020-
YE 2019108
Total Non-Interest Income
YE 202124,321
YE 202022,669
YE 201914,118
Employee Compensation and Benefits
YE 202128,169
YE 202025,509
YE 201919,569
YE 202112,240
YE 202011,032
YE 201910,036
YE 20214,520
YE 20204,033
YE 20193,462
Total Non-Interest Expense
YE 202144,929
YE 202040,574
YE 201933,067
YE 20219,206
YE 20209,186
YE 20199,407

All 2021 financial numbers presented are unaudited. All 2019 and 2020 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.


Power in Together

Salal Credit Union was founded on the belief that when people work together, they have the power to accomplish great things—both for themselves and their community. For over seven decades now, we’ve witnessed the outsized impact that many small actions can have when they’re harnessed together. By choosing to do your banking or financing with Salal, you are helping make your community a more healthy, sustainable, and equitable place for everyone. Here’s a look at some of the great things your membership helped make possible in 2021.


for critical home repairs.


to promote social equity.


in nursing scholarships and career development.


to solar energy access and workforce training.


At Salal, we seek to be a driver of positive change in the communities we serve. Thanks to members like you, we were able to make targeted charitable donations focused on four areas: healthcare, housing insecurity, social equality, and renewable energy. This support is given both directly from Salal, as well as through the Salal Foundation. Along with this, we’re committed to empowering our members to lower their carbon emissions with affordable financing for solar energy and electric vehicles. Below are just a few of the many causes we proudly supported this past year.


The pandemic has reminded us of the vital role our healthcare professionals play in our communities. In 2021, Salal continued our 70+ year commitment to healthcare professionals, including $29,000 in funding for King County Nurses Association. Our support for KCNA helped fund scholarships, as well as a unique nurses-driven grants program. This program let nurses address specific needs they saw among the people they serve, such as providing high-quality masks to low-income mothers and their families to help prevent the spread of COVID-19.  

Housing Insecurity

As part of our ongoing partnership with Rebuilding Together, Salal and the Salal Foundation helped support the She Builds program. Women-led and women-focused, She Builds provides critical repairs for women-headed households and women-focused community spaces to empower them to maintain safe and healthy homes, make a difference in their communities, and build a supportive community network.

"I am so excited about my new windows! I've lived in the house a long time and never understood why I didn't have a window that could open in my living room. Then the windowsills started to rot, and I didn't know what to do. I'm so grateful for your program so that I can have new windows that open!"

Ms. Joanne, Salal She Builds Grant Homeowner

Rebuilding Together South Sound

Renewable Energy

Part of our support for renewable energy this past year included $40,000 for GRID Alternatives, an organization that works to build community-powered solutions to advance economic and environmental justice through renewable energy. Salal’s financial support enabled GRID Alternatives to install solar power for four households, providing access to no-cost solar energy in low-income communities. Three of these installations were in California, one was in Colorado. Salal’s funding also supported GRID’s Collegiate Solar Spring Break Conference where 100 students gained skills for finding jobs in the solar industry, interacted with solar industry professionals, and learned how social injustice relate to current trends in climate and environmental injustices.

Social Equity

Through our partnership with DAWN, a domestic violence support and prevention agency based in King County, WA, we helped 42 domestic violence survivors. Our $15,000 in funding provided grocery and gas cards, helped to cover utility bills, and provided moving expenses so families could start a new life free from violence. The funds also allowed DAWN to keep several families in their homes by providing rental assistance.

Through our Dealer Direct solar power financing program, we funded the installation of 8,035 solar systems in 2021—a 300% rise from the year before. When added together, these solar systems will produce an estimated 85,171,000 kwh for homeowners in their first 12 months—eliminating 60,359 carbon emissions. That’s the equivalent of 66,714,022 lbs. of coal burned or taking 13,127 passenger vehicles off the road for whole year.