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%.

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.

Sincerely,

Annette Murphy, Chair, Salal Board of Directors

Russell E. Rosendal, President and Chief Executive Officer

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.

ANNETTE MURPHY

Chair

CATHERINE BAILEY

BRIAN LUONG

Vice Chair

BEN STEINER

Secretary

ALI SEALS

NISHAT AKHTER

JOE LePLA

DICK WOO

ALAN LEDERMAN

SOPHIE BROUGHAM

RUSSELL E. ROSENDAL

President & CEO

BOB SCHWEIGERT

SVP, Chief Lending Officer

RANDY CLOES

CMA, SVP, Chief Financial Officer

JUDY LOVELESS-MORRIS

SVP, Chief Diversity & People Officer

SKOTT POPE

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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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.  

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

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.

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.

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