Chair, Salal Board of Directors

2022 marked the third year of the pandemic and the third year in which we faced a series of historic economic disruptions. The major supply chain issues and labor shortages of the pandemic's first two years, along with Russia's invasion of Ukraine, led to the biggest spike in inflation the U.S. had seen in 40 years. To mitigate this inflation, the Federal Reserve raised interest rates at the fastest pace in four decades. This, in turn, led mortgage rates to climb to levels not seen in over 20 years, significantly cooling the housing market.

This past year our members felt the rising prices everywhere—from the gas pump to the grocery store to the cost of buying a home. Along with our members, we had to adapt to this economic turbulence. Rising rates and the shuttering of the secondary loan market meant we had to slow our solar, home improvement, and mortgage lending. As the possibility of recession loomed and the financial outlook started to become more challenging for our members, we pivoted our focus. We raised savings rates and added new savings options, giving our members more ways to reinforce their financial security during these uncertain times. 


President and Chief Executive Officer

Though we faced significant challenges in 2022, we're pleased to report we achieved a net income of $6.2 million. We originated an all-time high of over $630 million in total loans to our members, a 25% gain over 2021. Deposit balances grew by 8% to $1.0 billion, as our members saw above-market returns on their savings after years of low interest rates. We also welcomed over 6,500 new members to our credit union.

We're proud of some significant achievements we had over the last year. Our Dealer Direct Lending program completed its expansion to all 50 states, giving even more people access to affordable financing for home improvement projects and solar energy. Thanks to this effort, we funded over 5,200 home and commercial solar systems, which will save an average of 22,500 metric tons of carbon emissions every year. Just to put this in perspective, that's the equivalent of taking over 4,800 gas-powered cars off the road for an entire year.

We also continued our efforts to expand banking and lending access to the underserved cannabis industry, where employees and businesses continue to face barriers to getting even the most basic banking services. We successfully launched our cannabis banking awareness campaign aimed at educating people in the cannabis industry about the banking services we can provide them. We are proud to currently offer banking for the cannabis industry in 19 states.

Thanks to our members choosing to do their banking and financing with Salal, we were able to once again honor our commitment to give 5% of our annual income to help people and causes in the communities we serve. We donated over $400,000 in support of a wide range of organizations, such as HealthPoint, Rebuilding Together, GRID Alternatives, the Renton Family Foundation, and King County Nurses Association. Including this past year's giving, we've committed over $2.1 million for future charitable donations to our local communities since 2017. See the Community Impact section of this report to learn more about the impact Salal members made in 2022.

As we look ahead to 2023, we understand continued economic hardships have created a challenging environment for many of our members. In response, we are prioritizing our focus on helping our members grow their savings, adding new savings options and reducing fees to help them weather these uncertain times. Despite the challenges we face, our credit union remains healthy and well-positioned for future success. We remain committed to our members' financial well-being and will continue to invest in our digital technology to improve their ability to easily access banking services, tools, and solutions.

In this coming year, we'll mark Salal's 75th anniversary. Through the good times and the challenging ones, we've stayed focused on empowering our members and our communities. At the core of our mission is the belief that when we work together, we're more powerful than when we go at it alone. We can unlock more opportunities, help more people realize their potential, and make the future a better place for everyone.

All that we accomplished in 2022 is thanks to the trust and loyalty of our members and the tireless dedication of the Salal team. On behalf of Salal leadership and our all-volunteer Board of Directors, we thank you for the opportunity to serve your financial needs. We look forward to all that we will achieve together in this coming year.


Brian Luong, 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 2021 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



Brian Luong - Chair

Alan Lederman

Joe LePla

Russell E. Rosendal


Chad Cheney - Chair

Eric Oliner

Catherine Bailey

John Zielonka

Annette Murphy


Randy Cloes - Chair

Joe LePla

Annette Murphy

Sophie Brougham 

Nishat Akhter

Jeffrey Gabeau  

Russell E. Rosendal

Bob Schweigert

Brett Ballman


Kevin Knowles - Chair

Ali Seals

Magnus Andersson

Daniel Hirsty

Russell E. Rosendal

Bob Schweigert

Randy Cloes


Catherine Bailey - Chair

Brian Luong

Dick Woo

Joe LePla

Alan Lederman

Ali Seals

Sophie Brougham 

Nishat Akhter

Quynh Nguyen


Alan Lederman - Chair

Sophie Brougham 

Jason Kunkel

Andrew Makori 

Russell E. Rosendal

Bob Schweigert

Randy Cloes

Skott Pope

Kari Stenslie 

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)
2022 1,038
2021 702
2020 648
2019 577
Loans Graph


Year End
($ in millions)
2022 1,279
2021 1,077
2020 993
2019 737
assets Graph


Year End
($ in millions)
2022 1,028
2021 949
2020 871
2019 639
Deposits Graph

Net Worth

Year End
($ in millions)
2022 93
2021 87
2020 78
2019 69
Net Worth Graph


Cash and Cash Equivalents
YE 202227,181
YE 2021149,412
YE 2020197,729
YE 2022152,972
YE 2021168,687
YE 202087,246
Loans to Members
YE 20221,051,282
YE 2021711,681
YE 2020657,290
Less: Allowance for Loan Losses
YE 2022(13,236)
YE 2021(9,511)
YE 2020(9,122)
Loans, net
YE 20211,038,046
YE 2020702,170
YE 2019648,168
Fixed Assets, net
YE 202230,131
YE 202132,392
YE 202035,408
Federal Share Insurance Fund Deposit
YE 20225,333
YE 20215,267
YE 20204,836
Other Assets
YE 202225,291
YE 202118,907
YE 202019,364
Total Assets
YE 20221,278,954
YE 20211,076,835
YE 2020992,751
Member Savings
YE 2022164,677
YE 2021175,593
YE 2020155,353
Checking Deposits
YE 2022513,524
YE 2021563,235
YE 2020449,690
Premium Plus Deposits
YE 2022100,381
YE 2021125,569
YE 2020158,857
YE 2022174,088
YE 202185,003
YE 2020107,034
Non-Member Certificates
YE 202275,251
YE 2021-
YE 2020-
Total Deposits
YE 20221,027,921
YE 2021949,400
YE 2020870,934
YE 2022146,619
YE 202114,034
YE 202014,419
Other Liabilities
YE 202225,526
YE 202127,484
YE 202028,738
Reserves, Undivided Earnings
& Other Comprehensive Income
YE 202278,888
YE 202185,917
YE 202078,660
Total Liabilities & Members' Equity
YE 20221,278,954
YE 20211,076,835
YE 2020992,751
Interest on Loans to Members
YE 202239,935
YE 202129,724
YE 202030,904
Interest on Investments & Cash Equivalents
YE 20223,566
YE 20211,585
YE 20201,496
Total Interest Income
YE 202243,501
YE 202131,309
YE 202032,400
Interest Paid to Members
YE 20222,242
YE 20211,028
YE 20202,718
Interest on Borrowings
YE 20222,883
YE 2021193
YE 2020333
Total Interest Expense
YE 20225,125
YE 20211,221
YE 20203,051
Net Interest Income
YE 202238,376
YE 202130,088
YE 202029,349
Provision for Loan Losses
YE 20225,002
YE 2021274
YE 20202,258
Net Interest Income After Provision for Loan Losses
YE 202233,374
YE 202129,814
YE 202027,091
Fee and Other Income
YE 202219,910
YE 202124,321
YE 202022,669
Gains/Loss from Sale of Assets
YE 20221,327
YE 2021-
YE 2020-
Total Non-Interest Income
YE 202221,237
YE 202124,321
YE 202022,669
Employee Compensation and Benefits
YE 202230,483
YE 202128,169
YE 202025,509
YE 202213,576
YE 202112,240
YE 202011,032
YE 20224,358
YE 20214,520
YE 20204,033
Total Non-Interest Expense
YE 202248,417
YE 202144,929
YE 202040,574
YE 20226,194
YE 20219,206
YE 20209,186

All 2022 financial numbers presented are unaudited. All 2020 and 2021 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

At Salal Credit Union, we believe that when people team up and work together, we can accomplish just about anything. We've seen this firsthand over our 75-year history as a member-owned financial co-operative. We know, as a financial institution, we have a crucial role to play as a facilitator and catalyst for positive change. Here’s a look at some of the positive change your membership helped make possible in 2022.


in nursing scholarships and career development.


for critical home repairs.


to promote social equity.


to solar energy access and workforce training.


Our vision is to empower communities and unlock opportunity for the benefit of everyone. Thanks to members like you, in 2022 Salal was able to continue our commitment to making a positive impact in the communities we serve. Our charitable giving was once again centered on four focus areas, guided by our all-member Board of Directors: healthcare, housing insecurity, social equality, and renewable energy. Beyond community giving, we continue to offer our members ways to lower their carbon emissions with affordable financing for solar energy and electric vehicles. Below are some highlights from the many causes we proudly supported this past year.

Housing Insecurity

We were very pleased to continue our partnership with Rebuilding Together in 2022. Salal and the Salal Foundation once again provided support for the She Builds, a program focused on advancing the housing and community issues affecting women. Salal's support this past year included seven capacity-building support grants of $10,000 to launch or expand existing She Builds program. Critical home repairs were funded in communities where our members live in Connecticut, California, Tennessee, Colorado, Texas, and Washington.


A major community impact highlight from this past year was Salal being named 2022 HealthPoint Partner of the Year this past September. As a longtime supporter of this community health network, it's a great honor to be recognized by the HealthPoint team. Salal members made it possible for us to give over $46,000 in funding to HealthPoint last year. We also continued our long tradition of support for King County Nurses Association, with $34,000 in funding for scholarship and a unique grants program that empowers nurses to direct funding to address specific needs they see among the people they serve. One such project funded seasonal influenza vaccines for new parents and family members who had close contact with infants.

"Thank you to Salal Credit Union for establishing the Community Connection fund with us. The fund is absolutely invaluable. It is something we are able to leverage in the community with our community partners, with patients who are very high-risk, have significant needs, and have very unusual gaps in their care. Bridging these gaps in care, where there truly are no other options, is one of the most successful strategies that I have come across to really build a future for patients in our community."

Sarah Jemley,

HealthPoint Care Support Director

Renewable Energy

Part of our support for renewable energy this past year included over $30,000 in funding 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 this year funded four solar industry workforce development programs. These programs provided hands-on job training opportunities with a focus on making opportunities accessible and inclusive for groups that have been traditionally underrepresented in the solar industry, including women, people of color, and those impacted by the criminal justice system.

Social Equity

Our efforts to promote social equity and expanded access to opportunity in our communities took many forms this past year. Notable projects included $15,000 to support the building of the Renton Family First Community Center. The new community center will bring quality recreation, education, and wellness programs and services to the historically underserved communities in Renton's Benson Hill and Cascade neighborhoods. The community center is expected to open in spring 2023. 

As Brian and Russ mentioned in their report above, Salal funded the installation of 5,202 solar systems in 2022 through our Dealer Direct lending program. When added together, these solar systems will produce an estimated 52,020,000 kwh of emissions-free electricity for homeowners in their first 12 months—potentially preventing 22,504 metric tons of carbon emissions. This is the equivalent emissions of 55,858,451 miles driven by an average gasoline-powered car. Or, more optimistically, it's also equivalent to the carbon sequestered by 26,632 acres of U.S. forests in one year. 

Expanding Access to Solar Power