A message to our members
As we reflect on 2024, we’re proud of the strength and resilience Salal Credit Union demonstrated in the face of economic challenges. While high interest rates and a shifting financial landscape created hurdles, our careful planning and steadfast commitment to our members ensured Salal remained strong, adaptive, and well-positioned for the future.
In 2024, a central focus of our efforts was stability and sustainability. As part of our long-term financial strategy, we reduced our year-end assets by 3% to increase our capital ratio, which ended the year at a healthy 8.7%. This step will help us maintain a strong financial cushion and remain resilient in the years to come.
Our net income for 2024 was $1.5 million. While this figure fell short of our original plan, there were plenty of positive results as well. Despite the economic uncertainty, Salal achieved record-high deposits, exceeding $1 billion. This robust liquidity not only strengthened our financial stability but also enabled us to continue offering our members valuable savings opportunities.
On the lending side, loan growth slowed as high interest rates made borrowing more difficult, particularly for mortgages. Home affordability remained a concern for many, and we saw a decrease in mortgage originations as a result. Loan volume for our solar and home improvement lending program was also below plan in the first half of the year. However, we saw encouraging momentum in the latter half of 2024, as we were able to help thousands of members finance home improvements.
Brian Luong
Chair, Salal Board of Directors
Russell E. Rosendal
President and
Chief Executive Officer
Last year we remained committed to responsible lending and credit quality. While we saw a slight increase in loan charge-offs, Salal’s credit quality stayed well above industry benchmarks. This reflects our balanced approach to risk management that ensures we remain a stable and reliable financial partner for our members.
Another bright spot in the second half of the year was a favorable shift in loan and deposit yields, which helped strengthen our net interest margin—a key factor in future financial growth. This will remain a focus for us in 2025, as we continue working to optimize the balance between lending and deposit rates and look to maximize opportunities for both the credit union and our members.
In 2024, we remained diligent in protecting our members from increased fraud activity across the financial industry. We took appropriate actions to provision for suspected fraud attempts that adversely impacted our net income, and our dedicated security teams worked proactively to detect and prevent fraud before it affected members. As cyber threats continue to evolve, Salal is committed to ongoing investments in security measures and fraud prevention technology to keep our members’ financial information safe.
2024 was a year of renewed focus on member engagement and community outreach. We enhanced our efforts to provide more personalized communication, ensuring members have access to the tools, insights, and guidance they need to achieve their financial goals. In 2025, we will continue to expand our digital engagement efforts, making it even easier for members to connect with Salal’s many benefits, including competitive savings rates, affordable loan options, and financial wellness resources.
We also launched new neighborhood banking and community engagement initiatives, empowering our branch teams to actively participate in local events and raise awareness about how Salal’s services can help people build their financial well-being. In the coming year, we plan to introduce small business banking at our branches to offer more personalized services for local businesses, entrepreneurs, freelancers, and more.
At Salal, we believe financial services should be accessible to all. In 2024, we strengthened our equity, diversity, and inclusion efforts with a wide range of projects led by Salal team members. From fraud prevention seminars and back-to-school supply drives to ADA accessibility updates and electronics recycling efforts, Salal employees found innovative ways to support our members, team members, and our communities.
Thanks to our members, we were able to provide $151,846 in charitable giving to vital organizations and programs such as HealthPoint, Greater Seattle Business Association, and Salal Academy. Since 2017, we’ve given over $2.5 million in donations 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 2024.
While uncertainty remains in the broader economy, we approach 2025 with a sense of measured optimism. Interest rates may begin to stabilize, and we expect continued growth in lending and deposit activity. We’re also preparing for potential regulatory changes under the new administration, as we look to maintain the financial strength and flexibility necessary to navigate whatever comes next. Most importantly, we will continue to focus on helping our members build financial security and resilience, no matter the economic climate.
None of what we accomplished this past year would be possible without the trust and support of our members. Your partnership enables us to grow, evolve, and continue delivering the best possible banking experience. To our dedicated Salal team, volunteers, and Board of Directors—your hard work and commitment make all the difference, and we’re deeply grateful for everything you do.
As we move into 2025, we’re excited about what’s ahead and remain committed to helping our members thrive, strengthening our communities, and building a brighter financial future together.
Thank you for being a member of Salal Credit Union.
Sincerely,
Brian Luong, Chair, Salal Board of Directors
Russell E. Rosendal, President and Chief Executive Officer
Annette Murphy
Chair, Supervisory Committee
Supervisory Committee Report
Board of Directors
Brian Luong
Chair
Alan Lederman
Vice Chair
Catherine Bailey
Secretary
Chad Cheney
Karen Schartman
Magnus Andersson
Laura McMillan
Senior Leadership
Russell E. Rosendal
President & CEO
Robert Schweigert
SVP, Chief Lending Officer
Judy Loveless-Morris
SVP, Chief Diversity & People Officer
Randy Cloes
CMA, SVP, Chief Financial Officer
Skott Pope
SVP, Chief Digital & Strategy Officer
Salal Committees
Executive
Brian Luong – Chair
Alan Lederman
Catherine Bailey
Russell E. Rosendal
Supervisory
Annette Murphy – Chair
Chad Cheney
Jennifer Eslava
Kristin Burnett
Loan
Kevin Knowles – Chair
Magnus Andersson
Daniel Hirsty
Doug Larson
Russell E. Rosendal
Robert Schweigert
Randy Cloes
Governance
Catherine Bailey – Chair
Brian Luong
Alan Lederman
Karen Schartman
Magnus Andersson
Chad Cheney
Laura McMillan
Asset/Liability
Alan Lederman – Chair
Erin Moyer
Jason Kunkel
Daniel Hirsty
Russell E. Rosendal
Robert Schweigert
Randy Cloes
Skott Pope
Kari Stenslie
Brett Ballman
Risk
Randy Cloes – Chair
Jeff Anderson
Chad Cheney
Russell E. Rosendal
Robert Schweigert
Technology Advisory
Skott Pope – Chair
David Davenport
Russell E. Rosendal
Matt Vance
Christian Grunert
Matthew Heitland
Keith Price
2024 Financials
|
YEAR END
|
LOANS, NET ($ in millions)
|
|---|---|
|
2024
|
924
|
|
2023
|
991
|
|
2022
|
1,038
|
|
2021
|
702
|
|
YEAR END
|
ASSETS ($ in millions)
|
|---|---|
|
2024
|
1,177
|
|
2023
|
1,218
|
|
2022
|
1,279
|
|
2021
|
1,077
|
|
YEAR END
|
DEPOSITS ($ in millions)
|
|---|---|
|
2024
|
1,044
|
|
2023
|
1,040
|
|
2022
|
1,028
|
|
2021
|
949
|
|
YEAR END
|
TOTAL EQUITY ($ in millions)
|
|---|---|
|
2024
|
91
|
|
2023
|
88
|
|
2022
|
79
|
|
2021
|
86
|
Summary Financial Statements
Table scrolls right.
|
ASSETS ($ IN 000'S)
|
2024
|
2023
|
2022
|
|---|---|---|---|
|
Cash and Cash Equivalents
|
65,598
|
26,761
|
27,181
|
|
Investments
|
128,373
|
139,364
|
152,972
|
|
Loans to Members
|
932,773
|
1,000,746
|
1,051,282
|
|
Less: Allowance for Credit Losses
|
(8,479)
|
(10,033)
|
(13,236)
|
|
Loans, net
|
924,294
|
990,713
|
1,038,046
|
|
Fixed Assets, net
|
26,241
|
28,079
|
30,131
|
|
Federal Share Insurance Fund Deposit
|
7,166
|
6,990
|
5,333
|
|
Other Assets
|
25,519
|
25,873
|
25,291
|
|
Total Assets
|
1,177,191
|
1,217,780
|
1,278,954
|
|
LIABILITIES AND MEMBERS' EQUITY ($ IN 000'S)
|
2024
|
2023
|
2022
|
|---|---|---|---|
|
Savings
|
106,158
|
122,816
|
164,677
|
|
Checking
|
429,449
|
425,409
|
513,524
|
|
Money Markets
|
150,488
|
121,888
|
100,381
|
|
Certificates
|
343,034
|
316,580
|
174,088
|
|
Non-Member Certificates
|
15,258
|
52,962
|
75,251
|
|
Total Deposits
|
1,044,387
|
1,039,656
|
1,027,921
|
|
Borrowings
|
12,821
|
63,825
|
146,619
|
|
Other Liabilities
|
29,175
|
25,895
|
25,526
|
|
Reserves, Undivided Earnings & Other Comprehensive Income
|
90,808
|
88,405
|
78,888
|
|
Total Liabilities & Members' Equity
|
1,177,191
|
1,217,780
|
1,278,954
|
|
INCOME STATEMENT ($ IN 000'S)
|
2024
|
2023
|
2022
|
|---|---|---|---|
|
Interest on Loans to Members
|
51,091
|
53,408
|
39,935
|
|
Interest on Investments & Cash Equivalents
|
6,636
|
5,655
|
3,566
|
|
Total Interest Income
|
57,727
|
59,063
|
43,501
|
|
Interest Paid to Members
|
21,161
|
14,812
|
2,242
|
|
Interest on Borrowings
|
899
|
4,708
|
2,883
|
|
Total Interest Expense
|
22,060
|
19,520
|
5,125
|
|
Net Interest Income
|
35,667
|
39,543
|
38,376
|
|
Provision for Credit Losses
|
4,055
|
41
|
5,002
|
|
Net Interest Income After Provision for Credit Losses
|
31,612
|
39,502
|
33,374
|
|
Fee and Other Income
|
19,884
|
17,349
|
19,910
|
|
Gains/Loss from Sale of Assets
|
-
|
-
|
1,327
|
|
Total Non-Interest Income
|
19,884
|
17,349
|
21,237
|
|
Employee Compensation and Benefits
|
30,026
|
31,080
|
30,483
|
|
Operations
|
15,628
|
14,748
|
13,576
|
|
Occupancy
|
4,360
|
4,305
|
4,358
|
|
Total Non-Interest Expense
|
50,015
|
50,133
|
48,417
|
|
NET INCOME
|
1,482
|
6,718
|
6,194
|
All 2024 financial numbers presented are unaudited. All 2022 and 2023 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.
Community Impact 2024
Power in Together
The credit union movement is rooted in the belief that we are stronger together—that even in difficult times, we can make a meaningful impact by choosing to care for one another. In 2024, economic uncertainty continued to challenge communities across the country and beyond. Yet, at Salal, we remain steadfast in our commitment to doing good with what we have.
This year, we not only upheld our long-standing partnership with organizations working to advance housing security, healthcare access, and clean energy, we also responded to urgent and immediate needs. From supporting the next generation of nursing professionals to providing relief for those impacted by devastating hurricanes and wildfires, we took action where it mattered.
Total Giving:
In 2025, many nonprofits, community service organizations, and relief agencies face significant financial cuts, making it even harder for those in need. While we recognize that we can’t close every gap, we remain committed to showing up where we can, stepping in where help is needed, and doing our part to bridge critical funding shortfalls. As we look ahead, we‘ll continue to respond to urgent needs and ensure essential resources reach the communities that rely on them.
2024
Giving in Action
$7,500
to CU AID Disaster Relief fund in support of LA County wildfire recovery.
$8,017
in employee donations with Salal matching funds.
$10,000
towards aid in helping credit unions in Ukraine.
$50,000
in nursing scholarships and career development.
Giving & Impact Highlights
At Salal, we believe in doing good with what we have—especially when individuals and communities are facing challenges. That’s why our giving in 2024 focused on helping individuals access the support, skills, and resources needed to improve their well-being and build financial stability. Each investment we made reflects our commitment to meeting people where they are—offering assistance when it’s needed, while also working toward lasting, positive change.
Investing in the Future of Nursing
Salal proudly supported MultiCare Academy for Students in Healthcare (M.A.S.H.) Camp, a free, five-day immersive program that provided students with hands-on healthcare experience. With our support, participants received scrubs, transportation, and meals, ensuring that financial or logistical barriers didn’t stand in the way of their medical career aspirations.
At Salal, we know that good health isn’t just about medical care—it’s about removing the everyday obstacles that stand in the way. That’s why we proudly contributed $20,000 to HealthPoint’s Care Support Fund, an unrestricted grant that provides immediate assistance to patients facing critical social and logistical barriers to healthcare.
This fund allows HealthPoint’s care team to say, “Yes, I can help,” instead of, “There’s nothing I can do.” Whether it’s transportation to a doctor‘s’ appointment, medical equipment not covered by insurance, or temporary housing for a patient in crisis, this fund provides flexible, real-time solutions where no other support exists.
Our Support for HealthPoint
A small investment makes a big impact:
$25 provides a ride to a critical appointment.
$100 covers a shower chair or supportive medical equipment.
$250 helps a family transitioning to stable housing.
$500 provides groceries for patients awaiting food assistance.
Breaking Barriers for Small Business Success
Salal proudly contributed $20,000 to GSBA, supporting small businesses, entrepreneurs, and future leaders through scholarships and advocacy. As the largest LGBTQ+ and allied chamber of commerce in North America, GSBA champions equity in business, economic empowerment, and legislative advocacy, ensuring expanding opportunities for all small businesses to thrive. Strong businesses build strong communities.
From Uncertainty to Confidence: Salal Academy’s Impact
For the third year, Salal Academy has helped individuals gain the skills and confidence to pursue careers in banking. This year, we expanded our impact by enrolling a cohort that included English Language Learners and refugees, addressing barriers to workforce entry.
Through four weeks of paid, hands-on training, participants gained technical and soft skills for banking and beyond. At the start, nearly all participants were uncertain about their potential for success in the program—but by the end, 100% reported feeling confident or very confident. All graduates have since secured jobs, enrolled in certification programs, or pursued further education.
This isn’t just an investment in individuals—it strengthens our entire community.
