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President’s Message

January 2014

 The Federal Reserve recently stated that they will continue to implement policies designed to keep short term rates low and not raise them until well past the time that the nation’s unemployment rate falls below 6.50%.  Nationally, home values in most parts of the country were either stable or increased somewhat during 2013.  Fortunately home values in our market areas of Yakima, Ellensburg, and the Tri-Cities areas are performing better than the rest of the state when analyzed over a five year period.  This fact has enabled us to continue to lend with confidence throughout our branch network. We originated 694 mortgage and consumer loans totaling $131 million during 2013 with 31% of that total in construction loans.  Yakima Federal continues to be one of the only portfolio lenders in our branch network area, meaning we hold and service all of the loans that we originate.  Assets grew by $5.6 million during 2013 and were nearly $1.80 billion by year end.  We remained the eighth largest FDIC insured financial institution headquartered in the state. At year’s end our capital to assets ratio stood at 20.429% and our ratio of liquid assets to total assets was over 60%, both considerably exceeding regulatory requirements.  On the deposit side of the business, our customers again showed great confidence in Yakima Federal by increasing their checking and money market account balances deposits by nearly $43 million during 2013.  For the past 108 years we have successfully adhered to our original mission statement of promoting thrift and home ownership.  As we look forward to 2014 and our 109 year anniversary, I would like to sincerely thank you, our loyal customers for your continued patronage.

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- Mike Gilmore
President & CEO

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