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President’s Message

 

January 2019

Yakima Federal Savings and Loan Association held its Annual Meeting on January 16, 2019.  The President, as the managing officer of the Association, provides a full report on the financial condition of the Association, its progress for the preceding year and outlines a program for the succeeding year.  Here are highlights from our President’s Annual Meeting report.

As we enter into our 114th year, I am pleased to report that Yakima Federal’s financial condition is strong.  We continue to be a well-capitalized, highly rated financial institution that out performs its mutual savings bank peers in the areas of asset quality, cost control, liquidity and the maintenance of high capital. 

We experienced about 5 percent growth in deposits though it came at the end of 2018.  We originated 420 mortgage loans and 46 installment loans for total lending of over $116 million.  Under our mortgage-lending program, we provided $62 million in loans for new home construction, $25 million for home purchases and $26 million in refinancing loans.

We continued focus on our Community Reinvestment Act performance by reaching our goal for making CRA qualifying investments and our employees accumulated over 600 hours of volunteer service.  We made community development loans to three important community organizations to allow them to provide housing and services to some of the community’s most needy residents.

Looking ahead to 2019, the future is always challenging to predict. There is increased volatility in the stock market and a level of uncertainty nationally in the areas of trade, politics and interest rates.  Signs continue to be strong for housing and employment but talk of a slowdown in the national economy have become more common. We are optimistic about our prospects and expect to have a good year of lending and deposit retention.  We expect mortgage rates to remain low but anticipate paying more for deposits.  While this scenario will reduce our net interest margin, we will continue to control expenses and generate strong earnings that will further increase our capital to assets ratio and our financial strength.

Year after year, we reflect on our history of serving customers and communities in Yakima, Kittitas, Benton and Franklin counties. We thank you for your patronage.  Customers are the lifeblood of our business and we promise to never take that for granted. 

Leanne Antonio

President & CEO

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