Yakima Federal Savings and Loan Association held its Annual Meeting on January 15, 2020. 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 115th 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 ended the year with assets just under $1.8 billion and increased our net worth by over $21 million. The ratio of our net worth to assets increased from 23.43% to 25.85%. This ratio, a sign of financial strength, is the highest among all financial institutions headquartered in Washington State.
We originated 507 mortgage loans and 76 installment loans for total lending of over $150 million. Under our mortgage-lending program, we provided $57 million in loans for refinancing, $45 million for home purchases and $41 million for new home construction. Overall deposits declined but we saw an increase of $40 million in our Certificates of Deposit.
Marketing and digital channel enhancements were a primary focus this past year. We were a sponsor of several community events and a first time parade participant with our Penny the pig float. Our website was refreshed and translated for our Spanish-speaking customers. Our customers can now make account-to-account transfers and person-to-person payments from our website and mobile app.
Looking ahead to 2020, overall signs are positive for the economy and we anticipate rates will remain low which should lead to a good year for lending. Deposit costs should hold steady and we will work to retain existing accounts. We will continue our business strategy of making loans that contribute to our asset quality, controlling our costs while providing conveniences for our customers and producing income to increase our net worth to assets ratio
Credit for our longevity goes to the consistent conservative leadership of our Board, the dedicated service of our officers and employees, and the loyal patronage of our customers. Thank you for the part each of you play in our continued success.
President & CEO