2022 Annual Report: Redefining the Cooperative Spirit
A Year in Review, A Look Ahead
Recently, we had the opportunity to reflect on all that SLFCU has accomplished in one short year. Thanks to many years of prudent leadership, we started 2022 on a strong foundation, well-positioned for the future. As a strong foundation is meant to be built upon, we collectively embarked on a journey to redefine SLFCU’s strategy for the future while honoring the success of New Mexico’s #1 credit union.
We are both optimistic and excited for our future. It should come as no surprise that in every discussion about the future of SLFCU, our driving force was crystal clear – we must continue to put our members first. But what it means to “put members first” in 2022 is different than it was in 2012, and the pace of innovation isn’t slowing down. So, how do we stay connected to what is most important to our members? For us, it’s about focusing on our foundational strength. Credit unions are member-owned cooperatives, and we recognize that the cooperative spirit should be front and center as we envision our future. We know that our best shot at long-term success – both for our organization and for our members – is to stay focused on redefining that spirit in the financial services industry. And we intend to do just that.
The good news is we are already walking that path. We are proud to say one of our major accomplishments in 2022 was bringing Animas Credit Union members into our SLFCU family. Almost half of these new members have taken the opportunity, many for the first time, to utilize online banking, giving them the convenience of 24/7 access to their accounts. Having spent time in our Farmington branches on multiple occasions throughout the year, we can say with confidence that our northern New Mexico members are enjoying SLFCU’s award-worthy member service.
We also continued to make lending to our members a top priority in 2022. We originated a record number of loans, helping 12,525 members to purchase vehicles and 1,113 members realize the dream of home ownership. We also returned $12.7 million to members through interest dividends paid on their checking and savings accounts. And, in response to member feedback, we’ve enhanced online banking to simplify making SLFCU loan payments.
You may be wondering what changes you’ll begin to see in 2023 and beyond. Let us assure you – in your day-to-day interactions with SLFCU, one thing will always remain true: We are fully committed to providing exceptional member service. We know that it requires top-notch talent to produce top-notch results, and we are investing in our employees so they are better equipped to meet you where you are and exceed your expectations.
We also know that extraordinary service is only one piece of the puzzle. Our job is also to make things easier for you, which means you will start to see additional investments in our technology and product offerings. SLFCU is poised to return even greater value to the communities we serve. We will be expanding our marketing, community engagement, and branch footprint, and you will begin to see your Credit Union featured more prominently than ever before. As we enter our 75th year in business, we have $3.4 billion in assets and are 137,000 members strong. It is our distinct privilege to lead this great organization through its next chapter of success as we begin the journey of serving members for another 75 years.
Thank you for placing your trust and loyalty in SLFCU.
| Financial Highlights | 2022 | 2021 |
| Total Assets | $3,462,666,000 | $3,624,496,000 |
| Loans | 1,719,119,000 | 1,510,596,000 |
| Investments | 1,567,107,000 | 1,801,203,000 |
| Members' Share Accounts | 3,203,530,000 | 3,248,946,000 |
| Reserves and Undivided Earnings | 397,723,000 | 373,240,000 |
| Gross Income | 116,864,000 | 97,485,000 |
| Dividends Earned by Members | 12,710,000 | 14,475,000 |
| Net Income (Loss) | 24,557,000 | 26,483,000 |
| Total Reserves to Assets | 11.37% | 10.30% |
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