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Annual Report 20202/5/2021

People Helping People: A joint message from Robert and Chuck

Serving our members well is SLFCU’s highest priority, whether they have chosen us for their personal financial needs or to help them run and grow their business. This focus became more important than ever in 2020, as many SLFCU members faced new challenges due to the COVID-19 pandemic.

Your credit union was prepared to help members during this uncertain time by offering temporary relief of loan payments, waiving penalties for early term certificate withdrawals, and increasing credit limits. We are proud to have processed more than $14 million in Payroll Protection Program (PPP) loans for business members. And while we’ve always given back to our communities through fundraisers and donations, those efforts took on a special urgency in 2020.

SLFCU’s organizational values are a guiding light in our interactions with our members. In a difficult year, we have persevered, adapted, and continued to serve, all the while armed with good humor, masks, and an ocean of hand sanitizer.

Brighter days are ahead. SLFCU has looked out for our members’ financial well-being for 72 years now, and will continue to do so. We are spending prudently and making smart investments, and our balance sheet is very strong. We are excited to expand our offerings in 2021.

We are humbled that Forbes recognized us as New Mexico’s #1 Credit Union again in 2020, and that Albuquerque Business First judged us as a Best Place to Work. These awards reflect positively on the quality of our institution for our members, and on the efforts of our high-performing employees.

 
Financial Highlights 2020 2019
Total Assets $3,109,127,000 $2,634,465,000
Loans 1,450,040,000 1,436,277,000
Investments 1,463,465,000 1,018,050,000
Members' Share Accounts 2,754,014,000 2,324,915,000
Reserves and Undivided Earnings 327,036,000 303,751,000
Gross Income 93,735,000 92,945,000
Dividends Earned by Members Including Special Dividends 18,432,000 37,182,000
Dividends Earned by Members Excluding Special Dividends 18,432,000 17,182,000
Net Income Including Special Dividends 23,285,000 5,094,000
Net Income Excluding Special Dividends 23,285,000 25,094,000

 



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