LETTER TO
Members
In 2024, we proudly launched our new five-year strategic plan, reinforcing our vision to be the premier and most trusted financial services partner for our members and the sponsor communities we serve. Over the past year, we made meaningful progress on this journey by strengthening our financial position, enhancing the member experience, and investing in key capabilities that will drive long-term success.
KEY 2024 Results
Our deposit growth of 5% was strong, driven by market conditions and proactive outreach to help members identify greater earning potential on their accounts. Loan balances declined by 2%, reflecting the impact of higher mortgage and consumer loan rates, as well as the continued wind-down of our solar loan portfolio (we no longer originate solar loans). Our balance sheet remains well-positioned, with 95% of deposits actively supporting loans to our members at year-end.
We achieved earnings of $32 million, primarily driven by a gain on the sale of Visa stock acquired as a participating member when Visa went public in 2008. Core earnings declined as our net interest margin remains narrow from recent years’ sharp rise in interest rates and a resulting portfolio still largely composed of mortgage loans originated at historically low interest rates. Our capital ratio closed the year at a strong 13%, surpassing most of our credit union peers. The credit quality of our loan portfolio continues to be strong, with charge-offs and delinquencies lower than industry averages.
Listening to our members is central to our success. Through regular surveys, we gauge their experiences and identify opportunities to improve. One of our key performance indicators is the percentage of members who rate their experience as “excellent.” In 2024, we achieved record satisfaction scores in our Branch and Consumer Lending teams. Mortgage and Call Center satisfaction were also high by historical standards.
Beyond the numbers, what truly defines our impact are the personal stories of how we provide tailored, convenient service and empower members to achieve their financial goals. This report highlights a few of those inspiring stories.
Listening to our members is central to our success.
KEY STRATEGIC Highlights
KEY STRATEGIC Highlights
In 2024, we were pleased to open new, state-of-the-art branches in Houston and San Ramon. Our Houston Allen branch enhances service for Chevron employees downtown, complementing the 1500 Louisiana branch opened in 2023; and our CityWest branch is conveniently located in Bechtel’s new Houston office complex.
In the spirit of providing a highly personalized experience to all members – whether in a branch or remotely – we introduced our new Video Banking service. Members can now visit our website to schedule an appointment with a Video Banking specialist, making expert financial guidance more accessible than ever.
Investing in technology remained a top priority to enhance the member experience. We launched a state-of-the-art mortgage loan origination system, providing a seamless, efficient process for members applying for home loans. This complements the new consumer lending system we introduced the previous year, reinforcing our commitment to frictionless banking.
Serving the unique needs of our core sponsors is always central to our mission.
We also invested in the development of our employees, who are instrumental for us providing an excellent member experience. Fifty of our up-and-coming leaders participated in immersive leadership cohorts to further their development and help progress their careers. This initiative aligns with our commitment to promoting continuous learning and ensuring that our employees have the skills and opportunities to advance within the organization.
Protecting against threats remained a critical priority. We advanced a robust fraud prevention program that minimizes fraud while providing a smooth member experience. We maintained vigilance with cybersecurity and enhanced our capabilities to proactively counter emerging industry threats.
Serving the unique needs of our core sponsors is always central to our mission. Key highlights with Chevron included supporting new employee orientations, deepening partnerships with employee network groups, and deploying ATMs at sites in Colorado and Iowa. With Bechtel, we actively supported employees at the Brownsville and Port Arthur project sites. We also introduced specialized lending solutions, including a bridge loan for relocating employees and an expatriate auto loan, ensuring financial flexibility for those on the move.
LOOKING Ahead
In 2025, we are eager to build on the milestones of the past year and fully realize the benefits of our strategic investments in technology – streamlining the member experience, expanding our Digital Banking offerings, and enhancing operational effectiveness. As always, we move forward with unwavering passion for our members’ success, driven by our mission to guide them in achieving their financial goals and aspirations throughout every stage of life.
