By John B. Lund, President & Chief Executive Officer

Dear members,

It’s my privilege to thank you for your membership, loyalty, and confidence in America First. I’m also grateful for the opportunity to present an annual report of the credit union’s performance & initiatives. Our volunteer and employee team strives for excellence each and every day, remaining passionate about developing and delivering superior financial services. We experienced another outstanding year and are well-positioned for a bright and vibrant future.

As we look forward in an ever-changing industry, I often ask myself why I would choose America First as my primary financial institution. Many benefits come to mind, but there are four core issues that shape how and what we provide to members: relevance, differentiation, sustainability and heart.

Relevance —To be relevant, something must have meaning or value given its position, situation, and circumstances. Last fall, my wife and I were fortunate to spend some relaxing time in Hawaii. While playing golf, a couple named Bruce & Jen approached, motioned to the logo on my shirt, and proudly said they were members of America First. Bruce explained that he joined many years ago while stationed at Hill Air Force Base in Ogden, Utah. Although they had lived all over the world, they always maintained their membership, saying the credit union continued to serve them well, helping them achieve their financial goals in each stage of life and regardless of their location.

Differentiation—The marketplace is cluttered with endless offers, gimmicks and, at times, predatory propositions. We, however, work diligently to develop trust and lasting relationships, helping members keep more of their money, simplify their busy lives, and reach their unique objectives.

We are proud of our convenient and meaningful products & services, such as free checking, free bill pay, free Visa® debit cards, and free 24/7 account management through our award-winning online and mobile applications. Free credit scores accompany our checking accounts. We foster robust dialogue and communication with secure email, social media, contact center, and live chat channels. Members can also take advantage of our top-tier savings vehicles, including money market, IRA, health savings & certificate accounts, investments, insurance, and trust services. America First is an industry leader in home loans, auto and RV financing, and merchant card services, as well as business services that include loans, checking and Visa. Members can also take advantage of free financial counseling, educational seminars, and document shredding events throughout the year.

Our Visa cards are truly outstanding. In addition to no annual fees, the lowest possible rates, free personalization and many other features, our cash-back option pays members 1.5% on all purchases. Participants earn extra rebates & discounts with our merchant-funded ABC Deals program, bringing members thousands of real dollars every year. Further, recognizing the prevalence of fraud and personal data compromises in today’s digital world, we now provide free identity theft recovery plans to members and their immediate families with Visa credit accounts. Recovery service is also available for purchase at significant discounts of up to more than 75% for those without our credit cards. This is an amazing differentiating benefit, as other institutions charge $25 to $50 per month for similar or even inferior services.

America First is fortunate to operate one of the region’s largest branch networks, with 121 locations and more planned for 2017. This presence sets us apart, but perhaps the most important distinction we have as a credit union is our continual focus on service levels. Our loyalty, retention, product utilization, and net promoter scores are among the country’s best, yet we always endeavor to improve.

Sustainability—Maintaining integrity is crucial to any sustaining organization, especially in the financial services sector. The economy has its cycles, life has its ups and downs, but you can rest assured that integrity in all facets is constant at America First.

We take pride in being fiscally sound and independently rated among the best credit unions in the nation. We closed the year with $844 million in capital, up 10.41%. Our net worth ratio was 11.32%, far above the 7% mark that is considered well capitalized by the National Credit Union Administration. We received an unqualified opinion from an external auditing firm regarding our 2015 financial statements, and expect another unqualified rating when the 2016 official review is complete.

Assets increased by 14.41% and were above $8 billion. Our return-on-assets ended the year at a strong 1.17%. Membership continued growing at a healthy pace, finishing at nearly 819,000. Deposits increased more than $926 million, up 14.75%. Our year-to-date loan growth was 16.37%, netting $835 million. Our loan delinquency rate was a low .79% and the allowance for loan & lease loss was more than adequate to absorb any portfolio deficiencies.

New offices opened in Summerlin, Nevada; Santa Clara, Washington Fields, Jeremy Ranch, Traverse Mountain, and West Point, Utah; Boise, Idaho; Tempe, Arizona; and our new Innovation Center debuted in Salt Lake City.

Heart—The people-helping-people philosophy of America First is strong, deeply rooted, and has remained a guiding principle since our founding in 1939. We feel that being a conscientious corporate citizen is paramount to our relevance. We will continue working with our schools, communities, and organizations that foster the greater good to make a meaningful difference. Examples of these efforts include supporting food drives, conducting our Warm the Soles of Kids campaign, contributing to the 100% For Kids Credit Union Education Foundation, making grants through our charitable foundation, supporting children’s hospitals, providing scholarships, and assisting many other worthy causes. Further, our team donates thousands of personal hours to service outreach.

My deepest thanks are extended to our volunteers and staff; their commitment to the membership, whether serving you directly or indirectly, is unrivaled. Most importantly, I express my utmost appreciation to you, our valued members. It is our desire to develop and maintain a lifelong relationship with you and your family.