By Glen Olpin – Senior Vice President & Chief Economist

As economic expansion in the United States continues, we are approaching one of the longest-running periods of growth on record, with the 120-month benchmark likely to be surpassed in 2019. We expect this positive trend to extend through the year.

Overall economic growth, as measured by gross domestic product, has seen ongoing improvement in Utah and neighboring western states. These have been among the top states in economic strength and we believe such strong performance will be ongoing.

Consumers are leading the recovery, their confidence being at an all-time high. Households are spending more and increasing debt levels. Personal income is up from last year, driven in part by tight labor markets. Low unemployment rates and an abundance of new job openings are applying upward pressure on wages.

Tax reform and regulation relief have encouraged stronger industrial production. Capital expenditures remain robust. The business sector should demonstrate durability comparable to the consumer segment, boosting economic security. However, issues of concern for stock and bond markets—weakening global indices, fears of ongoing trade wars, border security disputes and gridlock in Washington—may impede broad economic gains.

Home prices are rising more quickly than upticks in personal income, although the pace of price increases has slowed. Mortgage rates should gradually increase. The higher cost of housing, lower income gains, and long-term rate increases are reducing affordability for owners, with little near-term relief in sight. Moderate increases in sales are expected.

Positive underlying economic fundamentals supported the auto industry in 2018, but as manufacturers pay more for labor and materials, consumers will bear much of that burden. Demand for new vehicles is expected to cool somewhat this year, as buyers become more selective and price-conscious.

Indications suggest that inflation doesn’t pose a serious threat to the economy. Accordingly, following a series of minimal short-term rate hikes, the Federal Open Market Committee pushed the pause button, presumably for the first half of 2019.

Longer-term rates have seen small, sustained increases and are expected to go up slowly. The flattening yield curve, more moderate overall growth, a narrowing labor situation, and rising wage pressures give us mixed signals as to future financial strength.

Although challenges and market fluctuations will continue, we expect this year to generate solid economic results. As America First members, you can be assured that we will provide flexible, affordable, and convenient products & services that fit your changing needs.

By John B. Lund, President and CEO

It’s hard for me to believe another year has come and gone, yet I always appreciate this annual opportunity to pause and reflect on treasured memories & accomplishments.

Additionally, it’s a time to re-focus our efforts toward achieving the goals being set for the months ahead. Reader’s Digest traditionally compiles its 15 most popular New Year’s resolutions. Here is the 2019 list:

1. Get into shape
2. Lose weight
3. Enjoy life to the fullest
4. Spend less, save more
5. Dedicate additional time to family, friends
6. Become better organized
7. Learn something new
8. Travel
9. Break a smartphone addiction
10. Cook meals at home rather than dining out
11. Cut down on drinking
12. Stop smoking
13. Reduce stress
14. Make sleep a priority
15. Floss regularly

Whether or not the above aspirations factor into your plans, some of them coincide with mine. In fact, I’m pleased to know that three or four have already been conquered!

America First Credit Union can be key to meeting several of these objectives. We provide sound advice and counseling, will help you discover new ways to conveniently and efficiently manage your money, and we’ll assist you in prioritizing saving, while reducing spending.

Visit a local branch to review your finances. We’ll explore the possibility of lowering the interest rates on loans & credit cards. We offer programs that generate additional cash back for the purchases you’re already making. Our premier electronic services deliver enhanced security and real-time transaction control. America First Visa® credit cards also feature free identity theft recovery services that include protection and monitoring.

These are just a few examples of how we strive to simplify and improve the financial aspect of your life, lessening that source of stress. When your financial affairs are in order and you’re maximizing the available benefits, you’ll likely have more time and energy for family, friends, hobbies, exercise and other pursuits.

Our goal at America First is to become and remain your primary financial partner. We are dedicated to being relevant to all stages of life and ensuring your interactions with the credit union are positive and productive. We thank you for your trust and look forward to a lasting relationship.

By John B. Lund, President & CEO

As I write this message, I have very mixed and deep emotions. I always look forward to the holidays and the excitement, splendor, beauty, and feelings of good will they bring. At the same time, I realize there are individuals and families under tremendous stress, who are facing hardships, or who have broken hearts and cause to mourn. The holidays can bring significant peace and comfort during these times, yet in some cases, the season may seem to magnify the difficulties they are going through.

I’ve also been thinking about the recent observation of Veterans’ Day and Thanksgiving. There is so much for which we are grateful as citizens of this wonderful country. We enjoy unparalleled opportunity in terms of education, employment, health, religious freedom, recreation, service, and general quality of life.

We’re truly indebted to the men, women and their families who sacrifice tremendously—in many cases with their own lives—to protect and promote peace. Other individuals such as teachers, friends, co-workers, leaders and family members also enrich our spirits. Upon reflection, I’m indeed thankful for my great parents. They have passed on, but the tremendous memories and life lessons they left continue to bless and inspire all who knew them.

I’m certainly appreciative of America First Credit Union. Our mission is to improve our members’ financial well-being and to enhance the communities we call home. Our volunteers and staff are passionate about this purpose. We stand ready to educate, inform and assist you during both joyous and challenging experiences.

I regularly speak with members who share examples of the excellent service they have received. Additionally, I’m genuinely humbled to hear stories of life-changing events where America First has helped provide solutions to complex and trying circumstances.

Please accept our sincere thanks for your membership and loyalty. We look forward to a lifelong relationship. Best wishes for a Merry Christmas, a happy holiday season, and a productive and joyful new year.

By John B. Lund, President and Chief Executive Officer

I recently heard a neighbor refer to the buddy system in conversation, immediately bringing back memories of my youth and participating in Boy Scouts of America activities. Whenever our troop went on a campout, hike or other outdoor excursion, we always paired off and were assigned a buddy for the event’s duration. Additionally, each child received a designated number to remember and count off during roll calls. At the time, although I knew these were safety measures, I did not understand the true power of this seemingly simple procedure. Years later, as an adult Scout leader—a role in which I was responsible for providing protection, developing learning, and creating positive experiences—I became a true believer.

Since then, I learned that the buddy system extends well beyond the scope of the Boy Scouts and Girl Scouts. It is practiced extensively in all branches of the United States armed forces, at schools, within religious organizations, and by diverse businesses. New employees often benefit from mentors who are there to teach and guide others during the first few months of work.

The dictionary defines the buddy system as a cooperative arrangement whereby individuals are paired or teamed up and assume responsibility for one another’s instruction, productivity, welfare & security.

In the world of personal, family and business finances, we are all at different levels of education, experience and understanding. Having a buddy, partner, or mentor there to offer instruction, boost production, promote the common welfare, and facilitate financial health is extremely valuable. At America First Credit Union, we strive to be that resource and your partner in this endeavor.

We have an extensive array of outstanding products & services, as well as a wonderful team of trained professionals to deliver them, throughout all stages of your financial journey. We appreciate your membership, loyalty, and look forward to a lifelong relationship with you and your family.

By Rich Syme, Executive Vice President, Digital & Contact Center Delivery-Product Management

Of my childhood memories, those that stand out most vividly are the family trips to Grandma’s house in Lyman, Wyoming. It was there we’d spend Thanksgiving, Christmas, birthdays and just about every other occasion worth celebrating. Congregating in her kitchen, we were surrounded by stories, laughter and the delicious aroma of what was cooking. Another detail I clearly recall was the black rotary phone hanging on the wall—the kind you would literally dial.

It was an endless source of entertainment for my cousins and me. In those days, small communities had shared or ‘party’ lines, meaning you could pick up the phone for all the latest news and gossip, like Myrtle from down the street talking to Aunt Irene about her latest needlepoint project, or whether Edith in Fort Bridger really had the county’s best strawberry rhubarb pie (or if the fair judges were a bit biased).

Yes, what we do with phones has changed quite significantly since then. They’ve gone from being a simple way to speak with someone else at a distance, to multipurpose tools integrated into nearly every aspect of our lives. My children and grandchildren do not have wall-mounted telephones with long, curly cords; instead, they carry incredibly powerful devices that put the vast collection of human knowledge and achievement at their fingertips. Smartphones changed the world and in a manner few could have imagined several years ago. We now use them to talk, text, Google, navigate, shop, record our memories, catch rides, and accomplish so much more.

Of course, I’m particularly interested in how these devices can help us better manage our money. I’m proud America First was an early adopter of mobile banking technology. Since 2002, members have checked balances, reviewed transaction histories, and made transfers with their phones. As mobile technology evolved, we introduced a state-of-the-art app that helps you deposit checks, pay bills, apply for loans, and find deals & discounts from local merchants.

America First mobile banking has advanced tracking features, as well as the ability to add accounts at other institutions for a more complete picture of your finances. And because creating a budget and sticking to it can be tedious, the app generates personalized plans based on previous purchases. The system automatically assigns transactions to spending categories and it’s continually learning, providing the most accurate assessments.

To further enhance your experience, we developed Card Guard mobile security, giving you control of how, where, and when your Visa® credit & debit card cards are used. You can additionally set up account activity alerts and limit them to certain geographical areas.

It is our ongoing commitment to deliver the products and services you need to achieve financial health, and these benefits are a good snapshot of how we’re doing. Our talented mobile services department’s primary goal is to surprise, delight and empower the membership. If you haven’t already, download mobile banking and Card Guard to see if we’re meeting that lofty expectation.

Given the rapid pace of technological advancement, I wonder what my relatives and other folks in the Lyman of my youth would think about the smartphones we now have in our pockets. It would be fun to hear what topics Grandma, Myrtle and Aunt Irene might be gossiping about, but it’s likely they’d be chatting about neighborhood events via Facebook, Twitter, Instagram, Snapchat, reddit, or another new platform. Because, even after all these years, we haven’t changed so much what we say, we just changed what we use to say it.

By Rex Rollo, Executive Vice President/Chief Financial Officer

In a beautiful poem titled “A Nation’s Strength,” Ralph Waldo Emerson reveals the true measure of any country’s success. His verse, consisting of only six stanzas, has a deep and clear message. Emerson suggests it is the people of a society “not its might, riches or natural resources” that make it strong. Here at America First, we realize our health & stability are derived from the same source: the families & businesses we serve. This knowledge forms the basis of our motto, Members come first.

Further, the credit union’s mission statement declares our commitment to “provide personal financial services of a superior quality to the members/owners; our chief concern is their financial well-being.” The America First membership has been the key to our sustained prosperity for nearly eight decades. Like Emerson, we know the credit union was and will only be healthy and vital to the extent that it elevates the financial lives of those who join.

This can be clearly seen in America First’s operating results for the first half of 2018. We now have more than 960,000 members, all seeking exceptional, convenient, secure products. As the membership has grown, so too has our ability to offer world-class services. Even as assets exceeded $10 billion for the first time, by carefully balancing growth, we can continue delivering personal service of the highest quality, whether through our branch network, industry-leading mobile & online channels, or award-winning contact centers.

If we look at America First’s performance from a traditional financial perspective, we can clearly determine that the credit union is safe and sound, with reserves over 150% of minimum regulatory requirements. Those assets are then reinvested to make America First membership more beneficial. And so it goes, as members, now and in the future, take full advantage of what is offered to them, their position is enhanced and they enjoy greater value. In turn, their collective strength propels the organization forward, allowing us to provide the most advanced financial services available.

At your credit union, we take Emerson’s viewpoint to heart, the well-being of America First is inextricably tied to how well we serve you, which is why we are dedicated to the ideal that members come first.

By John B. Lund, President and Chief Executive Officer

I am pleased to officially announce the merger of Altier Credit Union of Tempe, Arizona and America First Credit Union. Following much thought and many discussions, it became clear that this partnership was an outstanding match in terms of culture, service ethic and strategy. Under the agreement, America First will be the continuing credit union.

Altier opened in 1947 as the Salt River Valley Water Users Association employee credit union. In 2006, it was re-named Altier and the field of membership expanded to include residents of Maricopa County, Arizona. The credit union enjoys a rich tradition of excellence; the merger’s mutual goal is keeping this legacy in place and building upon it, providing financial services that are second to none.

Altier has five branches in Arizona; three in the greater Phoenix area and one each in Page & St. Johns. These locations will benefit all members living in the state and will provide additional access to our world-class products and exceptional member service.

Other benefits of our cooperative partnership include anytime, anywhere access with free online and mobile banking, free online bill pay, mobile deposits, telephone banking and more. We also offer free checking, free nationwide ATM transactions, free educational seminars, free financial counseling, free credit scores, free document shredding events, as well as many financial calculators and budgeting tools. Additional information is available at americafirst.com or call 1-800-999-3961.

America First was founded in 1939 at Fort Douglas in Salt Lake City, when our membership numbered 59 and our assets stood at $25. We’re proud to have grown and flourished since then, becoming one of the nation’s strongest credit unions with stability, quality, and investment in technology among our top priorities.

Our continuing credit union is well-positioned for a bright, vibrant future and we’ll work diligently to earn your trust and support. Welcome to America First, where we look forward to a lifelong relationship with you and your family.

By John B. Lund, President & CEO

On April 17, America First Credit Union held our 79^th Annual Meeting. It is a privilege to be associated with a member-owned cooperative that has endured and thrived for nearly eight decades by assisting families and businesses in achieving financial well-being.

Certainly, one reason for this longevity is our unique structure and leadership. We are fortunate to have a volunteer Board of Directors, comprised of individuals who serve without compensation to ensure that we deliver relevant products and services in a convenient, professional manner; that we help simplify your busy lives; and that we provide ways for you to keep more of your hard-earned money.

At this year’s meeting, Lyle B. Adams, Cathy Person, and John D. Spease were nominated and approved to serve three-year terms on our Board, joining Barney B. Chapman, Linda K. Carver, Gil A. Miller, Kenlon W. Reeve, Michael R. Roden and James G Wendler.

It was also an appropriate opportunity to honor and pay tribute to retiring board members Joy Jex and Ed Cline, who served America First for 39 and 41 years, respectively. Our organization is certainly indebted to their expertise and commitment.

We additionally owe a great deal of gratitude to the volunteers on the Loan Review and Supervisory Committees. The Loan Review Committee allows members the opportunity to request appeals of lending decisions. The committee and members then work together to find beneficial solutions.

The Supervisory Committee offers operational and regulatory oversight, joining senior management and our internal audit department staff to keep the credit union on strong financial footing, with sound policies and procedures.

In his meeting remarks, Chairman Wendler ably summarized our mission at America First: “No matter the area of endeavor, our core values guide how we operate. For this credit union, how we do business is as important as the business we do. We believe in putting the financial well-being of the members first. Whatever the means of access, we are here to serve you.â€

It was my pleasure to report that, by every measure, 2017 was an outstanding year for America First. Our member engagement and service scores are among the very best in the nation. Our federal regulator and outside audit firm provided positive feedback regarding our operation, strategy and financial strength. Money Magazine named America First the best financial institution in Utah. While we are considered a large and complex credit union, our people, systems and philosophy remain personal, approachable and accessible.

On behalf of our volunteers and staff, I express my sincere thanks for choosing America First. We are committed to seeking a lifelong relationship with you and your family.