Looking for a copy of a recent annual report? Interested in learning more about the Credit Union? Curious what notable things happened last year?
Outstanding member solutions and social responsibility set Desert Financial apart from other financial institutions and are important parts of our mission. Whether you are a member or potential member, we invite you to explore recent achievements, financial milestones, stories of service and our community impact.
Desert Financial broke records for giving while experiencing unprecedented financial growth in 2022. Our deposits grew by 5.7% and we broke a record for lending, with loan production of $2.7 million. We increased our Member Giveback Bonus to $16 million, our largest giveback bonus to date. Our giving efforts in the community included performing more than 12,000 Random Acts of Kindness and awarding $253,250 in scholarships. We also continued our statewide expansion with a Flagstaff branch.
In 2021, Desert Financial continued to surmount challenges and increase our financial fortitude. Our net income exceeded $87.4 million, and we increased our Member Giveback Bonus to $15 million. We gave back $3.8 million to our community, performing over 8,000 Random Acts of Kindness and awarding $195,500 in scholarships to more than 70 local students. We also expanded statewide by providing financial services in Flagstaff and opening a branch location in Prescott Valley.
Despite the challenges of a global pandemic, Desert Financial was able to increase its giving efforts and achieve record growth in 2020. We donated $3.9 to help our community, including $1.2 million in COVID-19 relief, and grew our mortgage loan volume to over $722 million. We also took the first step in our statewide expansion by performing Random Acts of Kindness in Flagstaff and Prescott.
Our 80th Anniversary year was one for the record books, with over $200 million in loan growth and a year-end total of $5 billion in assets. We shared our success by donating $2.3 million to our community, performing over 5,000 Random Acts of Kindness and awarding $8 million in cash bonuses to our members. In 2019, Desert Financial also broke new ground by purchasing naming rights to Arizona State University’s basketball arena.
In 2018, Desert Financial hosted more than 40 Teacher Appreciation events and performed over 60 Random Acts of Kindness. This was all part of our Year of Giving goal to give back $7 million to our members, our community and our team. We also welcomed more than 35,000年新成员, served as title sponsor of the Fiesta Bowl Parade, introduced truly Free Checking and increased our total assets to over $4.5 billion!
Our most successful year to date, 2017 was a time of great transformation for Desert Financial. We dropped the word “Schools” from our name, but continued our educational support through grants, supply drives, financial literacy classes and our scholarship program. We also opened two new Desert Financial branches and raised a record amount for the 1 Darn Cool School at Phoenix Children’s Hospital.
With the help of our members, employees, and volunteers, 2016 was a banner year for Desert Financial Credit Union. We saw a 1.6% ROA (up from 1.07% last year), increased consumer and business deposits to more than $3.4 billion combined, and ended the year with a net worth ratio of 11.93%.
Focusing on service is the cornerstone of our culture, and 2015 was truly a year that highlighted our service commitment on multiple levels not only for our members, but also for our community. This year, we implemented a new banking system to improve member service; introduced Relationship Rewards to provide more value to our members, and gave back to our community on a record level.
We commemorated a major milestone in 2014: 75 years of providing exceptional financial solutions to our members and our community. And we did it together, with our members, employees and management team. What began in 1939 among a small group of teachers pooling their resources together into $100 in net assets has become the largest locally based financial institution in Arizona, and a leading member of the incredible community we serve.
Since 1939, Desert Financial has served over 2 million members, we’ve financed over 100,000 homes, opened savings accounts for brand new babies, and helped future retirees build their nest eggs. Just as we are a financial partner to our members, we are also a community partner to the Valley. And because we only serve the Valley, our connection to the community is vital. When the Valley thrives, Desert Financial thrives. And because this community has been such a good home to us, helping this organization to grow from less than $100 in 1939 to over $3 billion today, being a true community partner is a commitment our entire organization takes to heart.
In life, we build special relationships over time by sharing with one another the important milestones that mark our lives. It's the same at Desert Financial. Our guiding belief of "people helping people" has enabled us to build a strong and lasting foundation, based on reciprocal trust and mutual cooperation with you. As Henry Ford once said, "If everyone is moving forward together, then success takes care of itself." This inspirational statement exemplifies the past year for the Credit Union. Because of loyal members like you, our dedicated employees, and our volunteers, we were able to reach new heights together.
At Desert Financial, 2011 began with optimism that we would overcome the economic obstacles faced in previous years and the determination to return to profitability. Thanks to the perseverance, hard work, and focus of our entire organization, Desert Financial was able to emerge as a strong, stable, and most importantly profitable organization. We're very proud to present our 2011 Annual Report, which highlights the successes and best practices from this amazing year.