2025 ANNUAL REPORT
Learn more about the path we took in 2025 and what’s on the Horizon for 2026. The statements, figures and information provided here are current as of January 1, 2026 and reflect the fiscal year of 2025.
Table of Contents
Letter from the CEO
As I reflect on the past year, I first want to thank you for being a member of our credit union! I am proud of our continued strength and performance. It is fulfilling to see Horizon, as a not-for-profit cooperative, remain firmly grounded in our mission and guiding principle: Your path, our purpose. This commitment continues to guide our decisions and ensures we remain focused on delivering value to you, our members.
Horizon Credit Union enters the coming year from a healthy financial position. With more than $2 billion in assets and capital levels well above regulatory requirements, we are firmly positioned to serve our more than 100,000 members and adapt to evolving market conditions. Over the past year, we have made deliberate investments across our network of 28 branches, contact center and digital platforms to enhance service delivery and ensure consistent, convenient access.
As member expectations continue to evolve—particularly around digital touchpoints and the ease of moving money—these trends have translated into many of our strategic priorities. Whether you choose to engage with us in person, by phone or digitally, our focus remains the same: delivering solutions that support your financial well‑being today while positioning you for long‑term success.
Personalized service remains a defining strength of Horizon Credit Union. Our 379 dedicated employees bring experience, innovation, solutions and a shared sense of purpose to their work every day. In an increasingly complex landscape, we remain committed to providing the tools, guidance and education our members need to make confident financial decisions. The trust you place in us is foundational to our success, and we do not take that responsibility lightly.
Also important is our ongoing commitment to the communities we serve. As a member‑owned cooperative, community involvement is central to who we are. This year, Horizon employees supported initiatives focused on health, hunger and education, contributing 10,890 volunteer hours to 260 different community organizations. During Go, Give, Grow, our largest single outreach event of the year, our employees volunteered 1,400 hours in one day assisting 22 local organizations!
On behalf of the Board of Directors, Supervisory Committee and the entire Horizon Credit Union team, we are grateful and appreciate the trust and confidence you place in us. We are honored to serve and remain committed to working alongside you—today and in the years ahead—to help you achieve your financial goals.
President/CEO
Horizon Credit Union
Report from the Board of Directors Chair
2025 was a year of continued growth and stability for Horizon Credit Union. Despite an ever-changing financial landscape, our team remained focused on what matters most: serving you, our members, with excellence and care. I couldn’t be more proud of how our management team and employees showed up every single day.
What makes Horizon special starts with our people. We have a culture rooted in collaboration and genuine commitment to one another and to the members we serve. Many of our employees have been with Horizon for decades, and that kind of loyalty speaks volumes. It’s reflected in every interaction, whether you visit a branch, call us or manage your accounts online.
Giving back to our communities remains a cornerstone of who we are. In 2025, our employees once again dedicated thousands of volunteer hours to organizations and causes across our footprint. It’s something our team takes real pride in, and it’s one of the things that sets Horizon apart.
Your credit union is financially strong. Our leadership team has done an outstanding job positioning Horizon for continued success, and I encourage you to read CEO Jeff Adams’ report for a closer look at the details.
Finally, I want to thank our Board of Directors and Supervisory Committee for their continued service and dedication. Their commitment to strong governance and to you, our members, gives me every confidence that Horizon will carry this momentum into 2026 and beyond.
Chairman of the Board
Horizon Credit Union
Board of Directors
Steve Sharon ……………………………………………………………… Chair
Mike Butler …………………………………………………….. 1st Vice Chair
Mark Lodine ………………………………………………….. 2nd Vice Chair
Darin Burrell …………………………………………….Secretary/Treasurer
Pat Marler ……………………………………………………………… Director
Tom Diluzio ……………………………………………………………. Director
Bernie Korth ……………………………………………… Director Emeritus
Board of Directors
Steve Sharon ……………………………………………………………… Chair
Mike Butler …………………………………………………….. 1st Vice Chair
Mark Lodine ………………………………………………….. 2nd Vice Chair
Darin Burrell …………………………………………….Secretary/Treasurer
Pat Marler ……………………………………………………………… Director
Tom Diluzio ……………………………………………………………. Director
Bernie Korth ……………………………………………… Director Emeritus
Board of Directors
Steve Sharon
Chair
Mike Butler
1st Vice Chair
Mark Lodine
2nd Vice Chair
Darin Burrell
Secretary/Treasurer
Pat Marler
Director
Tom Diluzio
Director
Bernie Korth
Director Emeritus
Report from the Supervisory Committee Chair
The supervisory committee is a volunteer committee responsible for reviewing the financial operations of the credit union in accordance with the regulatory procedures established by the Washington Department of Financial Institutions (DFI), the National Credit Union Administration (NCUA) and the credit union’s policies to safeguard member assets and assure you are provided the quality service you deserve.
The supervisory committee includes the following volunteers: Interim Chairperson/First Vice Bob Lochmiller, and committee members Brian Eldred, Kathleen Cooper and Jim Jopson. Vanessa Gartz, CIA, director of internal audit, manages the internal audit department and reports independently to this committee.
Our annual financial statement audit was conducted by the certified public accounting firm of Opsahl Dawson. The annual audit covers a review of internal controls, audit evidence and financial accounting support. Audited financial statements were issued and a report submitted to the supervisory committee.
This year’s report concluded that for the period ending December 31, 2025, the financial position, operations, cash flows and subsequent financial statements are in all material respects presented fairly in conformity with GAAP.
Throughout the year our internal audit department performs audit procedures on selected areas of the credit union. Our regulators, the Washington State DFI and NCUA, also perform annual safety and soundness examinations. The supervisory committee reviews all audits and examinations conducted throughout the year to make certain the board of directors and management respond to recommendations made.
The supervisory committee is committed to open lines of communication to our member-owners to ensure you receive the highest quality service. If any member has a concern or issue, please send a letter to the following address: Horizon Credit Union Supervisory Committee, P.O. Box 6, Spokane Valley, WA 99037-9901. The Supervisory Committee will review your letter and respond.
Supervisory Committee Chair
Horizon Credit Union
Supervisory Committee
Bob Lochmiller ……………………………… Supervisory Committee Chair
Brian Eldred …………………………………………………… Member
Kathleen Cooper …………………………………………….. Member
Jim Jopson …………………………………………………… Member
Gail Gudgel …………………………………………………… Member
Supervisory Committee
Bob Lochmiller ……………………………. Supervisory Committee Chair
Brian Eldred ………………………………………………….. Member
Kathleen Cooper ……………………………………………. Member
Jim Jopson …………………………………………………… Member
Supervisory Committee
Bob Lochmiller
Supervisory Committee Chair
Brian Eldred
Member
Kathleen Cooper
Member
Jim Jopson
Member
HZCU GO-GIVERS
We supported 260 organizations
Need a helping hand? How about
784 of them!
350+ employees volunteered for GGG
That’s 1,400 volunteer hours in one Go. Give. Grow. day.
We hosted 5,782
hours of financial education
4,685 individuals benefited.
HZCU EMPLOYEES DONATED
FOR COMMUNITY SPIRIT DAYS
Proceeds were given directly to 23 members experiencing extreme hardship in 2025.
2025 Income Statement
(In thousands of dollars)
| INTEREST INCOME | 2025 | 2024 |
|---|---|---|
| Loan interest income | 95,876 | 92,985 |
| Investment interest income | 8473 | 9,271 |
| Total Interest Income | 104,349 | 102,256 |
| INTEREST EXPENSE | ||
|---|---|---|
| Members’ shares | 31,182 | 35,422 |
| Interest on borrowed funds | 1,768 | 73 |
| TOTAL INTEREST EXPENSE | 32,950 | 35,495 |
| NET INTEREST INCOME | 71,399 | 66,761 |
|---|---|---|
| Provision for loan losses | 7,476 | 9,533 |
| Non-interest income | 15,866 | 14,819 |
| Non-interest expense | 66,866 | 67,954 |
| Net Income | 12,923 | 4,093 |
2025 Balance Sheet
(In thousands of dollars)
| BALANCE SHEET | 2025 | 2024 |
|---|---|---|
| Loans to members | 1,637,209 | 1,699,811 |
| Allowance for loan loss | (11,983) | (11,082) |
| NET LOANS TO MEMBERS | 1,625,226 | 1,688,729 |
| Cash & cash equivalents | 150,724 | 144,761 |
| Investments | 135,113 | 51,455 |
| Other assets | 121,601 | 125,026 |
| TOTAL ASSETS | 2,032,664 | 2,009,971 |
| Member shares | 1,688,355 | 1,698,683 |
| Borrowed funds | 55,000 | 40,000 |
| Other liabilities | 30,817 | 26,733 |
| TOTAL LIBILITIES | 1,774,172 | 1,765,416 |
| TOTAL CAPITAL | 258,492 | 244,555 |
| TOTAL LIABILITIES & CAPITAL | 2,032,664 | 2,009,971 |
About Horizon
Our journey began as a partnership of metal workers at Kaiser Aluminum in Spokane, Washington in 1947. We grew quickly and expanded our charter beyond Spokane Valley in the early 90s.
From highway workers to educators to health care professionals, we’ve come together as Horizon Credit Union. Wherever you are on your financial journey, we’re committed to supporting you every step of the way.
