Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: Interest on loans to members

  total $128,886,286 · related or exempt $128,886,286 · unrelated business $0 · excluded $0

• 2b · Program service revenue: ATM and debit card fees

  total $26,805,715 · related or exempt $26,448,748 · unrelated business $356,967 · excluded $0

• 2c · Program service revenue: Account service fees

  total $17,496,942 · related or exempt $17,496,942 · unrelated business $0 · excluded $0

• 2d · Program service revenue: Loan fees

  total $8,561,020 · related or exempt $8,561,020 · unrelated business $0 · excluded $0

• 2e · Program service revenue: Net gain on sale of loans

  total $807,281 · related or exempt $807,281 · unrelated business $0 · excluded $0

• 2f · All other program service revenue

  total $5,790,125 · related or exempt $5,738,499 · unrelated business $51,626 · excluded $0

• 3 · Investment income

  total $37,424,741 · related or exempt $0 · unrelated business $0 · excluded $37,424,741

• 4 · Income from investment of tax-exempt bond proceeds

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 5 · Royalties

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 6a · Gross rents

  real property $52,408

• 6c · Rental income or loss

  real property $52,408 · personal property $0

• 6d · Net rental income or loss

  total $52,408 · related or exempt $0 · unrelated business $0 · excluded $52,408

• 7a · Gross sales of assets other than inventory

  securities $0

• 7c · Gain or loss

  securities $0 · other assets $0

• 7d · Net gain or loss

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11a · Other revenue: Other non-interest income

  total $3,044,986 · related or exempt $2,657,673 · unrelated business $0 · excluded $387,313

• 11b · Other revenue: Shared branch fees

  total $916,583 · related or exempt $0 · unrelated business $916,583 · excluded $0

• 11c · Other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $3,961,569

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $339,683

• 2 · Grants to domestic individuals

  total $24,000

• 4 · Benefits paid to or for members

  total $56,583,609

• 5 · Compensation of officers, directors and key employees

  total $4,148,829

• 7 · Other salaries and wages

  total $59,833,119

• 8 · Pension plan contributions

  total $2,241,599

• 9 · Other employee benefits

  total $9,007,148

• 10 · Payroll taxes

  total $5,029,163

• 11b · Fees: legal

  total $1,819,078

• 11c · Fees: accounting

  total $495,115

• 11g · Fees: other

  total $3,611,377

• 12 · Advertising and promotion

  total $3,751,965

• 13 · Office expenses

  total $6,473,519

• 14 · Information technology

  total $16,404,742

• 16 · Occupancy

  total $5,181,719

• 17 · Travel

  total $335,189

• 19 · Conferences, conventions and meetings

  total $508,088

• 20 · Interest

  total $10,202,133

• 22 · Depreciation, depletion and amortization

  total $4,808,445

• 23 · Insurance

  total $258,823

• 24a · Other expenses: Provision for Loan Losses

  total $9,980,063

• 24b · Other expenses: Loan Servicing Expense

  total $6,695,617

• 24c · Other expenses: Fraud and Card Losses

  total $1,475,940

• 24d · Other expenses: DFPI Assessment

  total $439,986

• 24e · All other expenses

  total $1,907,122

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $20,457,390 · end of year $25,256,858

• 2 · Savings and temporary cash investments

  beginning of year $182,345,670 · end of year $270,186,170

• 3 · Pledges and grants receivable

  end of year $0

• 4 · Accounts receivable

  end of year $0

• 5 · Loans and receivables from officers and key people

  beginning of year $2,379,700 · end of year $2,370,446

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $3,109,768,829 · end of year $3,283,929,202

• 8 · Inventories for sale or use

  end of year $0

• 9 · Prepaid expenses and deferred charges

  end of year $0

• 10a · Land, buildings and equipment: cost or other basis

  $110,850,569

• 10b · Land, buildings and equipment: accumulated depreciation

  $57,143,551

• 10c · Land, buildings and equipment, net

  beginning of year $55,814,461 · end of year $53,707,018

• 11 · Investments: publicly traded securities

  end of year $0

• 12 · Investments: other securities

  beginning of year $927,017,676 · end of year $805,014,045

• 13 · Investments: program-related

  beginning of year $0

• 14 · Intangible assets

  beginning of year $13,416,456 · end of year $13,306,819

• 15 · Other assets

  beginning of year $197,546,910 · end of year $183,603,033

• 17 · Accounts payable and accrued expenses

  beginning of year $54,442,020 · end of year $62,857,652

• 18 · Grants payable

  end of year $0

• 19 · Deferred revenue

  end of year $0

• 20 · Tax-exempt bond liabilities

  end of year $0

• 21 · Escrow or custodial account liability

  beginning of year $3,733,046 · end of year $4,219,499

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $200,000,000 · end of year $300,000,000

• 24 · Unsecured notes and loans payable

  end of year $0

• 25 · Other liabilities

  beginning of year $3,961,294,496 · end of year $3,960,176,525

• 27 · Net assets without donor restrictions

  end of year $0

• 28 · Net assets with donor restrictions

  end of year $0

• 29 · Capital stock, trust principal or current funds

  end of year $0

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $289,277,530 · end of year $310,119,915

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Travel for companions

Benefits to interested persons includes travel-related expenses for the spouses of the Board Directors or Senior Management who are attending credit union and financial services industry conferences or events. The following individuals received this benefit and were issued a 1099-NEC or W-2: 1. Robert Logue 2. Bernadette Austin 3. Jeff Jefferson 4. Ronald Seaman 5. Richard Blumenfeld 6. Donald Ball 7. Ryan Larkin 8. Sonia Lewis 9. Trish Rodriguez

Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan

1. The credit union's President, Faye Nabhani, has a SERP in which the credit union pays a retirement benefit to the executive if certain requirements are met. The retirement benefit is treated as annual compensation, which is subject to income tax and is included in Other Reportable Compensation in Schedule J, Part II. The annual amount paid in 2023 is $103,333. 2. The credit union's EVP/CHRO, Colleen Nerius, has a SERP in which the credit union pays a retirement benefit to the executive if certain requirements are met. The retirement benefit is treated as annual compensation, which is subject to income tax and is included in Other Reportable Compensation in Schedule J, Part II. The annual amount paid in 2023 is $85,000. 3. The credit union's SVP/CIO, Michael McCarthy, has a SERP in which the credit union pays a retirement benefit to the executive if certain requirements are met. The retirement benefit is treated as annual compensation, which is subject to income tax and is included in Other Reportable Compensation in Schedule J, Part II. The annual amount paid in 2023 is $80,630.