Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS

  total $82,024,639 · related or exempt $82,024,639

• 2b · Program service revenue: FEE INCOME

  total $18,235,642 · related or exempt $17,729,762 · unrelated business $505,880

• 2c · Program service revenue: OTHER OPERATING INCOME

  total $8,695,116 · related or exempt $8,695,116

• 3 · Investment income

  total $20,865,629 · excluded $20,865,629

• 7a · Gross sales of assets other than inventory

  securities $6,030 · other assets $147,383

• 7b · Less cost or other basis and sales expenses

  securities $0 · other assets $0

• 7c · Gain or loss

  securities $6,030 · other assets $147,383

• 7d · Net gain or loss

  total $153,413 · excluded $153,413

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $63,475

• 5 · Compensation of officers, directors and key employees

  total $5,668,660

• 7 · Other salaries and wages

  total $19,848,302

• 8 · Pension plan contributions

  total $1,449,296

• 9 · Other employee benefits

  total $10,134,816

• 10 · Payroll taxes

  total $2,073,744

• 11b · Fees: legal

  total $65,175

• 11c · Fees: accounting

  total $156,297

• 11g · Fees: other

  total $120,847

• 12 · Advertising and promotion

  total $2,057,532

• 13 · Office expenses

  total $5,942,667

• 14 · Information technology

  total $6,473,543

• 16 · Occupancy

  total $1,649,709

• 17 · Travel

  total $1,239,269

• 19 · Conferences, conventions and meetings

  total $4,671

• 20 · Interest

  total $36,476,819

• 22 · Depreciation, depletion and amortization

  total $1,892,507

• 23 · Insurance

  total $414,424

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $10,342,672

• 24b · Other expenses: LOAN SERVICING EXPENSE

  total $7,700,199

• 24c · Other expenses: DEBIT CARD SERVICES EXP

  total $3,371,288

• 24d · Other expenses: OTHER OPERATING EXPENSE

  total $700,883

• 24e · All other expenses

  total $1,102,116

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $24,980,581 · end of year $19,091,068

• 2 · Savings and temporary cash investments

  beginning of year $219,659,262 · end of year $201,522,080

• 5 · Loans and receivables from officers and key people

  beginning of year $10,733,003 · end of year $11,192,001

• 7 · Other notes and loans receivable

  beginning of year $1,491,448,734 · end of year $1,628,839,207

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

  $39,332,779

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

  $23,841,574

• 10c · Land, buildings and equipment, net

  beginning of year $16,227,623 · end of year $15,491,205

• 12 · Investments: other securities

  beginning of year $325,050,249 · end of year $291,418,403

• 13 · Investments: program-related

  beginning of year $2,032,598 · end of year $1,417,173

• 15 · Other assets

  beginning of year $77,956,069 · end of year $73,907,433

• 17 · Accounts payable and accrued expenses

  beginning of year $22,029,453 · end of year $25,636,094

• 25 · Other liabilities

  beginning of year $1,903,996,972 · end of year $1,956,613,080

• 29 · Capital stock, trust principal or current funds

  beginning of year $0 · end of year $0

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

  beginning of year $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $242,061,694 · end of year $260,629,396

The filer's explanations (Part III)

PART I, LINE 4B

THE CREDIT UNION MAINTAINS NON-QUALIFIED PENSION PLANS FOR A SELECT GROUP OF MANAGEMENT. PARTICIPANTS ARE ELIGIBLE BASED ON APPROVAL BY THE CREDIT UNION'S BOARD OF DIRECTORS. UNDER THIS PLAN, PARTICIPANTS DEFER A PORTION OF THEIR COMPENSATION. THE DEFERRED COMPENSATION ACCOUNTS ARE SHOWN AS BOTH ASSETS AND LIABILITIES ON THE CREDIT UNION'S FINANCIAL STATEMENTS AND ARE AVAILABLE TO CREDITORS IN THE EVENT OF THE CREDIT UNION'S LIQUIDATION. THE BALANCE OF THE PLAN APPROXIMATED $3,456,699 AND $2,983,392 AS OF DECEMBER 31, 2024 AND 2023, RESPECTIVELY. THE FOLLOWING INDIVIDUALS, REPORTED ON FORM 990 PART VII, HAD CONTRIBUTIONS WITHHELD FROM THEIR COMPENSATION MADE ON THEIR BEHALF INTO THE SEC 457F PLAN BY THE CREDIT UNION: TIM BRIDGES $19,200 MARK WALLER $19,200 CHAD EVANS $15,600 HEIWOTE TADESSE $27,600 THOMAS MAIELLARO $19,200 MICHAEL HUFF $15,600 MARGIE BURTON $16,800 ANNIA PEREIRA $13,200 ERIC PATTERSON $13,200 TODD CHANDLER $13,200 BETH TYNAN $14,400 MOIZ KHAN $9,600 KAREN MURRAY $9,600 THE CREDIT UNION PROVIDES CERTAIN INDIVIDUALS WITH A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (PLAN). THE PLAN IS BEING FUNDED VIA LIFE INSURANCE POLICIES AND SPLIT DOLLAR LOAN AGREEMENTS HAVE BEEN ENTERED INTO WITH THE PARTICIPANTS OF THE EXECUTIVES COVERED UNDER THE PLAN. AS PART OF THE SPLIT DOLLAR LOAN AGREEMENTS, THE EXECUTIVES HAVE ASSIGNED THE POLICIES TO THE CREDIT UNION AS COLLATERAL. THIS ASSIGNMENT SECURES REPAYMENT OF ANY ADVANCES AND ACCRUED INTEREST FOR THE POLICY PREMIUMS AND ANY OTHER ADVANCES UNDER ANY AGREEMENT. THE LOANS HAVE A FIXED INTEREST RATE, WITH INTEREST ACCRUED MONTHLY AND CAPITALIZED AS PART OF THE TOTAL LOAN BALANCE ANNUALLY. TOTAL SPLIT DOLLAR LOANS AND ACCRUED INTEREST APPROXIMATED $11,192,001 AND $10,733,000 AS OF DECEMBER 31, 2024 AND 2023, RESPECTIVELY. OF THE INDIVIDUALS LISTED ON SCH J THE FOLLOWING PARTICIPATED IN THIS PLAN: C. LIN HODGES TIM BRIDGES MARK WALLER KARL MANN THOMAS C MAIELLARO CHADWICK J EVANS JEFFREY S BERGUM TODD W CHANDLER BETH R TYNAN ERIC PATTERSON ANN GAVIN KAREN PENNINGTON MICHAEL HUFF MARGIE BURTON ANNIA PEREIRA LEAH ELDRIDGE