Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: LOANS

  total $66,913,146 · related or exempt $66,913,146

• 2b · Program service revenue: INTERCHANGE INCOME

  total $4,524,596 · related or exempt $4,524,596

• 2c · Program service revenue: SERVICE CHARGES AND FE

  total $4,288,155 · related or exempt $4,257,297 · unrelated business $30,858

• 2d · Program service revenue: OTHER NON INTEREST INC

  total $1,717,373 · related or exempt $889,887 · unrelated business $827,486

• 2e · Program service revenue: NET LOSS ON SALE OF LO

  total -$475,261 · related or exempt -$475,261

• 3 · Investment income

  total $20,768,400 · excluded $20,768,400

• 7a · Gross sales of assets other than inventory

  securities $53,395,405

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

  securities $52,450,929

• 7c · Gain or loss

  securities $944,476

• 7d · Net gain or loss

  total $944,476 · related or exempt $639,816 · excluded $304,660

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $192,887

• 2 · Grants to domestic individuals

  total $28,834

• 5 · Compensation of officers, directors and key employees

  total $3,171,940

• 7 · Other salaries and wages

  total $21,370,703

• 8 · Pension plan contributions

  total $1,944,000

• 9 · Other employee benefits

  total $5,136,434

• 10 · Payroll taxes

  total $2,339,856

• 11b · Fees: legal

  total $450,030

• 11c · Fees: accounting

  total $353,104

• 11g · Fees: other

  total $3,207,481

• 12 · Advertising and promotion

  total $1,416,913

• 13 · Office expenses

  total $4,975,441

• 14 · Information technology

  total $1,241,109

• 15 · Royalties

  total $37,835

• 16 · Occupancy

  total $2,569,542

• 17 · Travel

  total $91,462

• 19 · Conferences, conventions and meetings

  total $148,304

• 20 · Interest

  total $25,755,359

• 22 · Depreciation, depletion and amortization

  total $3,754,964

• 23 · Insurance

  total $320,268

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $8,084,790

• 24b · Other expenses: VISA/ATM EXPENSE

  total $3,264,581

• 24c · Other expenses: LENDING EXPENSE

  total $1,740,214

• 24e · All other expenses

  total $3,292,621

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $210,461,465 · end of year $331,887,812

• 7 · Other notes and loans receivable

  beginning of year $1,499,409,447 · end of year $1,335,071,818

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,824,546 · end of year $1,778,944

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

  $69,434,094

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

  $15,464,738

• 10c · Land, buildings and equipment, net

  beginning of year $57,157,132 · end of year $53,969,356

• 11 · Investments: publicly traded securities

  beginning of year $131,890,317 · end of year $141,661,120

• 12 · Investments: other securities

  beginning of year $24,854,694 · end of year $24,240,563

• 15 · Other assets

  beginning of year $59,160,903 · end of year $66,362,135

• 17 · Accounts payable and accrued expenses

  beginning of year $20,580,258 · end of year $20,494,017

• 23 · Secured mortgages and notes payable

  beginning of year $80,000,000 · end of year $15,000,000

• 25 · Other liabilities

  beginning of year $1,672,825,269 · end of year $1,702,288,295

• 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 $211,352,977 · end of year $217,189,436

The filer's explanations (Part III)

PART I, LINE 1A

OCCASIONAL AIRFARE FOR COMPANIONS ON CREDIT UNION OFFICIAL BUSINESS. THIS IS TREATED AS A TAXABLE BENEFIT AND APPLIES ONLY TO THE BOARD OF DIRECTORS.

PART I, LINE 3

APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE, COMPENSATION SURVEY OR STUDY.

PART I, LINE 4B

THE FORMER PRESIDENT/CEO AND THE FORMER SVP/CHIEF FINANCIAL OFFICER PARTICIPATED IN A 457(F) RETIREMENT PLAN. TOTAL DISTRIBUTIONS OF $147,781 FROM THE PLAN WERE PAID DURING 2023.