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Nonprofiteer
← MARINE CREDIT UNION

Form 990 for tax year 2025

Filed by MARINE CREDIT UNION.

Totals

Total revenue
$101,354,022
Total expenses
$91,608,133
Contributions and grants received
$0
Grants paid
$329,380
Program service revenue
$90,434,219
Investment income
$10,728,955
Other revenue
$190,848
Total assets, end of year
$1,089,180,822
Total liabilities, end of year
$960,529,256
Net assets or fund balances, end of year
$128,651,566
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: LOAN INTEREST

    total $71,969,493 · related or exempt $71,969,493

  • 2b · Program service revenue: FEE INCOME

    total $16,347,340 · related or exempt $15,931,985 · unrelated business $415,355

  • 2c · Program service revenue: OTHER OPERATING INCOME

    total $1,758,010 · related or exempt $1,748,430 · unrelated business $9,580

  • 2d · Program service revenue: PARTICIPATION LOANS

    total $359,376 · related or exempt $359,376

  • 3 · Investment income

    total $10,729,362 · excluded $10,729,362

  • 6a · Gross rents

    real property $305,824

  • 6b · Less rental expenses

    real property $114,976

  • 6c · Rental income or loss

    real property $190,848

  • 6d · Net rental income or loss

    total $190,848 · excluded $190,848

  • 7a · Gross sales of assets other than inventory

    securities $37,063 · other assets $164,994

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

    securities $33,723 · other assets $168,741

  • 7c · Gain or loss

    securities $3,340 · other assets -$3,747

  • 7d · Net gain or loss

    total -$407 · excluded -$407

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $319,380

  • 2 · Grants to domestic individuals

    total $10,000

  • 5 · Compensation of officers, directors and key employees

    total $4,317,531

  • 7 · Other salaries and wages

    total $28,171,335

  • 8 · Pension plan contributions

    total $1,010,188

  • 9 · Other employee benefits

    total $6,612,247

  • 10 · Payroll taxes

    total $2,326,118

  • 11b · Fees: legal

    total $40,445

  • 11c · Fees: accounting

    total $179,466

  • 11f · Fees: investment management

    total $1,895

  • 11g · Fees: other

    total $5,102,375

  • 12 · Advertising and promotion

    total $1,929,090

  • 13 · Office expenses

    total $2,330,400

  • 14 · Information technology

    total $3,899,070

  • 16 · Occupancy

    total $1,439,627

  • 17 · Travel

    total $787,226

  • 20 · Interest

    total $21,463,960

  • 22 · Depreciation, depletion and amortization

    total $1,961,368

  • 23 · Insurance

    total $64,201

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $5,322,044

  • 24b · Other expenses: CARD PROCESSING

    total $2,675,265

  • 24c · Other expenses: LOAN SERVICING EXPENSE

    total $586,035

  • 24d · Other expenses: UBI TAXES

    total $1,152

  • 24e · All other expenses

    total $1,057,715

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $61,304,425 · end of year $62,109,108

  • 2 · Savings and temporary cash investments

    beginning of year $10,780,780 · end of year $20,792,631

  • 4 · Accounts receivable

    beginning of year $944,559 · end of year $691,846

  • 5 · Loans and receivables from officers and key people

    beginning of year $20,144,273 · end of year $20,772,369

  • 7 · Other notes and loans receivable

    beginning of year $824,797,272 · end of year $846,207,153

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,277,958 · end of year $3,096,355

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

    $33,250,315

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

    $14,909,851

  • 10c · Land, buildings and equipment, net

    beginning of year $17,585,077 · end of year $18,340,464

  • 11 · Investments: publicly traded securities

    beginning of year $60,658,095 · end of year $71,822,333

  • 12 · Investments: other securities

    beginning of year $5,677,463 · end of year $14,875,982

  • 14 · Intangible assets

    beginning of year $12,017,534 · end of year $11,440,560

  • 15 · Other assets

    beginning of year $18,165,788 · end of year $19,032,021

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,425,489 · end of year $11,118,555

  • 19 · Deferred revenue

    beginning of year $790,613 · end of year $799,235

  • 21 · Escrow or custodial account liability

    beginning of year $1,720,853 · end of year $1,990,512

  • 23 · Secured mortgages and notes payable

    beginning of year $120,000,000 · end of year $140,000,000

  • 25 · Other liabilities

    beginning of year $784,606,945 · end of year $806,620,954

  • 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 $116,809,324 · end of year $128,651,566

Mission and programs · 2025

Mission

WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING. WE WILL INCREASE THE NUMBER AND PERCENTAGE OF CUSTOMERS AVAILING THEMSELVES OF A VARIETY OF HIGH QUALITY SERVICES.

Activities or mission (Part I)

WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING.

  • DEPOSIT TAKING - MARINE CREDIT UNION ACTS AS A FINANCIAL INTERMEDIARY IN EACH OF THE COMMUNITIES IT SERVES. EACH OF OUR 74,909 MEMBERS HAS AT LEAST ONE SAVINGS ACCOUNT AND THESE MEMBERS HAVE OVER 45,941 CHECKING ACCOUNTS WITH MARINE. WE OFTEN PROVIDE THESE SERVICES AT A LOWER COST THAN WHAT WOULD OTHERWISE BE AVAILABLE. WE PROTECT OVER $768,465,040 OF INSURED FUNDS ON BEHALF OF OUR DEPOSITORS.

  • MORTGAGE LENDING - MARINE CREDIT UNION IS AN INTEGRAL PART OF THE COMMUNITIES WE SERVE BY PROVIDING LOANS TOTALING OVER $153,703,854 DURING 2025. THESE LOANS ARE USED BY BORROWERS TO PURCHASE, REFINANCE OR IMPROVE THEIR HOMES. CURRENT MORTGAGE LOANS OUTSTANDING EXCEED $607,023,322 AS OF DECEMBER 31, 2025.

  • CONSUMER LENDING - MARINE CREDIT UNION IS A FULL SERVICE CONSUMER LENDING INSTITUTION. IN 2025 WE GRANTED A TOTAL OF $138,913,973 IN CONSUMER LOANS. THESE LOANS ARE USED BY OUR BORROWERS TO CONSOLIDATE DEBT, PURCHASE GOODS SUCH AS AUTOMOBILES AND RECREATIONAL VEHICLES AND TO FINANCE CONTINUING EDUCATION EXPENSES. THE TOTAL CONSUMER LOAN PORTFOLIO IS GREATER THAN $253,387,378.

As filed on the 2025 return.

Listed in Part VII

  • Anne Snow

    CHAIR

    Total calculated
    $43,979
    From this org
    $43,979
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.25

  • Mic Michels

    TREASURER

    Total calculated
    $36,000
    From this org
    $36,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jonathan Horne

    SECRETARY

    Total calculated
    $36,000
    From this org
    $36,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brian Rude

    FIRST VICE-CHAIR

    Total calculated
    $36,000
    From this org
    $36,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • William Maas

    SECOND VICE-CHAIR

    Total calculated
    $36,000
    From this org
    $36,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Mark Reed

    THIRD VICE-CHAIR

    Total calculated
    $36,000
    From this org
    $36,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jasmine Johnson

    FORTH VICE-CHAIR

    Total calculated
    $36,000
    From this org
    $36,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jessica Himmer

    FIFTH VICE-CHAIR

    Total calculated
    $22,065
    From this org
    $22,065
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Charlie Jelen

    SIXTH VICE-CHAIR

    Total calculated
    $36,000
    From this org
    $36,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Darrick Weeks

    PRESIDENT & CEO (THRU 01/25)

    Total calculated
    $647,403
    From this org
    $634,537
    From related orgs
    $0
    Other
    $12,866
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $27,042
    Bonus
    $205,000
    Other
    $402,495
    Deferred
    $9,285
    Nontaxable benefits
    $3,581
    Filer's total
    $647,403

  • Tom Knothe

    PRESIDENT & CEO

    Total calculated
    $401,916
    From this org
    $355,029
    From related orgs
    $0
    Other
    $46,887
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $346,154
    Bonus
    $0
    Other
    $8,875
    Deferred
    $17,308
    Nontaxable benefits
    $29,579
    Filer's total
    $401,916

  • William James

    CHIEF RISK OFFICER

    Total calculated
    $560,279
    From this org
    $513,171
    From related orgs
    $0
    Other
    $47,108
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $300,245
    Bonus
    $212,665
    Other
    $261
    Deferred
    $10,584
    Nontaxable benefits
    $36,524
    Filer's total
    $560,279

  • Joseph Liethen

    CHIEF FINANCIAL OFFICER

    Total calculated
    $575,142
    From this org
    $530,140
    From related orgs
    $0
    Other
    $45,002
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $287,154
    Bonus
    $242,725
    Other
    $261
    Deferred
    $11,750
    Nontaxable benefits
    $33,252
    Filer's total
    $575,142

  • Jack Kalander

    CHIEF INFORMATION OFFICER

    Total calculated
    $464,082
    From this org
    $421,126
    From related orgs
    $0
    Other
    $42,956
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,231
    Bonus
    $167,634
    Other
    $261
    Deferred
    $10,170
    Nontaxable benefits
    $32,786
    Filer's total
    $464,082

  • Kenneth Brossman

    CHIEF LENDING OFFICER

    Total calculated
    $440,262
    From this org
    $395,260
    From related orgs
    $0
    Other
    $45,002
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $257,654
    Bonus
    $117,665
    Other
    $19,941
    Deferred
    $11,750
    Nontaxable benefits
    $33,252
    Filer's total
    $440,262

  • Blake Herring

    CHIEF HUMAN RESOURCE OFFICER

    Total calculated
    $525,186
    From this org
    $481,973
    From related orgs
    $0
    Other
    $43,213
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $258,231
    Bonus
    $223,325
    Other
    $417
    Deferred
    $10,421
    Nontaxable benefits
    $32,792
    Filer's total
    $525,186

  • Joumana McDad - Chief Service

    DELIVERY & EXPERIENCE OFFICER

    Total calculated
    $385,216
    From this org
    $344,282
    From related orgs
    $0
    Other
    $40,934
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $248,846
    Bonus
    $95,175
    Other
    $261
    Deferred
    $7,832
    Nontaxable benefits
    $33,102
    Filer's total
    $385,216

  • Matthew Rayome

    VP OF CONSUMER LENDING

    Total calculated
    $299,513
    From this org
    $258,753
    From related orgs
    $0
    Other
    $40,760
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,786
    Bonus
    $61,745
    Other
    $30,222
    Deferred
    $7,891
    Nontaxable benefits
    $32,869
    Filer's total
    $299,513

  • Jason Kaufman

    VP OF LENDING OPERATIONS

    Total calculated
    $293,047
    From this org
    $254,168
    From related orgs
    $0
    Other
    $38,879
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $163,882
    Bonus
    $83,209
    Other
    $7,077
    Deferred
    $7,095
    Nontaxable benefits
    $31,784
    Filer's total
    $293,047

  • Stephen Neumann

    VP OF COLLECTIONS

    Total calculated
    $315,412
    From this org
    $267,483
    From related orgs
    $0
    Other
    $47,929
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,248
    Bonus
    $74,974
    Other
    $261
    Deferred
    $13,361
    Nontaxable benefits
    $34,568
    Filer's total
    $315,412

  • Joshua Moore

    SVP OF MORTGAGE LENDING

    Total calculated
    $362,529
    From this org
    $318,572
    From related orgs
    $0
    Other
    $43,957
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $214,127
    Bonus
    $86,744
    Other
    $17,701
    Deferred
    $11,738
    Nontaxable benefits
    $32,219
    Filer's total
    $362,529

  • Michael Spillane

    SVP OF CUSTOMER ANALYTICS

    Total calculated
    $284,886
    From this org
    $243,440
    From related orgs
    $0
    Other
    $41,446
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,616
    Bonus
    $77,634
    Other
    $190
    Deferred
    $12,162
    Nontaxable benefits
    $29,284
    Filer's total
    $284,886

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINES 4A-B
THE PRESIDENT & CEO RECEIVED A SEVERANCE PAYMENT OF $360,231. CERTAIN OFFICERS AND KEY EMPLOYEES PARTICIPATE IN THE SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • ADVANTAGE FINANCIAL SERVICES LLC

    HOLDING COMPANY · WI · income $50 · assets $50,462

    Directly controlled by MARINE CREDIT UNION

Provenance

Return type
form_990
Tax year
2025
Filed
17 September 2026
IRS schema version
2025v4.2
Source object
202632649349300548

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