Skip to content
Nonprofiteer
← COASTAL1 CREDIT UNION

Form 990 for tax year 2024

Filed by COASTAL1 CREDIT UNION.

Totals

Total revenue
$157,722,319
Total expenses
$149,070,531
Contributions and grants received
$0
Grants paid
$101,388
Program service revenue
$131,573,813
Investment income
$13,099,949
Other revenue
$13,048,557
Total assets, end of year
$3,342,555,316
Total liabilities, end of year
$3,016,304,867
Net assets or fund balances, end of year
$326,250,449
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: CONSUMER LOAN INC

    total $998,308 · related or exempt $998,308

  • 2b · Program service revenue: REAL ESTATE LOAN

    total $66,816,820 · related or exempt $66,816,820

  • 2c · Program service revenue: 2ND MTG LOAN INC

    total $2,640,160 · related or exempt $2,640,160

  • 2d · Program service revenue: EQUITY LINE INCOME

    total $13,162,989 · related or exempt $13,162,989

  • 2e · Program service revenue: VEHICLE & BOAT LOANS

    total $47,955,536 · related or exempt $47,955,536

  • 3 · Investment income

    total $12,762,914 · excluded $12,762,914

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

    total $0

  • 5 · Royalties

    total $0

  • 6a · Gross rents

    personal property $1,400

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $1,400

  • 6d · Net rental income or loss

    total $1,400 · related or exempt $1,400

  • 7a · Gross sales of assets other than inventory

    other assets $14,179,222

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

    other assets $13,842,187

  • 7c · Gain or loss

    other assets $337,035

  • 7d · Net gain or loss

    total $337,035 · excluded $337,035

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11a · Other revenue: OTHER FEES

    total $5,198,704 · related or exempt $5,047,500 · unrelated business $151,204

  • 11b · Other revenue: DEPOSIT ACCOUNT FEES

    total $4,997,200 · related or exempt $4,997,200

  • 11c · Other revenue: OTHeR REVENUE

    total $1,868,190 · related or exempt $1,689,149 · unrelated business $179,041

  • 11d · All other revenue

    total $983,063 · related or exempt $983,063

  • 11e · Other revenue, total

    $13,047,157

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $59,388

  • 2 · Grants to domestic individuals

    total $42,000

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $2,393,528

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $20,507,902

  • 8 · Pension plan contributions

    total $1,640,851

  • 9 · Other employee benefits

    total $4,808,727

  • 10 · Payroll taxes

    total $1,823,257

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $49,729

  • 11c · Fees: accounting

    total $202,140

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $611,663

  • 12 · Advertising and promotion

    total $1,279,136

  • 13 · Office expenses

    total $3,899,370

  • 14 · Information technology

    total $6,456,461

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $3,513,054

  • 17 · Travel

    total $300,311

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $5,500

  • 20 · Interest

    total $92,596,286

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $2,328,739

  • 23 · Insurance

    total $193,623

  • 24a · Other expenses: FEDERAL INCOME TAX

    total $74,864

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $1,522,358

  • 24c · Other expenses: DEPOSIT TAX

    total $1,574,838

  • 24d · Other expenses: MORTGAGE & LOAN FEE EXP

    total $1,262,244

  • 24e · All other expenses

    total $1,924,562

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $14,766,931 · end of year $13,496,428

  • 2 · Savings and temporary cash investments

    beginning of year $79,960,417 · end of year $127,576,299

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $0 · end of year $0

  • 5 · Loans and receivables from officers and key people

    beginning of year $26,661,372 · end of year $26,957,697

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $2,889,814,717 · end of year $2,860,366,020

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,309,613 · end of year $2,905,546

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

    $61,879,614

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

    $33,719,291

  • 10c · Land, buildings and equipment, net

    beginning of year $29,235,776 · end of year $28,160,323

  • 11 · Investments: publicly traded securities

    beginning of year $180,835,890 · end of year $187,834,793

  • 12 · Investments: other securities

    beginning of year $52,635,761 · end of year $48,473,437

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $46,525,026 · end of year $46,784,773

  • 17 · Accounts payable and accrued expenses

    beginning of year $19,579,318 · end of year $16,905,938

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $6,526,535 · end of year $6,800,757

  • 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 $0 · end of year $0

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $2,978,468,215 · end of year $2,992,598,172

  • 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 $318,171,435 · end of year $326,250,449

Mission and programs · 2024

Mission

COASTAL1 CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION ORGANIZED AS A CREDIT UNION FOR THE BENEFIT OF ITS MEMBERS. THE CREDIT UNION IS COMMITTED TO SERVING THE FINANCIAL NEEDS OF ITS MEMBERS TO HELP THEM ATTAIN THEIR FINANCIAL GOALS.

Activities or mission (Part I)

COASTAL1 CREDIT UNION IS ORGANIZED FOR THE BENEFIT OF ITS MEMBERS. THE CREDIT UNION IS COMMITTED TO SERVING THE FINANCIAL NEEDS OF ITS MEMBERS.

  • THE CREDIT UNION IS DEDICATED TO SERVING ITS MEMBERS. THE CREDIT UNION HAD LOANS TOTALING $2,892,252,621 DUE FROM MEMBERS AND MEMBER DEPOSIT ACCOUNTS TOTALING $2,552,115,510 AT DECEMBER 31, 2024. IN ADDITION, SAFE DEPOSIT FEES OF $119,419 WERE RECEIVED FROM MEMBERS FOR RENTALS IN 2024.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Brian Azar

    President/CEO

    Total calculated
    $768,695
    From this org
    $719,670
    From related orgs
    $0
    Other
    $49,025
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $623,313
    Bonus
    $80,000
    Other
    $16,357
    Deferred
    $23,995
    Nontaxable benefits
    $25,030
    Filer's total
    $768,695

  • Valerie J Pimenta

    EVP/CFO (Retired 12/2024)

    Total calculated
    $465,561
    From this org
    $427,543
    From related orgs
    $0
    Other
    $38,018
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $317,856
    Bonus
    $97,339
    Other
    $12,348
    Deferred
    $27,094
    Nontaxable benefits
    $10,924
    Filer's total
    $465,561

  • Jeffrey Kolarik

    SVP/CIO

    Total calculated
    $392,129
    From this org
    $343,231
    From related orgs
    $0
    Other
    $48,898
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $302,917
    Bonus
    $35,957
    Other
    $4,357
    Deferred
    $23,868
    Nontaxable benefits
    $25,030
    Filer's total
    $392,129

  • Kevin Farrell

    SVP/Commercial Lending

    Total calculated
    $386,587
    From this org
    $335,257
    From related orgs
    $0
    Other
    $51,330
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $293,381
    Bonus
    $33,270
    Other
    $8,606
    Deferred
    $26,300
    Nontaxable benefits
    $25,030
    Filer's total
    $386,587

  • Donna Gregson

    EVP RETAIL

    Total calculated
    $343,504
    From this org
    $296,212
    From related orgs
    $0
    Other
    $47,292
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $251,714
    Bonus
    $35,845
    Other
    $8,653
    Deferred
    $22,232
    Nontaxable benefits
    $25,060
    Filer's total
    $343,504

  • Robert Gotti

    SVP/Business Development

    Total calculated
    $339,665
    From this org
    $291,439
    From related orgs
    $0
    Other
    $48,226
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $256,617
    Bonus
    $30,582
    Other
    $4,240
    Deferred
    $22,757
    Nontaxable benefits
    $25,469
    Filer's total
    $339,665

  • Patricia Webb

    SVP/Residental & Retail Lendin

    Total calculated
    $335,737
    From this org
    $302,195
    From related orgs
    $0
    Other
    $33,542
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $268,647
    Bonus
    $30,710
    Other
    $2,838
    Deferred
    $22,675
    Nontaxable benefits
    $10,867
    Filer's total
    $335,737

  • Mark Mclaughlin

    VP/MORTGAGE ORIGINATion

    Total calculated
    $322,588
    From this org
    $275,958
    From related orgs
    $0
    Other
    $46,630
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $75,669
    Bonus
    $198,579
    Other
    $1,710
    Deferred
    $20,880
    Nontaxable benefits
    $25,750
    Filer's total
    $322,588

  • Kathleen Doherty

    Senior Vice President

    Total calculated
    $314,667
    From this org
    $268,063
    From related orgs
    $0
    Other
    $46,604
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $235,540
    Bonus
    $28,166
    Other
    $4,357
    Deferred
    $21,664
    Nontaxable benefits
    $24,940
    Filer's total
    $314,667

  • Ken Fredriksen

    EVP/CFO (Started 8/19/2024)

    Total calculated
    $125,610
    From this org
    $125,610
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Ronald W Leclair

    Chairman

    Total calculated
    $84,000
    From this org
    $84,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • LYNN am WEINSTEIN

    Vice Chairman

    Total calculated
    $63,000
    From this org
    $63,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • John B Richer Jr

    Treasurer

    Total calculated
    $60,500
    From this org
    $60,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Paul F Lefebvre

    Secretary

    Total calculated
    $60,500
    From this org
    $60,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Kevin Tracey

    DIRECTOR

    Total calculated
    $34,570
    From this org
    $34,570
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Dr Frank P Casarella

    DIRECTOR

    Total calculated
    $28,000
    From this org
    $28,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Lawrence J Monastesse

    DIRECTOR

    Total calculated
    $28,000
    From this org
    $28,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • LINDA C Moffat

    Director

    Total calculated
    $28,000
    From this org
    $28,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Mario Carlucci

    Director

    Total calculated
    $28,000
    From this org
    $28,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Richard H Leclerc

    DIRECTOR

    Total calculated
    $28,000
    From this org
    $28,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • John Z Luo MD

    Director

    Total calculated
    $28,000
    From this org
    $28,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jaqueline Ash

    DIRECTOR (Started 05/01/2024)

    Total calculated
    $18,666
    From this org
    $18,666
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

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

  • 1a · Health or social club dues or initiation fees
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 1b · Written policy on the line-1a expenses
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1B:
THE CREDIT UNION PAYS FOR PERSONAL COUNTRY CLUB MEMBERSHIPS FOR THE SVP/COMMERCIAL LENDING AND FOR THE CEO PER HIS EMPLOYMENT AGREEMENT.

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

Provenance

Return type
form_990
Tax year
2024
Filed
15 November 2025
IRS schema version
2024v5.2
Source object
202533119349304003

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.