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Nonprofiteer
← MARINE CREDIT UNION

Form 990 for tax year 2022

Filed by MARINE CREDIT UNION.

Totals

Total revenue
$77,409,562
Total expenses
$68,880,317
Contributions and grants received
$0
Grants paid
$181,662
Program service revenue
$72,903,352
Investment income
$4,318,475
Other revenue
$187,735
Total assets, end of year
$1,034,078,280
Total liabilities, end of year
$934,376,514
Net assets or fund balances, end of year
$99,701,766
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 $53,870,923 · related or exempt $53,870,923

  • 2b · Program service revenue: FEE INCOME

    total $17,940,854 · related or exempt $17,846,984 · unrelated business $93,870

  • 2c · Program service revenue: OTHER OPERATING INCOME

    total $1,091,575 · related or exempt $1,079,877 · unrelated business $11,698

  • 3 · Investment income

    total $4,079,162 · excluded $4,079,162

  • 6a · Gross rents

    real property $187,735

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $187,735

  • 6d · Net rental income or loss

    total $187,735 · excluded $187,735

  • 7a · Gross sales of assets other than inventory

    other assets $1,406,671

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

    other assets $1,167,358

  • 7c · Gain or loss

    other assets $239,313

  • 7d · Net gain or loss

    total $239,313 · excluded $239,313

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $165,662

  • 2 · Grants to domestic individuals

    total $16,000

  • 5 · Compensation of officers, directors and key employees

    total $3,041,406

  • 7 · Other salaries and wages

    total $28,957,084

  • 8 · Pension plan contributions

    total $860,218

  • 9 · Other employee benefits

    total $5,284,161

  • 10 · Payroll taxes

    total $2,182,680

  • 11b · Fees: legal

    total $275,641

  • 11c · Fees: accounting

    total $108,596

  • 11f · Fees: investment management

    total $1,750

  • 11g · Fees: other

    total $4,019,273

  • 12 · Advertising and promotion

    total $1,130,485

  • 13 · Office expenses

    total $2,246,894

  • 14 · Information technology

    total $2,534,872

  • 16 · Occupancy

    total $1,754,739

  • 17 · Travel

    total $679,601

  • 20 · Interest

    total $4,937,175

  • 22 · Depreciation, depletion and amortization

    total $1,971,586

  • 23 · Insurance

    total $57,200

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $4,688,472

  • 24b · Other expenses: CARD PROCESSING

    total $1,713,486

  • 24c · Other expenses: LOAN SERVICING EXPENSE

    total $588,131

  • 24d · Other expenses: MEMBER INSURANCE EXPENS

    total $74,548

  • 24e · All other expenses

    total $1,590,657

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $127,761,887 · end of year $30,763,617

  • 2 · Savings and temporary cash investments

    beginning of year $95,923,944 · end of year $62,315,578

  • 4 · Accounts receivable

    beginning of year $888,314 · end of year $825,538

  • 5 · Loans and receivables from officers and key people

    beginning of year $18,459,835 · end of year $19,044,640

  • 7 · Other notes and loans receivable

    beginning of year $693,066,035 · end of year $778,116,434

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,058,347 · end of year $2,642,693

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

    $32,409,608

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

    $12,732,923

  • 10c · Land, buildings and equipment, net

    beginning of year $21,931,110 · end of year $19,676,685

  • 11 · Investments: publicly traded securities

    beginning of year $47,763,919 · end of year $84,038,878

  • 12 · Investments: other securities

    beginning of year $7,164,965 · end of year $6,378,269

  • 14 · Intangible assets

    beginning of year $13,949,967 · end of year $13,259,210

  • 15 · Other assets

    beginning of year $16,405,395 · end of year $17,016,738

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,384,625 · end of year $12,689,868

  • 21 · Escrow or custodial account liability

    beginning of year $9,323 · end of year $7,695

  • 23 · Secured mortgages and notes payable

    beginning of year $129,500,000 · end of year $109,500,000

  • 25 · Other liabilities

    beginning of year $805,181,187 · end of year $812,178,951

  • 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 $100,298,583 · end of year $99,701,766

Mission and programs · 2022

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 78,213 MEMBERS HAS AT LEAST ONE SAVINGS ACCOUNT AND THESE MEMBERS HAVE OVER 50,883 CHECKING ACCOUNTS WITH MARINE. WE OFTEN PROVIDE THESE SERVICES AT A LOWER COST THAN WHAT WOULD OTHERWISE BE AVAILABLE. WE PROTECT OVER $755,582,395 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 $195,663,302 DURING 2022. THESE LOANS ARE USED BY BORROWERS TO PURCHASE, REFINANCE OR IMPROVE THEIR HOMES. CURRENT MORTGAGE LOANS OUTSTANDING EXCEED $506,027,085 AS OF DECEMBER 31, 2022.

  • CONSUMER LENDING - MARINE CREDIT UNION IS A FULL SERVICE CONSUMER LENDING INSTITUTION. IN 2022 WE GRANTED A TOTAL OF $188,845,584 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 $251,671,311.

As filed on the 2022 return.

Listed in Part VII

  • Tom Knothe

    BOARD CHAIR

    Total calculated
    $23,500
    From this org
    $23,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.25

  • Jonathon Horne

    BOARD THIRD VICE-CHAIR

    Total calculated
    $18,500
    From this org
    $18,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • William Maas

    BOARD SECOND VICE-CHAIR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Anne Snow

    BOARD FOURTH VICE-CHAIR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Mic Michels

    BOARD TREASURER

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Mark D Reed

    BOARD SECRETARY

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brian Rude

    BOARD FIRST VICE-CHAIR

    Total calculated
    $10,500
    From this org
    $10,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • William Sacia

    BOARD MEMBER

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Darrick Weeks

    PRESIDENT & CEO

    Total calculated
    $526,179
    From this org
    $493,041
    From related orgs
    $0
    Other
    $33,138
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $394,231
    Bonus
    $60,000
    Other
    $38,810
    Deferred
    $13,500
    Nontaxable benefits
    $19,638
    Filer's total
    $526,179

  • Joseph Liethen

    CHIEF FINANCIAL OFFICER

    Total calculated
    $352,542
    From this org
    $317,726
    From related orgs
    $0
    Other
    $34,816
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $242,463
    Bonus
    $69,082
    Other
    $6,181
    Deferred
    $10,250
    Nontaxable benefits
    $24,566
    Filer's total
    $352,542

  • William James

    CHIEF RISK OFFICER

    Total calculated
    $413,724
    From this org
    $375,907
    From related orgs
    $0
    Other
    $37,817
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $300,245
    Bonus
    $75,662
    Other
    $0
    Deferred
    $13,251
    Nontaxable benefits
    $24,566
    Filer's total
    $413,724

  • Adam Keer

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $374,895
    From this org
    $340,079
    From related orgs
    $0
    Other
    $34,816
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $267,635
    Bonus
    $72,444
    Other
    $0
    Deferred
    $10,250
    Nontaxable benefits
    $24,566
    Filer's total
    $374,895

  • Kenneth Brossman

    CHIEF LENDING OFFICER

    Total calculated
    $336,173
    From this org
    $300,307
    From related orgs
    $0
    Other
    $35,866
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $227,463
    Bonus
    $69,220
    Other
    $3,624
    Deferred
    $11,300
    Nontaxable benefits
    $24,566
    Filer's total
    $336,173

  • Blake Herring

    CHIEF HUMAN RESOURCE OFFICER

    Total calculated
    $313,596
    From this org
    $278,082
    From related orgs
    $0
    Other
    $35,514
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $227,901
    Bonus
    $50,000
    Other
    $181
    Deferred
    $11,756
    Nontaxable benefits
    $23,758
    Filer's total
    $313,596

  • Jack Kalander

    CHIEF INFORMATION OFFICER

    Total calculated
    $331,872
    From this org
    $297,056
    From related orgs
    $0
    Other
    $34,816
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $229,278
    Bonus
    $67,778
    Other
    $0
    Deferred
    $10,250
    Nontaxable benefits
    $24,566
    Filer's total
    $331,872

  • Katie Tolokken

    CHIEF OPERATING OFFICER

    Total calculated
    $260,425
    From this org
    $241,097
    From related orgs
    $0
    Other
    $19,328
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,000
    Bonus
    $54,100
    Other
    $11,997
    Deferred
    $8,750
    Nontaxable benefits
    $10,578
    Filer's total
    $260,425

  • Michael Spillane

    SENIOR VICE PRESIDENT OF CUSTOMER ANALYTICS

    Total calculated
    $353,818
    From this org
    $317,502
    From related orgs
    $0
    Other
    $36,316
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $191,603
    Bonus
    $50,562
    Other
    $75,337
    Deferred
    $11,750
    Nontaxable benefits
    $24,566
    Filer's total
    $353,818

  • Stephen Neumann

    VICE PRESIDENT OF COLLECTIONS

    Total calculated
    $294,367
    From this org
    $256,962
    From related orgs
    $0
    Other
    $37,405
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,197
    Bonus
    $71,584
    Other
    $181
    Deferred
    $12,839
    Nontaxable benefits
    $24,566
    Filer's total
    $294,367

  • Eduardo Zamarron

    SR. MORTGAGE LOAN REPRESENTATIVE

    Total calculated
    $293,063
    From this org
    $265,183
    From related orgs
    $0
    Other
    $27,880
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $52,800
    Bonus
    $212,303
    Other
    $80
    Deferred
    $3,314
    Nontaxable benefits
    $24,566
    Filer's total
    $293,063

  • Joshua Moore

    SVP OF MORTGAGE LENDING

    Total calculated
    $268,157
    From this org
    $233,341
    From related orgs
    $0
    Other
    $34,816
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $186,652
    Bonus
    $45,361
    Other
    $1,328
    Deferred
    $10,250
    Nontaxable benefits
    $24,566
    Filer's total
    $268,157

  • Liz Malott

    SVP OF TALENT

    Total calculated
    $227,525
    From this org
    $195,431
    From related orgs
    $0
    Other
    $32,094
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,558
    Bonus
    $47,501
    Other
    $7,372
    Deferred
    $7,528
    Nontaxable benefits
    $24,566
    Filer's total
    $227,525

  • Shawn Hanson

    FORMER PRESIDENT & CEO

    Total calculated
    $832,250
    From this org
    $822,000
    From related orgs
    $0
    Other
    $10,250
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $822,000
    Deferred
    $10,250
    Nontaxable benefits
    $0
    Filer's total
    $832,250

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

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4A
SHAWN HANSON RECEIVED A SEVERANCE PAYMENT OF $822,000. 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

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 $50,310

    Directly controlled by MARINE CREDIT UNION

Provenance

Return type
form_990
Tax year
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202323189349313882

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