Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: INTEREST ON LOANS TO MEMBERS

  total $229,107,700 · related or exempt $229,107,700

• 2b · Program service revenue: INTERCHANGE FEE INCOME

  total $17,275,963 · related or exempt $17,275,963

• 2c · Program service revenue: SERVICE CHARGES

  total $15,947,266 · related or exempt $15,947,266

• 2d · Program service revenue: ATM FEES

  total $556,907 · related or exempt $409,814 · unrelated business $147,093

• 3 · Investment income

  total $34,755,776 · excluded $34,755,776

• 6a · Gross rents

  real property $2,672,276

• 6b · Less rental expenses

  real property $0

• 6c · Rental income or loss

  real property $2,672,276

• 6d · Net rental income or loss

  total $2,672,276 · related or exempt $2,672,276

• 7a · Gross sales of assets other than inventory

  securities $16,599,113 · other assets $4,387,156

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

  securities $16,723,815 · other assets $1,792,837

• 7c · Gain or loss

  securities -$124,702 · other assets $2,594,319

• 7d · Net gain or loss

  total $2,469,617 · excluded $2,469,617

• 11a · Other revenue: INVESTMENT ADVISORY INCOME

  total $7,166,264 · related or exempt $7,166,264

• 11b · Other revenue: MISC INCOME

  total $3,543,639 · related or exempt $3,543,639

• 11c · Other revenue: CREDIT INSURANCE REVENUE

  total $1,222,247 · related or exempt $1,222,247

• 11e · Other revenue, total

  $11,932,150

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $374,736

• 5 · Compensation of officers, directors and key employees

  total $4,608,404

• 7 · Other salaries and wages

  total $74,291,082

• 8 · Pension plan contributions

  total $3,849,275

• 9 · Other employee benefits

  total $10,294,793

• 10 · Payroll taxes

  total $5,553,800

• 11a · Fees: management

  total $2,022,288

• 11b · Fees: legal

  total $173,791

• 11c · Fees: accounting

  total $853,298

• 11g · Fees: other

  total $4,693,910

• 12 · Advertising and promotion

  total $6,863,243

• 13 · Office expenses

  total $5,395,532

• 14 · Information technology

  total $12,650,261

• 16 · Occupancy

  total $20,227,000

• 17 · Travel

  total $1,156,434

• 20 · Interest

  total $43,555,886

• 22 · Depreciation, depletion and amortization

  total $3,771,632

• 23 · Insurance

  total $928,371

• 24a · Other expenses: PROVISION FOR LOAN LOSS

  total $18,850,693

• 24b · Other expenses: ATM/CREDIT CARDS

  total $4,965,998

• 24c · Other expenses: ATM & OTHER PROCESSING

  total $4,143,646

• 24d · Other expenses: LOAN SERVICING EXPENSES

  total $4,045,621

• 24e · All other expenses

  total $10,136,415

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $24,606,325 · end of year $26,301,818

• 2 · Savings and temporary cash investments

  beginning of year $783,460,006 · end of year $524,416,436

• 4 · Accounts receivable

  beginning of year $17,434,340 · end of year $24,160,000

• 7 · Other notes and loans receivable

  beginning of year $5,780,335,065 · end of year $6,442,626,461

• 9 · Prepaid expenses and deferred charges

  beginning of year $27,084,608 · end of year $10,445,769

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

  $136,758,239

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

  $36,709,408

• 10c · Land, buildings and equipment, net

  beginning of year $104,281,091 · end of year $100,048,831

• 11 · Investments: publicly traded securities

  beginning of year $1,848,477,310 · end of year $1,550,956,678

• 12 · Investments: other securities

  beginning of year $70,974,538 · end of year $162,690,074

• 14 · Intangible assets

  beginning of year $24,410,546 · end of year $24,410,546

• 15 · Other assets

  beginning of year $366,918,171 · end of year $207,629,387

• 17 · Accounts payable and accrued expenses

  beginning of year $72,706,117 · end of year $70,645,551

• 21 · Escrow or custodial account liability

  beginning of year $14,588,758 · end of year $15,374,262

• 25 · Other liabilities

  beginning of year $8,118,919,125 · end of year $8,241,251,187

• 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 $841,768,000 · end of year $746,415,000

The filer's explanations (Part III)

PART I, LINE 1A

TRAVEL FOR COMPANIONS - THE CREDIT UNION PROVIDES TRAVEL FOR COMPANIONS BENEFITS TO THE BOARD MEMBERS AND REPORTS APPLICABLE AMOUNTS AS TAXABLE BENEFITS.

PART I, LINE 4B

THE CREDIT UNION HAS A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN ("SERP"). THE SERP IS A NONQUALIFIED RETIREMENT PLAN, WITH PARTICIPATION LIMITED TO EXECUTIVES SELECTED BY THE CREDIT UNION'S BOARD OF DIRECTORS. THE PURPOSE OF THE SERP IS TO RETAIN CERTAIN KEY EXECUTIVES BY PROVIDING ENHANCED BENEFITS ONLY AT RETIREMENT. IN 2018, THE CREDIT UNION RESTRUCTURED THE SERP RESULTING IN ALL YEARS OF CREDITED SERVICE FOR THE PURPOSES OF BENEFIT ACCRUALS FREEZING ONCE THE CARRYING VALUE REACHES $1.6 MILLION. AT DECEMBER 31, 2022 THE CARRYING AMOUNT OF THE FROZEN SERP IS $1.6 MILLION. IN 2021, THE CREDIT UNION ESTABLISHED A NEW SERP FRAMEWORK FOR FUTURE CONSIDERATION TO ATTRACT AND/OR RETAIN KEY SENIOR EXECUTIVE TALENT AND IN 2022 IMPLEMENTED THREE 457(F) SERP'S. FOR THE YEAR ENDED DECEMBER 31, 2022, $882 THOUSAND OF SERP EXPENSE WAS RECORDED FOR THE THREE NEW SERP'S. SUSAN MAKRIS - $350,000 MELISSA MORGAN - $350,000 MITSUHO WADA - $182,350

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• PATELCO INSURANCE SERVICES INC

  C · INS & INVESTMENTS · CA · 100% owned · share of income $603,610 · share of assets $2,074,508 · controlled entity

  Directly controlled by PATELCO CREDIT UNION