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Nonprofiteer
← COASTAL1 CREDIT UNION

Form 990 for tax year 2023

Filed by COASTAL1 CREDIT UNION.

Totals

Total revenue
$137,130,775
Total expenses
$122,999,124
Contributions and grants received
$0
Grants paid
$128,011
Program service revenue
$114,007,298
Investment income
$10,382,661
Other revenue
$12,740,816
Total assets, end of year
$3,322,745,503
Total liabilities, end of year
$3,004,574,068
Net assets or fund balances, end of year
$318,171,435
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: REAL ESTATE LOAN

    total $63,583,877 · related or exempt $63,583,877

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

    total $38,810,613 · related or exempt $38,810,613

  • 2c · Program service revenue: EQUITY LINE INCOME

    total $8,700,824 · related or exempt $8,700,824

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

    total $1,997,524 · related or exempt $1,997,524

  • 2e · Program service revenue: CONSUMER LOAN INC

    total $914,460 · related or exempt $914,460

  • 3 · Investment income

    total $9,820,178 · excluded $9,820,178

  • 6a · Gross rents

    personal property $18,200

  • 6b · Less rental expenses

    real property $13,585 · personal property $0

  • 6c · Rental income or loss

    real property -$13,585 · personal property $18,200

  • 6d · Net rental income or loss

    total $4,615 · related or exempt $18,200 · unrelated business -$13,585

  • 7a · Gross sales of assets other than inventory

    other assets $6,988,496

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

    other assets $6,426,013

  • 7c · Gain or loss

    other assets $562,483

  • 7d · Net gain or loss

    total $562,483 · unrelated business $162,368 · excluded $400,115

  • 11a · Other revenue: OTHER FEES

    total $5,074,284 · related or exempt $4,927,382 · unrelated business $146,902

  • 11b · Other revenue: DEPOSIT ACCOUNT FEES

    total $4,898,248 · related or exempt $4,898,248

  • 11c · Other revenue: OTHER REVENUE

    total $1,839,697 · related or exempt $1,685,288 · unrelated business $154,409

  • 11d · All other revenue

    total $923,972 · related or exempt $923,972

  • 11e · Other revenue, total

    $12,736,201

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $84,011

  • 2 · Grants to domestic individuals

    total $44,000

  • 5 · Compensation of officers, directors and key employees

    total $2,155,969

  • 7 · Other salaries and wages

    total $20,205,196

  • 8 · Pension plan contributions

    total $1,670,452

  • 9 · Other employee benefits

    total $4,794,629

  • 10 · Payroll taxes

    total $1,802,948

  • 11b · Fees: legal

    total $106,702

  • 11c · Fees: accounting

    total $147,000

  • 11g · Fees: other

    total $831,947

  • 12 · Advertising and promotion

    total $1,509,780

  • 13 · Office expenses

    total $3,457,313

  • 14 · Information technology

    total $5,803,003

  • 16 · Occupancy

    total $3,329,091

  • 17 · Travel

    total $337,755

  • 20 · Interest

    total $66,744,239

  • 22 · Depreciation, depletion and amortization

    total $2,301,421

  • 23 · Insurance

    total $207,993

  • 24a · Other expenses: FEDERAL INCOME TAX

    total $9,239

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $2,859,758

  • 24c · Other expenses: DEPOSIT TAX

    total $1,541,317

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

    total $1,081,889

  • 24e · All other expenses

    total $1,973,472

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $14,760,471 · end of year $14,766,931

  • 2 · Savings and temporary cash investments

    beginning of year $73,386,129 · end of year $79,960,417

  • 5 · Loans and receivables from officers and key people

    beginning of year $26,368,449 · end of year $26,661,372

  • 7 · Other notes and loans receivable

    beginning of year $2,710,444,920 · end of year $2,889,814,717

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,400,881 · end of year $2,309,613

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

    $63,581,597

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

    $34,345,821

  • 10c · Land, buildings and equipment, net

    beginning of year $28,722,703 · end of year $29,235,776

  • 11 · Investments: publicly traded securities

    beginning of year $232,903,827 · end of year $233,471,651

  • 15 · Other assets

    beginning of year $43,702,451 · end of year $46,525,026

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,510,984 · end of year $19,579,318

  • 21 · Escrow or custodial account liability

    beginning of year $7,065,305 · end of year $6,526,535

  • 25 · Other liabilities

    beginning of year $2,804,444,214 · end of year $2,978,468,215

  • 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 $306,669,328 · end of year $318,171,435

Mission and programs · 2023

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 $2,932,303,594 DUE FROM MEMBERS AND MEMBER DEPOSIT ACCOUNTS TOTALING $2,433,213,331 AT DECEMBER 31, 2023. IN ADDITION, SAFE DEPOSIT FEES OF $121,163 WERE RECEIVED FROM MEMBERS FOR RENTALS IN 2023.

As filed on the 2023 return.

Listed in Part VII

  • DR FRANK P CASARELLA

    DIRECTOR

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

  • JOHN B RICHER JR

    TREASURER

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

  • KARL A KOZAK

    DIRECTOR (ENDED 10/2023)

    Total calculated
    $23,039
    From this org
    $23,039
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • KEVIN TRACEY

    DIRECTOR

    Total calculated
    $34,570
    From this org
    $34,570
    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

  • LYNN AM WEINSTEIN

    VICE CHAIRMAN

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

  • MARIO CARLUCCI

    DIRECTOR

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

  • PAUL F LEFEBVRE

    SECRETARY

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

  • RICHARD H LECLERC

    DIRECTOR

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

  • RONALD W LECLAIR

    CHAIRMAN

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

  • JOHN Z LUO MD

    DIRECTOR (AS OF 10/2023)

    Total calculated
    $14,667
    From this org
    $14,667
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • BRIAN AZAR

    PRESIDENT/CEO

    Total calculated
    $767,106
    From this org
    $720,877
    From related orgs
    $0
    Other
    $46,229
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $571,770
    Bonus
    $132,750
    Other
    $16,357
    Deferred
    $22,597
    Nontaxable benefits
    $23,632
    Filer's total
    $767,106

  • VALERIE J PIMENTA

    EVP/CFO

    Total calculated
    $405,448
    From this org
    $368,669
    From related orgs
    $0
    Other
    $36,779
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $285,857
    Bonus
    $74,666
    Other
    $8,146
    Deferred
    $26,400
    Nontaxable benefits
    $10,379
    Filer's total
    $405,448

  • DONNA GREGSON

    EVP RETAIL

    Total calculated
    $363,924
    From this org
    $317,068
    From related orgs
    $0
    Other
    $46,856
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $244,172
    Bonus
    $64,243
    Other
    $8,653
    Deferred
    $23,151
    Nontaxable benefits
    $23,705
    Filer's total
    $363,924

  • TIMOTHY M JERMAIN

    EVP/COO

    Total calculated
    $299,012
    From this org
    $269,079
    From related orgs
    $0
    Other
    $29,933
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $171,135
    Bonus
    $93,357
    Other
    $4,587
    Deferred
    $18,470
    Nontaxable benefits
    $11,463
    Filer's total
    $299,012

  • JEFFREY KOLARIK

    SVP/CIO

    Total calculated
    $353,684
    From this org
    $314,028
    From related orgs
    $0
    Other
    $39,656
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $294,573
    Bonus
    $15,769
    Other
    $3,686
    Deferred
    $18,001
    Nontaxable benefits
    $21,655
    Filer's total
    $353,684

  • KEVIN FARRELL

    SVP/COMMERCIAL LENDING

    Total calculated
    $378,675
    From this org
    $330,228
    From related orgs
    $0
    Other
    $48,447
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $269,218
    Bonus
    $58,172
    Other
    $2,838
    Deferred
    $24,813
    Nontaxable benefits
    $23,634
    Filer's total
    $378,675

  • MARK MCLAUGHLIN

    VP/MORTGAGE ORIGINATION

    Total calculated
    $412,790
    From this org
    $364,909
    From related orgs
    $0
    Other
    $47,881
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $73,056
    Bonus
    $290,143
    Other
    $1,710
    Deferred
    $23,464
    Nontaxable benefits
    $24,417
    Filer's total
    $412,790

  • PATRICIA WEBB

    SVP/RESIDENTAL & RETAIL LENDING

    Total calculated
    $343,714
    From this org
    $310,365
    From related orgs
    $0
    Other
    $33,349
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,909
    Bonus
    $54,938
    Other
    $1,518
    Deferred
    $23,013
    Nontaxable benefits
    $10,336
    Filer's total
    $343,714

  • ROBERT GOTTI

    SVP/BUSINESS DEVELOPMENT

    Total calculated
    $357,471
    From this org
    $308,754
    From related orgs
    $0
    Other
    $48,717
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $249,376
    Bonus
    $54,938
    Other
    $4,440
    Deferred
    $24,514
    Nontaxable benefits
    $24,203
    Filer's total
    $357,471

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
2023
Filed
22 October 2024
IRS schema version
2023v5.1
Source object
202443119349302484

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