2024-11-12T13:06:52-06:00 2023-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2023-01-01 941019805 FIRST US COMMUNITY CREDIT UNION FIRS 9165765700 580 UNIVERSITY AVE SACRAMENTO CA 958256512 SHONNA SHEARSON PRESIDENT/CEO 9165765700 2024-11-07 1 0 JENIFER L CHASE P01306883 5638884000 2024-11-07 2023 2024-10-15 13:58:12Z SHONNA SHEARSON 580 UNIVERSITY AVE SACRAMENTO CA 958256512 34719631 0 X WWW.FIRSTUS.ORG X 1936 CA OUR MISSION IS TO MAKE A DIFFERENCE IN OUR COMMUNITIES WITH FINANCIAL SERVICES THAT HELP OUR MEMBERS ENHANCE THEIR LIVES. 6 6 105 10 166261 0 0 0 14862774 17788834 3128296 4440430 0 383900 17991070 22613164 0 0 0 0 6540093 7460164 0 0 0 7523428 12490710 14063521 19950874 3927549 2662290 541542858 535921532 492905018 483107893 48637840 52813639 FIRST US COMMUNITY CREDIT UNION IS A MEMBER-OWNED FINANCIAL INSTITUTION. OUR MISSION IS TO TO MAKE A DIFFERENCE IN OUR COMMUNITIES WITH FINANCIAL SERVICES THAT HELP OUR MEMBERS ENHANCE THEIR LIVES. 0 0 FOR OVER 88 YEARS, FIRST US COMMUNITY CREDIT UNION HAS PROVIDED LENDING AND DEPOSIT PRODUCTS AND SERVICES TO ITS MEMBERS. FIRST US SERVES ANYONE WHO LIVES, WORKS, OR WORSHIPS (INCLUDING STATEWIDE CURRENT AND RETIRED FEDERAL EMPLOYEES AND THEIR FAMILIES) IN 12 COUNTIES IN THE GREATER SACRAMENTO, CA REGION. A WIDE RANGE OF LOAN PRODUCTS AND SERVICES ARE OFFERED INCLUDING RESIDENTIAL AND COMMERCIAL REAL ESTATE, COMMERCIAL BUSINESS (I.E., SBA), VEHICLE, AND OTHER CONSUMER LOANS. TOTAL ASSETS AT DECEMBER 2023 WERE APPROXIMATELY $536 MILLION. IN ADDITION TO LENDING PRODUCTS, FIRST US COMMUNITY CREDIT UNION (THE CREDIT UNION) ALSO OFFERS A WIDE RANGE OF DEPOSIT PRODUCTS AND SERVICES INCLUDING SHARE, CHECKING, CERTIFICATES OF DEPOSIT, AND RETIREMENT ACCOUNTS. THE CREDIT UNION MEMBERS HAVE ACCOUNT SERVICES ACCESS VIA SEVEN FULL SERVICE RETAIL BRANCHES AS WELL AS NATIONWIDE ACCESS THROUGH SHARED BRANCHING AND VIA >25,000 ATM'S IN THE CO-OP NETWORK. AS OF DECEMBER 2023 THE CREDIT UNION HAD 28,389 MEMBERS WITH APPROXIMATELY $479 MILLION IN DEPOSIT ACCOUNTS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 7889 0 1 105 1 1 1 0 0 0 0 0 0 0 X 6 6 0 0 0 0 1 1 1 1 1 0 0 1 1 0 0 1 1 1 0 0 CA X SHONNA SHEARSON 9165765700 580 UNIVERSITY AVE SACRAMENTO CA 958256512 DICK COCHRAN FORMER DIRECTOR 1.00 X 0 0 0 DENNIS COOK VICE CHAIRMAN 1.00 X 0 0 0 BRIAN DOYLE FORMER SECRETARY 1.00 X X 0 0 0 VASANTHA ESWARA SECRETARY 1.00 X X 0 0 0 JAMES GOMES CHAIRMAN 1.00 X X 0 0 0 NANCY LEE DIRECTOR 1.00 X 0 0 0 KAREN MCDOUGAL DIRECTOR 1.00 X 0 0 0 CLARENCE PERKINS TREASURER 1.00 X X 0 0 0 CAROL HAUCK FORMER PRESIDENT/CEO 40.00 X 411386 0 56034 JEFFREY CRUMP SVP/CFO 40.00 X 178777 0 32408 SHONNA SHEARSON PRESIDENT/CEO 40.00 X 228325 0 37335 JULIE AINSWORTH SVP/COO 40.00 X 168606 0 43214 JANCE DALTON SVP/CIO 40.00 X 180159 0 21609 JOSEPH KLEEMANN VP RE LENDING 40.00 X 136043 0 42715 PATRICIA JEAN SHEPHERD VP/MEMBER SVC 40.00 X 143289 0 29720 ROBERT MILLER VP/BUSINESS 40.00 X 120064 0 21110 TIMOTHY PEARSALL SENIOR SYSTEMS ADMIN 40.00 X 116025 0 35285 DANIEL ADAMSON FORMER VP MARKETING 40.00 X 105397 0 25265 1788071 0 344695 10 0 1 0 MEMBER DRIVEN TECHOLOGIES 30230 ORCHARD LAKE RD FARMINGTON HILLS MI 48334 CORE SYSTEM MAINTENANCE 700831 ALKAMI TECHNOLOGY PO BOX 122223 DALLAS TX 75312 HOME BANKING MAINTENANCE 425260 COOK SOLUTIONS 9225 NE CASCADES PKWY PORTLAND OR 97220 ATM SECURITY & MAINTENANCE 166956 CADENCE TEAM 4100 FOOTHILLS BLVD 103 PMB205 ROSEVILLE CA 95747 TECHNOLOGIES 164707 CORTLAND CAPITAL 225 W WASHINGTON ST 9TH FL CHICAGO IL 60606 LOAN SERVICER 139480 9 LOAN INCOME 522100 14290473 14290473 MISCELLANEOUS INCOME 522100 2157547 2011526 146021 FEE INCOME 522100 1340814 1320574 20240 17788834 4102050 4102050 9852669 2592178 10060828 2045639 -208159 546539 338380 338380 OTHER INCOME 900099 383900 383900 383900 22613164 18006473 166261 4440430 1357855 4768334 421727 485602 426646 61063 102440 641135 413893 2059108 976899 601242 170477 63214 121801 156246 92538 DIVIDENDS PAID TO MEMBE 4472985 LOAN LOSS ALLOWANCE 1433021 LOAN SERVICING 1124648 19950874 2189126 2888387 8595402 9041506 320694389 342040262 1569315 1646840 9120593 6046282 3114467 3074311 187339565 163041918 18040594 14188308 541542858 535921532 14628066 3802431 478276952 479305462 492905018 483107893 X 0 0 0 0 48637840 52813639 48637840 52813639 541542858 535921532 X 2662290 2890048 -1376539 X X 0 0 0 880452 880452 3390757 1690416 1700341 703799 639901 63898 3092492 2726181 366311 1053093 989784 63309 3074311 JUMBO CD INVESTMENTS 8197310 C FRB MASTER ACCT 14280742 C AGENCY MORTGAGE SECURITIES 14568904 C AGENCY MORTGAGE SECURITIES 58141599 F SBA SECURITIES 869969 C SBA SECURITIES 68918 F CATALYST INVESTMENTS 183518 C US TREASURY INVESTMENTS 26321918 C US TREASURY INVESTMENTS 36932617 F FHLB STOCK 3156700 C FHLB STA 319723 C 163041918 MEMBER SHARES 478890466 CONTINGENT LIABILITIES 26083 ROU LEASE LIABILITY 388913 479305462 X X X 0 0 0 CAROL HAUCK FORMER PRESIDENT/CEO 387356 0 22442 0 1588 0 38670 0 17364 0 467420 0 0 0 SHONNA SHEARSON PRESIDENT/CEO 228210 0 0 0 115 0 23165 0 14170 0 265660 0 0 0 JULIE AINSWORTH SVP/COO 166791 0 1470 0 345 0 21156 0 22058 0 211820 0 0 0 JEFFREY CRUMP SVP/CFO 176227 0 1560 0 990 0 22232 0 10176 0 211185 0 0 0 JANCE DALTON SVP/CIO 178345 0 1469 0 345 0 21387 0 222 0 201768 0 0 0 JOSEPH KLEEMANN VP RE LENDING 133743 0 1310 0 990 0 17080 0 25635 0 178758 0 0 0 PATRICIA JEAN SHEPHERD VP/MEMBER SVC 141879 0 1260 0 150 0 17702 0 12018 0 173009 0 0 0 TIMOTHY PEARSALL SENIOR SYSTEMS ADMIN 114511 0 1169 0 345 0 14636 0 20649 0 151310 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 FIRST US COMMUNITY CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A FIRST US COMMUNITY CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF FIRST US COMMUNITY CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED IN DETAIL BY THE CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER, FOCUSING ON BACK-UP SUPPORTING DETAIL AS NEEDED. A COPY OF THE FORM 990 IS PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 15A FIRST US COMMUNITY CREDIT UNION PARTICIPATES IN SEVERAL INDUSTRY-RELATED COMPENSATION SURVEYS EVERY YEAR TO DETERMINE THE CHIEF EXECUTIVE OFFICERS COMPENSATION. THE DATA FROM THESE SURVEYS IS THEN REVIEWED AND ANALYZED BY THE COMPENSATION COMMITTEE, BASED ON FACTORS SUCH AS REGION, AREA, ASSET SIZE, NUMBER OF EMPLOYEES, NUMBER OF MEMBERS, ETC. TO ATTEMPT TO MATCH "COMPARABLE" PAY DATA, AND RANGES ARE DETERMINED FOR THE CHIEF EXECUTIVE OFFICER POSITION WITH THE MIDPOINT REPRESENTING MARKET SALARY FOR AN EXPERIENCED INCUMBENT. THE COMPENSATION COMMITTEE DETERMINES PLACEMENT WITHIN THE RANGE BASED ON A NUMBER OF FACTORS INCLUDING EDUCATION, YEARS OF EXPERIENCE, LEVEL OF PAST EXPERIENCE, SALARIES OF EMPLOYEES WITH COMPARABLE EXPERIENCE AND RESPONSIBILITY OF POSITION. THE BOARD OF DIRECTORS REVIEW AND APPROVES THE CHIEF EXECUTIVE OFFICER'S COMPENSATION AND CONTEMPORANEOUSLY DOCUMENTS THE DECISION IN THE BOARD MINUTES. THE PROCESS LAST OCCURRED IN APRIL 2024. FORM 990, PART VI, SECTION C, LINE 19 FIRST US COMMUNITY CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104. FORM 990, PART XI, LINE 9: CURRENT EXPECTED CREDIT LOSS IMPLEMENTATION -1,376,539. FORM 990, PART IV, LINE 12A & PART XII, LINE 2B: THE ORGANIZATION'S FINANCIAL STATEMENTS ARE AUDITED ON A SEPARATE BASIS BY AN INDEPENDENT ACCOUNTANT. HOWEVER, THE FINANCIAL STATEMENTS ARE AUDITED ON A FISCAL YEAR-END BASIS OF JUNE 30TH, WHILE THE ORGANIZATION'S TAX YEAR-END IS DECEMBER 31ST.