2024-05-14T13:01:21-05:00 2023-12-31 454084437 WARREN AVERETT LLC 350 W CEDAR STREET SUITE 400 PENSACOLA FL 32502 990 2023-01-01 580960142 FIVE STAR CREDIT UNION FIVE 3347937714 5105 MONTGOMERY HWY DOTHAN AL 36303 ROBERT A STEENSMA PRESIDENT/CEO 3347937714 2024-05-14 1 ROBERT STEENSMA 999009999 1 CLAIRE C DUREN CPA P01577924 8504357400 2024-05-14 3 AAL1 IAL1 2023 2023-04-26 12:10:37Z ROBERT A STEENSMA 5105 MONTGOMERY HWY DOTHAN AL 36303 54121623 0 X WWW.FIVESTARCU.COM X STATE CHARTERED CREDIT UNION 1964 AL THE CREDIT UNION PROVIDES FINANCIAL PRODUCTS AND SERVICES TO ITS MEMBERS. 9 9 206 9 322599 0 0 0 18378054 23801814 5886617 9242766 20643577 21077043 44908248 54121623 508380 662328 0 0 11872918 15029655 0 0 0 20369917 26220059 32751215 41912042 12157033 12209581 748664965 798518963 684977348 722999493 63687617 75519470 X THE CREDIT UNION IS A COOPERATIVE ASSOCIATION WHICH WAS ORGANIZED TO PROMOTE THRIFT AMONG ITS MEMBERS AS WELL AS TO PROVIDE THEM WITH A SOURCE OF CREDIT. FIVE STAR SERVES MEMBERS IN COUNTIES IN THE SOUTHEAST REGION OF ALABAMA AND IN SOUTHEAST AND SOUTHWEST GEORGIA. THE TOTAL NUMBER OF MEMBERS SERVED IS IN EXCESS OF 55,000. 0 0 IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, FIVE STAR PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, AND CERTIFICATE OF DEPOSIT ACCOUNTS AS WELL AS IRA SAVINGS AND CERTIFICATE OF DEPOSIT ACCOUNTS. TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, FIVE STAR PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER AND MORTGAGE LENDING PRODUCTS AT REASONABLE RATES OF INTEREST. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 9227 0 1 206 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X ROBERT A STEENSMA 3347937714 5105 MONTGOMERY HWY DOTHAN AL 36303 WALLACE JOHNSON DIRECTOR 1.00 X 0 0 0 SUZANN CULPEPPER SECRETARY 1.00 X X 0 0 0 HAROLD STEPLER DIRECTOR 1.00 X 0 0 0 BOBBY SWAN DIRECTOR 1.00 X 0 0 0 CORY DRIGGERS CHAIRMAN 1.00 X X 0 0 0 PAMELA SCOTT DIRECTOR 1.00 X 0 0 0 WHIT HUSKEY VICE-CHAIRMAN 1.00 X X 0 0 0 JANICE GREEN TREASURER 1.00 X X 0 0 0 MICHAEL FARRIS DIRECTOR 1.00 X 0 0 0 ROBERT A STEENSMA PRESIDENT/CEO 40.00 X 690948 0 41748 TYLER BECK SVP/COO 40.00 X 399789 0 41334 FABIO BIASELLA SR VICE PRESIDENT/CMO 40.00 X 273407 0 33308 LANDON WILDES VP/CFO 40.00 X 239574 0 32940 MICHAEL MACHOWICZ VP/CIO 40.00 X 215840 0 36157 LANCE WAGNER VP/CLO 40.00 X 219769 0 35347 DEBORAH MCRAE VP RISK MANAGEMENT 40.00 X 168951 0 7751 ANN MARIE COOK VP-MORTGAGE/BUSINESS LEND 40.00 X 165581 0 7296 MIKE BRIDGES VP-MARKETING/COMMUNICATION 40.00 X 170011 0 34230 KELLIE ELDRIDGE VP-RETAIL SALES/ SERVICES 40.00 X 167410 0 30609 CHRISTOPHER LATTA DIRECTOR - CONSUMER LENDIN 40.00 X 138232 0 27906 BOBBY LANDWEHR DIRECTOR - COMMERCIAL LEND 40.00 X 150953 0 28356 JASON SHANKS VP, BUSINESS INTELLIGENCE 40.00 X 128668 0 24357 PAM PETTIS DIRECTOR - HUMAN RESOURCES 40.00 X 139584 0 30471 CANDICE WHITE MORTGAGE LOAN ORIGINATOR 40.00 X 170527 0 34005 3439244 0 445815 22 0 1 0 0 INTEREST ON LOANS 522100 23801814 23801814 23801814 9231770 9231770 10996 0 10996 10996 10996 FEES AND SERVICE CHARGES 522100 20648621 20648621 ATM FOREIGN FEE INCOME 522100 322599 322599 GAIN ON SALE OF OREO 522100 90823 90823 15000 15000 21077043 54121623 44556258 322599 9242766 662328 2260160 9133757 506825 2279844 849069 88331 112797 1319693 616024 1693014 1064782 1013899 460686 83724 10572958 2310812 212713 ATM AND DEBIT CARD EXPE 3686931 PROVISION FOR LOAN LOSS 3206017 LOAN SERVICING EXPENSE 870739 MERGER EXPENSE 472379 -1565440 41912042 11436132 15305652 35974168 81851739 8409196 1745064 10745879 10866228 381799154 412985254 1409106 1755576 49050954 12302300 31324709 36748654 229482223 198322764 12983647 12913276 25100751 26024756 748664965 798518963 11525584 13374765 46667 11666 65000000 50000000 608405097 659613062 684977348 722999493 X 0 0 0 0 63687617 75519470 63687617 75519470 748664965 798518963 X 12209581 1420891 -1798619 X X 0 1 X 1 0 6565589 6565589 25749387 5281882 20467505 197371 99344 98027 12524739 6657355 5867384 4013868 263719 3750149 36748654 MEMBER SHARE DEPOSITS 659613062 659613062 X 54121623 0 54121623 0 54121623 41912042 0 41912042 0 41912042 PART X, LINE 2: EFFECTIVE JANUARY 1, 2009, THE CREDIT UNION IMPLEMENTED THE NEW ACCOUNTING REQUIREMENTS ASSOCIATED WITH UNCERTAINTY IN INCOME TAXES USING THE PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ASC 740, INCOME TAXES. USING THAT GUIDANCE, TAX POSITIONS INITIALLY NEED TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS WHEN IT IS MORE-LIKELY-THAN-NOT THE POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY THE TAX AUTHORITIES. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE AND TRANSITION. AS OF DECEMBER 31, 2023, THE CREDIT UNION HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, THE CREDIT UNION HAD NO INTEREST AND PENALTIES RELATED TO INCOME TAXES. 1 FIVE STAR CREDIT UNION FOUNDATION 5105 MONTGOMERY HWY DOTHAN AL 36303 844465279 501(C)(3) 642609 0 CONTINUED FUNDING OF FOUNDATION 1 X 1 1 X X X 0 1 0 ROBERT A STEENSMA PRESIDENT/CEO 500000 0 190948 0 0 0 13200 0 28548 0 732696 0 0 0 TYLER BECK SVP/COO 320000 0 79789 0 0 0 13200 0 28134 0 441123 0 0 0 FABIO BIASELLA SR VICE PRESIDENT/CMO 264423 0 8984 0 0 0 5300 0 28008 0 306715 0 0 0 LANDON WILDES VP/CFO 200000 0 39574 0 0 0 9729 0 23211 0 272514 0 0 0 LANCE WAGNER VP/CLO 187212 0 32557 0 0 0 7489 0 27858 0 255116 0 0 0 MICHAEL MACHOWICZ VP/CIO 189423 0 26417 0 0 0 8793 0 27364 0 251997 0 0 0 CANDICE WHITE MORTGAGE LOAN ORIGINATOR 61322 0 109205 0 0 0 7060 0 26945 0 204532 0 0 0 MIKE BRIDGES VP-MARKETING/COMMUNICATION 144731 0 25280 0 0 0 6970 0 27260 0 204241 0 0 0 KELLIE ELDRIDGE VP-RETAIL SALES/ SERVICES 142019 0 25391 0 0 0 6842 0 23767 0 198019 0 0 0 BOBBY LANDWEHR DIRECTOR - COMMERCIAL LEND 133212 0 17741 0 0 0 6165 0 22191 0 179309 0 0 0 DEBORAH MCRAE VP RISK MANAGEMENT 146603 0 22348 0 0 0 6805 0 946 0 176702 0 0 0 ANN MARIE COOK VP-MORTGAGE/BUSINESS LEND 146058 0 19523 0 0 0 6637 0 659 0 172877 0 0 0 PAM PETTIS DIRECTOR - HUMAN RESOURCES 124711 0 14873 0 0 0 5685 0 24786 0 170055 0 0 0 CHRISTOPHER LATTA DIRECTOR - CONSUMER LENDIN 141923 0 -3691 0 0 0 5677 0 22229 0 166138 0 0 0 JASON SHANKS VP, BUSINESS INTELLIGENCE 128668 0 0 0 0 0 5289 0 19068 0 153025 0 0 0 PART I, LINE 4B IN 2017, THE CREDIT UNION ENTERED INTO A COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT WITH ROBERT A. STEENSMA, PRESIDENT/CEO. THE PREMIUMS ON THE POLICIES WERE FUNDED BY THE CREDIT UNION THROUGH A LOAN TO THE PRESIDENT/CEO FOR $9,500,000. INTEREST WILL ACCRUE TO THE LOAN ANNUALLY. ROBERT A STEENSMA PRESIDENT/CEO TO PAY THE PREMIUMS OF COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE X 9500000 10866228 0 1 1 10866228 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS OWNED BY ITS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A BOARD MEMBERS ARE ELECTED BY A VOTE OF THE GENERAL MEMBERSHIP. BOARD MEMBERS ARE ELECTED FOR A THREE-YEAR TERM. THE TERM EXPIRATIONS ALTERNATE SO THAT ONLY TWO OR THREE BOARD MEMBERS ARE UP FOR REELECTION EACH YEAR. THE MEMBERSHIP IS NOTIFIED OF THE ELECTION THROUGH NOTICES IN THE BRANCHES AND THROUGH MAILED BALLOTS. AN INDEPENDENT TELLER SERVICE IS HIRED TO TABULATE THE RESULTS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY THE COO AND CEO PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY IS MONITORED BY THE HUMAN RESOURCES MANAGER. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD REVIEWS AND APPROVES THE CEO'S COMPENSATION. OTHER MANAGEMENT AND KEY EMPLOYEES ARE GRADED USING THE COMPEASE SALARY ADMINISTRATION PLAN MATRIX. THE SALARY MATRIX FOR EMPLOYEES IS REVIEWED EACH NOVEMBER BASED ON CURRENT TRENDS. THE MATRIX IS EFFECTIVE FOR THE FOLLOWING CALENDAR YEAR. AN EMPLOYEE'S APPRAISAL SCORE CORRELATES WITH THE MATRIX TO DETERMINE THE INCREASE. IF THERE ARE ANY REQUESTS OUTSIDE THE MATRIX, THE CEO MUST APPROVE THE REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S FINANCIAL STATEMENTS ARE POSTED IN EACH OF THE BRANCHES MONTHLY FOR MEMBERS TO REVIEW. GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE -1,798,619. PART XII, FINANCIAL STATEMENTS AND REPORTING, LINE 2C THE CREDIT UNION DID NOT CHANGE ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. FIVE STAR CREDIT UNION FOUNDATION 5105 MONTGOMERY HWY DOTHAN AL 36303 844465279 CHARITABLE, EDUCATION, COMMUNITY DETERIORATION AL 501(C)(3) PF 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FIVE STAR CREDIT UNION FOUNDATION B 642609 CASH VALUE