2024-09-25T16:27:41-05:00 2023-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2023-01-01 390827305 MARINE CREDIT UNION MARI 2623891758 300 2ND ST N STE 400 LA CROSSE WI 54601 JOE LIETHEN CFO 2623891758 2024-09-23 1 1 EMINA O CRESSWELL CPA P01217304 4252597227 2024-09-23 2023 2024-08-08 14:25:15Z DARRICK WEEKS 300 2ND ST N STE 400 LA CROSSE WI 54601 104498914 0 2157 X WWW.MARINECU.COM X CU 1949 WI WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING. 7 6 509 0 54635 0 0 0 72903352 80478500 4318475 5885437 187735 131095 77409562 86495032 181662 178686 0 0 40325549 42369204 0 0 0 28373106 36205792 68880317 78753682 8529245 7741350 1034078280 1045976901 934376514 937610834 99701766 108366067 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. 0 0 DEPOSIT TAKING - MARINE CREDIT UNION ACTS AS A FINANCIAL INTERMEDIARY IN EACH OF THE COMMUNITIES IT SERVES. EACH OF OUR 77,032 MEMBERS HAS AT LEAST ONE SAVINGS ACCOUNT AND THESE MEMBERS HAVE OVER 48,326 CHECKING ACCOUNTS WITH MARINE. WE OFTEN PROVIDE THESE SERVICES AT A LOWER COST THAN WHAT WOULD OTHERWISE BE AVAILABLE. WE PROTECT OVER $761,805,439 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 $151,617,529 DURING 2023. THESE LOANS ARE USED BY BORROWERS TO PURCHASE, REFINANCE OR IMPROVE THEIR HOMES. CURRENT MORTGAGE LOANS OUTSTANDING EXCEED $579,781,855 AS OF DECEMBER 31, 2023. CONSUMER LENDING - MARINE CREDIT UNION IS A FULL SERVICE CONSUMER LENDING INSTITUTION. IN 2023 WE GRANTED A TOTAL OF $127,478,425 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 $258,373,950. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 18787 0 1 509 1 1 1 0 0 0 0 0 0 0 X 7 6 0 0 0 0 1 1 1 1 0 0 0 0 1 1 1 1 1 1 1 0 WI X JOE LIETHEN 2623891758 300 2ND ST N STE 400 LA CROSSE WI 54601 TOM KNOTHE BOARD CHAIR 6.25 X X 24960 0 0 JONATHON HORNE BOARD THIRD VICE-CHAIR 5.00 X X 18720 0 0 WILLIAM MAAS BOARD SECOND VICE-CHAIR 5.00 X X 18720 0 0 ANNE SNOW BOARD FOURTH VICE-CHAIR 5.00 X X 18720 0 0 MIC MICHELS BOARD TREASURER 5.00 X X 18720 0 0 MARK D REED BOARD SECRETARY 5.00 X X 18720 0 0 BRIAN RUDE BOARD FIRST VICE-CHAIR 5.00 X X 18720 0 0 WILLIAM SACIA BOARD MEMBER (THRU 05/23) 5.00 X 0 0 0 DARRICK WEEKS PRESIDENT & CEO 40.00 X 566384 0 46109 JOSEPH LIETHEN CHIEF FINANCIAL OFFICER 40.00 X 356397 0 42397 WILLIAM JAMES CHIEF RISK OFFICER 40.00 X 403470 0 45213 ADAM KEER - CHIEF EXPERIENCE OFFICER (THRU 01/23) 40.00 X 530947 0 2396 KENNETH BROSSMAN CHIEF LENDING OFFICER 40.00 X 315055 0 42397 BLAKE HERRING CHIEF HR OFFICER 40.00 X 325274 0 41922 JACK KALANDER CHIEF INFORMATION OFFICER 40.00 X 308331 0 42846 JOUMANA MCDAD - CHIEF SERVICE DELIVERY & EXPERIENCE OFFICER 40.00 X 199921 0 32331 MICHAEL SPILLANE SVP OF CUSTOMER ANALYTICS 40.00 X 254383 0 43689 STEPHEN NEUMANN VP OF COLLECTIONS 40.00 X 264150 0 44241 EDUARDO ZAMARRON SR. MORTGAGE LOAN REP 40.00 X 232598 0 34054 JOSHUA MOORE SVP OF MORTGAGE LENDING 40.00 X 245279 0 41097 KATIE TOLOKKEN SVP PAYMENTS & DEPOSITS (THRU 10/23) 40.00 X 235040 0 18298 4374509 0 476990 51 0 1 0 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE ROAD SUITE 260 FARMINGTON HILLS MI 48334 SOFTWARE MAINTENANCE 1135943 FOWLER AND HAMMER INC 313 MONITOR STREET LA CROSSE WI 54603 CONSTRUCTION 1072228 ALKAMI TECHNOLOGY INC DEPT 2223 PO BOX 122223 DALLAS TX 753122223 SOFTWARE 826883 SALESFORCECOM INC PO BOX 203141 DALLAS TX 753203141 SOFTWARE 671102 TRANSUNION LLC PO BOX 99506 CHICAGO IL 606939506 CREDIT REPORTS 447885 47 LOAN INTEREST 522100 62501717 62501717 FEE INCOME 522100 16577794 16526427 51367 OTHER OPERATING INCOME 522100 1398989 1395721 3268 80478500 5611691 5611691 220474 89379 131095 131095 131095 16167598 2020651 16168286 1746217 -688 274434 273746 273746 86495032 80423865 54635 6016532 166686 12000 3438671 28832265 942397 6878541 2277330 137138 154499 9174 4288973 1108247 2275897 2941879 1456797 827756 11331981 1871832 55589 PROVISION FOR LOAN LOSS 5674677 CARD PROCESSING 2189561 LOAN SERVICING EXPENSE 568509 MEMBER INSURANCE EXPENS 67973 1245310 78753682 30763617 42940566 62315578 23502249 825538 650756 19044640 19585620 778116434 830793119 2642693 2885089 32452022 13737031 19676685 18714991 84038878 69967720 6378269 6622146 13259210 12607280 17016738 17707365 1034078280 1045976901 10729300 13486462 1098392 674092 2229151 2349461 109500000 119500000 810819671 801600819 934376514 937610834 X 0 0 0 0 99701766 108366067 99701766 108366067 1034078280 1045976901 X 7741350 1798923 -875973 X 0 1 X 1 0 1 80852 0 9269 71583 1 X 3896167 3896167 17176519 6774765 10401754 945231 463632 481599 8196553 5635035 2561518 2237552 863599 1373953 18714991 MEMBER SHARES 800239441 DEFERRED COMPENSATION 1209801 LEASE LIABILITY 151577 801600819 X PART IV, LINE 1B: MCU SERVICES SECONDARY MARKET LOANS FOR FHLB/MPF XTRA PROGRAM. PART IV, LINE 2B: ESCROW ACCOUNTS WERE HELD AT BORROWER LEVEL FOR TAXES AND INSURANCE. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION WILL BE FILING ITS TAX RETURNS FOR CALENDAR YEAR 2023 AND HAS FILED ITS TAX RETURNS FOR CALENDAR YEAR 2022 FOR ACTIVITIES DEEMED TAXABLE AND HAS A NET OPERATING LOSS CARRYFORWARD AS OF THE 2022 CALENDAR YEAR. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S CONSOLIDATED FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 OR 2022. THE CREDIT UNION'S 2021 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL TAXING AUTHORITIES, AND 2020 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY STATE TAXING AUTHORITIES. EARNINGS AND LOSSES FROM THE CUSOS, ORGANIZED AS LLCS, FLOW AT THE ENTITY LEVEL THROUGH TO THE CREDIT UNION AND, THEREFORE, ARE NOT SUBJECT TO FEDERAL AND STATE INCOME TAXES. 1 MARINE CREDIT UNION FOUNDATION INC 300 2ND ST N STE 400 LA CROSSE WI 54601 261564606 501(C)(3) 166686 0 GENERAL SUPPORT 1 0 SCHOLARSHIP 12 12000 PART I, LINE 2: MARINE CREDIT UNION REVIEWS THE SUBRECIPIENT'S ADMINISTRATION OF FUNDS AND ANY REQUIRED NON-FEDERAL CONTRIBUTIONS. X X X 1 1 0 DARRICK WEEKS PRESIDENT & CEO 430119 0 123000 0 13265 0 15000 0 31109 0 612493 0 0 0 ADAM KEER - CHIEF EXPERIENCE OFFICER (THRU 01/23) 20587 0 272941 0 237419 0 0 0 2396 0 533343 0 0 0 WILLIAM JAMES CHIEF RISK OFFICER 300245 0 98781 0 4444 0 14066 0 31147 0 448683 0 0 0 JOSEPH LIETHEN CHIEF FINANCIAL OFFICER 267274 0 84750 0 4373 0 11250 0 31147 0 398794 0 0 0 BLAKE HERRING CHIEF HR OFFICER 241868 0 80840 0 2566 0 12075 0 29847 0 367196 0 0 0 KENNETH BROSSMAN CHIEF LENDING OFFICER 241691 0 70265 0 3099 0 11250 0 31147 0 357452 0 0 0 JACK KALANDER CHIEF INFORMATION OFFICER 235628 0 69701 0 3002 0 12999 0 29847 0 351177 0 0 0 STEPHEN NEUMANN VP OF COLLECTIONS 191854 0 70138 0 2158 0 13094 0 31147 0 308391 0 0 0 MICHAEL SPILLANE SVP OF CUSTOMER ANALYTICS 192093 0 61143 0 1147 0 12542 0 31147 0 298072 0 0 0 JOSHUA MOORE SVP OF MORTGAGE LENDING 194308 0 48392 0 2579 0 11250 0 29847 0 286376 0 0 0 EDUARDO ZAMARRON SR. MORTGAGE LOAN REP 49441 0 176564 0 6593 0 2907 0 31147 0 266652 0 0 0 KATIE TOLOKKEN SVP PAYMENTS & DEPOSITS (THRU 10/23) 158212 0 47262 0 29566 0 8662 0 9636 0 253338 0 0 0 JOUMANA MCDAD - CHIEF SERVICE DELIVERY & EXPERIENCE OFFICER 194348 0 5000 0 573 0 6822 0 25509 0 232252 0 0 0 PART I, LINES 4A-B ADAM KEER RECEIVED A SEVERANCE PAYMENT OF $180,000. 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. SHAWN HANSON FORMER CEO SDLI DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 8216367 11283861 0 1 1 ADAM KEER FORMER CHIEF EXPERIENCE OFFICER SDLI DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 1596910 2109170 0 0 1 WILLIAM JAMES CHIEF RISK OFFICER SDLI DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 2671783 3135211 0 0 1 JACK KALANDER CHIEF INFORMATION OFFICER SDLI DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 1800000 2119753 0 0 1 KENNETH BROSSMAN CHIEF SALES OFFICER SDLI DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 550000 731377 0 0 1 KATIE TOLOKKEN FORMER SVP PAYMENTS & DEPOSITS SDLI DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 166701 166701 0 0 1 JOE LIETHEN CHIEF FINANCIAL OFFICER VEHICLE LOAN X 48089 39547 0 1 1 19585620 FORM 990, PART VI, SECTION A, LINE 6 PARTICIPATION IN THIS CREDIT UNION IS LIMITED TO THOSE WHO QUALIFY FOR MEMBERSHIP AS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. THIS GENERALLY CONSISTS OF PERSONS WHO RESIDE OR ARE EMPLOYED BROWN, CALUMET, CHIPPEWA, CLARK, COLUMBIA, CRAWFORD, DANE, DODGE, DUNN, EAU CLAIRE, FOND DU LAC, GRANT, GREEN, GREEN LAKE, IOWA, JEFFERSON, KENOSHA, LA CROSSE, LAFAYETTE, MANITOWOC, MARQUETTE, MILWAUKEE, MONROE, OUTAGAMIE, OZAUKEE, RACINE, RICHLAND, ROCK, SAUK, SHEBOYGAN, TAYLOR, TREMPEALEAU, VERNON, WALWORTH, WASHINGTON, WAUKESHA, WAUSHARA, AND WINNEBAGO COUNTIES IN WISCONSIN; ALLAMAKEE, CEDAR, CLAYTON, CLINTON, DALLAS, FAYETTE, MUSCATINE, POLK, SCOTT, AND WINNESHIEK COUNTIES IN IOWA; FILLMORE, HOUSTON, OLMSTED, AND WINONA COUNTIES IN MINNESOTA; AND ROCK ISLAND COUNTY IN ILLINOIS AND OTHER SELECT EMPLOYEE GROUPS WHO HAVE PETITIONED FOR MEMBERSHIP. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER OF THEM, OR THEIR SPOUSES MAY BE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP UTILIZING THEIR ONE VOTE PER MEMBER. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS WOULD NEED TO APPROVE DECISIONS SUCH AS CHANGE OF NAME OR A MERGER DECISION. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B AN INITIAL REVIEW OF THE 990 IS PERFORMED BY THE CFO. ANY REVISIONS THAT NEED TO BE MADE ARE COMPLETED AND THE REVISED 990 IS PRESENTED TO THE CEO PRIOR TO THE REPORT BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS, OFFICERS, AND KEY EMPLOYEES ARE REQUIRED TO VERIFY THE EXISTENCE OF ANY CONFLICTS OF INTEREST ANNUALLY, IN WRITING, AT THE ORGANIZATIONAL MEETING. THE ORGANIZATION MONITORS AND ENFORCES COMPLIANCE WITH THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 CEO: ANNUALLY, THE BOARD OF DIRECTORS APPROVES COMPENSATION AS RECOMMENDED BY THE COMPENSATION COMMITTEE. BASE COMPENSATION IS TARGETED TO THAT OF PEER FINANCIAL INSTITUTIONS OF SIMILAR SIZE AND COMPLEXITY. INCENTIVE PAY AND BASE PAY INCREASES OR DECREASES ARE DRIVEN BY THE PERFORMANCE OF THE EXECUTIVE VERSUS PRE-DETERMINED GOALS AND OBJECTIVES WHICH ARE ALIGNED WITH THE MISSION AND STRATEGY OF THE ORGANIZATION. THE CEO IS GIVEN QUARTERLY AND ANNUAL PERFORMANCE EVALUATIONS WHICH FACTOR INTO COMPENSATION DISCUSSIONS. OTHER OFFICERS AND KEY EMPLOYEES: BASE COMPENSATION IS DRIVEN BY MARKETPLACE TRENDS AND OTHER COMPETITIVE FACTORS. INCENTIVE PAY AND BASE PAY INCREASES ARE DRIVEN BY THE PERFORMANCE OF EACH EMPLOYEE VERSUS PRE-DETERMINED GOALS AND OBJECTIVES WHICH ARE ALIGNED WITH THE MISSION AND STRATEGY OF THE ORGANIZATION. ALL EMPLOYEES ARE EVALUATED AGAINST OBJECTIVE AND SUBJECTIVE CRITERIA ON A MONTHLY AND ANNUAL BASIS. FORM 990, PART VI, SECTION C, LINE 19 BYLAWS ARE AVAILABLE UPON REQUEST AND ANNUAL FINANCIAL STATEMENTS ARE POSTED ON THE ORGANIZATION'S WEBSITE. FORM 990, PART XI, LINE 9: ALLOWANCE FOR CREDIT LOSSES - LOANS -875,973. ADVANTAGE FINANCIAL SERVICES LLC 127 WEST AVENUE NORTH LA CROSSE WI 54601 800018187 HOLDING COMPANY WI 50 50361 MARINE CREDIT UNION