2024-10-24T14:22:03-05:00 2023-12-31 042513210 GERALD T REILLY & COMPANY 424 ADAMS STREET MILTON MA 02186 990 2023-01-01 041896000 LIBERTY BAY CREDIT UNION LIBE 6174396500 300 GRANITE STREET BRAINTREE MA 02184 FREDERICK WILLIAMS SVP, CHIEF FINANCIAL OFFICER 6174396500 2024-10-24 1 0 SEAN MCNEIL CPA P01731264 6176968900 2024-10-24 2023 2024-10-15 13:58:12Z FREDERICK WILLIAMS 300 GRANITE STREET BRAINTREE MA 02184 33292815 0 X WWW.LIBERTYBAYCU.ORG X CREDIT UNION 1917 MA TO OFFER FINANCIAL SERVICES. 13 9 85 10 0 0 0 0 24784031 28988836 2732911 4303979 0 0 27516942 33292815 13000 13000 0 0 11408205 10766324 0 0 0 9313998 19075463 20735203 29854787 6781739 3438028 743994815 785580175 649945563 685112836 94049252 100467339 LIBERTY BAY CREDIT UNION EXISTS TO BE A RESPONSIBLE AND RELEVANT FINANCIAL PARTNER TO ITS MEMBERS, EMPLOYEES, AND THE COMMUNITIES THAT IT SERVES. 0 0 LIBERTY BAY CREDIT UNION EXISTS TO BE A RESPONSIBLE AND RELEVANT FINANCIAL PARTNER TO ITS MEMBERS, EMPLOYEES, AND THE COMMUNITIES THAT IT SERVES. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 9454 0 1 85 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 13 9 1 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X FREDERICK WILLIAMS 6174396500 300 GRANITE STREET BRAINTREE MA 02184 GERARD BURM DIRECTOR 2.00 X 0 0 51 THOMAS J FLYNN DIRECTOR 2.00 X 0 0 82 EDWARD R FOLEY CHAIRMAN 2.00 X 0 0 82 PATRICK J FOLEY DIRECTOR 2.00 X 0 0 204 ROBERT B FOLEY JR TREASURER 2.00 X 12000 0 133 STEPHEN J KELLEY SR DIRECTOR 2.00 X 0 0 51 EUGENE LEAHY DIRECTOR 2.00 X 0 0 51 EDWARD MCCOLGAN DIRECTOR 2.00 X 0 0 82 MICHAEL F MCCARTHY DIRECTOR 2.00 X 0 0 51 ROBERT J MITCHELL DIRECTOR 2.00 X 0 0 51 WILLIAM MURPHY DIRECTOR 2.00 X 0 0 51 SEAN CASHMAN SECRETARY 2.00 X 12000 0 204 PETER LINCOLN CHAIRMAN 6.00 X 24000 0 51 JOHN PARILLO PRESIDENT & CEO 40.00 X 798985 0 45085 KATHERINE PEILA CHIEF ADMINISTRATIVE OFFICER 40.00 X 238329 0 36565 JOSEPH BEARS SVP & CIO 40.00 X 227666 0 56892 FREDERICK WILLIAMS SVP & CHIEF FINANCIAL OFFICER 40.00 X 238576 0 54127 PAUL GRAVELLESE SVP & SENIOR LENDING OFFICER 40.00 X 224620 0 52731 GEORGE KELLY SVP & CHIEF STRATEGY OFFICER 40.00 X 225786 0 52848 MARK CONSTABLE CHIEF COMPLIANCE & CRA OFFICER 40.00 X 141646 0 18384 BRENDA MCGILLICUDDY SVP PEOPLE OPERATIONS 40.00 X 137568 0 24846 CINDI CARLSON VP BRAND & MEMBER EXPERIENCE 40.00 X 142836 0 26968 PAOLA FERRARA MORTGAGE LOAN OFFICER 40.00 X 152963 0 44818 JAMES DOWLING CONTROLLER 40.00 X 168857 0 46555 MARGUERITE MURPHY VP MORTGAGE 40.00 X 158838 0 28890 SEAN CHASE BUSINESS BANKING OFFICER 40.00 X 136263 0 29853 MAURICE MATTESON FORMER PRESIDENT/CEO 40.00 X 459032 0 11080 3499965 0 530786 25 1 1 0 ROCK BREAKERS LLC 370 MAIN STREET SUITE 880 WORCESTER MA 01608 RENT - 300 GRANITE - NEW 1079288 FISERV PO BOX 99924 GRAPEVINE TX 760999724 CORE PROVIDER 755939 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 90074 DATA PROCESSING/WEBSITE 637905 LUCRO COMMERCIAL SOLUTIONS INC 3692 COOLIDGE CT TALLAHASSEE FL 32311 CUSO - COMMERICAL LOANS 186793 DARLING CONSULTING GROUP 260 MERRIMAC STREET 3RD FLOOR NEWBURYPORT MA 01950 ALM CONSULTANT 105586 6 LOAN INTEREST 522100 26077662 26077662 MISCELLANEOUS INCOME 522100 1796261 1796261 FEES ON ACCOUNTS 522100 1114913 1114913 28988836 4303979 4303979 33292815 28988836 0 4303979 13000 4030749 4110397 443900 1545173 636105 119360 90082 188726 153116 1483823 163781 11283054 302109 MISCELLANEOUS 1665767 EQUIPMENT MAINTENANCE 984336 PROVISION FOR LOAN LOSS 772633 LOAN COLLECTION & OTHER 569124 1299552 29854787 1594574 1898225 15491439 22454227 14411754 14532275 552994712 608598338 1363479 598339 9771448 7579720 2620070 2191728 137530090 116787407 10119494 10517441 7869203 8002195 743994815 785580175 9114774 8897183 84000000 139000000 556830789 537215653 649945563 685112836 X 0 0 0 0 94049252 100467339 94049252 100467339 743994815 785580175 X 3438028 3061793 -81734 X 0 0 0 409500 409500 1374340 492306 882034 1734733 1137521 597212 2910237 2790322 119915 3342638 3159571 183067 2191728 MEMBER DEPOSITS 537215653 537215653 1 SCHOLARSHIPS TO ENROLLED COLLEGE FRESHMAN WHO ARE MEMBERS OF LBCU - MADE PAYABLE TO THE MEMBERS 12 13000 X 1 1 X X X X 1 0 0 JOHN PARILLO PRESIDENT & CEO 633985 0 165000 0 0 0 33000 0 12085 0 844070 0 0 0 MAURICE MATTESON FORMER PRESIDENT/CEO 459032 0 0 0 0 0 0 0 11080 0 470112 0 0 0 FREDERICK WILLIAMS SVP & CHIEF FINANCIAL OFFICER 209886 0 28690 0 0 0 23858 0 30269 0 292703 0 0 0 JOSEPH BEARS SVP & CIO 198216 0 29450 0 0 0 22767 0 34125 0 284558 0 0 0 GEORGE KELLY SVP & CHIEF STRATEGY OFFICER 197286 0 28500 0 0 0 22579 0 30269 0 278634 0 0 0 PAUL GRAVELLESE SVP & SENIOR LENDING OFFICER 196500 0 28120 0 0 0 22462 0 30269 0 277351 0 0 0 KATHERINE PEILA CHIEF ADMINISTRATIVE OFFICER 208879 0 29450 0 0 0 23833 0 12732 0 274894 0 0 0 JAMES DOWLING CONTROLLER 148824 0 20033 0 0 0 16886 0 29669 0 215412 0 0 0 PAOLA FERRARA MORTGAGE LOAN OFFICER 151463 0 1500 0 0 0 15296 0 29522 0 197781 0 0 0 MARGUERITE MURPHY VP MORTGAGE 142047 0 16791 0 0 0 15884 0 13006 0 187728 0 0 0 CINDI CARLSON VP BRAND & MEMBER EXPERIENCE 130259 0 12577 0 0 0 14284 0 12684 0 169804 0 0 0 SEAN CHASE BUSINESS BANKING OFFICER 134763 0 1500 0 0 0 13626 0 16227 0 166116 0 0 0 BRENDA MCGILLICUDDY SVP PEOPLE OPERATIONS 137568 0 0 0 0 0 5234 0 19612 0 162414 0 0 0 MARK CONSTABLE CHIEF COMPLIANCE & CRA OFFICER 141646 0 0 0 0 0 3652 0 14732 0 160030 0 0 0 PART I, LINE 1A THE BOARD OF DIRECTORS MAY ALLOW A CONFERENCE ATTENDEE TO BRING A COMPANION WITH THEM TO THE EVENT WHICH MAY INCLUDE TRAVEL. THE CREDIT UNION WILL REIMBURSE REASONABLE COSTS ASSOCIATED WITH THE EVENT AS STATED IN CORPORATE POLICIES. PART I, LINE 4A THE FORMER PRESIDENT AND CHIEF EXECUTIVE OFFICER, M. LYNDON MATTESON III ("MR. MATTESON"), AND LIBERTY BAY CREDIT UNION (THE "CREDIT UNION") PARTICIPATED IN A CONFIDENTIAL SEPARATION AGREEMENT AND RELEASE OF ALL CLAIMS (THE "AGREEMENT"), EFFECTIVE DECEMBER 15, 2021 (SEPARATION DATE). THE PAYMENT PERIOD IS FROM THE SEPARATION DATE THROUGH JANUARY 5, 2024. THE FORMER CHIEF EXECUTIVE OFFICER, EDWARD LOPES, WAS PROVIDED WITH A SERP WHICH WAS FUNDED BY LIFE INSURANCE IN 2014. THE FORMER CHIEF FINANCIAL OFFICER, JOEL KELLER, WAS PROVIDED WITH A SERP WHICH WAS FUNDED BY LIFE INSURANCE IN 2016. THE FORMER SENIOR VICE PRESIDENT OF LENDING AND FINANCE, JOSEPH BEAN, WAS PROVIDED WITH A SERP WHICH WAS FUNDED BY LIFE INSURANCE IN 2017. THE FORMER PRESIDENT AND CHIEF EXECUTIVE OFFICER, M. LYNDON MATTESON III, WAS PROVIDED A SERP WHICH WAS FUNDED BY LIFE INSURANCE IN 2020. ED LOPES FORMER PRESIDENT/CEO SERP X 4255269 5533293 0 1 1 JOEL KELLER FORMER EVP/CFO SERP X 1765500 1204160 0 1 1 JOSEPH BEAN FORMER SVP SERP X 1706227 2035763 0 1 1 M LYNDON MATTESON III FORMER CHIEF EXECUTIVE OFFICER SERP X 5352000 5759059 0 1 1 FORM 990, PART VI, SECTION A, LINE 2 THERE ARE FOUR INDIVIDUALS WHOM ARE RELATED ON THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 6 DEPOSITORS WITH A MINIMUM OF $5 BALANCE IN THEIR SAVINGS ACCOUNT ARE MEMBERS OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A ALL MEMBERS HAVE VOTING RIGHTS WHICH ARE LIMITED TO THE ANNUAL MEETING AND ANY SPECIAL MEETINGS HELD DUE TO CHARTER CHANGES, MERGERS, ETC. FORM 990, PART VI, SECTION A, LINE 7B THE BOARD OF DIRECTORS ARE VOTED BY THE MEMBERS AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE FORM 990 IS REVIEWED BY THE CFO AND PROVIDED TO THE AUDIT COMMITTEE FOR THEIR REVIEW PRIOR TO IT BEING FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS REVIEWS ALL CORPORATE POLICIES AT LEAST ANNUALLY TO ENSURE COMPLIANCE. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS APPROVES CEO COMPENSATION. THE CEO IN TURN IS RESPONSIBLE FOR COMPENSATION OF MANAGEMENT AND STAFF. A FORMAL, BOARD DESIGNATED COMPENSATION COMMITTEE AIDS IN THIS PROCESS. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S CALL REPORT AND FINANCIAL INFORMATION IS AVAILABLE THROUGH THE NCUA WEBSITE AND PRIVACY POLICIES ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: FAS158 OCI ADJUSTMENT -102,276. CECL ADOPTION 20,542.