2024-10-04T19:00:12-05:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 20 EAST THOMAS ROAD SUITE 2300 PHOENIX AZ 85012 990 2023-01-01 941696676 PREMIERONE CREDIT UNION PREM 8555007128 6640 VIA DEL ORO SAN JOSE CA 95119 BRADFORD THOMAS VP FINANCE/CFO 8555007128 2024-09-23 1 0 MELISSA HANGSLEBEN P02087031 6022662248 2024-09-23 2023 2024-10-15 13:58:12Z ANDREA BREWER 6640 VIA DEL ORO SAN JOSE CA 95119 27652598 0 X WWW.PREMIERONECU.ORG X 1968 CA A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 7 7 111 7 100038 0 0 0 17792531 24143495 2599876 3206378 68066 302725 20460473 27652598 9000 9000 0 4106729 9012835 10103684 0 0 0 10292299 11271600 19314134 25491013 1146339 2161585 550680258 619994421 512925126 576977872 37755132 43016549 OUR MISSION IS TO DELIVER A BETTER FINANCIAL LIFE TO MEMBERS. 0 0 ACHIEVED SATISFACTORY RESULTS IN PROVIDING MEMBERS WITH CONSUMER LOANS FROM A BROAD ARRAY OF PRODUCT OFFERINGS, INCLUDING VEHICLE LOANS, CREDIT CARDS AND PERSONAL LINES OF CREDIT. ACHIEVED SATISFACTORY RESULTS IN PROVIDING MEMBERS WITH MORTGAGE LOANS, INCLUDING FIRST TRUST DEEDS, SECOND TRUST DEEDS AND HOME EQUITY LINES OF CREDIT. ACHIEVED SATISFACTORY RESULTS IN PROVIDING MEMBERS WITH A BROAD ARRAY OF DEPOSIT PRODUCT OFFERINGS, INCLUDING A HIGH-YIELD CHECKING ACCOUNT PRODUCT AND A PREMIUM-RATE MONEY MARKET SAVINGS PRODUCT. 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 10178 0 1 111 1 1 1 0 0 0 0 0 1 0 X 7 7 1 0 1 0 1 1 1 1 0 0 1 1 1 1 1 1 1 1 1 1 0 CA X EDIELLE PARODI 8555007128 6640 VIA DEL ORO SAN JOSE CA 95119 ANDREA BREWER PRESIDENT/CEO 60.00 X 1098878 0 54959 BRADFORD THOMAS VP FINANCE/CFO 40.00 X 299361 0 10110 RICHARD TRESLER VP MEMBER SERVICE 40.00 X 256525 0 31977 DOROTHY GEMETTE VP BUSINESS OPERATIONS 40.00 X 231896 0 46000 CHRISTOPHER CAPUTO VP LENDING OPERATIONS 40.00 X 213982 0 24064 JANICE JOHNSON VP MARKETING 40.00 X 204711 0 30055 NICOLE CAMARILLO LOAN SERVICING MANAGER/AVP 40.00 X 152027 0 15369 ALLISON COBURN DIRECTOR OF DIGITAL SERVICES 40.00 X 137487 0 23807 MONIQUE EASLEY DIRECTOR OF CONSUMER LENDING 40.00 X 129226 0 31944 THU CUSHING INFORMATION SYSTEMS & DATA OFFICER 40.00 X 155135 0 5438 EDDIELLE PARODI DIRECTOR OF FINANCE/CONTROLLER 40.00 X 129325 0 18762 SEAMUS MORAN CHAIR 1.00 X X 0 0 0 MARCIA LILLIS VICE CHAIR 1.00 X X 0 0 0 TOM SUCHEVITS TREASURER 1.00 X X 0 0 0 THOMAS BREWER SECRETARY 1.00 X X 0 0 0 RICH TOLEDO DIRECTOR 1.00 X 0 0 0 DON BARTELS DIRECTOR 1.00 X 0 0 0 CHRISTINA SALVATIER DIRECTOR 1.00 X 0 0 0 3008553 0 292485 17 0 1 0 CORELATION INC 2305 HISTORIC DECATUR ROAD 300 SAN DIEGO CA 92106 CORE CONVERSION CONSULTING 1125000 FISERV INC 600 VEL R PHILLIPS AVENUE MILWAUKEE WI 53203 ENTERPRISE DATA MANAGEMENT 546055 ALKAMI TECHNOLOGY 5601 GRANTITE PARKWAY STE 120 PLANO TX 75024 MOBILE BANKING SERVICES 461134 BUSINESS DATA INC 321 NORTH OAK STREET INGLEWOOD CA 90302 STATEMENT RENDERING 217682 SWENSON DEVELOPMENT AND CONSTRUCTION 715 NORTH FIRST STREET SAN JOSE CA 95112 CONSTRUCTION SERVICES 206472 11 LOAN INCOME 522100 20426942 20426942 INTERCHANGE INCOME 522100 1944629 1944629 FEE INCOME 522100 1310891 1301910 8981 OTHER OPERATING INCOME 522100 461033 369976 91057 24143495 3206378 3206378 302725 0 302725 302725 302725 27652598 24043457 100038 3509103 9000 4106729 2502517 6019106 264655 720860 596546 120009 107549 507054 377260 1756716 1052922 843858 61873 935829 840210 52187 PROVISION FOR LOAN LOSS 2572384 LOAN SERVICING FEES 1346000 OTHER EXPENSES 583744 DUES AND SUBSCRIPTIONS 114005 25491013 1797908 2808331 25275234 38218026 26737 27726 5142793 5331343 386005183 438064583 817515 919964 25823624 10262194 11673206 15561430 108881640 96887311 8230355 15655364 386837 1205237 2442850 5315106 550680258 619994421 3098658 5232761 45000000 509826468 526745111 512925126 576977872 X 0 0 0 0 37755132 43016549 37755132 43016549 550680258 619994421 X 2161585 582938 2516894 X 0 0 0 4035953 4035953 11766804 3064929 8701875 2589907 1759260 830647 7430960 5438005 1992955 15561430 MEMBER SHARES AND DEPOSIT ACCOUNTS 524074008 LEASE LIABILITY 2283509 ACCRUED INTEREST PAYABLE 387594 526745111 1 SCHOLARSHIPS 3 9000 PART I, LINE 2: OUR SCHOLARSHIP APPLICATION REVIEW PROCESS INVOLVES AN AD-HOC COMMITTEE MADE UP OF EMPLOYEES FROM VARIOUS MANAGEMENT LEVELS. THE COMMITTEE MEMBERSHIP ROTATES TO DISTRIBUTE THE WORKLOAD AMONG ALL EMPLOYEES. X X X X 0 1 0 ANDREA BREWER PRESIDENT/CEO 458853 0 120503 0 519522 0 13200 0 41759 0 1153837 0 500000 0 BRADFORD THOMAS VP FINANCE/CFO 252759 0 46602 0 0 0 10110 0 0 0 309471 0 0 0 RICHARD TRESLER VP MEMBER SERVICE 213852 0 34294 0 8379 0 8741 0 23236 0 288502 0 0 0 DOROTHY GEMETTE VP BUSINESS OPERATIONS 194909 0 36987 0 0 0 8432 0 37568 0 277896 0 0 0 CHRISTOPHER CAPUTO VP LENDING OPERATIONS 203605 0 10377 0 0 0 7954 0 16110 0 238046 0 0 0 JANICE JOHNSON VP MARKETING 166271 0 38440 0 0 0 6971 0 23084 0 234766 0 0 0 NICOLE CAMARILLO LOAN SERVICING MANAGER/AVP 136457 0 15570 0 0 0 5453 0 9916 0 167396 0 0 0 ALLISON COBURN DIRECTOR OF DIGITAL SERVICES 125054 0 12433 0 0 0 5516 0 18291 0 161294 0 0 0 MONIQUE EASLEY DIRECTOR OF CONSUMER LENDING 115327 0 13899 0 0 0 3942 0 28002 0 161170 0 0 0 THU CUSHING INFORMATION SYSTEMS & DATA OFFICER 129416 0 23229 0 2490 0 5438 0 0 0 160573 0 0 0 PART I, LINE 4B SPLIT-DOLLAR PLAN: EFFECTIVE AUGUST 30, 2018, THE CREDIT UNION FUNDED A COLLATERAL ASSIGNMENT SPLIT-DOLLAR INSURANCE POLICY FOR A MEMBER OF THE EXECUTIVE MANAGEMENT TEAM FOR WHICH IT IS ENTITLED TO A RETURN OF ITS PREMIUM PAYMENTS UPON THE DEATH OF THE PARTICIPANT. DEFERRED COMPENSATION PLAN (457F PLAN): EFFECTIVE AUGUST 30, 2018, THE CREDIT UNION IMPLEMENTED A NONQUALIFIED UNFUNDED 457(F) DEFERRED COMPENSATION PLAN FOR A MEMBER OF THE EXECUTIVE MANAGEMENT TEAM. BENEFITS ARE PAID FROM THE GENERAL ASSETS OF THE CREDIT UNION. NO EMPLOYEES RECEIVED A CONTRIBUTION FROM THE 457(F) PLAN DURING 2023. THE FOLLOWING EMPLOYEE RECEIVED A DISTRIBUTION FROM THE 457(F) PLAN DURING 2023: - ANDREA BREWER: $500,000 ANDREA BREWER PRESIDENT/CEO 1ST MORTGAGE X 729000 483551 0 1 1 DOROTHY GEMETTE VP BUSINESS OPERATIONS 1ST MORTGAGE X 930000 751265 0 1 1 DOROTHY GEMETTE VP BUSINESS OPERATIONS USED AUTO X 14759 14759 0 1 1 CHRISTOPHER CAPUTO VP LENDING OPERATIONS USED AUTO X 77500 74355 0 1 1 CHRISTOPHER CAPUTO VP LENDING OPERATIONS HELOC X 135679 117186 0 1 1 ANDREA BREWER PRESIDENT/CEO SPLIT DOLLAR LOAN X 3500000 3890227 0 1 1 5331343 FORM 990, PART VI, SECTION A, LINE 2 ANDREA BREWER AND THOMAS BREWER HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 4 THE AMENDED BYLAWS HAVE BROADENED THE ORGANIZATION'S FIELD OF MEMBERSHIP TO ENCOMPASS 9 COUNTIES FROM THE GREATER BAY AREA, WHICH WAS PREVIOUSLY LIMITED TO SANTA CLARA COUNTY. ADDITIONALLY, THE ORGANIZATION CONVERTED THE SUPERVISORY COMMITTEE TO AN AUDIT COMMITTEE. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S PRIMARY FIELD OF MEMBERSHIP CONSISTS OF PERSONS WHO LIVE, REGULARLY WORK, ATTEND SCHOOL, OR CURRENTLY WORSHIP IN THE COUNTIES OF SANTA CLARA, STANISLAUS, SANTA CRUZ, SAN MATEO, ALAMEDA, SAN BENITO, MERCED, SAN JOAQUIN, AND MONTEREY, CALIFORNIA, AS WELL AS ANY BUSINESSES, ASSOCIATIONS OR ORGANIZATIONS IN SUCH COUNTIES. MOST OF THE CREDIT UNION'S MEMBERSHIP BASE RESIDES IN AND AROUND SAN JOSE, CALIFORNIA. FORM 990, PART VI, SECTION A, LINE 7A EACH MEMBER HAS ONE VOTE AND HAS THE OPPORTNUITY TO VOTE ON ONE THIRD OF THE BOARD OF DIRECTORS AT EACH ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B AT THE END OF EACH TERM OF THE BOARD MEMBERS, ELECTIONS ARE HELD AND BOARD MEMBERS ARE VOTED BY THE MEMBERS OF THE CREDIT UNION PURSUANT TO ITS BY-LAWS. MEMBER VOTES ARE ALSO REQUIRED TO RATIFY DECISIONS DEALING WITH REORGANIZATIONS AS IN THE CASE OF MERGER OR DISSOLUTION. FORM 990, PART VI, SECTION A, LINE 8B THE CREDIT UNION DOES NOT HAVE ANY COMMITTEES THAT HAVE THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY MANAGEMENT. ONCE THE DRAFT IS AVAILABLE, IT IS REVIEWED BY MANAGEMENT AND ANY CHANGES INCORPORATED INTO THE FILING. ONCE THIS DETAILED REVIEW IS COMPLETE, THE DRAFT OF THE FORM 990 IS PRESENTED TO THE BOARD OF DIRECTORS FOR THEIR REVIEW AND COMMENTS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THE CONFLICT OF INTEREST GUIDELINES AS PER THE CREDIT UNION'S CODE OF ETHICS. THE CREDIT UNION HAS SEVERAL TEAMS AND COMMITTEES THAT REVIEW THE ACTIVITIES, PROJECTS AND ONGOING INITIATIVES OF THE CREDIT UNION AS WELL AS REVIEW FINANCIALS, PRODUCTS, MARKET RISK AND PRICING AND COMPLIANCE ISSUES. THE MAIN GOAL OF THESE REVIEWS IS TRANSPARENCY AND TO AVOID MISCOMMUNICATION, FRAUD AND CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION IS REVIEWED ANNUALLY BY THE BOARD'S COMPENSATION COMMITTEE AND MAKES RECOMMENDATIONS TO THE FULL BOARD. THE ORGANIZATION USES COMPEASE AND GALLEGHER TO COMPARE SALARIES ACROSS THE ORGANIZATION TO MAKE SURE THEY ARE IN LINE WITH INDUSTRY STANDARDS. THE BOARD ALSO HIRES A CONSULTANT PERIODICALLY TO COMPARE THE CEO'S SALARY WITH OTHER COMPANIES. THE COMPENSATION DECISION IS DOCUMENTED IN THE BOARD MEMBERS AS WELL AS THE CEO'S PERSONNEL FILE. THE ORGANIZATION'S EXECUTIVE MANAGEMENT, ON AT LEAST AN ANNUAL BASIS, OBTAINS COMPENSATION SURVEY DATA FOR HIGHLY COMPENSATED EMPLOYEES (WHICH CONSIST OF VICE PRESIDENTS AND HIGHER) FOR PURPOSES OF COMPENSATION BENCHMARKING. THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS THIS DATA IN CONJUNCTION WITH EXECUTIVE MANAGEMENT TO DETERMINE APPROPRIATE COMPENSATION LEVELS BY EMPLOYEE POSITION. COMPENSATION LEVELS FOR OTHER KEY EMPLOYEES AND GENERAL STAFF IS AVAILABLE TO THE COMPENSATION COMMITTEE AT ANY TIME FOR REVIEW. THE COMPENSATION DECISION IS DOCUMENTED IN THE EMPLOYEE'S PERSONNEL FILE. THESE PROCESSES NOTED ABOVE WERE PERFORMED DURING 2023. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES THEIR GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CUMMULATIVE EFFECT IN CHANGE IN ACCOUNTING PRINCIPLE -1,360,678. CAPITAL ACQUIRED THROUGH MERGER - SEQUOIA 3,877,572.