2024-11-05T10:19:33-06:00 2023-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2023-01-01 946061277 PACIFIC SERVICE CREDIT UNION PACI 9256095000 1355 WILLOW WAY 200 CONCORD CA 94520 PANSY FONG VP & CONTROLLER 9256095000 2024-10-29 1 1 JENIFER L CHASE P01306883 5638884000 2024-10-29 2023 2024-10-15 13:58:12Z VIRGINIA LAMPSON 1355 WILLOW WAY 200 CONCORD CA 94520 86180732 0 X WWW.PACIFICSERVICE.ORG X 1936 CA TO PROVIDE A BROAD RANGE OF LOAN AND DEPOSIT PRODUCTS AND OTHER FINANCIAL SERVICES TO ITS MEMBERS. 9 9 186 18 13277 0 0 0 45123497 57890054 9959888 5297002 301575 57611 55384960 63244667 175000 222100 0 0 21903728 23082225 0 0 0 25591494 38997691 47670222 62302016 7714738 942651 1429006506 1457039539 1274203440 1296660790 154803066 160378749 X PACIFIC SERVICE CREDIT UNION IS A FULL SERVICE STATE-CHARTERED CREDIT UNION THAT PROVIDES A BROAD RANGE OF LOAN AND DEPOSIT PRODUCTS AND OTHER FINANCIAL SERVICES TO ITS MEMBERS USING VARIOUS CHANNELS INCLUDING BRANCHES, A CALL CENTER, MOBILE APPLICATIONS, AND THE INTERNET. 0 0 PACIFIC SERVICE CREDIT UNION (PSCU) WAS FOUNDED IN 1936 TO SERVE EMPLOYEES OF PG&E IN THE SAN FRANCISCO BAY AREA. OVER EIGHTY-FOUR YEARS LATER, PSCU NOW SERVES MORE THAN 65,000 MEMBERS WHO LIVE, WORK, WORSHIP OR ATTEND SCHOOL IN ALAMEDA, CONTRA COSTA, FRESNO, MARIN, NAPA, PLACER, SACRAMENTO, SAN FRANCISCO, SAN MATEO, SANTA CLARA, SOLANO AND SONOMA COUNTIES. MEMBERS CAN TRANSACT IN ANY OF OUR SIX BRANCHES, AT ANY OF OVER 5,000 SHARED BRANCH LOCATIONS AVAILABLE THROUGH CO-OP SHARED BRANCH NETWORK, USING ATMS, ONLINE VIA OUR INTERNET HOME BANKING OR MOBILE SITES, USING POINT OF SALE WITH THEIR VISA DEBIT OR CREDIT CARD OR BY CALLING OUR TELEPHONE SERVICE CENTER OR TOLL-FREE AUTOMATED TELEPHONE BANKING SYSTEM. PACIFIC SERVICE CREDIT UNION (PSCU) OFFERS A VARIETY OF DEPOSIT PRODUCTS INCLUDING SAVINGS, CHECKING, MONEY MARKET, CERTIFICATE, IRA, COVERDELL EDUCATION SAVINGS AND YOUTH ACCOUNTS. PSCU CHECKING PRODUCT OPTIONS CAN EARN INTEREST, ARE FREE FROM MONTHLY SERVICE CHARGES, ALLOW THE MEMBER TO OBTAIN RATE DISCOUNTS ON AUTO LOANS OR HELP A YOUNG MEMBER OPEN THEIR FIRST CHECKING ACCOUNT. PSCU'S DEPOSIT RATES ARE COMPETITIVE WITH THE MARKET AND ARE TYPICALLY HIGHER THAN BANKS. TOTAL MEMBER SHARE BALANCE AT DECEMBER 31, 2023 WAS $1,132,068,046. PACIFIC SERVICE CREDIT UNION (PSCU) OFFERS A VARIETY OF COMPETITIVELY PRICED MORTGAGE LOAN OPTIONS AVAILABLE FOR A PRIMARY RESIDENCE OR SECOND HOME. PSCU HOME EQUITY LOAN OPTIONS RANGE FROM 5 TO 30 YEARS, AND MEMBERS MAY ALSO OBTAIN HOME EQUITY LINES OF CREDIT. PSCU OFFERS VEHICLE LOANS FOR NEW AND USED CARS, NEW AND USED BOATS, AS WELL AS NEW AND USED RVS. VISA CREDIT CARD LOANS INCLUDE A NO ANNUAL FEE OPTION AS WELL AS A CARD EARNING REWARDS POINTS. PSCU OFFERS OTHER CONSUMER LOANS FOR MEMBERS SUCH AS PERSONAL SIGNATURE LOANS, AS WELL AS SHARE AND CERTIFICATE SECURED LOANS. FOR OUR MEMBERS WHO ARE STARTING TO BUILD THEIR CREDIT, PSCU OFFERS A STARTER VISA AND A FIRST-TIME AUTO LOAN PROGRAM. TOTAL MEMBER LOAN BALANCE AT DECEMBER 31, 2023 WAS $1,033,741,846. 0 0 1 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 17943 0 1 186 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 0 0 0 1 1 1 1 1 1 1 0 0 CA X PANSY FONG VPCONTROLLER 9256095000 1355 WILLOW WAY 200 CONCORD CA 94520 VIRGINIA LAMPSON PRESIDENT & CEO 40.00 X 834196 0 180404 DAVID KATO EVP & CFO 40.00 X 502287 0 65820 KRISTIN DOVE SVP & CMO 40.00 X 415670 0 55750 BARBARA SMITH SVP & CAO 40.00 X 386854 0 57111 JEFFREY BELL SVP & CSO 40.00 X 382843 0 20640 MICHELLE SHELOR SVP & COO 40.00 X 333321 0 42592 HEMLATA PATEL SVP & CLO 40.00 X 328037 0 41200 PANSY FONG VP & CONTROLLER 40.00 X 334302 0 23777 MAYRA DOMINGUEZ VP 40.00 X 246277 0 22229 MARIAN MALLORY-WALL SVP & CRO (STARTED 2/28/23) 40.00 X 244181 0 16214 ANGELITO CRISTOBAL VP 40.00 X 206998 0 38497 ROBERT MORAN AVP 40.00 X 199113 0 38521 BETINA MARCELO VP 40.00 X 200727 0 23768 KEVIN ALSUP SVP & CTO (STARTED 3/27/23) 40.00 X 206292 0 17812 STEVEN CRAIGE VP (RETIRED 4/13/23) 40.00 X 210252 0 13200 JULIA BANNING FORMER SECRETARY/TREASURER 1.00 X X 0 0 0 JOHN CADWALADER DIRECTOR 1.00 X 0 0 0 WILLIAM CHEN SECRETARY/TREASURER 1.00 X X 0 0 0 MARIA DEMARTINI CHAIR 2.00 X X 0 0 0 ARLENE MOTTER DIRECTOR 1.00 X 0 0 0 AMAR PANCHAL VICE CHAIR 1.00 X X 0 0 0 JIM PETERSON DIRECTOR 1.00 X 0 0 0 DAVID SENA DIRECTOR 1.00 X 0 0 0 KATHLEEN TAPPERO DIRECTOR 1.00 X 0 0 0 BETTY VINEYARD DIRECTOR 1.00 X 0 0 0 5031350 0 657535 57 0 1 0 RS COMPANY 1900 BATES AVE SUITE L CONCORD CA 94520 HQ CONSTRUCTION MANAGEMENT 1016090 FISERV INC PO BOX 208457 DALLAS TX 753208457 IT/OPERATIONS 907637 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 IT/OPERATIONS 722753 INSIGHT DIRECT USA INC PO BOX 731069 DALLAS TX 753731069 IT/OPERATIONS 630284 CONVERGEONE NW 5806 PO BOX 1450 MINNEAPOLIS MN 554855806 IT SERVERS 327803 29 INTEREST ON LOANS 522100 49023942 49023942 INTERCHANGE INCOME 522100 5834810 5832389 2421 SERVICE CHARGES & FEES 522100 1836197 1825341 10856 OTHER NON-INTEREST INCOME 522100 1195105 1195105 57890054 6126367 6126367 1208317 1150706 57611 57611 57611 16801031 4154963 17679606 4105753 -878575 49210 -829365 -829365 63244667 57876777 13277 5354613 222100 4489306 13580801 1000497 2841235 1170386 912314 82553 137754 1861 2647196 905871 2711393 3499843 988472 383508 205248 3146079 1896005 MEMBERS' SHARE ACCOUNTS 11599948 PROVISION FOR LOAN LOSS 6388939 MEMBER LOAN SERVICES 3490707 62302016 2977523 1558454 47909821 88707308 1699043 8608800 997314601 1022872883 1105822 2031588 45255092 10719788 34276450 34535304 314703368 275283728 7899100 8616900 21120778 14824574 1429006506 1457039539 22582963 25092742 78000000 139500000 1173620477 1132068048 1274203440 1296660790 X 0 0 0 0 154803066 160378749 154803066 160378749 1429006506 1457039539 X 942651 9778362 -5145330 X X 0 1 X 1 0 5000 5000 5000 1 CCUL - PAC 1201 W K STREET SACRAMENTO CA 95814 940329967 5000 0 PART I-A, LINE 1: PACIFIC SERVICE CREDIT UNION MADE A CONTRIBUTION TO CCUL - PAC DURING 2023 TO SUPPORT STATE LEVEL CANDIDATES WHO ARE FRIENDS OF CREDIT UNIONS. 1 71 40512 23319 17264 0 10777850 10777850 24945920 4732530 20213390 619839 208190 411649 8906642 5779068 3127574 4841 4841 34535304 MEMBER SHARE ACCOUNTS 276936564 MEMBER CHECKING ACCOUNTS 171847883 MEMBER MONEY MARKET ACCOUNTS 356940259 MEMBER REGULAR CERTIFICATE ACCOUNTS 326343342 1132068048 X 64395373 1150706 1150706 63244667 0 63244667 63452722 1150706 1150706 62302016 0 62302016 PART IV, LINE 1B: PACIFIC SERVICE CREDIT UNION (THE CREDIT UNION) IS THE ADMINISTRATOR OF PSEA, PSEVA, PSFCU, AND SJPECU RETIREE MEDICAL BENEFIT TRUST (THE TRUST). ADMINISTRATIVE ACTIVITIES INCLUDE DISBURSING PAYMENTS FOR MEDICAL INSURANCE PREMIUMS, COLLECTING PARTICIPANT CONTRIBUTIONS, MANAGING CASH FLOWS, INVESTING NET ASSETS, PREPARING FINANCIAL STATEMENTS, AND PREPARING TAX RETURNS. AMOUNTS DUE BETWEEN THE CREDIT UNION AND THE TRUST ARE REIMBURSED SEMIANNUALLY. PART X, LINE 2: PACIFIC SERVICE CREDIT UNION (THE CREDIT UNION) IS A STATE-CHARTERED CREDIT UNION AS DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14) AND, AS SUCH, IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. FASB ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE FINANCIAL STATEMENTS. THIS REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE CREDIT UNION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE LIKELY THAN NOT" OF BEING SUSTAINED "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS DEEMED TO NOT MEET THE MORE-LIKELY-THAN-NOT THRESHOLD SHOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT PERIOD. FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS, AND ACCORDINGLY, THE CREDIT UNION HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. STATE TAXES, HOWEVER, ARE PAID ON INCOME EARNED BY THE CREDIT UNION IN CALIFORNIA. THE CREDIT UNION IS SUBJECT TO AND PAYS ALL STATE AND CITY TAXES ON GOODS AND SERVICES PURCHASED BY THE CREDIT UNION. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES, RECLASSED FROM FUNCTIONAL EXPENSE 1,150,706. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES, RECLASSED TO STATEMENT OF REVENUE 1,150,706. 1 FOOD BANK - CONTRA COSTA COUNTY AND SOLANO 4010 NELSON AVE CONCORD CA 94520 942418054 501(C)(3) 45000 0 GENERAL PROGRAM SUPPORT CHILDREN'S MIRACLE NETWORK HOSPITALS 205 WEST 700 SOUTH SALT LAKE CITY UT 84101 870387205 501(C)(3) 22100 0 GENERAL PROGRAM SUPPORT NPOWER INC 55 WASHINGTON STREET SUITE 560 BROOKLYN NY 11201 134145441 501(C)(3) 10000 0 GENERAL PROGRAM SUPPORT MARJAREE MASON CENTER OF FRESNO 1600 M STREET FRESNO CA 93721 941156639 501(C)(3) 10000 0 GENERAL PROGRAM SUPPORT LEUKEMIA & LYMPHOMA SOCIETY 221 MAIN STREET STE 1650 SAN FRANCISCO CA 94105 135644916 501(C)(3) 10000 0 GENERAL PROGRAM SUPPORT AMERICAN RED CROSS - CA WILDFIRES 1663 MARKET STREET SAN FRANCISCO CA 94103 530196605 501(C)(3) 10000 0 GENERAL PROGRAM SUPPORT LOAVES & FISHES 1985 BONIFACIO STREET STE 100 CONCORD CA 94521 680018077 501(C)(3) 10000 0 GENERAL PROGRAM SUPPORT NATIONAL CREDIT UNION FOUNDATION 4703 MADISON YARDS WAY MADISON WI 53705 391383650 501(C)(3) 10000 0 GENERAL PROGRAM SUPPORT 8 0 PART I, LINE 2: THE CHARITABLE CONTRIBUTIONS AMOUNT IN TOTAL IS APPROVED BY THE BOARD IN THE ANNUAL BUDGETING PROCESS. PACIFIC SERVICE CREDIT UNION HAS EMPLOYEE VOLUNTEERS THAT MAKE UP ITS COMMUNITY INVOLVEMENTS COMMITTEE ("CIC"). CIC MEMBERS MEET MONTHLY TO DISCUSS AND VOTE ON HOW THE BUDGETED FUNDS ARE TO BE SPENT. UPON BOARD APPROVAL DURING THE MONTHLY BOARD MEETING THE FUNDS ARE ISSUED TO THE VARIOUS CHARITABLE ORGANIZATIONS. CONTRIBUTIONS ARE MADE THROUGHOUT THE YEAR. ADDITIONAL CHARITABLE CONTRIBUTIONS MAY OCCUR, AS AUTHORIZED BY THE CHIEF EXECUTIVE OFFICER. PACIFIC SERVICE CREDIT UNION WORKS WITH THE NON-PROFIT ORGANIZATIONS TO REVIEW AND DISCUSS HOW GRANTS FUNDS WILL BE USED. X X 0 1 0 VIRGINIA LAMPSON PRESIDENT & CEO 627236 0 203303 0 3657 0 155181 0 25223 0 1014600 0 0 0 DAVID KATO EVP & CFO 375197 0 127048 0 42 0 20282 0 45538 0 568107 0 0 0 KRISTIN DOVE SVP & CMO 321997 0 93631 0 42 0 19162 0 36588 0 471420 0 0 0 BARBARA SMITH SVP & CAO 297071 0 89741 0 42 0 18272 0 38839 0 443965 0 0 0 JEFFREY BELL SVP & CSO 303267 0 79534 0 42 0 14706 0 5934 0 403483 0 0 0 MICHELLE SHELOR SVP & COO 259134 0 74145 0 42 0 19162 0 23430 0 375913 0 0 0 HEMLATA PATEL SVP & CLO 257097 0 69887 0 1053 0 12963 0 28237 0 369237 0 0 0 PANSY FONG VP & CONTROLLER 259579 0 64873 0 9850 0 12579 0 11198 0 358079 0 0 0 MAYRA DOMINGUEZ VP 196766 0 49469 0 42 0 11719 0 10510 0 268506 0 0 0 MARIAN MALLORY-WALL SVP & CRO (STARTED 2/28/23) 234139 0 0 0 10042 0 12088 0 4126 0 260395 0 0 0 ANGELITO CRISTOBAL VP 166803 0 40153 0 42 0 7212 0 31285 0 245495 0 0 0 ROBERT MORAN AVP 171653 0 27418 0 42 0 13103 0 25418 0 237634 0 0 0 BETINA MARCELO VP 175769 0 24916 0 42 0 9330 0 14438 0 224495 0 0 0 KEVIN ALSUP SVP & CTO (STARTED 3/27/23) 206250 0 0 0 42 0 9736 0 8076 0 224104 0 0 0 STEVEN CRAIGE VP (RETIRED 4/13/23) 78540 0 73793 0 57919 0 5891 0 7309 0 223452 0 0 0 PART I, LINE 4B VIRGINIA LAMPSON, PRESIDENT AND CEO, BEGAN PARTICIPATING IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN IN AUGUST 2020. THE TOTAL 2023 EMPLOYER CONTRIBUTIONS INTO THE PLAN ON BEHALF OF THE INDIVIDUAL IN THE AMOUNT OF $135,287 IS REPORTED AS DEFERRED COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II. THERE WERE NO DISTRIBUTIONS FROM THE PLAN IN 2023. FORM 990, PART VI, SECTION A, LINE 6 PACIFIC SERVICE CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A PACIFIC SERVICE CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 8B PACIFIC SERVICE CREDIT UNION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED IN DETAIL BY PACIFIC SERVICE CREDIT UNION'S (CREDIT UNION) CONTROLLER. THE CHIEF FINANCIAL OFFICER REVIEWS FORM 990 FOR COMPLETENESS AND CONSISTENCY WITH CREDIT UNION POLICIES AND PROCEDURES. THE CHIEF EXECUTIVE OFFICER AND BOARD OF DIRECTORS ARE PROVIDED A COPY OF THE FORM 990 BEFORE IT IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C IT IS THE CREDIT UNION'S POLICY THAT TRANSACTIONS SHALL BE CARRIED OUT BY DIRECTORS, COMMITTEE MEMBERS, OFFICERS, AGENTS, AND EMPLOYEES OF THE CREDIT UNION IN THE BEST INTERESTS OF THE CREDIT UNION. NO DIRECTOR, COMMITTEE MEMBER, OFFICER, AGENT, OR EMPLOYEE OF THIS CREDIT UNION SHALL IN ANY MANNER, DIRECTLY OR INDIRECTLY, PARTICIPATE IN THE DELIBERATION UPON, OR THE DETERMINATION OF, ANY CREDIT UNION BUSINESS AFFECTING THEIR PECUNIARY INTEREST OR THE PECUNIARY INTEREST OF ANY CORPORATION, PARTNERSHIP, OR ASSOCIATION IN WHICH HE OR SHE IS DIRECTLY OR INDIRECTLY INTERESTED. BEYOND THIS PROHIBITION ON PARTICIPATION AND DETERMINATION, IT IS THE POLICY OF THE CREDIT UNION THAT EACH DIRECTOR, COMMITTEE MEMBER, OFFICER, AGENT, AND EMPLOYEE SHALL INFORM THE APPROPRIATE LEVEL OF CREDIT UNION AUTHORITY (THAT IS, THE BOARD OF DIRECTORS, SUPERVISORY COMMITTEE, OR PRESIDENT/CEO), OF ANY PERSONAL INTEREST, PECUNIARY OR OTHERWISE, THAT HE OR SHE MAY HAVE IN BUSINESS AFFECTING THE CREDIT UNION. SUCH DIRECTOR, COMMITTEE MEMBER, OFFICER, AGENT, OR EMPLOYEE SHALL BE DISQUALIFIED FROM FURTHER CREDIT UNION DELIBERATION AND/OR DETERMINATION ON THE MATTER IN QUESTION UNLESS FURTHER PARTICIPATION IS PERMITTED BY THE BOARD, SUBJECT TO THE LIMITATIONS OF FEDERAL AND STATE LAW AND REGULATION. FAILURE TO PROPERLY DISCLOSE A PERSONAL INTEREST (PECUNIARY OR NOT) IN A CREDIT UNION TRANSACTION SHALL BE CONSTRUED AS A BREACH OF THIS POLICY AND MAY SUBJECT THE INDIVIDUAL TO DISCIPLINE, UP TO AND INCLUDING TERMINATION. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS REVIEWS THE CHIEF EXECUTIVE OFFICER'S (CEO) COMPENSATION AGAINST THIRD-PARTY, INDEPENDENT COMPENSATION SURVEYS ANNUALLY. IN ADDITION, ANNUAL ADJUSTMENTS TO THE CEO'S SALARY ARE BASED ON INDIVIDUAL PERFORMANCE AND BUDGET CONSTRAINTS. THE PROCESS AND FINAL DECISION ARE DOCUMENTED IN THE BOARD MINUTES, AND THIS PROCESS WAS LAST COMPLETED IN FEBRUARY 2023, RETROACTIVE TO JANUARY 1, 2023. FORM 990, PART VI, SECTION C, LINE 19 PACIFIC SERVICE CREDIT UNION MAKES ITS GOVERNING DOCUMENTS 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(D). FORM 990, PART XI, LINE 9: POSTRETIREMENT EMPLOYEE BENEFIT PLANS - ACTUARIAL LOSS -306,662. POSTRETIREMENT EMPLOYEE BENEFIT PLANS - AMORTIZATION OF ACTUARIAL GAIN -150,033. CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE - ADOPTION OF ASC 326 -4,688,635. FORM 990, PART XII, LINE 2C: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR.