2024-11-14T16:24:39-06:00 2023-12-31 910189318 MOSS ADAMS LLP 805 SW BROADWAY STE 1400 PORTLAND OR 97205 990 2023-01-01 520627114 STATE EMPLOYEES CREDIT UNION OF MARYLAND INC STAT 4104877328 971 CORPORATE BLVD LINTHICUM MD 210902337 STEVEN ARBAUGH CFO 4104877328 2024-11-14 1 WENDY CAMPOS P00448102 5032421447 2024-11-14 2023 2024-10-15 13:58:12Z STEVEN ARBAUGH 971 CORPORATE BLVD LINTHICUM MD 210902337 365222336 0 X WWW.SECUMD.ORG X 1951 MD TO MAKE A POSITIVE CONTRIBUTION TO THE FINANCIAL WELL-BEING OF THOSE WE SERVE. 9 9 492 0 354457 0 0 0 194845185 250593577 20743728 34562074 684869 339073 216273782 285494724 1249585 58600 0 0 42530210 47388719 0 0 0 130234394 185118451 174014189 232565770 42259593 52928954 5313600650 5276282946 4945476020 4861899227 368124630 414383719 X SECU'S MAIN PURPOSE IS TO PROMOTE THRIFT AMONG AND TO CREATE A SOURCE OF CREDIT FOR ITS MEMBERS. SECU DOES SO BY PROVIDING MARYLANDERS WITH PRODUCTS, SERVICES, AND STATE OF THE ART TECHNOLOGY DESIGNED TO MEET ITS MEMBERS' FINANCIAL NEEDS. 0 0 DEPOSIT PRODUCTS AND SERVICES:SECU PROVIDES DEPOSIT PRODUCTS AND SERVICES TO MEMBERS. THESE DEPOSIT PRODUCTS INCLUDE SAVINGS, CHECKING, MONEY MARKET, CERTIFICATES OF DEPOSIT, AND INDIVIDUAL RETIREMENT ACCOUNTS. AS OF DECEMBER 31,2023 SECU HAD 592,135 DEPOSIT ACCOUNTS OUTSTANDING. SECU'S DEPOSIT RATES CONTINUE TO BE SOME OF THE MOST COMPETITIVE RATES OFFERED BY FEDERALLY INSURED FINANCIAL INSTITUTIONS. LOAN PRODUCTS:SECU PROVIDES MORTGAGE, CONSUMER, AND BUSINESS LOANS TO MEMBERS AT COMPETITIVE RATES. THESE LOANS INCLUDE 1ST AND 2ND MORTGAGES, HOME EQUITY LINES OF CREDIT, CREDIT CARD, UNSECURED LINES OF CREDIT, NEW AND USED AUTO LOANS, AND STUDENT LOANS. AS OF DECEMBER 31, 2023, SECU HAD 126,619 LOANS OUTSTANDING TO MEMBERS TOTALING $3.99 BILLION. TRADITIONAL/ONLINE/MOBILE BANKING:SECU OFFERS ONLINE AND MOBILE BANKING TO MEMBERS IN ADDITION TO 24 BRANCHES AND 106 ATMS THROUGHOUT THE STATE. FINANCIAL EDUCATION: IN 2023, SECU PROVIDED ADULT AND YOUTH FINANCIAL EDUCATION SERVICES SUCH AS WORKING WITH SCHOOLS AND SELECT EMPLOYER GROUPS. 0 0 1 0 0 0 0 1 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 118099 0 1 492 1 1 1 0 0 0 0 0 1 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X STEVEN ARBAUGH CFO 4104877328 971 CORPORATE BLVD LINTHICUM MD 210902337 JUANCHO BAINO CHAIR/DIRECTOR 1.00 0.00 X X 40905 0 0 SHARONNE BONARDI VICE CHAIR/DIRECTOR 1.00 0.00 X X 44870 0 0 TIMOTHY LA VALLE SECRETARY/DIRECTOR 1.00 0.00 X X 31721 0 0 ELLEN GARDNER TREASURER/DIRECTOR 1.00 1.00 X X 31093 0 0 GAYLE SEWARD DIRECTOR 1.00 1.00 X 27095 0 0 JANET BACON DIRECTOR 1.00 0.00 X 25980 0 0 JOHN KENNEY DIRECTOR 1.00 0.00 X 25656 0 0 MARK REGER DIRECTOR 1.00 0.00 X 25293 0 0 GINA MCKNIGHT-SMITH DIRECTOR 1.00 0.00 X 19900 0 0 DAVID SWEIDERK CEO/PRESIDENT 40.00 0.00 X 1118880 0 556793 STEVEN ARBAUGH CFO/EVP 40.00 0.00 X 560264 0 342362 REBECCA SMITH CHIEF REVENUE OFFICER/EVP 40.00 1.00 X 637251 0 213660 KEVIN KESECKER CHIEF ADMINISTRATIVE OFFICER/EVP 40.00 0.00 X 607440 0 188101 RODERIC FLOWERS CHIEF DEI & HR OFFICER/SVP 40.00 1.00 X 434996 0 190933 JANELLE BURGOYNE CHIEF GOVERNANCE OFFICER & GC/SVP 40.00 1.00 X 398335 0 175899 JAMES SMITH CHIEF LENDING OFFICER/SVP 40.00 0.00 X 425025 0 122493 MICHELE MOORE CHIEF BD OFFICER/SVP THRU 7/23 40.00 0.00 X 429871 0 84318 KEVIN STEHL CHIEF S&E OFFICER/SVP 40.00 0.00 X 369470 0 119991 STEVEN MCKONE CHIEF DEPOSIT OFFICER/SVP 40.00 0.00 X 271229 0 41934 KELLEY HARWOOD VP, MORTGAGE PROG & STRAT LENDING 40.00 0.00 X 436942 0 65733 MARK DEITZ MANAGING DIRECTOR, MORTGAGE LENDING 40.00 0.00 X 380675 0 57523 JAMES MELLENDICK MANAGING DIRECTOR, WEALTH MANAGEMENT 40.00 0.00 X 352669 0 62004 JOHN ENA JR SVP, FINANCE/CONTROLLER 40.00 1.00 X 373923 0 31944 DALE SKINNER MANAGING DIRECTOR, BUSINESS SERVICES 40.00 0.00 X 316805 0 63509 VICTOR HAZAN VP, COMMERCIAL LENDING 40.00 0.00 X 304475 0 59027 TESHIA DAVIS VP, PEOPLE 40.00 0.00 X 301207 0 59099 ADRIENNE ALLGIRE VP, OPERATIONS 40.00 0.00 X 293536 0 48712 AMY BASTA SVP, MARKETING 40.00 1.00 X 287935 0 34356 HARRY FLORIO JR VP, ORGANIZATIONAL DEVELOPMENT 40.00 0.00 X 267034 0 54789 KELLY MAKAREHCHI VP, PMO 40.00 0.00 X 238152 0 57345 GEORGE GIRLING MANAGING DIRECTOR/EOP 40.00 0.00 X 257200 0 52212 JONATHAN WASEY FINANCIAL ADVISOR 40.00 0.00 X 288335 0 23021 RAFAEL OLAZAGASTI VP, CHANNEL OPTIMIZATION 40.00 0.00 X 249987 0 49980 JOHN TODD VP, DIGITAL 40.00 0.00 X 230605 0 55543 WILLIAM HARPER MORTGAGE LOAN OFFICER 40.00 0.00 X 251691 0 25564 10356445 0 2836845 120 0 1 0 OPEN TECHNOLOGY SOLUTIONS LLC 8085 SOUTH CHESTER ST STE 100 CENTENNIAL CO 80112 TECHNOLOGY SERVICES 13691556 FIDELITY NATIONAL INFORMATION SERVICES 601 RIVERSIDE AVE JACKSONVILLE FL 32204 PAYMENT PROCESSING, BANKING SOFTWARE 6721970 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVE RANCHO CUCAMONGA CA 91730 ATM NETWORK & MEMBER ONLINE BANKING 4328342 QSI INC 107 SCHULER DR BARDSTOWN KY 40004 ATM/ITM EQUIPMENT & MAINTENANCE 2867769 FISERV INC 255 FISERV DR BROOKFIELD WI 53045 FINANCIAL SERVICES SOFTWARE 2422954 74 INTEREST ON LOANS 522100 192183961 192183961 SERVICE CHARGES INCOME 522100 35674399 35354752 319647 OTHER FEE INCOME 522100 22902722 22867912 34810 EQUITY IN EARNINGS OF 522100 -167505 -167505 250593577 25837359 25837359 829250 490177 339073 339073 339073 87962150 79237435 8724715 8724715 8724715 285494724 250239120 354457 34901147 X 58600 11709152 27065486 2106850 3840986 2666245 138807 33066983 5084553 5651604 27440991 3442522 114949 432004 66172940 5807399 1504107 PROVISION FOR LOAN LOSS 16157451 CHECKING & LENDING SERV 5730820 REWARDS/LOYALTY PROGRAM 4968927 EQUIPMENT EXPENSE 4396554 5007840 232565770 186666835 256373499 4018705578 3988703344 5916315 5962703 106611767 66252875 39942379 40358892 908419348 840908444 16406764 16762033 137543431 127214031 5313600650 5276282946 40247151 77257114 9166606 7917645 4896062263 4776724468 4945476020 4861899227 X 0 0 0 0 368124630 414383719 368124630 414383719 5313600650 5276282946 X 52928954 -6669865 X 0 1 X 1 0 6000 0 0 6000 6000 1 MARYLAND CREDIT UNION PAC 9891 BROKEN LAND PARKWAY SUITE 405 COLUMBIA MD 21046 933785784 6000 0 1 11435415 11435415 33113085 18624970 14488115 15184853 9430791 5754062 46845086 38165069 8680017 33328 32045 1283 40358892 DEPOSIT - NCUSIF 42700549 F INVESTMENTS - AVAILABLE FOR SALE 646256041 F INVESTMENTS - FHLB STOCK 22614100 F METLIFE GROUP LIFE 18217411 F ZURICH GROUP LIFE 111120343 F 840908444 SHARES AND DEPOSITS 4346304885 ACCRUED DIVIDENDS AND INTEREST PAYABLE 7442591 BORROWINGS - FHLB 398500000 LEASE LIABILITY 24476992 4776724468 X PART X, LINE 2: THE CREDIT UNION IS STATE CHARTERED AND FEDERALLY TAX-EXEMPT UNDER THE INTERNAL REVENUE CODE 501(C)(14), EXCEPT TO THE EXTENT OF UNRELATED BUSINESS INCOME. THE CREDIT UNION HAD NO UNRECOGNIZED TAX BENEFITS AT DECEMBER 31, 2023 AND 2022. THE CREDIT UNION RECOGNIZES THE ACCRUAL OF INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AS A TAX EXPENSE. DURING THE YEARS ENDED DECEMBER 31, 2023 AND 2022, THE CREDIT UNION RECOGNIZED NO MATERIAL INTEREST OR PENALTIES. SECU TITLE SERVICES, LLC, IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. THE INCOME FROM THE CUSO, ORGANIZED AS AN LLC, FLOWS THROUGH TO THE CREDIT UNION, AND THEREFORE IS NOT SUBJECTED TO FEDERAL AND STATE INCOME TAXES. SECURITY FINANCIAL GROUP, INC. IS NOT SUBJECT TO TAXES. PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW TO PAY INSURANCE AND REAL ESTATE TAXES ON BEHALF OF ITS MORTGAGE LOAN MEMBERS. 1 CREDIT UNION FOUNDATION OF MD & DC 8975 GUILFORD ROAD COLUMBIA MD 21046 521749045 501(C)(3) 15000 0 GENERAL SUPPORT SPECIAL OLYMPICS MARYLAND 3701 COMMERCE DRIVE SUITE 103 BALTIMORE MD 21227 237089144 501(C)(3) 15000 0 GENERAL SUPPORT AFRICAN AMERICAN CREDIT UNION COALITION 4415 AMY ROAD SNELLVILLE GA 30039 571091138 501(C)(3) 10000 0 GENERAL SUPPORT ULMAN FOUNDATION 2118 EAST MADISON STREET BALTIMORE MD 21205 522057636 501(C)(3) 6000 0 GENERAL SUPPORT 4 0 PART I, LINE 2: THERE IS NO MONITORING OF THE FUNDS ISSUED TO THESE ORGANIZATIONS. X X X 1 1 0 DAVID SWEIDERK CEO/PRESIDENT 813387 0 298778 0 6715 0 514307 0 42486 0 1675673 0 0 0 STEVEN ARBAUGH CFO/EVP 407820 0 137457 0 14987 0 299412 0 42950 0 902626 0 0 0 REBECCA SMITH CHIEF REVENUE OFFICER/EVP 426557 0 200270 0 10424 0 179537 0 34123 0 850911 0 0 0 KEVIN KESECKER CHIEF ADMINISTRATIVE OFFICER/EVP 397615 0 197182 0 12643 0 171022 0 17079 0 795541 0 0 0 RODERIC FLOWERS CHIEF DEI & HR OFFICER/SVP 324326 0 96659 0 14011 0 142006 0 48927 0 625929 0 0 0 JANELLE BURGOYNE CHIEF GOVERNANCE OFFICER & GC/SVP 258943 0 96835 0 42557 0 140611 0 35288 0 574234 0 0 0 JAMES SMITH CHIEF LENDING OFFICER/SVP 312618 0 102962 0 9445 0 83334 0 39159 0 547518 0 0 0 MICHELE MOORE CHIEF BD OFFICER/SVP THRU 7/23 195193 0 102212 0 132466 0 79099 0 5219 0 514189 0 0 0 KELLEY HARWOOD VP, MORTGAGE PROG & STRAT LENDING 253868 0 179963 0 3111 0 26022 0 39711 0 502675 0 0 0 KEVIN STEHL CHIEF S&E OFFICER/SVP 277000 0 82665 0 9805 0 78193 0 41798 0 489461 0 0 0 MARK DEITZ MANAGING DIRECTOR, MORTGAGE LENDING 217462 0 157692 0 5521 0 17772 0 39751 0 438198 0 0 0 JAMES MELLENDICK MANAGING DIRECTOR, WEALTH MANAGEMENT 276005 0 69950 0 6714 0 25136 0 36868 0 414673 0 0 0 JOHN ENA JR SVP, FINANCE/CONTROLLER 284595 0 87646 0 1682 0 24707 0 7237 0 405867 0 0 0 DALE SKINNER MANAGING DIRECTOR, BUSINESS SERVICES 155814 0 155640 0 5351 0 25686 0 37823 0 380314 0 0 0 VICTOR HAZAN VP, COMMERCIAL LENDING 238183 0 63270 0 3022 0 24886 0 34141 0 363502 0 0 0 TESHIA DAVIS VP, PEOPLE 238326 0 61515 0 1366 0 18335 0 40764 0 360306 0 0 0 ADRIENNE ALLGIRE VP, OPERATIONS 224083 0 67400 0 2053 0 21436 0 27276 0 342248 0 0 0 AMY BASTA SVP, MARKETING 221620 0 65310 0 1005 0 19344 0 15012 0 322291 0 0 0 HARRY FLORIO JR VP, ORGANIZATIONAL DEVELOPMENT 211051 0 54323 0 1660 0 22684 0 32105 0 321823 0 0 0 STEVEN MCKONE CHIEF DEPOSIT OFFICER/SVP 262725 0 750 0 7754 0 7512 0 34422 0 313163 0 0 0 JONATHAN WASEY FINANCIAL ADVISOR 100000 0 187894 0 441 0 21798 0 1223 0 311356 0 0 0 GEORGE GIRLING MANAGING DIRECTOR/EOP 183229 0 73585 0 386 0 16949 0 35263 0 309412 0 0 0 RAFAEL OLAZAGASTI VP, CHANNEL OPTIMIZATION 197987 0 51092 0 908 0 13222 0 36758 0 299967 0 0 0 KELLY MAKAREHCHI VP, PMO 188783 0 48049 0 1320 0 19303 0 38042 0 295497 0 0 0 JOHN TODD VP, DIGITAL 180733 0 49085 0 787 0 17536 0 38007 0 286148 0 0 0 WILLIAM HARPER MORTGAGE LOAN OFFICER 28611 0 218008 0 5072 0 17066 0 8498 0 277255 0 0 0 PART I, LINES 4A-B MICHELE MOORE, SVP/CHIEF BUSINESS DEVELOPMENT OFFICER, RECEIVED SEVERANCE PAY OF $126,923. DAVID SWEIDERK, PRESIDENT/CEO, PARTICIPATES IN A NON-QUALIFIED RETIREMENT PLAN. THERE WERE NO DISTRIBUTIONS FROM THE PLAN IN 2023. THE AMOUNT ACCRUED IN 2023 WAS $488,285. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY. THE CREDIT UNION MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVE MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE CFO AND CONTROLLER PRIOR TO FILING WITH THE IRS. A COPY WILL BE PROVIDED ELECTRONICALLY TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C SECU ADMINISTRATION AND INTERNAL AUDIT HANDLE THE CREATION, MAILING, AND COLLECTION OF THE ANNUAL CONFLICT OF INTEREST QUESTIONNAIRES TO THE DIRECTORS, OFFICERS, SUPERVISORY COMMITTEE MEMBERS, CREDIT COMMITTEE MEMBERS, THE PRESIDENT, VPS, AND AVPS. A REPORT DETAILING THE RESULTS OF THE ANNUAL CONFLICT OF INTEREST REVIEW ARE SHARED WITH THE BOARD, AND ANY HIGH RISK CONCERNS AND ISSUES (>$150) ARE BROUGHT TO THE ATTENTION OF THE BOARD AT THE DISCRETION OF THE AVP OF INTERNAL AUDIT. IN THE EVENT THAT A CONFLICT OR POSSIBLE CONFLICT OF INTEREST EXISTS, BOARD MEETING MINUTES WILL REFLECT PROCEEDINGS RELATED TO THE CONFLICT, AND THE BOARD WILL DIRECT THAT IT BE RESOLVED. ANYONE INVOLVED IN A CONFLICT OF INTEREST MAY NOT VOTE ON OR DISCUSS THE PARTICULAR TRANSACTION IN WHICH HE OR SHE HAS AN INTEREST. TERMINATION OR SUSPENSION OF DUTIES MAY BE RECOMMENDED IN CERTAIN CASES IF THE CONFLICT OF INTEREST IS NOT RESOLVED. FORM 990, PART VI, SECTION B, LINE 15 FOR VP LEVEL EMPLOYEES, THE PRESIDENT/CEO CONTROLS DECISIONS WITH THE BOARD BEING INFORMED OF THE DECISION BUT NOT FORMALLY INVOLVED. THE CEO USES EXTERNAL SOURCES FOR VP SALARY MARKET DATA. THE CEO REVIEWS THIS DATA AND SETS VP MARKET SALARIES IN CONJUNCTION WITH THE SVP OF HR. ANNUALLY THE BOARD MEETS WITH A CREDIT UNION INDUSTRY CONSULTANT TO REVIEW THE CEO COMPENSATION PLAN. CEO COMPARISON DATA, ALONG WITH PERFORMANCE, IS USED TO DETERMINE SALARY. THE DETAILS OF THIS MEETING ARE DOCUMENTED IN BOARD MINUTES. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART IX, LINE 11G PROFESSIONAL SERVICES 7,872,895. CUSO SERVICES 25,194,088. FORM 990, PART XI, LINE 9: UNREALIZED GAIN/LOSS 21,230,322. MTM HEDGE GAIN -81,160. OTHER COMPREHENSIVE INCOME ADJUSTMENT -6,777,629. CUMULATIVE CHANGE IN ACCOUNTING PRINCIPLE - ASC 326 -21,041,398. SECU TITLE SERVICES LLC 971 CORPORATE BLVD LINTHICUM MD 210902337 463163747 TITLE SERVICES MD -167505 418207 STATE EMPLOYEES CREDIT UNION OF MARYLAND INC SECU MD FOUNDATION INC 971 CORPORATE BLVD LINTHICUM MD 210902337 821896987 SCHOLARSHIPS MD 501(C)(3) LINE 10 STATE EMPLOYEES CREDIT UNION OF MARYLAND INC 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 1 0 0 SECU MD FOUNDATION Q 348070 CASH VALUE