2023-11-14T15:39:49-06:00 2022-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2022-01-01 390827305 MARINE CREDIT UNION MARI 2623891758 300 2ND ST N STE 400 LA CROSSE WI 54601 JOE LIETHEN CFO 2623891758 2023-11-14 1 JOE LIETHEN 999009999 0 X COLLEEN RAMIRES P01251320 4252597227 2023-11-13 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z X DARRICK WEEKS 300 2ND ST N STE 400 LA CROSSE WI 54601 78576920 0 2157 X WWW.MARINECU.COM X CU 1949 WI WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING. 7 6 544 0 105568 0 0 0 72178271 72903352 1237633 4318475 134802 187735 73550706 77409562 184802 181662 0 0 37892743 40325549 0 0 0 23598958 28373106 61676503 68880317 11874203 8529245 1046373718 1034078280 946075135 934376514 100298583 99701766 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 78,213 MEMBERS HAS AT LEAST ONE SAVINGS ACCOUNT AND THESE MEMBERS HAVE OVER 50,883 CHECKING ACCOUNTS WITH MARINE. WE OFTEN PROVIDE THESE SERVICES AT A LOWER COST THAN WHAT WOULD OTHERWISE BE AVAILABLE. WE PROTECT OVER $755,582,395 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 $195,663,302 DURING 2022. THESE LOANS ARE USED BY BORROWERS TO PURCHASE, REFINANCE OR IMPROVE THEIR HOMES. CURRENT MORTGAGE LOANS OUTSTANDING EXCEED $506,027,085 AS OF DECEMBER 31, 2022. CONSUMER LENDING - MARINE CREDIT UNION IS A FULL SERVICE CONSUMER LENDING INSTITUTION. IN 2022 WE GRANTED A TOTAL OF $188,845,584 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 $251,671,311. 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 17562 0 1 544 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 23500 0 0 JONATHON HORNE BOARD THIRD VICE-CHAIR 5.00 X X 18500 0 0 WILLIAM MAAS BOARD SECOND VICE-CHAIR 5.00 X X 18000 0 0 ANNE SNOW BOARD FOURTH VICE-CHAIR 5.00 X X 18000 0 0 MIC MICHELS BOARD TREASURER 5.00 X X 18000 0 0 MARK D REED BOARD SECRETARY 5.00 X X 18000 0 0 BRIAN RUDE BOARD FIRST VICE-CHAIR 5.00 X X 10500 0 0 WILLIAM SACIA BOARD MEMBER 5.00 X X 7500 0 0 DARRICK WEEKS PRESIDENT & CEO 40.00 X 493041 0 33138 JOSEPH LIETHEN CHIEF FINANCIAL OFFICER 40.00 X 317726 0 34816 WILLIAM JAMES CHIEF RISK OFFICER 40.00 X 375907 0 37817 ADAM KEER CHIEF EXPERIENCE OFFICER 40.00 X 340079 0 34816 KENNETH BROSSMAN CHIEF LENDING OFFICER 40.00 X 300307 0 35866 BLAKE HERRING CHIEF HUMAN RESOURCE OFFICER 40.00 X 278082 0 35514 JACK KALANDER CHIEF INFORMATION OFFICER 40.00 X 297056 0 34816 KATIE TOLOKKEN CHIEF OPERATING OFFICER 40.00 X 241097 0 19328 MICHAEL SPILLANE SENIOR VICE PRESIDENT OF CUSTOMER ANALYTICS 40.00 X 317502 0 36316 STEPHEN NEUMANN VICE PRESIDENT OF COLLECTIONS 40.00 X 256962 0 37405 EDUARDO ZAMARRON SR. MORTGAGE LOAN REPRESENTATIVE 40.00 X 265183 0 27880 JOSHUA MOORE SVP OF MORTGAGE LENDING 40.00 X 233341 0 34816 LIZ MALOTT SVP OF TALENT 40.00 X 195431 0 32094 SHAWN HANSON FORMER PRESIDENT & CEO 40.00 X 822000 0 10250 4865714 0 444872 63 1 1 0 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE ROAD SUITE 260 FARMINGTON HILLS MI 48334 SOFTWARE MAINTENANCE 1180791 ALKAMI TECHNOLOGY INC DEPT 2223 PO BOX 122223 DALLAS TX 753122223 SOFTWARE 756080 SALESFORCECOM INC PO BOX 203141 DALLAS TX 753203141 SOFTWARE 657122 VENDI ADVERTISING LLC 125 4TH STREET N SUITE 200 LA CROSSE WI 54601 MARKETING SERVICES 558212 NUSOURCE FINANCIAL LLC 9749 HAMILTON ROAD EDEN PRAIRIE MN 55344 ATM MAINTENANCE, SERVICE, SUPPLIES 457692 42 LOAN INTEREST 522100 53870923 53870923 FEE INCOME 522100 17940854 17846984 93870 OTHER OPERATING INCOME 522100 1091575 1079877 11698 72903352 4079162 4079162 187735 0 187735 187735 187735 1406671 1167358 239313 239313 239313 77409562 72797784 105568 4506210 165662 16000 3041406 28957084 860218 5284161 2182680 275641 108596 1750 4019273 1130485 2246894 2534872 1754739 679601 4937175 1971586 57200 PROVISION FOR LOAN LOSS 4688472 CARD PROCESSING 1713486 LOAN SERVICING EXPENSE 588131 MEMBER INSURANCE EXPENS 74548 1590657 68880317 127761887 30763617 95923944 62315578 888314 825538 18459835 19044640 693066035 778116434 3058347 2642693 32409608 12732923 21931110 19676685 47763919 84038878 7164965 6378269 13949967 13259210 16405395 17016738 1046373718 1034078280 11384625 12689868 9323 7695 129500000 109500000 805181187 812178951 946075135 934376514 X 0 0 0 0 100298583 99701766 100298583 99701766 1046373718 1034078280 8529245 -9126062 0 X 0 1 X 1 0 1 89950 0 9098 80852 1 X 3896167 3896167 16782540 6309819 10472721 879261 501788 377473 7932770 5266240 2666530 1435748 1483122 655076 2263794 19676685 MEMBER SHARES 811966128 LEASE LIABILITY 212823 812178951 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 2022 AND HAS FILED ITS TAX RETURNS FOR CALENDAR YEAR 2021 FOR ACTIVITIES DEEMED TAXABLE AND HAS A NET OPERATING LOSS CARRYFORWARD AS OF THE 2021 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, 2022 OR 2021. THE CREDIT UNION'S 2019 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL TAXING AUTHORITIES, AND 2018 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 811 MONITOR STREET LA CROSSE WI 54603 261564606 501(C)(3) 165662 0 GENERAL SUPPORT 1 0 FIRST TIME HOME BUYER PROGRAM 1 6000 SCHOLARSHIPS 10 10000 PART I, LINE 2: MARINE CREDIT UNION REVIEWS THE SUBRECIPIENT'S ADMINISTRATION OF FUNDS AND ANY REQUIRED NON-FEDERAL CONTRIBUTIONS. X X X 1 0 0 SHAWN HANSON FORMER PRESIDENT & CEO 0 0 0 0 822000 0 10250 0 0 0 832250 0 0 0 DARRICK WEEKS PRESIDENT & CEO 394231 0 60000 0 38810 0 13500 0 19638 0 526179 0 0 0 WILLIAM JAMES CHIEF RISK OFFICER 300245 0 75662 0 0 0 13251 0 24566 0 413724 0 0 0 ADAM KEER CHIEF EXPERIENCE OFFICER 267635 0 72444 0 0 0 10250 0 24566 0 374895 0 0 0 MICHAEL SPILLANE SENIOR VICE PRESIDENT OF CUSTOMER AN 191603 0 50562 0 75337 0 11750 0 24566 0 353818 0 0 0 JOSEPH LIETHEN CHIEF FINANCIAL OFFICER 242463 0 69082 0 6181 0 10250 0 24566 0 352542 0 0 0 KENNETH BROSSMAN CHIEF LENDING OFFICER 227463 0 69220 0 3624 0 11300 0 24566 0 336173 0 0 0 JACK KALANDER CHIEF INFORMATION OFFICER 229278 0 67778 0 0 0 10250 0 24566 0 331872 0 0 0 BLAKE HERRING CHIEF HUMAN RESOURCE OFFICER 227901 0 50000 0 181 0 11756 0 23758 0 313596 0 0 0 STEPHEN NEUMANN VICE PRESIDENT OF COLLECTIONS 185197 0 71584 0 181 0 12839 0 24566 0 294367 0 0 0 EDUARDO ZAMARRON SR. MORTGAGE LOAN REPRESENTATIVE 52800 0 212303 0 80 0 3314 0 24566 0 293063 0 0 0 JOSHUA MOORE SVP OF MORTGAGE LENDING 186652 0 45361 0 1328 0 10250 0 24566 0 268157 0 0 0 KATIE TOLOKKEN CHIEF OPERATING OFFICER 175000 0 54100 0 11997 0 8750 0 10578 0 260425 0 0 0 LIZ MALOTT SVP OF TALENT 140558 0 47501 0 7372 0 7528 0 24566 0 227525 0 0 0 PART I, LINE 4A SHAWN HANSON RECEIVED A SEVERANCE PAYMENT OF $822,000. 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 10945641 0 1 1 ADAM KEER CHIEF EXPERIENCE OFFICER SDLI DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 1596910 2046291 0 0 1 WILLIAM JAMES CHIEF RISK OFFICER SDLI DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 2671783 3066221 0 0 1 JACK KALANDER CHIEF INFORMATION OFFICER SDLI DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 1800000 2060413 0 0 1 KENNETH BROSSMAN CHIEF SALES OFFICER SDLI DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 550000 712427 0 0 1 KATIE TOLOKKEN CHIEF OPERATING OFFICER SDLI DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 166701 166701 0 0 1 JOE LIETHEN CHIEF FINANCIAL OFFICER VEHICLE LOAN X 48089 46946 0 1 1 19044640 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. ADVANTAGE FINANCIAL SERVICES LLC 127 WEST AVENUE NORTH LA CROSSE WI 54601 800018187 HOLDING COMPANY WI 50 50310 MARINE CREDIT UNION