2022-05-02T11:42:26-05:00 2020-12-31 990 2020-01-01 381215360 CREDIT UNIONS CHARTERED IN THE STATE OF MICHIGAN 48 LAKE MICH CU CRED 6162429790 PO BOX 2848 GRAND RAPIDS MI 495012848 PETER DANN SVP CFO 6162346418 2022-05-02 PETER DANN 999009999 2020 2022-09-23 18:48:47Z LAKE MICHIGAN CREDIT UNION SANDY JELINSKI PO BOX 2848 GRAND RAPIDS MI 49501 495848275 false X WWW.LMCU.ORG X 1933 MI PROMOTION OF THRIFT AND PROVIDING LOW COST CREDIT AND OTHER FINANCIAL SERVICES FOR ITS MEMBERS THROUGH MUTUAL AND NONPROFIT ORGANIZATION. 11 11 1630 2997697 524533 0 358494162 377359470 20678422 10047620 47565887 108441185 426738471 495848275 33000 28000 0 114294690 141085486 0 0 166737043 190215920 281064733 331329406 145673738 164518869 6861784826 9236003182 5984557662 8190361653 877227164 1045641529 X PROMOTION OF THRIFT AND PROVIDING LOW COST CREDIT AND OTHER FINANCIAL SERVICES FOR ITS MEMBERS THROUGH MUTUAL AND NONPROFIT ORGANIZATION. false false SEE ADDITONAL DETAILS SEE ADDITIONAL DETAILS SEE ADDITIONAL DETAILS SEE DETAILS false false false false false false false true false true false false false true false false true false false false false false false false false false false true true false true false false false false false false false false true false false false true 0 0 true 1630 true true true false false false false false false false false false false false true false X 11 11 true false false false true true true true true false true true false true true true true true true true true true X LAKE MICHIGAN CREDIT UNION LAKE MICHIGAN CREDIT UNION 6162346830 5540 GLENWOOD HILLS PKWY SE 5540 GLENWOOD HILLS PKWY SE GRAND RAPIDS MI 49512 BILL VAN PORT FLEET BOARD MEMBER X 0 0 0 BOB PARTRIDGE BOARD MEMBER X 0 0 0 BOB WHITE BOARD MEMBER X 0 0 0 CHERI PARKER BOARD MEMBER X 0 0 0 GRETCHEN TELLMAN-PARTRIDGE BOARD MEMBER X 0 0 0 DAVE BARDOLPH BOARD MEMBER X 0 0 0 JACK NEWBERRY BOARD MEMBER X 0 0 0 TIM GORTSEMA BOARD MEMBER X 0 0 0 MIKE RICE BOARD MEMBER X 0 0 0 TOM THEORET BOARD MEMBER X 0 0 0 JUAN OLIVAREZ BOARD MEMBER X 0 0 0 SANDY JELINSKI CEO 40.00 X 2329598 0 64937 PETER DANN SVP CFO 40.00 X 367190 0 37341 ERIC BURGOON SVP MORTGAGE 40.00 X 612031 0 58538 RAZI QADRI SVP CIOO 40.00 X 940714 0 38202 DON BRATT SVP CMO 40.00 X 309195 0 41857 MARK POWELL VP CRO 40.00 X 309634 0 20109 SARA KEMPERMAN SVP RETAIL O 40.00 X 271140 0 28074 NORA SWART SVP CPO 40.00 X 423572 0 36421 MATT ADLER MORTGAGE LO 40.00 X 1641448 0 38028 ZAC ELLERBROEK MORTGAGE LO 40.00 X 1060156 0 10077 CORBIN BUTTLEMAN VP RETAIL MO 40.00 X 1165079 0 37571 JAMES PAQUETTE MORTGAGE SAL 40.00 X 1046909 0 35767 BRENT GREEN MORTGAGE SAL 40.00 X 949040 0 40416 11425706 487338 258 false true false FACTUAL DATA PO BOX 535595 PITTSBURGH PA 15253 CREDIT REPORTS 3121772 NEWCO BUILDING 4131 ROGER B CHAFFE GRAND RAPIDS MI 49548 CONSTRUCTION 3042984 AT&T PO BOX 5014 CAROL STREAM IL 60197 PHONE 2736642 LERETA 901 CORPORATE CENTER POMONA CA 91768 TAX 1910464 JACK HENRY PO BOX 609 MONETT MO 65708 SOFTWARE 1724118 114 INTEREST ON MEMBER LOANS 522291 236850248 236850248 INTERCHANGE AND OTHER 522100 80698782 80698782 FEES AND CHARGES ON ACCOUNTS 522291 28771755 28771755 MORTGAGE SERVICING RIGHTS 525990 28040988 28040988 INSURANCE REVENUE 525990 2483171 2483171 514526 514526 377359470 10047620 10047620 GAIN ON SALE OF MORTGAGE 522100 108183388 108183388 GAIN ON SALE OREO AND OTHER 522100 257797 257797 108441185 495848275 482802958 2997697 10047620 28000 5563073 114487854 4334392 9412306 7287861 745683 1185438 187006 5588178 8961998 11865264 7620081 307776 76598134 7781464 736215 LOAN SERVICING 42076610 BANK/ CARD SERVICE CHARGE 11410657 MISC EXPENSE 7899820 PROVISION FOR LOAN LOSS 7251596 331329406 0 0 0 22456888 22326292 949337592 1848089620 5984305 8775060 13242859 55281147 5120944250 6374492025 226905555 140196027 4402753 5776804 146010977 48866258 86597581 97144719 207156082 447565021 26389200 27122400 50082863 49275409 148284898 159958658 6861784826 9236003182 54034142 75832077 18908804 34432235 344000000 270000000 5567614716 7810097341 5984557662 8190361653 X 877227164 1045641529 877227164 1045641529 6861784826 9236003182 X 164518869 3382493 513003 X false true X true false false true X 33972383 33972383 76474200 22903564 53570636 1694140 1190706 503434 29537948 22027498 7510450 4332306 2744490 1587816 97144719 TOTAL DEPOSITS 7810097341 7810097341 SCHEDULE D, PAGE 2, PART IV, LINE 2B THE CREDIT UNION ACTS AS CUSTODIAN FOR RETAIL MORTGAGES false HUTT COLLEGE SCHOLARSHIPS 14 28000 SCHEDULE I, PAGE 4, PART IV HUTT SCHOLARSHIPS ARE AWARDED TO HIGH SCHOOL SENIORS WHO WRITE AN ESSAY AND ARE CHOSEN AS FINALISTS. X X X true true X X X X X false true false SANDY JELINSKI CEO 1347063 982452 83 54050 10887 2394535 PETER DANN SVP CFO 303840 63300 50 27189 10152 404531 ERIC BURGOON SVP MORTGAGE 515181 96800 50 49679 8859 670569 RAZI QADRI SVP CIOO 698658 242000 56 28050 10152 978916 DON BRATT SVP CMO 260241 48898 56 33108 8749 351052 MARK POWELL VP CRO 252659 56925 50 15603 4506 329743 SARA KEMPERMAN SVP RETAIL OPERATION 229690 41400 50 24398 3676 299214 NORA SWART SVP CPO 345647 77875 50 29289 7132 459993 MATT ADLER MORTGAGE LO 1641294 154 25400 12628 1679476 ZAC ELLERBROEK MORTGAGE LO 1060002 154 10077 1070233 CORBIN BUTTLEMAN VP RETAIL MORTGAGE S 1164925 154 27494 10077 1202650 JAMES PAQUETTE MORTGAGE SALES MANAG 1046602 307 27908 7859 1082676 BRENT GREEN MORTGAGE SALES MANAG 948733 307 30264 10152 989456 SCHEDULE J, PART III THE EXECUTIVES LISTED IN SCHEDULE L PART II PARTICIPATE IN A COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN. LIFE INSURANCE PREMIUMS ARE PAID ON BEHALF OF THE EXECUTIVES AND TREATED AS LOANS. THE TOTAL LOAN AMOUNT AS OF 12/31/20 WAS 55,281,146. THE INSURANCE POLICY VALUE PROVIDES SUPPLEMENTAL RETIREMENT INCOME TO THE PLAN PARTICIPANTS. LIFE INSURANCE PREMIUM LOANS ARE ULTIMATELY REPAID FROM THE DEATH BENEFIT OF THE LIFE INSURANCE POLICY. SANDY JELINSKI OFFICER SPLIT DOLLAR PREMIUM LOAN X 19467105 19735459 false true true NORA SWART OFFICER SPLIT DOLLAR PREMIUM LOAN X 9100000 9217403 false true true PETER DANN OFFICER SPLIT DOLLAR PREMIUM LOAN X 5425000 5460925 false true true ERIC BURGOON OFFICER SPLIT DOLLAR PREMIUM LOAN X 5180000 5299823 false true true SARA KEMPERMAN OFFICER SPLIT DOLLAR PREMIUM LOAN X 4291000 4325411 false true true JIM MASKELL SVP COMMERCIAL SPLIT DOLLAR PREMIUM LOAN X 3850000 3853990 false true true RAZI QADRI OFFICER SPLIT DOLLAR PREMIUM LOAN X 2244000 2313515 false true true ALICIA FORCE VP CONSUMER SPLIT DOLLAR PREMIUM LOAN X 1890000 1891733 false true true DON BRATT OFFICER SPLIT DOLLAR PREMIUM LOAN X 1600000 1663956 false true true MARK POWELL OFFICER SPLIT DOLLAR PREMIUM LOAN X 1512000 1518932 false true true 55281147 FORM 990, PART III LINE 4A-INTEREST INCOME LINE 4B-DEBIT / CREDIT INTERCHANGE LINE 4C-OVERDRAFT / NSF FORM 990, PAGE 2, PART III, LINE 4D SEE DETAILS FORM 990, PAGE 6, PART VI, LINE 2 GRETCHEN TELLMAN ROBERT PARTRIDGE BOARD CHAIR BOARD MEMBER SPOUSE FORM 990, PAGE 6, PART VI, LINE 6 YES, THE CREDIT UNION HAS MEMBERS FORM 990, PAGE 6, PART VI, LINE 7A MEMBER SHAREHOLDERS ELECT BOARD MEMBERS FORM 990, PAGE 6, PART VI, LINE 7B MEMBERS APPROVE BOARD MEMBERS WHEN TERMS EXPIRE. FORM 990, PAGE 6, PART VI, LINE 11B THE 990 IS PREPARED BY THE DIRECTOR OF FINANCE AND REVIEWED BY OUR CFO AND CONTROLLER FORM 990, PAGE 6, PART VI, LINE 12C OFFICERS AND DIRECTORS DISCLOSE INTEREST THAT COULD LEAD TO CONFLICT OF INTEREST ANNUALLY. THESE DOCUMENTS ARE REVIEWED BY INTERNAL AUDIT AND REPORTED TO THE AUDIT COMMITTEE FORM 990, PAGE 6, PART VI, LINE 15A COMPENSATION REVIEWS OF ALL OFFICER AND KEY EXECUTIVES ARE PERFORMED AT LEAST ANNUALLY BY HUMAN RESOURCES AND REVIEWED BY THE EXECUTIVE COMMITTE MADE UP OF BOARD MEMBERS FORM 990, PAGE 6, PART VI, LINE 15B THE BOARD OF DIRECTORS APPROVES OTHER OFFICERS AND KEY EMPLOYEES, AND COMPENSATION IS SET BY CEO FORM 990, PAGE 6, PART VI, LINE 19 THE ORGANIZATIONS DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9 ADJUSTMENT TO OTHER COMPREHENSIVE INCOME 0 LIFE SAVINGS RESERVE 0 OCI 513,003 TOTAL 513,003 LAKE MICHIGAN FINANCIAL GROUP LAKE MICHIGAN FINANCIAL GROUP PO BOX 2088 PO BOX 2088 GRAND RAPIDS MI 49501 454172202 FINANCIAL MI 1989853 13720110 LMCU LAKE MICHIGAN CREDIT UNION