2021-09-30T08:37:24-05:00 2020-12-31 381357951 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2020-01-01 381231023 HONOR CREDIT UNION HONO 2699836357 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 SCOTT MCFARLAND CEO 2699836357 2021-09-01 1 SCOTT MCFARLAND 999009999 KENLEY PENNER CPA P00740260 2695674500 2021-09-01 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z SCOTT MCFARLAND 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 99266333 0 X WWW.HONORCU.COM X 1934 MI TO PROVIDE FINANCIAL SERVICES TO RESIDENTS OF THE STATE OF MICHIGAN. 7 7 412 0 124514 40973 0 0 65538383 71376912 3336163 3814948 205032 153453 69079578 75345313 0 0 0 0 26156466 26939206 0 0 0 31627297 34391871 57783763 61331077 11295815 14014236 1009278982 1214960101 890810067 1079988759 118468915 134971342 PROVIDING SOLUTIONS FOR FINANCIAL SUCCESS. 0 0 SERVED 90,369 MEMBERS BY OFFERING LOANS, DEPOSITS AND VARIOUS OTHER FINANCIAL SOLUTIONS TO ENSURE FINANCIAL SUCCESS TO OUR MEMBERSHIP. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 214134 0 1 412 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X SHARI WEBER 2699836357 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 MIMI ELWELL CHAIR 2.00 0.00 X X 0 0 0 LARRY OLSON VICE CHAIR 2.00 0.00 X X 0 0 0 BRIAN BROWN SECRETARY 2.00 0.00 X X 0 0 0 MARK FRY TREASURER 2.00 0.00 X X 0 0 0 RICHARD ATWELL DIRECTOR 2.00 0.00 X 0 0 0 RON GRIESINGER DIRECTOR 2.00 0.00 X 0 0 0 RANDY O'NEIL DIRECTOR 2.00 0.00 X 0 0 0 SCOTT MCFARLAND CHIEF EXECUTIVE OFFICER 40.00 0.00 X 878487 0 44755 SHARI WEBER CHIEF FINANCIAL OFFICER 40.00 0.00 X 305031 0 38563 AMANDA CRAIG CHIEF EXPERIENCE OFFICER 40.00 0.00 X 268342 0 29897 KENT FIGY CHIEF LENDING OFFICER 40.00 0.00 X 242152 0 36342 KATHERINE BERRY CHIEF PEOPLE OFFICER 40.00 0.00 X 195268 0 28064 LYNNEISE GADDIE VP OF REAL ESTATE LENDING 40.00 0.00 X 251790 0 25741 MEGAN HENDRIX VP OF OPERATIONS 40.00 0.00 X 176483 0 29425 CHAD JANKOVIAK MORTGAGE LOAN OFFICER 40.00 0.00 X 380161 0 12230 MATTHEW NORDBERG MORTGAGE LOAN OFFICER 40.00 0.00 X 549358 0 37509 ADAM CARPENTER MORTGAGE LOAN OFFICER 40.00 0.00 X 407771 0 39833 STACEY DONNER MORTGAGE LOAN OFFICER 40.00 0.00 X 328753 0 30109 NITA SNYDER MORTGAGE LOAN OFFICER 40.00 0.00 X 299801 0 32961 4283397 0 385429 36 0 1 0 EC MOORE OF BERRIEN COUNTY PO BOX 301 EAU CLAIRE MI 49111 CONSTRUCTION 2639342 CU ANSWERS 6000 28TH STREET SE GRAND RAPIDS MI 49546 PROGRAMMING, TECHNICAL/CLIENT SUPPORT 2347832 VANTIV HOLDING LLC 8500 GOVERNORS HILL DR SYMMES TOWNSHIP OH 452491384 ELECTRONIC PAYMENT PROCESSING 1990892 NCR CORPORATION 14181 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 FINANCIAL TRANSACTION MACHINES 989619 CDW DIRECT PO BOX 75723 CHICAGO IL 606755723 INFORMATION TECHNOLOGY 975893 29 LOAN INTEREST INCOME 522100 43162400 43162400 FEES AND CHARGES 522100 28214512 28104225 110287 71376912 3268683 3268683 139226 0 139226 139226 139226 24467285 23921020 546265 546265 546265 COMMISSIONS 522100 14227 14227 14227 75345313 71266625 124514 3954174 X 1266837 17000621 4874 7118219 1548655 196125 296197 83365 323488 2438840 1442364 1877389 1469294 135272 156176 804844 2336898 329149 FEDERAL INCOME TAXES 14041 INTEREST PAID ON MEMBER 5239376 PROVISION FOR LOAN LOSS 4790278 CREDIT AND DEBIT CARD F 4473699 7985076 61331077 17052578 13748279 44223372 76033980 81067 164384 799167726 839183125 773263 1142663 57098534 16229210 35883590 40869324 84155898 204561664 27941488 39256682 1009278982 1214960101 7361357 6883691 1673334 1488586 43394000 20394000 838381376 1051222482 890810067 1079988759 X 0 0 0 0 118468915 134971342 118468915 134971342 1009278982 1214960101 14014236 2488191 0 X X 0 1 X 1 0 0 1 X 7969042 7969042 31913243 6027867 25885376 15546924 10201343 5345581 1669325 1669325 40869324 U.S. GOVERNMENT AND FEDERAL AGENCY SECURITIES 46500000 F MORTGAGE-BACKED SECURITIES 80910764 F NEGOTIABLE CERTIFICATES OF DEPOSIT 1672000 F STATE AND MUNICIPAL BONDS 38885000 F COLLATERALIZED MORTGAGE OBLIGATIONS 10412992 F CORPORATE BONDS 18841000 F HH INVESTMENT LEVERAGE LLC 300000 F OTHER (PLACEHOLDER) 7039908 C 204561664 MEMBERS' SHARES AND SAVINGS 1051222482 1051222482 X 77846478 2488191 2488191 75358287 -12974 -12974 75345313 61344051 12974 12974 61331077 0 61331077 PART IV, LINE 2B: THE CREDIT UNION HOLDS AMOUNTS IN ESCROW ACCOUNTS FOR REAL ESTATE TAXES AND HOME INSURANCE RELATED TO HOME MORTGAGE LOANS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. HOWEVER, THE CREDIT UNION MAY BE SUBJECT TO UNRELATED BUSINESS INCOME TAX. THE NET UNRELATED BUSINESS INCOME TAX IS IMMATERIAL TO THE FINANCIAL STATEMENTS AS A WHOLE. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE CREDIT UNION AND RECOGNIZE A TAX LIABILITY IF THE CREDIT UNION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS OR OTHER APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE CREDIT UNION AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2020 AND 2019, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE CREDIT UNION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON SALE OF FORECLOSED ASSETS -12,974. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF FORECLOSED ASSETS 12,974. X 1 1 0 SCOTT MCFARLAND CHIEF EXECUTIVE OFFICER 455661 0 123091 0 299735 0 30597 0 14158 0 923242 0 0 0 MATTHEW NORDBERG MORTGAGE LOAN OFFICER 10000 0 4401 0 534957 0 28050 0 9459 0 586867 0 0 0 ADAM CARPENTER MORTGAGE LOAN OFFICER 12692 0 4401 0 390678 0 28050 0 11783 0 447604 0 0 0 CHAD JANKOVIAK MORTGAGE LOAN OFFICER 12615 0 4651 0 362895 0 0 0 12230 0 392391 0 0 0 STACEY DONNER MORTGAGE LOAN OFFICER 30000 0 4401 0 294352 0 26723 0 3386 0 358862 0 0 0 SHARI WEBER CHIEF FINANCIAL OFFICER 254016 0 46734 0 4281 0 27121 0 11442 0 343594 0 0 0 NITA SNYDER MORTGAGE LOAN OFFICER 30000 0 4401 0 265400 0 20528 0 12433 0 332762 0 0 0 AMANDA CRAIG CHIEF EXPERIENCE OFFICER 224700 0 41927 0 1715 0 25014 0 4883 0 298239 0 0 0 KENT FIGY CHIEF LENDING OFFICER 203531 0 36711 0 1910 0 22388 0 13954 0 278494 0 0 0 LYNNEISE GADDIE VP OF REAL ESTATE LENDING 146140 0 104064 0 1586 0 12112 0 13629 0 277531 0 0 0 KATHERINE BERRY CHIEF PEOPLE OFFICER 160245 0 33407 0 1616 0 17627 0 10437 0 223332 0 0 0 MEGAN HENDRIX VP OF OPERATIONS 143764 0 31023 0 1696 0 15814 0 13611 0 205908 0 0 0 PART I, LINE 3 COMPENSATION FOR THE CEO, OTHER OFFICERS, AND KEY EMPLOYEES IS APPROVED BY BOTH HUMAN RESOURCES AND THE BOARD OF DIRECTORS. PART I, LINES 4A-B THE CREDIT UNION EXECUTIVES PARTICIPATE IN A 457F PLAN. SHARI WEBER, SCOTT MCFARLAND, KENT FIGY, AMANDA CRAIG, RON LAUREN, AND LYNNEISE GADDIE WERE THE PARTICIPANTS IN THE PLAN. FORM 990, PART VI, SECTION A, LINE 6 EVERY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS CONSIDERED A MEMBER OF THE CREDIT UNION. THE CREDIT UNION CURRENTLY HAS 90,369 MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CREDIT UNION ARE RESPONSIBLE FOR ELECTING THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS OF THE CREDIT UNION MUST APPROVE A MERGER INTO ANOTHER CREDIT UNION. ALL OTHER DECISIONS ARE MADE BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B BEFORE THE 990 WAS FILED, AN ELECTRONIC COPY OF THE DRAFT WAS SENT TO THE BOARD OF DIRECTORS AND VP OF FINANCE, VIA EMAIL, FOR THEIR REVIEW. ALL OF THE BOARD MEMBERS WERE GIVEN THE OPPORTUNITY TO CONTACT THE CREDIT UNION'S MANAGEMENT WITH ANY QUESTIONS OR CONCERNS THEY HAD REGARDING THE FORM 990 RETURN. FORM 990, PART VI, SECTION B, LINE 12C AUDIT LINK IS A SERVICE WE USE TO MONITOR ALL EMPLOYEE AND BOARD MEMBER ACCOUNTS. ACCOUNTS ARE MONITORED WEEKLY BY AUDIT LINK AND A REPORT IS SENT TO HUMAN RESOURCES WITH THE FINDINGS, HUMAN RESOURCES DOES A REVIEW OF ACCOUNTS AND INVESTIGATES IF NEEDED. COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY IS MONITORED THROUGH DISCUSSIONS AT THE BOARD LEVEL. IF A CONFLICT ARISES THE AFFECTED BOARD MEMBER WILL ABSTAIN FROM VOTING. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS IS AWARE OF THE USE OF THE COMP EASE SOFTWARE FOR ASSISTING WITH COMPENSATION FOR ALL EMPLOYEES. COMPENSATION FOR THE CEO, OTHER OFFICERS, AND KEY EMPLOYEES IS APPROVED BY BOTH HUMAN RESOURCES AND THE CEO OR THE BOARD OF DIRECTORS. THIS PROCESS WAS LAST COMPLETED DURING 2018. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 24E MISCELLANEOUS 4,032,526. OREO EXPENSE 2,110,698. LOAN SERVICING EXPENSE 1,324,683. ATM EXPENSE 517,169. FORM 990, PART XII, LINE 2C: THE BOARD OF DIRECTORS HAS ESTABLISHED THE SUPERVISORY COMMITTEE WHICH IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT REVIEW AND THE SELECTION OF AN INDEPENDENT AUDITOR. THE SUPERVISORY COMMITTEE APPROVES AN INDEPENDENT AUDITOR EACH YEAR AND MEETS TO REVIEW THE INDEPENDENT AUDITOR'S REPORT AFTER THE AUDIT IS COMPLETE. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART X, LINE 5 AND SCHEDULE L: SCHEDULE L IS NOT REQUIRED FOR LOANS RECEIVABLE BALANCES ON FORM 990, PART X, LINE 5 IF THE LOANS ARE MADE BY THE CREDIT UNION TO THE DIRECTORS, OFFICERS, AND KEY EMPLOYEES ON THE SAME TERMS OFFERED TO OTHER MEMBERS OF THE CREDIT UNION. THEREFORE, THE CREDIT UNION HAS INCLUDED APPROXIMATELY $4,600,000 AND $3,834,000 OF RECEIVABLES FROM CURRENT OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES, AND HIGHEST COMPENSATED EMPLOYEES FOR 2020 AND 2019, RESPECTIVELY, WITHIN FORM 990, PART X, LINE 7. HONOR HOLDINGS LLC 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 822840727 HOLDING COMPANY MI 235426 562783 HONOR CREDIT UNION HONOR INSURANCE AGENCY LLC 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 824205020 INSURANCE BROKERAGE SERVICES MI 10823 639 HONOR HOLDINGS LLC