2021-11-15T11:57:01-06:00 2020-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2020-01-01 390827305 MARINE CREDIT UNION MARI 2623891758 811 MONITOR STREET LA CROSSE WI 54603 JOE LIETHEN CFO 2623891758 2021-11-12 1 JOE LIETHEN 999009999 COLLEEN RAMIRES P01251320 4252597227 2021-11-12 0 AAL1 IAL1 2020 2022-09-23 18:48:47Z TOM KNOTHE 811 MONITOR STREET LA CROSSE WI 54603 76880583 0 2157 X WWW.MARINECU.COM X CU 1949 WI WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING. 7 7 593 0 54579 0 0 0 65793505 71031441 1801987 -36390 10594 104206 67606086 71099257 0 213711 3042755 0 33182811 36851681 0 0 0 24778624 36123842 61004190 73189234 6601896 -2089977 855318225 961535112 763608637 871992026 91709588 89543086 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 76,851 MEMBERS HAS AT LEAST ONE SAVINGS ACCOUNT AND THESE MEMBERS HAVE OVER 54,766 CHECKING ACCOUNTS WITH MARINE. WE OFTEN PROVIDE THESE SERVICES AT A LOWER COST THAN WHAT WOULD OTHERWISE BE AVAILABLE. WE PROTECT OVER $701,087,961 OF INSURED FUNDS ON BEHALF OF OUR DEPOSITORS. MORTGAGE LENDING - MARINE CREDIT UNION IS AN INTEGRAL PART OF THE COMMUNITIES WE SERVE BY PROVIDING OVER 2,339 LOANS TOTALING OVER $178,971,491. THESE LOANS ARE USED BY BORROWERS TO PURCHASE, REFINANCE OR IMPROVE THEIR HOMES. CURRENT MORTGAGE LOANS OUTSTANDING EXCEED $453,295,373. CONSUMER LENDING - MARINE CREDIT UNION IS A FULL SERVICE CONSUMER LENDING INSTITUTION. IN 2020 WE GRANTED OVER 22,082 CONSUMER LOANS FOR A TOTAL OF OVER $178,625,526. 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 $254,845,290. 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 10581 0 1 593 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 0 0 0 0 1 1 0 1 1 1 1 0 X JOE LIETHEN 2623891758 811 MONITOR STREET LA CROSSE WI 54603 TOM KNOTHE BOARD CHAIRMAN 5.00 X X 24000 0 0 MARK REED BOARD SECRETARY 3.00 X X 18000 0 0 WILLIAM SACIA BOARD VICE CHAIRMAN 3.00 X X 15000 0 0 ROBERT CARNEY BOARD TREASURER 3.00 X X 13500 0 0 WILLIAM MAAS BOARD MEMBER 3.00 X 18000 0 0 ANNE SNOW BOARD MEMBER 3.00 X 18000 0 0 JONATHON HORNE BOARD MEMBER 3.00 X 6000 0 0 SHAWN HANSON CEO 40.00 X 599059 0 22641 WILLIAM JAMES CFO 40.00 X 368541 0 28256 ADAM KEER CHIEF EXPERIENCE OFFICER 40.00 X 311796 0 27050 KENNETH BROSSMAN CHIEF SALES OFFICER 40.00 X 303264 0 27050 JACK KALANDER CHIEF INFORMATION OFFICE 40.00 X 266511 0 31129 GREGORY HIGGINS CHIEF HR OFFICER (THRU12/20) 40.00 X 265859 0 26023 JACK HAWORTH CHIEF SALES OFFICER (THRU 2/20) 40.00 X 255675 0 2476 KATIE TOLOKKEN CHIEF OPERATING OFFICER 40.00 X 216377 0 17207 JOSHUA MOORE SVP OF MORTGAGE LENDING 40.00 X 269330 0 27263 JAMES MANGOLD SVP REGIONAL MANAGER (THRU 9/20) 40.00 X 219643 0 19982 MICHAEL MAXWELL VICE PRESIDENT OF LOAN OPERATIONS 40.00 X 217634 0 21316 MICHAEL SPILLANE SVP OF LOAN QUALITY AND CREDIT RISK 40.00 X 212648 0 23981 THOMAS WALDHART VP OF ACCOUNTING 40.00 X 207688 0 8684 3826525 0 283058 47 0 1 0 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE ROAD SUITE 260 FARMINGTON HILLS MI 48334 SOFTWARE MAINTENANCE 1459146 SALESFORCECOM PO BOX 203141 DALLAS TX 753203141 SOFTWARE 592186 TRANSUNION PO BOX 99506 CHICAGO IL 606939506 CREDIT REPORTS 410010 NCINO INC 6770 PARKER FARM DRIVE SUITE 300 WILMINGTON NC 28405 SOFTWARE 309268 VENDI ADVERTISING LLC 125 4TH STREET N SUITE 200 LA CROSSE WI 54601 MARKETING SERVICES 282952 36 LOAN INTEREST 522100 52444354 52444354 FEE INCOME 522100 17517991 17442937 75054 OTHER OPERATING INCOME 522100 1069096 1069096 71031441 971652 971652 124680 0 124680 124680 124680 4773284 5781326 -1008042 -1008042 -1008042 K-1 - COMMUNITY BUSINESS LENDERS 900099 -20474 -20475 1 -20474 71099257 70956387 54579 88291 207711 6000 2881413 25219488 891058 5885109 1974613 247144 154835 9776 3652420 805938 2538842 2246845 2756577 602186 4917375 2071541 45584 PROVISION FOR LOAN LOSS 8926327 CARD PROCESSING 1700099 LOAN SERVICING EXPENSE 609779 MEMBER INSURANCE EXPENS 85392 4753182 73189234 68041089 97110448 3648997 80709732 3209805 3652906 17410587 17928050 685440073 697475864 2233793 2687446 39992360 16706699 27088538 23285661 0 456771 12246372 7255721 15446119 14660813 20552852 16311700 855318225 961535112 9230043 9632612 5101 106055 124001000 133500000 630372493 728753359 763608637 871992026 X 0 0 0 0 91709588 89543086 91709588 89543086 855318225 961535112 X -2089977 -98610 22085 X 0 1 X 1 0 1 398444 0 283401 115043 1 X 4356717 4356717 20098916 7597333 12501583 732388 500590 231798 11337522 7262006 4075516 1646000 1820817 1346770 2120047 23285661 MEMBER SHARES 728753359 728753359 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 2020 AND HAS FILED ITS TAX RETURNS FOR CALENDAR YEAR 2019 FOR ACTIVITIES DEEMED TAXABLE AND HAS A NET OPERATING LOSS CARRYFORWARD AS OF THE 2019 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, 2020 AND 2019. THE CREDIT UNION'S 2017 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL TAXING AUTHORITIES, AND 2016 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) 207711 GENERAL SUPPORT 1 0 FIRST TIME HOME BUYER PROGRAM 1 6000 PART I, LINE 2: MARINE CREDIT UNION REVIEWS THE SUBRECIPIENT'S ADMINISTRATION OF FUNDS AND ANY REQUIRED NON-FEDERAL CONTRIBUTIONS. X 1 0 X X X 1 0 0 SHAWN HANSON CEO 500170 0 87827 0 11062 0 9750 0 12891 0 621700 0 0 0 WILLIAM JAMES CFO 304178 0 43725 0 20638 0 10956 0 17300 0 396797 0 0 0 ADAM KEER CHIEF EXPERIENCE OFFICER 269647 0 38976 0 3173 0 9750 0 17300 0 338846 0 0 0 KENNETH BROSSMAN CHIEF SALES OFFICER 235259 0 65320 0 2685 0 9750 0 17300 0 330314 0 0 0 JACK KALANDER CHIEF INFORMATION OFFICE 229551 0 33390 0 3570 0 13000 0 18129 0 297640 0 0 0 GREGORY HIGGINS CHIEF HR OFFICER (THRU12/20) 225444 0 32595 0 7820 0 13000 0 13023 0 291882 0 0 0 JACK HAWORTH CHIEF SALES OFFICER (THRU 2/20) 79431 0 82500 0 93744 0 2380 0 96 0 258151 0 0 0 KATIE TOLOKKEN CHIEF OPERATING OFFICER 178573 0 26250 0 11554 0 9750 0 7457 0 233584 0 0 0 JOSHUA MOORE SVP OF MORTGAGE LENDING 172866 0 45160 0 51304 0 8924 0 18339 0 296593 0 0 0 JAMES MANGOLD SVP REGIONAL MANAGER (THRU 9/20) 142231 0 0 0 77412 0 7308 0 12674 0 239625 0 0 0 MICHAEL MAXWELL VICE PRESIDENT OF LOAN OPERATIONS 145265 0 17748 0 54621 0 9288 0 12028 0 238950 0 0 0 MICHAEL SPILLANE SVP OF LOAN QUALITY AND CREDIT RISK 182127 0 30345 0 176 0 10951 0 13030 0 236629 0 0 0 THOMAS WALDHART VP OF ACCOUNTING 195925 0 200 0 11563 0 8684 0 0 0 216372 0 0 0 PART I, LINE 1A WILLIAM JAMES RECEIVED A HOUSING ALLOWANCE OF $8,400 AND WAS INCLUDED IN TAXABLE COMPENSATION. PART I, LINE 4A JACK HAWORTH RECEIVED A SEVERANCE PAYMENT OF $80,000 AND JAMES MANGOLD RECEIVED A SEVERANCE PAYMENT OF $61,538. 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 CEO DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 8216367 10299310 0 1 1 ADAM KEER CHIEF EXPERIENCE OFFICER DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 1596910 1926668 0 0 1 WILLIAM JAMES CFO DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 2671783 2919531 0 0 1 JACK KALANDER CHIEF INFORMATION OFFICER DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 1800000 1946670 0 0 1 KENNETH BROSSMAN CHIEF SALES OFFICER DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 550000 669170 0 0 1 KATIE TOLOKKEN CHIEF OPERATING OFFICER DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 166701 166701 0 0 1 17928050 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION CONSISTS OF MEMBERS. TO BE A MEMBER, ONE MUST HAVE A SHARE/SAVINGS ACCOUNT. EACH MEMBER HAS ONE VOTE TO ELECT THE GOVERNING BODY (BOARD OF DIRECTORS). 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 COMITTEES 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 12 OFFICERS AND KEY EMPLOYEES ARE REQUIRED TO VERIFY THE EXISTENCE OF ANY CONFLICTS OF INTEREST ANNUALLY. THE ORGANIZATION DOES NOT MONITOR ITS DIRECTORS FURTHER AT THIS TIME. FORM 990, PART VI, SECTION B, LINE 15 CEO: 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. FORM 990, PART XI, LINE 9: K-1 BOOK TO TAX ADJUSTMENT 22,085. ADVANTAGE FINANCIAL SERVICES LLC 127 WEST AVENUE NORTH LA CROSSE WI 54601 800018187 HOLDING COMPANY WI 4229 50290 MARINE CREDIT UNION CONSUMER LOAN SERVICES LLC 811 MONITOR STREET LA CROSSE WI 54603 270191461 MORTGAGE UNDERWRITING AND SERVICING (INACTIVE) WI 0 0 MARINE CREDIT UNION