2021-11-15T16:39:48-06:00 2020-12-31 420714325 RSM US LLP 801 NICOLLET MALL WEST TOWER STE 1200 MINNEAPOLIS MN 554022526 990 2020-01-01 941439553 VALLEY FIRST CREDIT UNION VALL 2095498500 1005 W ORANGEBURG AVENUE MODESTO CA 95350 TODD MCCOY CHIEF FINANCIAL OFFICER 2095498500 2021-11-15 1 TODD MCCOY 999009999 KACIE MCEWEN P01599614 6123324300 2021-11-15 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z KATHRYN DAVIS 1005 W ORANGEBURG AVENUE MODESTO CA 95350 34327835 0 X WWW.VALLEYFIRSTCU.ORG X 1956 CA PROVIDE SUPERIOR SERVICE TO OUR MEMBERS AND COMMUNITY. 7 7 193 10 562354 0 0 0 30703799 32965977 2316975 1361858 0 0 33020774 34327835 10557 32857 1001589 1306597 12356673 11326910 0 0 0 17057590 16137213 30426409 28803577 2594365 5524258 593162543 769456143 527612922 698024078 65549621 71432065 WORKING TOGETHER TO PROVIDE SUPERIOR SERVICE FOR OUR MEMBERS AND COMMUNITY 0 0 AS A STATE CHARTERED CREDIT UNION, VALLEY FIRST PROVIDES LOANS TO MEMBERS AT REDUCED INTEREST RATES AS COMPARED TO COMPETITORS. IN GENERAL, THE CREDIT CRITERIA IS LESS STRINGENT, LOAN RATES ARE LOWER, AND A HIGHER LEVEL OF LOAN COVERAGE IS PROVIDED. AT 12/31/2020 THE CREDIT UNION HAD $493,544,702 IN OUTSTANDING LOAN BALANCES AND 68,310 TOTAL MEMBERS. VALLEY FIRST PROVIDES SAVINGS ACCOUNT PRODUCTS THAT ARE OF GREATER BENEFIT TO MEMBERS AS COMPARED TO COMPETITORS. VALLEY FIRST PAYS HIGHER DIVIDEND RATES FOR COMPARABLE SAVINGS PRODUCTS. AT 12/31/2020 THE CREDIT UNION HAD 126,882 SAVINGS ACCOUNTS WITH A BALANCE OF $527,731,900. VALLEY FIRST PROVIDES CHECKING ACCOUNT PRODUCTS THAT ARE OF GREATER BENEFIT TO MEMBERS, AS COMPARED TO ITS COMPETITORS. SEVERAL TYPES OF CHECKING ACCOUNTS ARE OFFERED, FROM FREE CHECKING TO SPECIALTY CHECKING ACCOUNTS THAT PAY MEMBERS DIVIDENDS FOR BALANCES KEPT IN THEIR ACCOUNT. FEES FOR A CHECKING ACCOUNT AND THE DIVIDEND RATES FORCOMPARABLE CHECKING PRODUCTS ARE BETTER THAN COMPETITORS, AND OFFER CASH BACK ON PURCHASES. AT 12/31/2020 THE CREDIT UNION HAD 37,420 MEMBERS WITH CHECKING ACCOUNTS WITH A DEPOSIT BALANCE OF $161,835,156. 0 0 1 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 7983 0 1 193 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X TODD MCCOY 2095498500 1005 W ORANGEBURG AVENUE MODESTO CA 95350 KATHRYN DAVIS PRESIDENT/CEO 40.00 X 518421 0 46602 DENNIS BARTA VP FINANCE (UNTIL 12/31/20) 40.00 X 383332 0 229317 TRACI NAGASAWA VP MEMBER SERVICE (UNTIL 8/20) 40.00 X 175426 0 27473 ANITA MORPHEW VP MARKETING 40.00 X 121140 0 41238 PAUL EMANUELS VP LENDING 40.00 X 178710 0 30023 CATHERINE RANDO VP INFORMATION SERVICES 40.00 X 181176 0 51251 JENNIFER BROWN VP RISK MANAGEMENT 40.00 X 170835 0 5429 COURTNAY LYNCH VP PEOPLE & CULTURE 40.00 X 140414 0 26567 CHRISTOPHER HEWITT VP DIGITAL BANKING 40.00 X 112102 0 29512 MELANIE BORRAS CONTROLLER 40.00 X 122297 0 15598 ROBERTA GAALSWYK DIRECTOR OF LENDING SERVICES 40.00 X 111608 0 12597 FRED CRUZ BOARD CHAIR (UNTIL 4/20)/VICE CHAIR 5.00 X X 0 0 0 JUDY JENSEN VICE CHAIR (UNTIL 6/20) 2.00 X X 0 0 0 CHRIS PETERSON SECRETARY (UNTIL 4/20)/CHAIR 2.00 X X 0 0 0 GARY HALL TREASURER (UNTIL 4/20)/DIRECTOR 2.00 X X 0 0 0 TOM KANE TREASURER 2.00 X X 0 0 0 PATRICK DODD SECRETARY 2.00 X X 0 0 0 PATTI GILLIHAN DIRECTOR 2.00 X 0 0 0 JOHN SCHNEIDER DIRECTOR 2.00 X 0 0 0 2215461 0 515607 11 0 1 0 JACK HENRY AND ASSOCIATES PO BOX 609 MONETT MO 65708 COMPUTER SUPPORT 620551 FINANCIAL TECH SOLUTIONS INTL 406 HUNTINGTON DRIVE MONRONVIA CA 91016 ATM SERVICING 582991 Q2 SOFTWARE PO BOX 205970 DALLAS TX 75320 COMPUTER SUPPORT 444890 KASASA PO BOX 527 LUBBOCK TX 79408 DEPOSIT PRODUCT SUPPORT 424359 ATT BUSINESS SOLUTIONS PO BOX 5019 CAROL STREAM IL 601975019 BUSINESS SOLUTIONS 332560 21 INTEREST FROM LOANS 522100 22153614 22153614 OTHER OPERATING INCOME 522100 5516009 5516009 FEES & CHARGES 522100 5296354 4734000 562354 32965977 1079347 1079347 275296 7215 0 0 275296 7215 282511 282511 34327835 32403623 562354 1361858 32857 1306597 1769275 6771529 599174 1499157 687775 173558 166111 1819927 577019 2211707 1598777 2203577 97782 734576 108800 PROVISION FOR LOAN LOSS 2872143 LOAN SERVICING 1966871 BANKING SERVICES 1492336 114029 28803577 14316220 50097876 33871257 106116000 9157649 26128588 443131334 490042350 4032705 2174059 32618511 21673990 11924654 10944521 56108743 61939899 20619981 22012850 593162543 769456143 15612699 8457022 512000223 689567056 527612922 698024078 X 0 0 0 0 65549621 71432065 65549621 71432065 593162543 769456143 5524258 358186 0 X 0 1 X 1 0 6735 6735 6735 1 CALIFORNIA CREDIT UNION LEAGUE 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 910357265 6735 0 PART I-A, LINE 1: THE CREDIT UNION MAKES FINANCIAL CONTRIBUTIONS TO CALIFORNIA CREDIT UNION LEAGUE PAC TO SUPPORT CREDIT UNION ISSUES. 1888382 1888382 14625033 8303591 6321442 2114651 1122772 991879 13990445 12247627 1742818 10944521 AVAILABLE FOR SALE SECURITIES 61939899 F 61939899 MEMBER SHARES 689567056 689567056 0 UNITED WAY OF STANISLAUS COUNTY INC 422 MCHENRY AVENUE MODESTO CA 95354 941212129 501(C)(3) 8025 SUPPORT OUR COMMUNITY THROUGH A PARTNERSHIP WITH UNITED WAY. DOWNTOWN MODESTO PARTNERSHIP 1003 10TH STREET SUITE A MODESTO CA 95354 475067361 501(C)(3) 5000 PROGRAM SUPPORT 2 0 X X 1 1 X X X X X X 1 1 0 KATHRYN DAVIS PRESIDENT/CEO 384310 0 94292 0 39819 0 16113 0 52348 0 586882 0 0 0 DENNIS BARTA VP FINANCE (UNTIL 12/31/20) 181100 0 3162 0 199070 0 199193 0 31107 0 613632 0 0 0 TRACI NAGASAWA VP MEMBER SERVICE (UNTIL 8/20) 120249 0 3404 0 51773 0 6670 0 21425 0 203521 0 0 0 ANITA MORPHEW VP MARKETING 112564 0 2692 0 5884 0 28351 0 13699 0 163190 0 0 0 PAUL EMANUELS VP LENDING 169942 0 3106 0 5662 0 22201 0 8773 0 209684 0 0 0 CATHERINE RANDO VP INFORMATION SERVICES 165025 0 3171 0 12980 0 20272 0 31946 0 233394 0 0 0 JENNIFER BROWN VP RISK MANAGEMENT 165025 0 508 0 5302 0 4904 0 1526 0 177265 0 0 0 COURTNAY LYNCH VP PEOPLE & CULTURE 133814 0 1020 0 5580 0 6609 0 20809 0 167832 0 0 0 PART I, LINE 1A THE CEO WAS PROVIDED A HOUSING ALLOWANCE FOR HER PERSONAL USE AS PART OF HER COMPENSATION. THE ORGANIZATION PROVIDES SOCIAL CLUB DUES FOR USE BY CEO WITH MEMBERS, STAFF AND PEERS TO DISCUSS BUSINESS ISSUES. PART I, LINES 4A-B THE FOLLOWING INDIVIDUALS PARTICIPATED IN A 457F, NON-QUALIFYING RETIREMENT PLAN. FUNDS HAVE BEEN ACCRUED TO EACH EMPLOYEE; HOWEVER THEY ARE NOT PAYABLE UNTIL THEY REACH THE AGE OF 58. AT WHICH TIME THEY RECEIVE A FULL DISBURSEMENT OF THE ACCRUED FUNDS. DENNIS BARTA ANITA MORPHEW PAUL EMANUELS CATHERINE RANDO TRACI NAGASAWA RECEIVED A SEVERANCE PAYMENT IN 2020. DENNIS BARTA AND CATHERINE RANDO RECEIVED A 457F CASH DISTRIBUTION OF $190,500 AND $6,000 RESPECTIVELY DURING 2020. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S 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 REMOVAL OF 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 THE COMPLETED FORM 990 IS REVIEWED BY THE CEO AND CFO. A COPY IS ALSO PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS ALL DIRECTORS OR TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE INTERESTS THAT COULD GIVE RISE TO CONFLICTS BY SIGNING THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE HUMAN RESOURCES DEPARTMENT AND THE EXECUTIVE COMMITTEE VIEW INDUSTRY DATA AND APPROVE SALARY ADJUSTMENTS BASED ON THAT DATA. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). MONTHLY FINANCIAL STATEMENTS ARE ALSO PUBLISHED IN EACH BRANCH LOBBY AS REQUIRED BY THE NCUA.