2020-11-10T15:37:01-06:00 2019-12-31 420714325 RSM US LLP 801 NICOLLET MALL WEST TOWER STE 1100 MINNEAPOLIS MN 554022526 990 2019-01-01 946061277 PACIFIC SERVICE CREDIT UNION PACI 9256095000 3000 CLAYTON ROAD CONCORD CA 94519 DAVID KATO EVP & CFO 9256095000 2020-11-02 1 KACIE MCEWEN P01599614 6123324300 2020-11-02 174.219.8.197 2020-11-02 18:15:35 CS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 03529DF6567CFB0D20C3C8C4F0F8DA9C5BDC3671 2019 2021-04-22 16:20:28Z VIRGINIA LAMPSON 3000 CLAYTON ROAD CONCORD CA 94519 129235956 0 X WWW.PACIFICSERVICE.ORG X 1936 CA TO PROVIDE A BROAD RANGE OF LOAN AND DEPOSIT PRODUCTS AND OTHER FINANCIAL SERVICES TO ITS MEMBERS. 9 9 226 15 28378 -133065 0 0 35131594 38682280 8088054 9188608 0 0 43219648 47870888 152087 150668 3648770 6132718 16695951 17619468 0 0 0 14653556 16668225 35150364 40571079 8069284 7299809 1153544192 1166911803 989062933 993363037 164481259 173548766 THE ORGANIZATION IS A FULL SERVICE STATE-CHARTERED CREDIT UNION THAT PROVIDES A BROAD RANGE OF LOAN AND DEPOSIT PRODUCTS AND OTHER FINANCIAL SERVICES TO ITS MEMBERS USING VARIOUS CHANNELS INCLUDING BRANCHES, A CALL CENTER, MOBILE APPLICATIONS, AND THE INTERNET. 0 0 PACIFIC SERVICE CREDIT UNION (PSCU) WAS FOUNDED IN 1936 TO SERVE EMPLOYEES OF PG&E IN THE SAN FRANCISCO BAY AREA. OVER EIGHTY-THREE YEARS LATER, PSCU NOW SERVES MORE THAN 64,000 MEMBERS WHO LIVE, WORK, WORSHIP OR ATTEND SCHOOL IN ALAMEDA, CONTRA COSTA, FRESNO, MARIN, NAPA, PLACER, SACRAMENTO, SAN FRANCISCO, SAN MATEO, SANTA CLARA, SOLANO AND SONOMA COUNTIES. MEMBERS CAN TRANSACT IN ANY OF OUR SIX BRANCHES, AT ANY OF OVER 5,000 SHARED BRANCH LOCATIONS AVAILABLE THROUGH CO-OP SHARED BRANCH NETWORK, USING ATMS, ONLINE VIA OUR INTERNET HOME BANKING OR MOBILE SITES, USING POINT OF SALE WITH THEIR VISA DEBIT OR CREDIT CARD OR BY CALLING OUR TELEPHONE SERVICE CENTER OR TOLL-FREE AUTOMATED TELEPHONE BANKING SYSTEM. PSCU OFFERS A VARIETY OF DEPOSIT PRODUCTS INCLUDING SAVINGS, CHECKING, MONEY MARKET, CERTIFICATE, IRS, COVERDELL EDUCATION SAVINGS AND YOUTH ACCOUNTS. PSCU CHECKING PRODUCT OPTIONS CAN EARN INTEREST, ARE FREE FROM MONTHLY SERVICE CHARGES, ALLOW THE MEMBER TO OBTAIN RATE DISCOUNTS ON AUTO LOANS OR HELP A YOUNG MEMBER OPEN THEIR FIRST CHECKING ACCOUNT. PSCU'S DEPOSIT RATES ARE COMPETITIVE WITH THE MARKET AND ARE TYPICALLY HIGHER THAN BANKS. TOTAL MEMBER SHARE BALANCE AT DECEMBER 31, 2019 WAS $976,883,732. PSCU OFFERS A VARIETY OF COMPETITIVELY PRICED MORTGAGE LOAN OPTIONS AVAILABLE FOR A PRIMARY RESIDENCE OR SECOND HOME. PSCU HOME EQUITY LOAN OPTIONS RANGE FROM 5 TO 15 YEARS, AND MEMBERS MAY ALSO OBTAIN HOME EQUITY LINES OF CREDIT. PSCU OFFERS VEHICLE LOANS FOR NEW AND USED CARS, NEW AND USED BOATS, AS WELL AS NEW AND USED RVS. VISA CREDIT CARD LOANS INCLUDE A NO ANNUAL FEE OPTION AS WELL AS A CARD EARNING REWARDS POINTS. PSCU OFFERS OTHER CONSUMER LOANS FOR MEMBERS SUCH AS PERSONAL SIGNATURE LOANS, AS WELL AS SHARE AND CERTIFICATE SECURED LOANS. FOR OUR MEMBERS WHO ARE STARTING TO BUILD THEIR CREDIT, PSCU OFFERS A STARTER VISA AND A FIRST-TIME AUTO LOAN PROGRAM. TOTAL MEMBER LOAN BALANCE AT DECEMBER 31, 2019 WAS $773,825,605. 0 0 1 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 17278 0 1 226 1 1 1 0 0 0 0 0 1 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 0 0 CA X PANSY FONG VPCONTROLLER 9256095000 3000 CLAYTON ROAD CONCORD CA 94519 STEPHEN PUNCH PRESIDENT & CEO (UNTIL 7/31/19) 40.00 X 1176275 0 47114 VIRGINIA LAMPSON PRESIDENT & CEO (EFFECTIVE 8/1/19) 40.00 X 473424 0 35836 DAVID KATO EVP & CFO 40.00 X 388024 0 58745 CHRIS OLDAG SVP & CLO 40.00 X 379710 0 45072 NANNETTE CUTLIFF SVP & CIO 40.00 X 369894 0 31599 KRISTIN DOVE SVP & CMO 40.00 X 305956 0 55898 BARBARA SMITH SVP & CAO 40.00 X 305153 0 52928 PANSY FONG VP & CONTROLLER 40.00 X 263200 0 19141 STEVEN CRAIGE VP 40.00 X 229860 0 37383 HEMLATA PATEL VP 40.00 X 211043 0 47244 MICHELLE SHELOR SVP/COO 40.00 X 208768 0 30768 AARON DYE-INOUYE AVP 40.00 X 164004 0 42833 MICHELE SPEER VP 40.00 X 166883 0 28072 MARIA DEMARTINI CHAIR 2.00 X X 0 0 0 AMAR PANCHAL VICE CHAIR 1.00 X X 0 0 0 JULIA BANNING SECRETARY/TREASURER 1.00 X X 0 0 0 JOHN CADWALADER DIRECTOR 1.00 X 0 0 0 WILLIAM CHEN DIRECTOR 1.00 X 0 0 0 JIM PETERSON DIRECTOR 1.00 X 0 0 0 DAVID SENA DIRECTOR 1.00 X 0 0 0 KATHLEEN TAPPERO DIRECTOR 1.00 X 0 0 0 BETTY VINEYARD DIRECTOR 1.00 X 0 0 0 4642194 0 532633 37 0 1 0 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 IT/OPERATIONS 966631 INSIGHT DIRECT USA INC PO BOX 731069 DALLAS TX 753731069 IT/OPERATIONS 827887 FISERV INC PO BOX 418410 BOSTON MA 022418410 OPERATIONS 563989 AT&T PO BOX 5019 CAROL STREAM IL 601972019 IT/OPERATIONS 456457 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 903126081 HR/MARKETING 438101 17 INTEREST ON LOANS 522100 31619714 31619714 INTERCHANGE INCOME 522100 4470300 4467282 3018 SERVICE CHARGES & FEES 522100 2244289 2227922 16367 OTHER NON-INTEREST INCOME 522100 347977 338984 8993 38682280 8007051 8007051 82546625 81365068 1181557 1181557 1181557 47870888 38653902 28378 9188608 150668 6132718 4038427 9224260 512004 2989579 855198 461627 127923 164843 1690 2096781 1030032 2258218 2501024 1176335 165208 196593 1023341 MEMBER LOAN SERVICES 3703877 PROVISION FOR LOAN LOSS 1760733 40571079 1519287 1475178 99698186 65680900 126848 128083 720927207 771615711 1299723 1185048 40578074 16304305 6273554 24273769 300087193 279106465 7718000 7421600 15894194 16025049 1153544192 1166911803 13510544 16479306 975552389 976883731 989062933 993363037 X 0 0 0 0 164481259 173548766 164481259 173548766 1153544192 1166911803 X 7299809 3308433 -1540735 X 0 1 X 1 0 6334 6334 6334 1 CCUL - PAC 1201 W K STREET SACRAMTENO CA 95814 940329967 6334 PART I-B, LINE 4A: THE CREDIT UNION MADE A CONTRIBUTION TO THE CALIFORNIA CREDIT UNION LEAGUES FEDERAL POLITICAL ACTION COMMITTEE TO SUPPORT CREDIT UNION ISSUES. 1 -5380 57961 56634 -4053 0 12615213 12615213 12344711 2743474 9601237 894348 664377 229971 4497008 4018338 478670 10226794 8878116 1348678 24273769 MEMBER SHARE ACCOUNTS 223439203 MEMBER CHECKING ACCOUNTS 130304030 MEMBER MONEY MARKET ACCOUNTS 382243069 MEMBER REGULAR CERTIFICATE ACCOUNTS 240897429 976883731 X 47870888 0 47870888 0 47870888 40571079 0 40571079 0 40571079 PART IV, LINE 1B: THE CREDIT UNION IS THE ADMINISTRATOR OF PSEA, PSEVA, PSFCU, AND SJPECU RETIREE MEDICAL BENEFIT TRUST (THE TRUST). ADMINISTRATIVE ACTIVITIES INCLUDE DISBURSING PAYMENTS FOR MEDICAL INSURANCE PREMIUMS, COLLECTING PARTICIPANT CONTRIBUTIONS, MANAGING CASH FLOWS, INVESTING NET ASSETS, PREPARING FINANCIAL STATEMENTS, AND PREPARING TAX RETURNS. AMOUNTS DUE BETWEEN THE CREDIT UNION AND THE TRUST ARE REIMBURSED SEMIANNUALLY. PART X, LINE 2: FASB CODIFICATION TOPIC 740, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE FINANCIAL STATEMENTS. THIS REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE CREDIT UNION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS NOT DEEMED TO MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. 1 BAY AREA RESCUE MISSION 2114 MACDONALD AVE RICHMOND CA 94802 946124054 501(C)(3) 8000 SUPPORT HOLIDAY MEAL PROGRAM LEUKEMIA & LYMPHOMA SOCIETY INC 221 MAIN STREET STE 1650 SAN FRANCISCO CA 94105 135644916 501(C)(3) 10000 SUPPORT FUNDRAISING PROGRAM LOAVES AND FISHES OF CONTRA COSTA 1985 BONIFACIO STREET STE 100 CONCORD CA 94520 680018077 501(C)(3) 10000 GENERAL PROGRAM SUPPORT THE SALVATION ARMY 3755 NORTH FREEWAY BLVD SACRAMENTO CA 95834 941156347 501(C)(3) 10000 SUPPORT HOLIDAY MEALS AND TOYS PROGRAM FOOD BANK CONTRA COSTA AND SOLANO 4010 NELSON AVE CONCORD CA 94520 942418054 501(C)(3) 30800 GENERAL PROGRAM SUPPORT MONUMENT CRISIS CENTER PO BOX 23973 PLEASANT HILL CA 94520 412111171 501(C)(3) 7000 GENERAL PROGRAM SUPPORT ALAMEDA COUNTY COMMUNITY FOOD BANK INC PO BOX 2599 OAKLAND CA 94614 942960297 501(C)(3) 7500 GENERAL PROGRAM SUPPORT 7 0 PART I, LINE 2: THE CHARITABLE CONTRIBUTIONS AMOUNT IN TOTAL IS APPROVED BY THE BOARD IN THE ANNUAL BUDGETING PROCESS. THE CREDIT UNION HAS EMPLOYEE VOLUNTEERS THAT MAKE UP ITS COMMUNITY INVOLVEMENTS COMMITTEE (CIC). CIC MEMBERS MEET MONTHLY TO DISCUSS AND VOTE ON HOW THE BUDGETED FUNDS ARE TO BE SPENT. UPON BOARD APPROVAL DURING THE MONTHLY BOARD MEETING THE FUNDS ARE ISSUED TO THE VARIOUS CHARITABLE ORGANIZATIONS. CONTRIBUTIONS ARE MADE THROUGHOUT THE YEAR. ADDITIONAL CHARITABLE CONTRIBUTIONS MAY OCCUR, AS AUTHORIZED BY THE CEO. X 1 1 X X X 0 0 0 STEPHEN PUNCH PRESIDENT & CEO (UNTIL 7/31/19) 554314 0 191611 0 430350 0 20325 0 29921 0 1226521 0 0 0 VIRGINIA LAMPSON PRESIDENT & CEO (EFFECTIVE 8/1/19) 389342 0 86553 0 -2471 0 18108 0 21850 0 513382 0 0 0 DAVID KATO EVP & CFO 310300 0 85724 0 -8000 0 17127 0 51011 0 456162 0 0 0 CHRIS OLDAG SVP & CLO 292490 0 75971 0 11249 0 15529 0 30860 0 426099 0 0 0 NANNETTE CUTLIFF SVP & CIO 294818 0 76576 0 -1500 0 16201 0 18188 0 404283 0 0 0 KRISTIN DOVE SVP & CMO 243635 0 63281 0 -960 0 18057 0 40030 0 364043 0 0 0 BARBARA SMITH SVP & CAO 243534 0 63255 0 -1636 0 15087 0 41470 0 361710 0 0 0 PANSY FONG VP & CONTROLLER 218221 0 47679 0 -2700 0 10843 0 12182 0 286225 0 0 0 STEVEN CRAIGE VP 188960 0 40900 0 0 0 12401 0 26043 0 268304 0 0 0 HEMLATA PATEL VP 167155 0 36350 0 7538 0 9402 0 39130 0 259575 0 0 0 MICHELLE SHELOR SVP/COO 173864 0 34874 0 30 0 13040 0 18718 0 240526 0 0 0 AARON DYE-INOUYE AVP 141228 0 19592 0 3184 0 10592 0 35732 0 210328 0 0 0 MICHELE SPEER VP 137910 0 28973 0 0 0 10343 0 18501 0 195727 0 0 0 PART I, LINE 1A THE CREDIT UNION PROVIDES TRAVEL FOR THE COMPANIONS OF THE ATTENDING BOARD OF DIRECTORS AND CREDIT UNION OFFICERS TO THE ANNUAL PLANNING MEETING. FORM 1099 IS ISSUED TO THE BOARD MEMBER IF THE $600 REPORTING THRESHOLD IS MET. 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 THE CREDIT UNION MEMBERS ELECT THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN DECISIONS OF THE CREDIT UNION'S GOVERNING BODY ARE SUBJECT TO APPROVAL BY MEMBERS, E.G., A CHANGE IN THE CREDIT UNION'S CHARTER. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED IN DETAIL BY THE CREDIT UNION'S CONTROLLER. THE CHIEF FINANCIAL OFFICER REVIEWS FORM 990 FOR COMPLETENESS AND CONSISTENCY WITH THE CREDIT UNION POLICIES AND PROCEDURES. THE CHIEF EXECUTIVE OFFICER AND BOARD OF DIRECTORS ARE PROVIDED A COPY OF FORM 990 BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE EMPLOYEE CONDUCT SECTION OF THE CREDIT UNION'S EMPLOYEE HANDBOOK CITES EMPLOYEE CONFLICTS OF INTEREST AS REASON FOR DISCIPLINARY ACTION. EMPLOYEES ARE REQUIRED TO ACKNOWLEDGE THE EMPLOYEE HANDBOOK ON AN ANNUAL BASIS. IN COMPLIANCE WITH THE FEDERAL CREDIT UNION ACT, VOLUNTEERS ARE REQUIRED TO DISCLOSE ACTUAL OR POTENTIAL CONFLICTS OF INTEREST UPON VOLUNTEERING. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS REVIEWS INDEPENDENT THIRD PARTY EXECUTIVE COMPENSATION SURVEYS AND DETERMINES APPROPRIATE COMPENSATION FOR THE CEO. THE BOARD OF DIRECTORS APPROVES THE CREDIT UNION'S ANNUAL SALARY BUDGET. SALARY RANGES FOR ALL POSITIONS ARE MAINTAINED TO REFLECT MARKET SALARIES BASED ON PARTICIPATION IN INDUSTRY SURVEYS. TOP MANAGEMENT AND KEY EMPLOYEES' SALARIES ARE INITIALLY WITHIN THE RANGE FOR THAT POSITION, BASED ON THE EMPLOYEE'S EXPERIENCE, AND ADJUSTED ANNUALLY ACCORDING TO PERFORMANCE MANAGEMENT AND BUDGET CONSTRAINTS. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES ITS BY-LAWS AVAILABLE TO MEMBERS UPON REQUEST. POLICIES AND PROCEDURES ARE NOT GENERALLY MADE AVAILABLE TO THE PUBLIC. A MONTHLY BALANCE SHEET AND INCOME STATEMENT ARE POSTED IN THE CREDIT UNION'S BRANCHES. ANNUAL FINANCIAL STATEMENTS ARE PUBLISHED IN THE ANNUAL REPORT. AUDITED FINANCIAL STATEMENTS ARE AVAILABLE TO MEMBERS UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 9: NET CHANGE IN GAINS ON OTHER POSTRETIREMENT EMPLOYEE BENEFIT PLANS -1,540,735. PSEA PSEBA PSFCU AND SJPECU RETIREE MEDICAL BENEFITS PLAN TRUST PO BOX 8191 WALNUT CREEK CA 945968191 680383491 RETIREE MEDICAL BENEFIT TRUST CA N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0