2020-11-02T19:23:04-06:00 2019-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2019-01-01 941482957 PROVIDENT CREDIT UNION PROV 6505080300 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94065 JENNIFER LEE CFO 6505080300 2020-10-22 1 VALENTINO CREUS CPA P01054153 8189549700 108.95.190.209 2020-10-22 15:51:15 PD P CEFC9F3E0A6DCC685B364005133C18EB560DB533 048EE652F0479155537D3ADFC76134B616B923FF 2019 2021-04-22 16:20:28Z JAMES L ERNEST 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94065 118064717 0 X WWW.PROVIDENTCU.ORG X CREDIT UNION 1950 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 444 14 370907 0 0 0 83831557 97413107 15436254 16559655 3061429 4091955 102329240 118064717 159750 218050 0 0 34372020 39163649 0 0 0 51690763 62044059 86222533 101425758 16106707 16638959 2599866298 2795784013 2302598797 2474975636 297267501 320808377 X A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT RATES OF INTEREST SET BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THEM TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, PROVIDENT CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 PROVIDENT OFFERS A SUPER REWARDS CHECKING ACCOUNT WHICH PAYS MEMBERS HIGH RATES ON THEIR CHECKING ACCOUNTS IF THEY QUALIFY BY MAKING $300 IN PURCHASES USING THEIR DEBIT OR CREDIT CARD PER MONTH, HAVING DIRECT DEPOSIT OR BILL PAY EACH MONTH, AND RECEIVING AN E-STATEMENT INSTEAD OF A PAPER ONE. THIS ACCOUNT ACCRUES FINANCIAL BENEFITS TO MEMBERS AND SUPPORTS ENVIRONMENTALLY FRIENDLY BEHAVIOR BY ENCOURAGING VIRTUAL TRANSACTIONS VERSUS PAPER CHECKS, ELIMINATING PAPER AND MAILING COSTS FOR STATEMENTS, AND INCREASING ACCOUNT SECURITY FOR MEMBERS BY ELIMINATING VULNERABILITY TO IDENTITY THEFT THROUGH STOLEN MAILED STATEMENTS. PROVIDENT'S MOVABLE MORTGAGE ALLOWS A MEMBER TO TRANSFER THE CURRENT RATE AND TERMS (BALANCE AT PAY-OFF, MARGIN, ETC.) OF THEIR EXISTING PCU HOME LOAN TO THEIR NEW HOME PURCHASE. IF BUYING UP AND THE MEMBER NEEDED MORE THAN THE EXISTING BALANCE TO COMPLETE THE PURCHASE, PROVIDENT WOULD BLEND THE TERMS OF THEIR EXISTING MORTGAGE WITH RATES AND TERMS CURRENTLY OFFERED ON OUR RATE SHEET FOR ANY SHORTAGE IN LOAN AMOUNT. TYPICALLY USED IN A RISING RATE ENVIRONMENT, THE NET EFFECT WOULD BE A LOWER RATE TO THE MEMBER. PROVIDENT HAS A PROGRAM TO MODIFY RATES ON CERTAIN PORTFOLIO MORTGAGE LOANS ALLOWING MEMBERS TO BENEFIT FROM RATE DROPS WITHOUT GOING THROUGH A COMPLETE REFINANCE PROCESS. 0 0 0 0 0 0 0 0 0 1 0 1 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 0 1 1 1 0 1 64403 0 1 444 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X X X JENNIFER LEE CFO 6505080300 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94065 LAWRENCE TESHARA CHAIRMAN 2.00 X 0 0 0 DAVID PELZNER VICE CHAIRMAN 2.00 X 0 0 0 SAMUEL JOHNSON JR TREASURER 2.00 X 0 0 0 JUNE ROTHE SECRETARY 2.00 X 0 0 0 DAVID BUCKMASTER BOARD MEMBER 2.00 X 0 0 0 ROBERT LANZONE BOARD MEMBER 2.00 X 0 0 0 SCOTT OBRIEN BOARD MEMBER 2.00 X 0 0 0 JANET MATHIS BOARD MEMBER 2.00 X 0 0 0 CHRISTINE BOLAND BOARD MEMBER 2.00 X 0 0 0 GEORGE DESCALSO SUPV CMTE CHAIR 2.00 X 0 0 0 ANDREA KENTER SUPV CMTE 2.00 X 0 0 0 SCOTT MCWHIRTER SUPV CMTE 2.00 X 0 0 0 OLIVER BOULIGNY III SUPV CMTE 2.00 X 0 0 0 ROSANNE FOUST SUPV CMTE 2.00 X 0 0 0 JAMES ERNEST PRESIDENT/CEO 40.00 X 823643 0 56203 JENNIFER LEE CFO 40.00 X 322211 0 40789 FRED GOMES SVP 40.00 X 343056 0 61933 HEIDI PARKS SVP 40.00 X 342367 0 47820 CONNIE K FINCH VP SYSTEMS & TECH 40.00 X 304095 0 46261 JOHN PAUL REILLY VP BS&O 40.00 X 272142 0 57383 JOHN HAGGARTY VP MARKETING 40.00 X 260301 0 57631 GREG KENT MCCURDY VP LENDING 40.00 X 258763 0 38382 JAMES PAUL TRACESKI VP HUMAN RESOURCES 40.00 X 232521 0 20190 SHALINI SAHDEO NARAYAN VP SERVICE QUALITY 40.00 X 209677 0 47172 CHRISTINE M KEANE VP RISK MANAGEMENT 40.00 X 187394 0 41906 MOHAMAD A SANGABI SR. MORTGAGE CONSULTANT 40.00 X 411012 0 41983 ROBERT BERNARD KETTMANN MORTGAGE PRODUCTION SALES MANAGER 40.00 X 312752 0 19109 LAN FIGUEROA SR. MORTGAGE CONSULTANT 40.00 X 293037 0 36748 FATEMEH ASAD SANGABI SR. MORTGAGE CONSULTANT 40.00 X 233668 0 45715 PHUONG PATRICIA JACOBS MORTGAGE COUNSELOR I 40.00 X 217766 0 10955 5024405 0 670180 74 0 1 0 EPLUS TECHNOLOGY INC FILE 56861 LOS ANGELES CA 90074 TECHNOLOGY SERVICES 4700424 WEBB BUILDERS 1494 ODDSTAD DRIVE REDWOOD CITY CA 94063 CONSTRUCTION 869374 INFO IMAGE 141 JEFFERSON DRIVE MENLO PARK CA 94025 STATEMENT/COUPON PRINTING 588610 FISERV-SPECTRUM PO BOX 208457 DALLAS TX 75320 FINANCIAL SERVICES TECHNOLOGY 544946 SHAMROCK PO BOX 6119 HERMITAGE PA 16148 POSTAGE AND MARKETING MAILINGS 499173 49 INCOME FROM LOANS 522100 67840620 67840620 OTHER OPERATING INCOME 522100 20676870 20676870 FEE INCOME 522100 8895617 8524710 370907 97413107 16548418 16548418 3963076 0 3963076 3963076 3963076 11237 0 11237 11237 11237 OTHER NON-OPERATING IN 522100 128879 128879 128879 118064717 113730734 370907 3963076 141550 76500 5024405 24894393 1135113 5914849 2194889 226508 370820 3605075 3487324 7373622 2368782 5348063 569259 23066108 3893000 LOAN SERVICING EXPENSE 6818886 MISCELLANEOUS EXPENSE 3362712 PROVISION FOR LOAN & LE 1283189 OPERATING FEES 270711 101425758 4708947 4584313 171490022 169459637 5842964 5318446 3239669 5157758 75436380 41207769 32022122 34228611 629196263 606603700 1728562958 1944800095 1905373 1835599 22897980 23795854 2599866298 2795784013 24014907 22679800 2278583890 2452295836 2302598797 2474975636 X 0 0 0 0 297267501 320808377 297267501 320808377 2599866298 2795784013 16638959 6901917 0 X X 0 1 X 1 0 7510980 7510980 36673767 19958277 16715490 9915097 8242946 1672151 21336536 13006546 8329990 34228611 NCUA SHARE INSURANCE DEPOSITS 20118212 C ALL OTHER INVESTMENTS 15000000 F NET LOANS AND LEASES 1902995020 F PAID IN CAPITAL AT CORP 750000 C LOANS HELD FOR SALE 5936863 F 1944800095 MEMBER SHARE DEPOSITS 2451687613 ACCRUED DIVIDENDS ON INTEREST PAYABLE 608223 2452295836 X PART X, LINE 2: FASB ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE CONSOLIDATED 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" OF BEING SUSTAINED "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS DEEMED TO NOT MEET THE MORE-LIKELY-THAN-NOT THRESHOLD SHOULD 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, AND ACCORDINGLY, THE CREDIT UNION HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. 1 SAN MATEO COUNTY COMMUNITY COLLEGE FOUNDATION 3401 CSM DRIVE SAN MATEO CA 94402 946133905 501(C)(3) 7500 FMV TO PROVIDE FINANCIAL SUPPORT TO PROMOTE STUDENT SUCCESS AMERICAN CANCER SOCIETY 747 CAMDEN AVENUE SUITE B CAMPBELL CA 95008 131788491 501(C)(3) 10000 FMV TO SUPPORT CANCER RESEARCH CHILDREN'S MIRACLE NETWORK HOSPITALS P O BOX 51482 ONTARIO CA 91761 870387205 501(C)(3) 10300 FMV TO SUPPORT BUILDING HEALTHIER FUTURES FOR CHILDREN REDWOOD CITY SAN MATEO COUNTY 1450 VETERANS BLVD SUITE 125 REDWOOD CITY CA 94063 940377914 501(C)(6) 30000 FMV BIRDIES FOR BUSINESS GOLF 3 1 COLLEGE SCHOLARSHIPS 19 76500 PROVIDENT OFFERS TWO DIFFERENT SCHOLARSHIPS FOR PROVIDENT MEMBERS: ONE FOR GRADUATING HIGH SCHOOL SENIORS ENTERING COLLEGE, AND ONE FOR THOSE SEEKING A CALIFORNIA TEACHING CREDENTIAL. PART I, LINE 2: SOME SCHOLARSHIPS ARE ONE-TIME AWARDS AND FOR THOSE WE HAVE MINIMUM REQUIREMENTS THAT MUST BE MET. FOR THE RENEWAL SCHOLARSHIPS, THE STUDENT MUST MAINTAIN AT LEAST A B AVERAGE AND BE ENROLLED IN AN ACCREDITED COLLEGE. TRANSCRIPTS ARE REQUIRED TO CONFIRM THE STUDENT'S ENROLLMENT AND GRADES. X X X 1 1 X X X X 0 1 0 JAMES ERNEST PRESIDENT/CEO 678462 0 132288 0 12893 0 28000 0 28203 0 879846 0 0 0 JENNIFER LEE CFO 252016 0 64623 0 5572 0 12601 0 28188 0 363000 0 0 0 FRED GOMES SVP 261642 0 68090 0 13324 0 19623 0 42310 0 404989 0 0 0 HEIDI PARKS SVP 261765 0 73316 0 7286 0 19632 0 28188 0 390187 0 0 0 CONNIE K FINCH VP SYSTEMS & TECH 241452 0 59218 0 3425 0 18109 0 28152 0 350356 0 0 0 JOHN PAUL REILLY VP BS&O 217395 0 54109 0 638 0 15180 0 42203 0 329525 0 0 0 JOHN HAGGARTY VP MARKETING 205626 0 54241 0 434 0 15422 0 42209 0 317932 0 0 0 GREG KENT MCCURDY VP LENDING 230680 0 20751 0 7332 0 11009 0 27373 0 297145 0 0 0 JAMES PAUL TRACESKI VP HUMAN RESOURCES 206082 0 21981 0 4458 0 5152 0 15038 0 252711 0 0 0 SHALINI SAHDEO NARAYAN VP SERVICE QUALITY 190192 0 19100 0 385 0 0 0 47172 0 256849 0 0 0 CHRISTINE M KEANE VP RISK MANAGEMENT 147020 0 39117 0 1257 0 14702 0 27204 0 229300 0 0 0 MOHAMAD A SANGABI SR. MORTGAGE CONSULTANT 61319 0 348533 0 1160 0 28000 0 13983 0 452995 0 0 0 ROBERT BERNARD KETTMANN MORTGAGE PRODUCTION SALES MANAGER 103733 0 206611 0 2408 0 1400 0 17709 0 331861 0 0 0 LAN FIGUEROA SR. MORTGAGE CONSULTANT 47429 0 245525 0 83 0 21000 0 15748 0 329785 0 0 0 FATEMEH ASAD SANGABI SR. MORTGAGE CONSULTANT 35798 0 196842 0 1028 0 18124 0 27591 0 279383 0 0 0 PHUONG PATRICIA JACOBS MORTGAGE COUNSELOR I 44064 0 173643 0 59 0 5533 0 5422 0 228721 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS DEFERRED COMPENSATION AGREEMENTS WITH MEMBERS OF THE EXECUTIVE MANAGEMENT TEAM THAT PROVIDE BENEFITS PAYABLE TO THESE EMPLOYEES IF THEY MEET THE REQUIREMENTS SET FORTH IN THE AGREEMENTS. IF THESE EMPLOYEES BECOME FULLY DISABLED AS DEFINED IN THE AGREEMENTS, ACCRUED BENEFITS ARE IMMEDIATELY PAYABLE. THE BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE AS DEFINED IN THE AGREEMENTS. JAMES ERNEST OFFICER REAL ESTATE LOAN X 709000 509507 0 1 1 FRED GOMES OFFICER REAL ESTATE LOAN X 245000 89164 0 1 1 CONNIE K FINCH KEY EMPLOYEE REAL ESTATE LOAN X 271623 179008 0 1 1 HEIDI PARKS OFFICER REAL ESTATE LOAN X 738284 579696 0 1 1 JOHN HAGGARTY KEY EMPLOYEE REAL ESTATE LOAN X 600000 512472 0 1 1 LAN FIGUEROA HCE REAL ESTATE LOAN X 397000 310505 0 1 1 GREG MCCURDY KEY EMPLOYEE REAL ESTATE LOAN X 710000 638844 0 1 1 CONNIE K FINCH KEY EMPLOYEE NEW AUTO X 50000 25134 0 1 1 JOHN HAGGARTY KEY EMPLOYEE USED AUTO X 43187 31915 0 1 1 CHRISTINE M KEANE KEY EMPLOYEE REAL ESTATE LOAN X 194400 118380 0 1 1 CONNIE K FINCH KEY EMPLOYEE NEW AUTO X 32679 19212 0 1 1 JOHN PAUL REILLY KEY EMPLOYEE REAL ESTATE LOAN X 576000 516193 0 1 1 SHALINI SAHDEO NARAYAN KEY EMPLOYEE REAL ESTATE LOAN X 1395000 1334432 0 1 1 HEIDI PARKS OFFICER NEW AUTO X 55993 35901 0 1 1 JAMES ERNEST OFFICER USED AUTO X 19297 19297 0 1 1 MOHAMAD A SANGABI HCE REAL ESTATE LOAN X 606682 398786 0 1 1 5318446 FORM 990, PART VI, SECTION A, LINE 6 PROVIDENT CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS OWNED AND CONTROLLED BY ITS MEMBERS, AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. PROVIDENT CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF PROVIDENT CREDIT UNION IS COMPRISED OF VOLUNTEER MEMBERS WHO ARE DIRECTLY ELECTED BY ITS MEMBERS. EACH MEMBER OF THE GOVERNING BOARD SERVES FOR A PERIOD AS PRESCRIBED BY OUR BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7B AT THE END OF EACH TERM OF THE BOARD MEMBERS, ELECTIONS ARE HELD AND BOARD MEMBERS ARE VOTED BY THE MEMBERS OF THE CREDIT UNION PURSUANT TO ITS BY-LAWS. MEMBER VOTES ARE ALSO REQUIRED TO RATIFY DECISIONS DEALING WITH REORGANIZATIONS AS IN THE CASE OF MERGER OR DISSOLUTION. FORM 990, PART VI, SECTION B, LINE 11B EACH BOARD MEMBER WILL RECEIVE A COMPLETED DRAFT OF THE FORM 990 FOR REVIEW AND BE GIVEN AN OPPORTUNITY TO SUGGEST CORRECTIONS OR REVISIONS PRIOR TO FILING EACH YEAR. FORM 990, PART VI, SECTION B, LINE 12C ALL STAFF ARE REQUIRED TO SIGN A CONFLICT OF INTEREST FORM ON AN ANNUAL BASIS. IN ADDITION, OUR POLICY REQUIRES THAT WE BE NOTIFIED WITHIN 10 DAYS OF ANY EVENT OR CIRCUMSTANCE THAT MAY RESULT IN A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 WE SUBSCRIBE TO NUMEROUS COMPENSATION SURVEYS FOR OFFICERS AND KEY EMPLOYEES. THESE ARE REVIEWED AND COMPARED TO CURRENT SALARY LEVELS. IN ADDITION, AN ANNUAL EVALUATION OF EACH PERSON'S PERFORMANCE IS COMPLETED INCLUDING ONE FOR THE CEO DONE BY THE BOARD. THE BUDGET IS ALSO A LARGE COMPONENT OF THIS DECISION. FORM 990, PART VI, SECTION C, LINE 18 FINANCIAL STATEMENTS ARE POSTED IN EACH BRANCH OFFICE AND ON THE WEB. THE OTHER DOCUMENTS WOULD BE AVAILABLE ON A CASE BY CASE BASIS. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMEMTS ARE POSTED IN EACH BRANCH OFFICE AND ON THE WEB. THE GOVERNING DOCUMENTS AND CONFLICTS OF INTEREST POLICIES ARE MADE AVAILABLE ON A CASE BY CASE BASIS. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. PROVIDENT SERVICES CORPORATION INC 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94065 942355881 INSURANCE PRODUCTS CA PROVIDENT CREDIT UNION C 1924044 2731836 1.00000 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 PROVIDENT SERVICES CORPORATION INC Q 1582211 ACTUAL AMOUNT PAID PROVIDENT SERVICES CORPORATION INC A 211173 ACTUAL AMOUNT PAID