2020-09-21T19:05:21-05:00 2019-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2019-01-01 951652773 FIRST IMPERIAL CREDIT UNION FIRS 7603521540 1602 W MAIN STREET EL CENTRO CA 92243 FIDEL GONZALEZ CEO 7603521540 2020-09-11 1 VALENTINO CREUS CPA P01054153 8189549700 24.176.202.186 2020-09-11 09:34:54 PD P CEFC9F3E0A6DCC685B364005133C18EB560DB533 048EE652F0479155537D3ADFC76134B616B923FF 2019 2022-01-07 14:23:13Z FIDEL GONZALEZ 1602 W MAIN STREET EL CENTRO CA 92243 11940469 0 X WWW.FICU.COM X CREDIT UNION 1942 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 7 7 69 10 63535 -223346 0 0 9232487 10053326 199910 321758 0 190385 9432397 10565469 19241 16341 0 0 2704147 2933818 0 0 0 5794769 6439444 8518157 9389603 914240 1175866 122480004 127232418 111095195 114733015 11384809 12499403 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 APPROVED 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, FIRST IMPERIAL CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFIT, OR SERVICE OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS. 0 0 THE CREDIT UNION PROVIDES FINANCIAL SERVICES TO MEMBERS INCLUDING ACCESS TO SHARE ACCOUNTS, CERTIFICATES OF DEPOSIT AND RETIREMENT SAVINGS ACCOUNTS, WITH ACTIVE PROMOTION OF ATM/DEBIT CARDS, ELECTRONIC BILL PAY AND HOME BANKING. MEMBERS ALSO HAVE ACCESS TO CONSUMER LOANS INCLUDING VEHICLE LOANS, PERSONAL LINES OF CREDIT AND CREDIT CARDS. 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1640 0 1 69 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 0 1 1 1 1 1 1 1 0 CA X X VERONICA YEE ACCOUNTING MANAGER 7603521540 1602 W MAIN STREET EL CENTRO CA 92243 DR KATHLEEN LANG CHAIRPERSON 0.75 X 638 0 0 CHRISTOPHER PETREE VICE CHAIRPERSON 0.75 X 0 0 0 JOSH MERCADO BOARD TREASURER 0.75 X 0 0 0 MIKE CAMPBELL BOARD SECRETARY 0.75 X 0 0 0 DR VICTOR JAIME BOARD MEMBER 0.75 X 808 0 0 KATIE B LUNA BOARD MEMBER 0.75 X 0 0 0 VICTOR TORRES BOARD MEMBER 0.75 X 643 0 0 RICHARD MORALES SUPV CMTE CHAIRPERSON 0.75 X 0 0 0 STEVE ESCALERA SUPV CMTE MEMBER 0.75 X 0 0 0 ALEXIS ARAUJO SUPV CMTE MEMBER 0.75 X 0 0 0 FIDEL GONZALES PRESIDENT/CEO 40.00 X 223992 0 118209 CUAUHTEMOC DE LA TORRE EVP/CFO 40.00 X 165521 0 14556 391602 0 132765 2 0 1 0 CASTILLO CONSTRUCTION 400 N IMPERIAL AVENUE STE 1 IMPERIAL CA 92251 COMMERCIAL CONSTRUCTION 611621 JACK HENRY & ASSOCIATES INC P O BOX 609 MONETT MO 96708 INFORMATION PROCESSING SOLUTIONS 297359 COOK SECURITY 9225 NE CASCADES PARKWAY PORTLAND OR 97220 ATM PRODUCTS & SERVICES 225260 9 INTEREST ON LOANS 522100 6446906 6446906 FEE INCOME 522100 2408685 2345150 63535 OTHER OPERATING INCOME 522100 1197735 1197735 10053326 319805 319805 1376953 1375000 1953 1953 1953 NET REALIZED AND UNREALIZED GAINS 522100 190385 190385 190385 10565469 10501934 63535 0 16341 391602 1835396 378160 137471 191189 32635 49440 195016 120249 1302226 90672 361168 91830 901296 388776 117046 PROVISION FOR LOAN & LE 2328233 LOAN SERVICING EXPENSE 225921 MISCELLANEOUS EXPENSE 205942 OPERATING FEES 16730 12264 9389603 3649298 4327325 3915159 3717999 187729 192850 8664993 1864833 6390958 6800160 99895551 105333248 8441309 6860836 122480004 127232418 830915 1257641 110264280 113475374 111095195 114733015 X 0 0 0 0 11384809 12499403 11384809 12499403 122480004 127232418 X 1175866 105081 -166353 X X 0 1 X 1 0 2833619 2833619 4067314 728669 3338645 215221 108239 106982 1548839 1027925 520914 6800160 DEPOSITS IN COMMERCIAL BANKS 1498000 C LOANS AND LEASES 95473445 F NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 1020283 C LOANS TO NATURAL PERSON CREDIT UNIONS 500000 C AVAILABLE FOR SALE SECURITIES 1948681 F HELD-TO MATURITY SECURITIES 2000000 F PAID-IN CAPITAL AT CORP 169702 C TRADING DEBT SECURITIES 1802466 F EQUITY SECURITIES 918306 F ALL OTHER INVESTMENTS IN CORPORATE CREDIT UNIONS 2365 F 105333248 ACCRUED INTEREST ON LOANS 332999 ACCRUED INTEREST ON INVESTMENTS 33621 ALL OTHER ASSETS 6435572 FORECLOSED AND REPOSESSED ASSETS 58644 6860836 TOTAL SHARES AND DEPOSITS 110975374 DRAWS AGAINST LINES OF CREDIT 2500000 113475374 X 10563515 0 10563515 1954 1954 10565469 9387649 0 9387649 1954 1954 9389603 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 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 YEAR ENDED DECEMBER 31, 2019, MANAGEMENT HAS DETERMINED THAT THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS AND, ACCORDINGLY, HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. THE CREDIT UNION IS SUBJECT TO AND PAYS ALL STATE AND CITY TAXES ON GOODS AND SERVICES PURCHASED BY THE CREDIT UNION. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFICATION OF GAIN ON SALE OF INVESTMENTS B/N REVENUE AND EXPENSES 1,954. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASSIFICATION OF GAIN ON SALE OF INVESTMENTS B/N REVENUE AND EXPENSES 1,954. X X X 0 1 0 FIDEL GONZALES PRESIDENT/CEO 203217 0 9794 0 10981 0 108266 0 9943 0 342201 0 0 0 CUAUHTEMOC DE LA TORRE EVP/CFO 155850 0 6629 0 3042 0 4695 0 9861 0 180077 0 0 0 PART I, LINE 4B EFFECTIVE APRIL 1, 2018, THE CREDIT UNION ESTABLISHED A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR A MEMBER OF SENIOR MANAGEMENT UNDER IRC SECTION 457(F). THE CREDIT UNION ACCRUES FOR THE PLAN EACH YEAR UNTIL THE TARGET BENEFIT AMOUNT AND TARGET BENEFIT DATE ARE REACHED. FORM 990, PART VI, SECTION A, LINE 6 FIRST IMPERIAL 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. FIRST IMPERIAL CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BODY OF FIRST IMPERIAL 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 THE BOARD REVIEWS THE FORM 990 AS PART OF THE MONTHLY PACKET IN THE MONTH OF FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD, STAFF AND MANAGEMENT OF THE ORGANIZATION REVIEW THE CONFLICT OF INTEREST POLICY AND ACKNOWLEDGE COMPLIANCE ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE CEO, OFFICERS, AND KEY EMPLOYEES IS DETERMINED BY ANALYZING THE LATEST CUNA SALARY REPORT. THE CEO THEN PROPOSES A SALARY SCALE FOR BOARD APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS FOR THE CREDIT UNION ARE AVAILABLE ON A MONTHLY BASIS AND POSTED WITHIN THE BRANCH. FINANCIAL STATEMENTS ARE ALSO POSTED TO A SECURE WEBSITE AVAILABLE TO THE GOVERNING BOARD MEMBERS. FORM 990, PART XI, LINE 9: CHANGE IN OCI -166,353. FORM 990, PART XI, LINE 2C THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.