2020-11-16T11:54:14-06:00 2019-12-31 420714325 RSM US LLP 801 NICOLLET MALL WEST TOWER STE 1100 MINNEAPOLIS MN 554022526 990 2019-01-01 941439553 VALLEY FIRST CREDIT UNION VALL 2095498500 1005 W ORANGEBURG AVENUE MODESTO CA 95350 MELANIE BORRAS CONTROLLER 2095498500 2020-11-13 1 KACIE MCEWEN P01599614 6123324300 2020-11-13 68.47.31.197 2020-11-13 13:52:59 CS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 03529DF6567CFB0D20C3C8C4F0F8DA9C5BDC3671 2019 2022-01-07 14:23:13Z KATHRYN DAVIS 1005 W ORANGEBURG AVENUE MODESTO CA 95350 33170632 0 X WWW.VALLEYFIRSTCU.ORG X 1956 CA PROVIDE SUPERIOR SERVICE TO OUR MEMBERS AND COMMUNITY. 7 7 206 7 1382527 -729794 0 0 28024297 30703799 1995538 2316975 0 0 30019835 33020774 0 10557 868514 1001589 11792481 12356673 0 0 0 16498920 17057590 29159915 30426409 859920 2594365 590851203 593162543 529116901 527612922 61734302 65549621 VALLEY FIRST CREDIT UNION IS A STATE CHARTERED CREDIT UNION THAT PROVIDES LOW COST FINANCIAL SERVICES TO ITS COMMUNITIES. 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 12/31/2019 THE CREDIT UNION HAD $445,869,690 IN OUTSTANDING LOAN BALANCES AND 67,359 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 12/31/2019 THE CREDIT UNION HAD 126,882 SAVINGS ACCOUNTS WITH A BALANCE OF $512,000,223. 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. AGAIN THE FEE FOR A CHECKING ACCOUNT AND THE DIVIDEND RATES FOR COMPARABLE CHECKING PRODUCTS ARE BETTER THAN COMPETITORS. AT 12/31/2019 THE CREDIT UNION HAD 37,420 MEMBERS WITH CHECKING ACCOUNTS WITH A DEPOSIT BALANCE OF $93,274,838. 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 1 206 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 0 0 1 1 1 1 0 CA X MELANIE BORRAS 2095498500 1005 W ORANGEBURG AVENUE MODESTO CA 95350 HANK BARRETT PRESIDENT/CEO 40.00 X 519587 0 37677 DENNIS BARTA VP FINANCE 40.00 X 183971 0 73715 KATHRYN DAVIS PRESIDENT/CEO 40.00 X 226388 0 26486 TRACI NAGASAWA VP MEMBER SERVICE 40.00 X 186602 0 50489 ANITA MORPHEW VP MARKETING 40.00 X 169058 0 61850 PAUL EMANUELS VP LENDING 40.00 X 176683 0 41946 CATHERINE RANDO VP INFORMATION SERVICES 40.00 X 177868 0 24329 JUAN MARQUEZ DIRECTOR OF BRANCHES 40.00 X 115029 0 17336 MELANIE BORRAS CONTROLLER 40.00 X 113998 0 13234 ROBERTA GAALSWYK DIRECTOR OF LENDING SERVICES 40.00 X 113448 0 10306 FRED CRUZ BOARD CHAIR 5.00 X X 0 0 0 JUDY JENSEN VICE CHAIR 2.00 X X 0 0 0 CHRIS PETERSON SECRETARY 2.00 X X 0 0 0 GARY HALL TREASURER/DIRECTOR 2.00 X X 0 0 0 TOM KANE DIRECTOR/TREASURER 2.00 X X 0 0 0 PATRICK DODD DIRECTOR 2.00 X 0 0 0 PATTI GILLIHAN DIRECTOR 2.00 X 0 0 0 MATT SINCLAIR DIRECTOR 2.00 X 0 0 0 1982632 0 357368 10 0 1 0 FINANCIAL TECH SOLUTIONS INTL (FTSI) PO BOX 919 MONROVIA CA 91017 ATM SERVICES 1361026 HANLEY CONSTRUCTION 939 W CHARTER WAY STOCKTON CA 95206 GENERAL CONTRACTOR 867178 JACK HENRY AND ASSOCIATES PO BOX 609 MONETT MO 65708 COMPUTER SUPPORT 574314 KASASA PO BOX 527 LUBBOCK TX 79408 DEPOSIT PRODUCT SUPPORT 469914 Q2 SOFTWARE PO BOX 205970 DALLAS TX 75320 COMPUTER SUPPORT 283748 28 INTEREST FROM LOANS 522100 19844124 19844124 FEES & CHARGES 522100 6231223 4848696 1382527 OTHER OPERATING INCOME 522100 4628452 4628452 30703799 2291751 2291751 175082 85580 64278 89502 -64278 25224 25224 33020774 29321272 1382527 2316975 10557 1001589 1962399 7709124 152725 1772507 759918 96094 133232 1768914 1076424 2231820 1506959 2416462 255201 600596 123100 LOAN SERVICING 2506969 PROVISION FOR LOAN LOSS 2403319 BANKING SERVICES 1677085 261415 30426409 11610596 14316220 39598794 33871257 14939856 9157649 412265991 443131334 3704432 4032705 32121993 20197339 10709842 11924654 76404388 56108743 21617304 20619981 590851203 593162543 14365499 15612699 514751402 512000223 529116901 527612922 X 0 0 0 0 61734302 65549621 61734302 65549621 590851203 593162543 2594365 1220954 0 X 0 1 X 1 0 1000 1000 1000 1 STATE SENATOR TONI ATKINS 1315 10TH STREET ROOM 205 SACRAMENTO CA 958144900 814690576 1000 0 PART I-A, LINE 1: THE CREDIT UNION MAKES FINANCIAL CONTRIBUTIONS FOR SPECIFIC CANDIDATES AND THEIR CAMPAIGNS TO SUPPORT CREDIT UNION ISSUES. 1888382 1888382 14510123 7694701 6815422 2174651 996173 1178478 13548837 11506465 2042372 11924654 AVAILABLE FOR SALE SECURITIES 55835698 F HTM AGENCY SECURITIES 273045 F 56108743 MEMBER SHARES 512000223 512000223 0 UNITED WAY OF STANISLAUS COUNTY 422 MCHENRY AVE MODESTO CA 95354 941212129 501(C)(3) 10557 SUPPORT EXEMPT MISSION 1 0 X 1 1 X X X X X 1 1 0 HANK BARRETT PRESIDENT/CEO 274601 0 7153 0 237833 0 29651 0 9092 0 558330 0 0 0 DENNIS BARTA VP FINANCE 168640 0 3070 0 12261 0 46602 0 27978 0 258551 0 0 0 KATHRYN DAVIS PRESIDENT/CEO 204162 0 0 0 22226 0 1524 0 25585 0 253497 0 0 0 TRACI NAGASAWA VP MEMBER SERVICE 150718 0 2786 0 33098 0 8118 0 43090 0 237810 0 0 0 ANITA MORPHEW VP MARKETING 133865 0 2589 0 32604 0 53593 0 9017 0 231668 0 0 0 PAUL EMANUELS VP LENDING 164656 0 2885 0 9142 0 34186 0 8565 0 219434 0 0 0 CATHERINE RANDO VP INFORMATION SERVICES 164545 0 2989 0 10334 0 18344 0 6898 0 203110 0 0 0 PART I, LINE 1A SOCIAL CLUB DUES FOR USE BY CEO WITH MEMBERS, STAFF AND PEERS TO DISCUSS BUSINESS ISSUES. PART I, LINES 4A-B JUAN MARQUEZ RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $43,191 DURING 2019. 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 HANK BARRETT RECEIVED A 457F DISTRIBUTION IN THE AMOUNT OF $149,903 DURING 2019. 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 CONTROLLER. A COPY WILL ALSO BE PROVIDED TO THE EXECUTIVE MEMBERS OF THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12 AN ANNUAL REVIEW PROCESS IS COMPLETED WHERE THE BOARD DIRECTORS AND SUPERVISORY COMMITTEE ARE REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST AND SIGN THE FORM. 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.