2017-10-25T09:06:50-05:00 2016-12-31 420714325 RSM US LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2016-01-01 941439553 VALLEY FIRST CREDIT UNION VALL 2095498500 1005 W ORANGEBURG AVENUE MODESTO CA 95350 DENNIS BARTA VP FINANCE 2095498500 2017-10-24 1 GERALD B KISSELL P00092658 6123324300 108.171.131.188 2017-10-24 11:53:36 CD P 01563F10D6676BDC9B96404AA3206AA292B808E6 5AB5DFEC54AF030231DDAA57F2AFD57D98013E0B 2016 2021-01-29 14:40:06Z HANK BARRETT 1005 W ORANGEBURG AVENUE MODESTO CA 95350 56133692 0 X WWW.VALLEYFIRSTCU.ORG X 1956 CA PROVIDE SUPERIOR SERVICE TO OUR MEMBERS AND COMMUNITY. 7 7 205 7 1539697 -731943 0 0 24327330 25537206 2283701 2116090 60800 45000 26671831 27698296 0 0 981368 891826 9856509 9550310 0 0 0 12832350 13663918 23670227 24106054 3001604 3592242 555484443 586820094 498451775 526673116 57032668 60146978 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 12/31/2016 THE CREDIT UNION HAD $319,398,619 IN OUTSTANDING LOAN BALANCES AND 67,599 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 12/31/2016 THE CREDIT UNION HAD 64,960 SAVINGS ACCOUNTS WITH A BALANCE OF $187,286,074. 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 12/31/2016 THE CREDIT UNION HAD 37,102 MEMBERS WITH CHECKING ACCOUNTS WITH A DEPOSIT BALANCE OF $97,498,567. 0 0 1 0 0 0 0 0 0 1 0 0 0 1 0 0 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 6844 0 1 205 1 1 1 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 DENNIS BARTA 2095498500 1005 W ORANGEBURG AVENUE MODESTO CA 95350 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 2.00 X X 0 0 0 MATT SINCLAIR DIRECTOR 2.00 X 0 0 0 PATTI GILLIHAN DIRECTOR 2.00 X 0 0 0 TOM KANE DIRECTOR 2.00 X 0 0 0 HANK BARRETT PRESIDENT/CEO 40.00 X 528801 0 43905 DENNIS BARTA VP FINANCE 40.00 X 171206 0 58956 CATHERINE RANDO VP INFORMATION SERVICES 40.00 X 126563 0 22657 PAUL EMANUELS VP LENDING 40.00 X 147005 0 28951 ANITA MORPHEW VP MARKETING 40.00 X 130789 0 31566 JAMES KELLY VP ADMINISTRATION 40.00 X 135636 0 18173 ROBERT O'CONNOR FINANCIAL SERVICES REP 40.00 X 160610 0 16807 1400610 0 221015 8 0 1 0 JACK HENRY AND ASSOCIATES PO BOX 609 MONETT MO 65708 COMPUTER SUPPORT 312041 BANCVUE PO BOX 527 LUBBOCK TX 79408 DEPOSIT PRODUCT SUPPORT 227797 TELCION 3070 COMMERCE WAY TURLOCK CA 95380 COMPUTER SUPPORT 141216 FIRST LINK INC 2377 GOLD MEADOW WY 8 GOLF RIVER CA 95670 COMPUTER SUPPORT 128236 Q2 SOFTWARE PO BOX 205970 DALLAS TX 753205907 COMPUTER SUPPORT 125945 9 INTEREST FROM LOANS 522100 15558487 15558487 FEES & CHARGES 522100 5816643 4276946 1539697 MISC OPERATING INCOME 522100 4162076 4162076 25537206 2342382 2342382 45000 0 45000 45000 45000 27602804 606300 27539723 895673 63081 -289373 -226292 -226292 27698296 23997509 1539697 2161090 891826 804773 6965486 213000 909114 657937 37556 134046 280134 970825 6536604 1676000 130149 192431 706995 110515 LOAN SERVICING 2138762 PROVISION FOR LOAN LOSS 402765 NET NEGATIVE SHARE CHAR 203973 143163 24106054 59723563 42592324 45340681 49743186 9462270 14105236 292338393 317743463 2169675 2574220 30151422 17386890 14205395 12764532 113262647 127608688 18981819 19688445 555484443 586820094 5592517 13013320 492859258 513659796 498451775 526673116 X 0 0 0 0 57032668 60146978 57032668 60146978 555484443 586820094 3592242 -477932 0 X 0 1 X 1 0 1500 1500 1500 1 HEATH FLORA FOR STATE ASSEMBLY 9460 TENGER RD HILMAR CA 95324 474012574 1500 PART I-A, LINE 1: THE CREDIT UNION MAKES FINANCIAL CONTRIBUTIONS FOR SPECIFIC CANDIDATES AND THEIR CAMPAIGNS TO SUPPORT CREDIT UNION ISSUES. 2138382 2138382 9580527 2679299 6901228 6902458 4335476 2566982 6727778 6338519 389259 4802277 4033596 768681 12764532 MEMBER SHARES 513659796 513659796 X 1 1 X X X X X 0 1 0 HANK BARRETT PRESIDENT/CEO 362408 0 149903 0 16490 0 30339 0 14597 0 573737 0 0 0 DENNIS BARTA VP FINANCE 159531 0 0 0 11675 0 23621 0 36209 0 231036 0 0 0 CATHERINE RANDO VP INFORMATION SERVICES 124932 0 0 0 1631 0 6328 0 17123 0 150014 0 0 0 PAUL EMANUELS VP LENDING 143572 0 0 0 3433 0 16691 0 13063 0 176759 0 0 0 ANITA MORPHEW VP MARKETING 129822 0 0 0 967 0 18000 0 14290 0 163079 0 0 0 JAMES KELLY VP ADMINISTRATION 134719 0 0 0 917 0 5913 0 12944 0 154493 0 0 0 ROBERT O'CONNOR FINANCIAL SERVICES REP 34548 0 124147 0 1915 0 7395 0 9643 0 177648 0 0 0 PART I, LINE 1A SOCIAL CLUB DUES FOR USE WITH MEMBERS AND PEERS TO DISCUSS BUSINESS ISSUES. THE BENEFIT IS NOT TAXABLE TO THE RECIPIENT AS ITS PRIMARY USE IS FOR THE CREDIT UNION. PART I, LINE 4B 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. THERE WERE NO DISBURSEMENTS IN 2016. HANK BARRETT DENNIS BARTA ANITA MORPHEW PAUL EMANUELS JAMES KELLY 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 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 12C AN ANNUAL REVIEW PROCESS IS COMPLETED AND EACH EMPLOYEE IS 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.