2017-11-14T18:22:10-06:00 2016-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2016-01-01 941482957 PROVIDENT CREDIT UNION PROV 6505080300 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94063 FRED GOMES SVP/CFO 6505080300 2017-11-13 1 VALENTINO CREUS CPA P01054153 8189549700 108.95.190.209 2017-11-13 13:11:37 PS P F53CDBC3F18316389D6CFA617EE7B9AF17900040 AAA51A721A1433521015D48D976EB051C184777B 2016 2021-01-29 14:40:06Z JAMES L ERNEST 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94063 91622709 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 9 425 14 3183608 0 0 0 67837737 76119181 9652863 11904757 2632492 3598771 80123092 91622709 112575 100860 0 0 28574445 32390548 0 0 0 35256556 40431775 63943576 72923183 16179516 18699526 2124975420 2283897433 1873469484 2013049439 251505936 270847994 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 1 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 54914 0 1 425 1 1 1 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 VP FINANCE 6505080300 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94065 FRED MARCUSSEN CHAIRMAN 1.00 X 0 0 0 ROBERT LANZONE VICE CHAIRMAN 1.00 X 0 0 0 LAWRENCE TESHARA SECRETARY 1.00 X 0 0 0 DAVID PELZNER TREASURER 1.00 X 0 0 0 JUNE ROTHE DIRECTOR 1.00 X 0 0 0 SAMUEL JOHNSON JR DIRECTOR 1.00 X 0 0 0 CHRISTINE BOLAND DIRECTOR 1.00 X 0 0 0 JANET MATHIS DIRECTOR 1.00 X 0 0 0 DAVID BUCKMASTER DIRECTOR 1.00 X 0 0 0 ANDREA KENTER SUPV CMTE CHAIR 1.00 X 0 0 0 GEORGE DESCALSO SUPV CMTE VICE CHAIR 1.00 X 0 0 0 OLIVER BOULIGNY III SUPV CMTE SECRETARY 1.00 X 0 0 0 SCOTT MCWHIRTER SUPV CMTE MEMBER 1.00 X 0 0 0 SCOTT OBRIEN SUPV CMTE MEMBER 1.00 X 0 0 0 WAYNE BUNKER PRESIDENT/CEO 40.00 X 691685 0 74060 JAMES ERNEST EVP/COO 40.00 X 576489 0 74060 FRED GOMES SVP CFO 40.00 X 522409 0 59414 HEIDI PARKS SVP 40.00 X 320511 0 52351 CONNIE FINCH VP SYSTEM & TECHNOLOGY 40.00 X 297643 0 50970 DAVID HERRERA JR VP LENDING 40.00 X 268566 0 50482 JENNIFER LEE VP FINANCE 40.00 X 265598 0 39442 CELIA TANAKA VP, HR & TRAINING 40.00 X 263647 0 22084 JOHN HAGGARTY VP MARKETING 40.00 X 252501 0 60640 GREG KENT MCCURDY AVP REAL ESTATE 40.00 X 200475 0 41237 MOHAMAD SANGABI SENIOR MORTGAGE CONSULTANT 40.00 X 379690 0 37941 ROBERT BERNARD KETTMANN MORTGAGE PRODUCTION SALES MANAGER 40.00 X 283985 0 26637 LAN FIGUEROA PERSONAL ACCT OFFICER 40.00 X 226501 0 28069 FATEMEH ASAD SANGABI MORTGAGE CONSULTANT 40.00 X 208345 0 54371 RAYMOND KENNETH WILKERSON MORTGAGE CONSULTANT 40.00 X 207766 0 12401 4965811 0 684159 55 0 1 0 FISERV SOLUTIONS 75 REMITTANCE DRIVE STE 6945 CHICAGO IL 60675 CORE SYSTEM 485714 PSG 395 TAYLOR BLVD SUITE 250 PLEASANT HILL CA 94523 APPRAISERS 469450 PROFORMA PO BOX 51925 LOS ANGELES CA 90051 MARKETING SERVICES 462502 INFO IMAGE INC 141 JEFFERSON DRIVE MENLO PARK CA 94025 STATEMENT/COUPON PRINTING 409601 EPLUS TECHNOLOGY INC 13595 DULLES TECHNOLOGY DR HERNDON VA 20171 TECHNOLOGY SERVICES 361173 31 INCOME FROM LOANS 522100 45976998 45976998 OTHER OPERATING INCOME 522100 19069352 19069352 FEE INCOME 522100 11072831 10243515 829316 76119181 11904757 9550465 2354292 3276129 0 3276129 3276129 3276129 OTHER NON-OPERATING IN 522100 269126 269126 GAIN ON SALE OF OREO 522100 53516 53516 322642 91622709 85162972 3183608 3276129 81360 19500 4965811 20073328 999933 4483505 1867971 134007 179468 2390832 2120645 6603867 1463021 4723750 481572 9689594 3183569 LOAN SERVICING EXPENSE 4947248 MISCELLANEOUS EXPENSE 4019715 PROVISION FOR LOAN & LE 294506 OPERATING FEES 199981 72923183 4305393 3937001 140515131 152679915 5758295 5488849 2684134 2990665 71746994 37645466 33429984 34101528 642088799 626765963 1271683596 1431296662 2258912 2120825 22251176 24516025 2124975420 2283897433 17571559 24370455 1855897925 1988678984 1873469484 2013049439 X 0 0 0 0 251505936 270847994 251505936 270847994 2124975420 2283897433 18699526 642532 0 X X 0 1 X 1 0 500 500 500 1 CCUL-PAC 2855 E GUASTI ROAD SUITE 600 SACRAMENTO CA 95814 942329967 500 PART I-A, LINE 1: PROVIDENT CREDIT UNION CONTRIBUTED TO CAMPAIGNS AND PAC'S RELATED TO THOSE THAT SUPPORT CREDIT UNION AND SPECIFIC LEGISLATION THAT IS IMPORTANT AND BENEFICIAL TO CREDIT UNIONS. 7510980 7510980 35542102 16510873 19031229 8384649 7154120 1230529 20309263 13980473 6328790 34101528 NCUA SHARE INSURANCE DEPOSITS 16324416 C DEPOSITS IN COMMERCIAL BANKS, S&L, SAVINGS BANKS 14684000 C ALL OTHER INVESTMENTS 13338200 F NET LOANS AND LEASES 1377879931 F PAID IN CAPITAL AT CORP 810315 C LOANS HELD FOR SALE 8259800 F 1431296662 MEMBER SHARE DEPOSITS 1988564339 ACCRUED DIVIDENDS ON INTEREST PAYABLE 114645 1988678984 X PART X, LINE 2: 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 WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015, 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 ECONOMIC DEVELOPMENT ASSOCIATION 1301 SHOREWAY ROAD SUITE 150 BELMONT CA 94002 941295795 501(C)(4) 5500 FMV TO PROMOTE BUSINESS ISSUES THAT ENHANCE AND SUSTAIN THE ECONOMIC PROSPERITY OF OUR REGION AND ITS LOCAL COMMUNITIES.TO PROMOTE BUSINESS ISSUES THAT ENHANCE AND SUSTAIN THE ECONOMIC PROSPERITY OF OUR REGION AND ITS LOCAL COMMUNITIES. SAN MATEO COUNTY CHAMBER OF COMMERCE 1450 VETERANS BLVD STE 125 REDWOOD CITY CA 940632619 940377914 501(C)(6) 20000 FMV TO PROMOTE ECONOMIC PROSPERITY FOR THE COMMUNITY 0 2 COLLEGE SCHOLARSHIPS 13 19500 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 WAYNE BUNKER PRESIDENT/CEO 510257 0 165679 0 15749 0 26500 0 47560 0 765745 0 0 0 JAMES ERNEST EVP/COO 300634 0 90568 0 185287 0 26500 0 47560 0 650549 0 0 0 FRED GOMES SVP CFO 272401 0 71572 0 178436 0 11854 0 47560 0 581823 0 0 0 HEIDI PARKS SVP 237711 0 71607 0 11193 0 17790 0 34561 0 372862 0 0 0 CONNIE FINCH VP SYSTEM & TECHNOLOGY 229594 0 66050 0 1999 0 16409 0 34561 0 348613 0 0 0 DAVID HERRERA JR VP LENDING 215579 0 51953 0 1034 0 15921 0 34561 0 319048 0 0 0 JENNIFER LEE VP FINANCE 206237 0 58952 0 409 0 4881 0 34561 0 305040 0 0 0 CELIA TANAKA VP, HR & TRAINING 119141 0 124604 0 19902 0 9160 0 12924 0 285731 0 0 0 JOHN HAGGARTY VP MARKETING 189480 0 52204 0 10817 0 13080 0 47560 0 313141 0 0 0 GREG KENT MCCURDY AVP REAL ESTATE 169028 0 19494 0 11953 0 3453 0 37784 0 241712 0 0 0 MOHAMAD SANGABI SENIOR MORTGAGE CONSULTANT 50187 0 324189 0 5314 0 26500 0 11441 0 417631 0 0 0 ROBERT BERNARD KETTMANN MORTGAGE PRODUCTION SALES MANAGER 89058 0 193923 0 1004 0 13250 0 13387 0 310622 0 0 0 LAN FIGUEROA PERSONAL ACCT OFFICER 49828 0 172898 0 3775 0 16628 0 11441 0 254570 0 0 0 FATEMEH ASAD SANGABI MORTGAGE CONSULTANT 26627 0 179660 0 2058 0 16587 0 37784 0 262716 0 0 0 RAYMOND KENNETH WILKERSON MORTGAGE CONSULTANT 42400 0 163679 0 1687 0 5127 0 7274 0 220167 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. WAYNE BUNKER OFFICER REAL ESTATE LOAN X 927486 791930 0 1 1 JIM ERNEST OFFICER REAL ESTATE LOAN X 709000 591647 0 1 1 FRED GOMES OFFICER REAL ESTATE LOAN X 245000 104910 0 1 1 CONNIE FINCH KEY EMPLOYEE REAL ESTATE LOAN X 271623 202737 0 1 1 HEIDI PARKS OFFICER REAL ESTATE LOAN X 738284 647600 0 1 1 CELIA TANAKA KEY EMPLOYEE REAL ESTATE LOAN X 335000 303771 0 1 1 JOHN HAGGARTY HCE REAL ESTATE LOAN X 600000 547304 0 1 1 MOHAMAD SANGABI HCE REAL ESTATE LOAN X 606682 540748 0 1 1 LAN FIGUEROA HCE REAL ESTATE LOAN X 397000 343185 0 1 1 GREG MCCURDY HCE REAL ESTATE LOAN X 599751 529056 0 1 1 JIM ERNEST OFFICER USED AUTO X 60103 38611 0 1 1 DAVID HERRERA KEY EMPLOYEE REAL ESTATE LOAN X 742410 699540 0 1 1 DAVID HERRERA KEY EMPLOYEE USED AUTO X 66695 10912 0 1 1 CONNIE FINCH KEY EMPLOYEE NEW AUTO X 50000 47336 0 1 1 HEIDI PARKS OFFICER USED AUTO X 40518 17628 0 1 1 JOHN HAGGARTY KEY EMPLOYEE USED AUTO X 18979 12099 0 1 1 CELIA TANAKA KEY EMPLOYEE REAL ESTATE LOAN X 60000 59835 0 1 1 5488849 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 1669002 9923348 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 PROVIDENT SERVICES CORPORATION INC P 1504734 ACTUAL AMOUNT PAID