2025-11-06T10:57:31-06:00 2024-12-31 454084437 WARREN AVERETT LLC 350 W CEDAR STREET SUITE 400 PENSACOLA FL 32502 990 2024-01-01 590642991 PENAIR CREDIT UNION PENA 8505053200 1495 E NINE MILE ROAD PENSACOLA FL 32514 JOHN HUDDLESTON SVP/CFO 8505053200 2025-11-06 1 1 CLAIRE C DUREN CPA P01577924 8504357400 2025-11-06 2024 2025-03-06 01:10:19Z X DELBERT MORGAN 1495 E NINE MILE ROAD PENSACOLA FL 32514 174343652 0 X WWW.PENAIR.ORG X CREDIT UNION 1936 FL THE OBJECT AND PURPOSE OF THIS CREDIT UNION IS A MEMBER-OWNED, NOT-FOR-PROFIT, ORGANIZATION, MANAGED BY A VOLUNTEER BOARD OF DIRECTORS AND ORGANIZED UNDER THE LAWS OF THE STATE OF FLORIDA, FOR THE PURPOSES OF ENCOURAGING THRIFT AMONG ITS MEMBERS, CREATING SOURCES OF CREDIT AT A FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR RESOURCES ON A DEMOCRATIC BASIS TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION. 7 7 453 12 169039 38202 0 0 86430609 98795864 43505951 45420158 37761541 30124522 167698101 174340544 328850 221833 0 0 30273903 35205755 0 0 0 107684915 123088197 138287668 158515785 29410433 15824759 3075876812 2554438294 2892576099 2352512612 183300713 201925682 X THE CREDIT UNION'S MISSION IS TO PROMOTE THRIFT AMONG ITS MEMBERS, CREATING SOURCES OF CREDIT AT A FAIR AND REASONABLE RATES OF INTEREST, AND PROVIDING AN OPPORTUNITY FOR ITS MEMBERS TO USE AND CONTROL THEIR RESOURCES ON A DEMOCRATIC BASIS TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITION. THE CREDIT UNION SERVES MEMBERS IN BALDWIN OR MOBILE COUNTIES IN ALABAMA AND FROM ESCAMBIA TO LEON COUNTIES IN FLORIDA. THE CREDIT UNION FURTHER SERVES MEMBERS JOINING THE CREDIT UNION AS A FRIEND OF THE NAVY MARINE CORP RELIEF SOCIETY. THE TOTAL NUMBER OF MEMBERS IS IN EXCESS OF 129,000. 0 0 IN OUR EFFORTS TO PROMOTE THRIFT AMONG OUR MEMBERS, THE CREDIT UNION PROVIDES COMPETITIVE SAVINGS PRODUCTS, WHICH INCLUDE SAVINGS, CHECKING, CERTIFICATE OF DEPOSIT ACCOUNTS AS WELL AS IRA SAVINGS AND CERTIFICATE OF DEPOSIT ACCOUNTS. TO MEET THE FINANCIAL NEEDS OF OUR MEMBERS, THE CREDIT UNION PROVIDES A SOURCE OF CREDIT BY OFFERING A VARIETY OF CONSUMER AND MORTGAGE LENDING PRODUCTS AT REASONABLE RATES OF INTEREST. 0 0 0 0 0 0 0 0 0 1 0 0 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 0 0 1 28465 0 1 453 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X JOHN HUDDLESTON 8505053200 1495 E NINE MILE ROAD PENSACOLA FL 32514 ROBERT JACOBSON BOARD OF DIRECTORS, CHAIR 4.00 0.00 X 0 0 0 STEPHANIE ORAM BOARD OF DIRECTORS, VICE CHAIR 4.00 0.00 X 0 0 0 RICKY CREWS BOARD OF DIRECTORS, TREASURER 4.00 0.00 X 0 0 0 RANDY ROY BOARD OF DIRECTORS, SECRETARY 4.00 0.00 X 0 0 0 DONALD BAILEY BOARD OF DIRECTORS 4.00 0.00 X 0 0 0 RUTH ANN MCCALL BOARD OF DIRECTORS 4.00 0.00 X 0 0 0 GERALD ADCOX BOARD OF DIRECTORS 4.00 0.00 X 0 0 0 DELBERT MORGAN PRESIDENT CEO 40.00 0.00 X 656949 0 49642 DERRICK AGUILAR SVP/CHIEF EXPERIENCE OFFICER 40.00 0.00 X 276571 0 47652 CHARLES BLACKWELL SVP/CHIEF RISK OFFICER 40.00 0.00 X 268754 0 46044 GALEN COUNSELMAN SVP/CHIEF INFORMATION OFFICER 40.00 0.00 X 276716 0 47447 CHRIS FUNK SVP/CHIEF LENDING OFFICER 40.00 0.00 X 291121 0 48727 JOHN HUDDLESTON SVP/CHIEF FINANCIAL OFFICER 40.00 0.00 X 232776 0 36117 DANA MULLINS SVP/CHIEF PEOPLE OFFICER 40.00 0.00 X 268136 0 55024 ANDREW REYNOLDS SVP/CHIEF STRATEGY OFFICER 40.00 0.00 X 280028 0 40537 VICTORIA CHEATHAM VP OF RISK MANAGEMENT 40.00 0.00 X 150407 0 27646 DAVE GOOCH VP OF COMMERCIAL LENDING 40.00 0.00 X 218581 0 28959 MICHELLE JAMES VP OF DIGITAL TRANSFORMATION 40.00 0.00 X 199450 0 34487 DEBBIE KEMP VP OF CREDIT RESOLUTIONS 40.00 0.00 X 154174 0 12603 JENNIFER MURPHY FORMER VP OF MORTGAGE 40.00 0.00 X 185836 0 13578 EVE NIMKAR VP OF MARKETING 40.00 0.00 X 194906 0 5089 ANJE REID VP MEMBER EXPERIENCE 40.00 0.00 X 182774 0 30603 MEG RICH VP OF PROJECT MANAGEMENT 40.00 0.00 X 161115 0 22529 SANKUL SETH VP OF DATA ANALYTICS 40.00 0.00 X 219957 0 12912 RYAN VANN VP OF CONSUMER LENDING 40.00 0.00 X 174855 0 39279 SCOTT BROWN AVP INFORMATION TECHNOLOGY 40.00 0.00 X 177667 0 38409 JOHN HECKMANN AVP FINANCE & TREASURY 40.00 0.00 X 157795 0 26658 STEPHEN O'REILLY AVP SR WEALTH MANAGER 40.00 0.00 X 181989 0 23157 HUGH MANN SR. WEALTH ADVISOR 40.00 0.00 X 219462 0 26079 RODNEY RANDLE SR. WEALTH ADVISOR 40.00 0.00 X 160405 0 14728 5290424 0 727906 49 0 1 0 PSCU 560 CARILLON PKWY ST PETERSBURG FL 33716 CARD SERVICING 3191316 HANTO CLARKE GENERAL CONTRACTORS LLC 3601 NORTH PALAFOX STREET PENSACOLA FL 32505 GENERAL CONTRACTORS 3022845 MASTERCARD INTERNATIONAL 2200 MASTERCARD BLVD OFALLON MO 63368 CARD SERVICING 2123996 CARDTRONICS USA INC PO BOX 7411058 CHICAGO IL 60674 SOFTWARE SUBSCRIPTION 1909733 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65705 SOFTWARE SUBSCRIPTION 1726771 70 INTEREST ON LOANS 522100 98795864 98795864 98795864 45423266 45423266 3108 -3108 -3108 -3108 SERVICE FEE AND OTHER INCOME 522100 17104239 17104239 INTERCHANGE FEES 522100 12476622 12476622 OTHER NON-OPERATING INCOME 522100 286279 286279 257382 88343 169039 30124522 174340544 128751347 169039 45420158 156833 65000 4991979 22193441 1097473 4877494 2045368 320399 344101 7679873 2908995 3136325 2026824 818764 651073 105295 66137242 3882936 605124 PROVISION FOR LOAN LOSS 16575000 LOAN SERVICING EXPENSE 6166988 ATM AND DEBIT CARD EXPE 5640293 OTHER LOSSES 2382716 3706249 158515785 16258338 15065707 794823965 292766891 24847827 20985457 5900000 5942336 1460077561 1501000882 4469648 4979946 114451420 37550371 69717910 76901049 632307601 565987193 20234088 19792477 47239874 51016356 3075876812 2554438294 25657828 20291528 2866918271 2332221084 2892576099 2352512612 X 0 0 0 0 183300713 201925682 183300713 201925682 3075876812 2554438294 15824759 2800210 0 X X 0 1 X 1 0 10983027 10983027 61564668 13928525 47636143 4601822 1617745 2984077 28502651 22004101 6498550 8799252 8799252 76901049 LOANS PAYABLE - FHLB 200000000 INTEREST PAYABLE 770500 MEMBER DEPOSITS 2129956402 LEASE LIABILITIES 1494182 2332221084 X 174340544 0 174340544 0 174340544 158515785 0 158515785 0 158515785 PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. 1 UWF FOUNDATION 11000 UNIVERSITY PARKWAY PENSACOLA FL 32514 596166292 128500 0 SPONSORSHIP SOUTHEASTERN CREDIT UNION FOUNDATION 3692 COOLIDGE COURT TALLAHASSEE FL 32311 592252733 10000 0 DISASTER RELIEF 2 SCHOLARSHIP RECIPIENTS 38 47500 NOW PROGRAM WINNERS 3 17500 PART I, LINE 2: THE CREDIT UNION MAINTAINS A RECORD OF FUNDS GRANTED TO INDIVIDUALS AND ORGANIZATIONS. THE TOTAL DOLLAR AMOUNT GRANTED BY YEAR IS MAINTAINED AND TRACKED TO ENSURE THAT FUNDS PAID DO NOT RISE ABOVE THE CEILINGS SET BY THE CREDIT UNION. FOR PART II-ORGANIZATIONS, THE COMMITTEE HAS A BUDGET. GRANT FUNDS ARE DIVIDED BETWEEN THE 8 CHARITIES THAT WERE CHOSEN BY OUR PAYROLL PARTICIPANTS. THE ORGANIZATIONS RECEIVING THE FUNDS PROVIDE A W9. THE ORGANIZATION MUST BE A 501C3. THE ORGANIZATION SEND US A LETTER DESCRIBING HOW THE FUNDS WILL BE USED. FOR PART II-INDIVIDUALS, WE HAVE A SELECTION RUBRIC TO SCORE EACH APPLICANT AND NARROW DOWN OUR WINNERS FOR SCHOLARSHIP. WE MAINTAIN A SPREADSHEET BY YEAR (SEMESTER) TO KEEP TRACK OF ALL FUNDS GOING TO THE STUDENTS. THIS HELPS US KNOW WHEN THE GRANTEE HAS REACHED THE $10K MAXIMUM FOR THE SCHOLARSHIP. SCHOLARSHIP WINNERS ARE REQUIRED TO SEND IN GRADES/SCHEDULES WHICH HELP US MAINTAIN THEIR STATUS AND THAT THEY ARE USING OUR FUNDS AS STATED. NOW PROGRAM WE USE AN INTERVIEW PROCESS AND BACKGROUND/CREDIT SCREENING FOR SELECTION OF PARTICIPANTS. WE TRACK THE PARTICIPANTS FOR 7 MONTHS WITH SPREADSHEETS, BLOGS, AND VIDEOS TO TRACK THEIR PROGRESS AND WHO WINS THE CONTEST. X 1 1 X X X X 0 1 0 DELBERT MORGAN PRESIDENT CEO 544899 0 100000 0 12050 0 20786 0 28856 0 706591 0 0 0 CHRIS FUNK SVP/CHIEF LENDING OFFICER 255860 0 32421 0 2840 0 20596 0 28131 0 339848 0 0 0 DERRICK AGUILAR SVP/CHIEF EXPERIENCE OFFICER 235384 0 32822 0 8365 0 19521 0 28131 0 324223 0 0 0 GALEN COUNSELMAN SVP/CHIEF INFORMATION OFFICER 242394 0 31982 0 2340 0 19316 0 28131 0 324163 0 0 0 DANA MULLINS SVP/CHIEF PEOPLE OFFICER 234945 0 30911 0 2280 0 26893 0 28131 0 323160 0 0 0 ANDREW REYNOLDS SVP/CHIEF STRATEGY OFFICER 232810 0 8466 0 38752 0 12406 0 28131 0 320565 0 0 0 CHARLES BLACKWELL SVP/CHIEF RISK OFFICER 235810 0 31454 0 1490 0 18825 0 27219 0 314798 0 0 0 JOHN HUDDLESTON SVP/CHIEF FINANCIAL OFFICER 211055 0 19731 0 1990 0 7986 0 28131 0 268893 0 0 0 DAVE GOOCH VP OF COMMERCIAL LENDING 194623 0 18144 0 5814 0 11679 0 17280 0 247540 0 0 0 HUGH MANN SR. WEALTH ADVISOR 67584 0 151108 0 770 0 10956 0 15123 0 245541 0 0 0 MICHELLE JAMES VP OF DIGITAL TRANSFORMATION 175686 0 22494 0 1270 0 6571 0 27916 0 233937 0 0 0 SANKUL SETH VP OF DATA ANALYTICS 194897 0 23910 0 1150 0 10827 0 2085 0 232869 0 0 0 SCOTT BROWN AVP INFORMATION TECHNOLOGY 164974 0 11248 0 1445 0 12412 0 25997 0 216076 0 0 0 RYAN VANN VP OF CONSUMER LENDING 155369 0 18486 0 1000 0 12343 0 26936 0 214134 0 0 0 ANJE REID VP MEMBER EXPERIENCE 161384 0 19745 0 1645 0 11118 0 19485 0 213377 0 0 0 STEPHEN O'REILLY AVP SR WEALTH MANAGER 165386 0 15558 0 1045 0 12642 0 10515 0 205146 0 0 0 EVE NIMKAR VP OF MARKETING 182786 0 10800 0 1320 0 3033 0 2056 0 199995 0 0 0 JENNIFER MURPHY FORMER VP OF MORTGAGE 147955 0 11266 0 26615 0 4687 0 8891 0 199414 0 0 0 JOHN HECKMANN AVP FINANCE & TREASURY 142843 0 14182 0 770 0 10715 0 15943 0 184453 0 0 0 MEG RICH VP OF PROJECT MANAGEMENT 145424 0 14696 0 995 0 11359 0 11170 0 183644 0 0 0 VICTORIA CHEATHAM VP OF RISK MANAGEMENT 137497 0 11565 0 1345 0 10627 0 17019 0 178053 0 0 0 RODNEY RANDLE SR. WEALTH ADVISOR 68543 0 91042 0 820 0 0 0 14728 0 175133 0 0 0 DEBBIE KEMP VP OF CREDIT RESOLUTIONS 141381 0 11748 0 1045 0 10751 0 1852 0 166777 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS 457(F) NON-QUALIFIED DEFERRED COMPENSATION ARRANGEMENTS FOR DELBERT LEE MORGAN. THE PLAN IS DESIGNED TO PROVIDE POST-RETIREMENT BENEFITS TO THE COVERED EMPLOYEE. THE CREDIT UNION ENTERED INTO A COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT WITH DELBERT LEE MORGAN, PRESIDENT/CEO. THE PREMIUMS ON THE POLICIES WERE FUNDED BY THE CREDIT UNION THROUGH A LOAN TO THE PRESIDENT/CEO FOR $5,900,000. DELBERT LEE MORGAN PRESIDENT/CEO TO PAY THE PREMIUMS OF COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE X 5900000 5942336 0 1 1 5942336 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS OWNED BY ITS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS SHALL INITIALLY CONSIST OF SIX (6) MEMBERS, ALL OF WHOM MUST BE MEMBERS OF THIS CREDIT UNION. THE NUMBER OF DIRECTORS MAY BE CHANGED TO AN ODD OR EVEN NUMBER NOT FEWER THAN 5 NOR MORE THAN 15 BY RESOLUTION OF THE BOARD OF DIRECTORS. REGULAR TERMS OF OFFICE FOR DIRECTORS SHALL BE FOR THREE (3) YEARS. THE REGULAR TERMS MUST BE FIXED AT THE BEGINNING, OR UPON ANY INCREASE OR DECREASE IN THE NUMBER OF DIRECTORS, SO THAT APPROXIMATELY AN EQUAL NUMBER OF REGULAR TERMS WILL EXPIRE AT EACH ANNUAL MEETING. ANY VACANCIES OCCURRING ON THE BOARD OF DIRECTORS SHALL BE FILLED WITHIN A REASONABLE PERIOD OF TIME BY APPOINTMENT BY THE BOARD UNTIL THE NEXT ANNUAL MEETING OF THE MEMBERSHIP. AT THE ANNUAL MEETING OR AS OTHERWISE PRESCRIBED BY LAW AND THESE BYLAWS, THE MEMBERS OF THE CREDIT UNION SHALL ELECT ITS BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B PER FLORIDA STATUTES, A PROPOSED MERGER WITH ANOTHER FINANCIAL INSTITUTION AND A PROPOSED CHARTER CHANGE (FEDERAL, STATE OR BANK) ARE SUBJECT TO APPROVAL BY A MAJORITY OF THE VOTES CAST BY THE MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED AND APPROVED BY THE VP OF ACCOUNTING. THE COMPLETED 990 IS PROVIDED TO CEO AND CFO FOR THEIR REVIEW BEFORE THE RETURN IS FILED. FORM 990, PART VI, SECTION B, LINE 12C UNDER THE BANK BRIBERY ACT, PENAIR CREDIT UNION'S EMPLOYEES, DIRECTORS, COMMITTEE MEMBERS, AGENTS AND ATTORNEYS (HEREAFTER "CREDIT UNION OFFICIALS") ARE PROHIBITED FROM CORRUPTLY OFFERING TO OR ACCEPTING FROM ANY PERSON ANYTHING OF VALUE IN CONNECTION WITH ANY BUSINESS OR TRANSACTION OF THE CREDIT UNION. CREDIT UNION OFFICIALS MUST DISCLOSE ALL POTENTIAL CONFLICTS OF INTEREST WITH ANY BUSINESS, TRANSACTION, SERVICE OR CONFIDENTIAL INFORMATION OF THE CREDIT UNION INCLUDING THOSE IN WHICH THEY HAVE BEEN PLACED INADVERTENTLY DUE TO EITHER BUSINESS OR PERSONAL RELATIONSHIPS WITH MEMBERS, SUPPLIERS, BUSINESS ASSOCIATES, OR COMPETITORS OF THE CREDIT UNION. NO DIRECTOR, COMMITTEE MEMBER, OFFICER, AGENT, OR EMPLOYEE OF THIS CREDIT UNION MAY PARTICIPATE IN ANY MANNER, DIRECTLY OR INDIRECTLY, IN THE DELIBERATION UPON OR THE DETERMINATION OF ANY QUESTION AFFECTING HIS OR HER PECUNIARY OR PERSONAL INTEREST OR THE PECUNIARY INTEREST OF ANY CORPORATION, PARTNERSHIP, OR ASSOCIATION (OTHER THAN THIS CREDIT UNION) IN WHICH HE OR SHE IS DIRECTLY OR INDIRECTLY INTERESTED. ALL OFFICIALS AND EMPLOYEES ARE REQUIRED TO ACKNOWLEDGE THE EMPLOYEE HANDBOOK AND RELATED DISCLOSURES ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 PENAIR UTILIZES A THIRD PARTY VENDOR THAT SPECIALIZES IN COMPENSATION MANAGEMENT FOR CREDIT UNIONS. THIS VENDOR CONSULTS THE DATA FROM A VARIETY OF SALARY SURVEYS AND ESTABLISHES PAY GRADES (ADJUSTED FOR REGIONAL MARKETS) BASED ON A LIST OF COMPENSABLE FACTORS. PAY GRADE FOR EACH JOB DESCRIPTION IS DETERMINED BY RATING THE LEVEL OF EACH COMPENSABLE FACTOR NEEDED TO BE SUCCESSFUL IN THE JOB. THE MIDPOINT OF EACH PAY GRADE IS ADJUSTED ANNUALLY BY THE VENDOR BASED ON SALARY SURVEY RESEARCH AND MARKET DATA. COMPENSATION FOR THE CEO IS DETERMINED BY THE BOARD OF DIRECTORS IN CONSULTATION WITH AN OUTSIDE EXPERT IN A SIMILAR FASHION. PENAIR MANAGEMENT ALSO USES DATA FROM THE BUREAU OF LABOR STATISTICS AS NEEDED TO ENSURE COMPETITIVENESS IN OUR SPECIFIC MARKET FOR SPECIALIZED ROLES. ALL EMPLOYEE SALARIES ARE REVIEWED ON AN ANNUAL BASIS AND ADJUSTED ACCORDING TO PERFORMANCE LEVEL AND COMPARATIO IN THEIR RESPECTIVE PAY GRADE. FORM 990, PART VI, SECTION C, LINE 19 PENAIR GOVERNING DOCUMENTS, POLICIES, PROCEDURES, AND ANNUAL REPORTS ARE NOT MADE AVAILABLE TO THE GENERAL PUBLIC. THE PRIOR YEAR ANNUAL REPORT IS MADE AVAILABLE ON OUR WEBSITE. MONTHLY FINANCIAL STATEMENTS ARE MADE AVAILABLE AND POSTED IN BRANCHES FOR THE PRIOR MONTH. FORM 990, PART XI, LINE 2C: THE ORGANIZATION MADE NO CHANGES TO ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. 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