2025-11-17T08:55:31-06:00 2024-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2024-01-01 941439553 VALLEY FIRST CREDIT UNION VALL 2095498500 1005 W ORANGEBURG AVENUE MODESTO CA 95356 CHARLENE ALMERIA CHIEF FINANCIAL OFFICER 2095498500 2025-11-14 1 0 JENIFER L CHASE P01306883 5638884000 2025-11-14 2024 2025-03-06 01:10:19Z KATHRYN DAVIS 1005 W ORANGEBURG AVENUE MODESTO CA 95356 63347544 0 X WWW.VALLEYFIRSTCU.ORG X 1949 CA PROVIDE SUPERIOR SERVICE TO OUR MEMBERS AND COMMUNITY 7 7 209 12 243041 0 3239444 2025791 49781547 53024731 4165506 8297022 0 0 57186497 63347544 208176 163667 0 0 15157228 16520251 0 0 0 32406365 41851542 47771769 58535460 9414728 4812084 1019297447 1027273852 935538521 936329209 83758926 90944643 X WORKING TOGETHER TO PROVIDE SUPERIOR SERVICE FOR OUR MEMBERS AND COMMUNITY 0 0 AS A STATE-CHARTERED CREDIT UNION, VALLEY FIRST CREDIT UNION (THE CREDIT UNION) PROVIDES LOANS TO MEMBERS AT REDUCED INTEREST RATES AS COMPARED TO COMPETITORS. IN GENERAL, THE CREDIT CRITERIA ARE LESS STRINGENT, LOAN RATES ARE LOWER, AND A HIGHER LEVEL OF LOAN COVERAGE IS PROVIDED. AS OF 12/31/2024, THE CREDIT UNION HAD $716.8 MILLION IN OUTSTANDING LOAN BALANCES AND MORE THAN 78,900 MEMBERS. AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION AND A LOW INCOME DESIGNATED CREDIT UNION, THE CREDIT UNION IS CHARGED WITH GENERATING ECONOMIC GROWTH AND OPPORTUNITY IN ECONOMICALLY DISADVANTAGED COMMUNITIES WITH PROGRAMS THAT INJECT NEW SOURCES OF CAPITAL INTO NEIGHBORHOODS THAT LACK ACCESS TO FINANCING. IN 2024, THE CREDIT UNION DEPLOYED $166 MILLION IN CONSUMER AND BUSINESS CAPITAL TO LOW INCOME COMMUNITIES THROUGHOUT CALIFORNIA'S CENTRAL VALLEY. 73.4% OF SBA FUNDING WENT TO DIVERSE BUSINESS ENTERPRISES AND THE CREDIT UNION GENERATED $7.2 MILLION IN ECONOMIC DEVELOPMENT AS A RESULT OF ITS LENDING EFFORTS. MEMBERS FACING HARDSHIPS WERE SUPPORTED WITH $1,533,271 IN LOAN DEFERRALS AND $764,500 IN LOAN MODIFICATIONS. VALLEY FIRST CREDIT UNION (THE CREDIT UNION) PROVIDES A SAFE PLACE FOR THE COMMUNITY TO SAVE THEIR MONEY VIA A VARIETY OF SAVINGS AND INVESTMENT PRODUCTS/SERVICES. THE CREDIT UNION PAYS HIGHER DIVIDEND RATES THAN COMPETITORS AND OFFERS MANY SHORT AND LONG-TERM SAVINGS OPTIONS. AS OF 12/31/24, THE CREDIT UNION HAD 145,604 SHARE ACCOUNTS WITH BALANCES TOTALING OVER $808,934,712. IN 2024, THE CREDIT UNION GAVE BACK $10,543,320 IN MEMBER DIVIDENDS AND OVER $938,000 ACROSS VARIOUS MEMBER INCENTIVES AND REWARDS AS A RESULT OF BANKING WITH THE CREDIT UNION. MEMBERS USING A VALLEY FIRST CREDIT CARD EARNED OVER $192,000 IN CASH BACK REWARDS. THE CREDIT UNION ALSO ONCE AGAIN WAIVED ALL FEES ON SMALL BUSINESS DEPOSIT PRODUCTS, RESULTING IN $98,000 OF ANNUAL SAVINGS FOR SMALL BUSINESSES BANKING WITH THE CREDIT UNION. AT THE CORE OF VALLEY FIRST CREDIT UNION'S (THE CREDIT UNION) MISSION LIES A FIRM BELIEF IN PRIORITIZING PEOPLE OVER PROFITS AND GIVING BACK TO THE COMMUNITIES IT SERVES. THE CREDIT UNION INVESTED SIGNIFICANT TIME AND RESOURCES TO HELP CENTRAL VALLEY COMMUNITIES THRIVE THROUGH FINANCIAL, EDUCATIONAL, AND VOLUNTEER SUPPORT THROUGHOUT 2024. THE CREDIT UNION PROVIDED FINANCIAL EDUCATION TO 4,803 MEMBERS, VOLUNTEERED 3,745 HOURS, AND DONATED $205,000 IN MONETARY CONTRIBUTIONS TO LOCAL NON-PROFITS. THE CREDIT UNION ALSO CONTINUED TO PROVIDE FREE CERTIFIED FINANCIAL COUNSELOR SERVICES AND TECHNICAL ASSISTANCE FOR SMALL BUSINESSES THROUGHOUT 2024. AS A RESULT OF THESE SERVICES AND ONLINE FINANCIAL WELLNESS TOOLS, 6,613 MEMBERS SIGNIFICANTLY IMPROVED THEIR CREDIT SCORES IN 2024. 0 1 1 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 8656 0 1 209 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 CA X CHARLENE ALMERIA 2095498500 1005 W ORANGEBURG AVENUE MODESTO CA 95356 FRED CRUZ VICE CHAIR 2.00 X X 0 0 0 PATTI GILLIHAN SECRETARY AND TREASURER 2.00 X X 0 0 0 GARY HALL DIRECTOR 1.00 X 0 0 0 TOM KANE FORMER DIRECTOR 2.00 X 0 0 0 CHRIS PETERSON CHAIR 2.00 X X 0 0 0 DONNA RILEY DIRECTOR 2.00 X 0 0 0 JOHN SCHNEIDER DIRECTOR 2.00 X 0 0 0 TAMRA SPADE DIRECTOR 1.00 X 0 0 0 KATHRYN DAVIS PRESIDENT & CEO 60.00 X 710897 0 65103 TODD MCCOY FORMER CHIEF FINANCIAL OFFICER 40.00 X 106598 0 15879 MARY ROBERTS CHIEF FINANCIAL OFFICER 50.00 X 97525 0 8766 COURTNAY LYNCH VP, PEOPLE & CULTURE 50.00 X 186398 0 24932 CHRIS HEWITT VP, OPS & DIGITAL STRATEGY 40.00 X 210863 0 37089 PAUL EMANUELS FORMER VP, LENDING 40.00 X 323257 0 15225 ANDREA BROOKS CHIEF RISK OFFICER 50.00 X 252713 0 39995 CHRISTOPHER BRAUN VP, PAYMENTS 40.00 X 217449 0 10526 BYRON MILLER FORMER VP, TECHNOLOGY 40.00 X 175761 0 34251 BETINO MARCELO CHEIF LENDING OFFICER 50.00 X 202017 0 23645 RAYMOND MCCASLIN FORMER VP, COMMERCIAL BANKING 45.00 X 189206 0 30838 LINDSAY SANSEN DIRECTOR, MARKETING 45.00 X 139594 0 36570 VALARIE ROBERTS-ALLEN DIRECTOR, DISPUTE OPERATIONS 45.00 X 117528 0 8880 JANE LUNN DIRECTOR, TALENT DEVELOPMENT 45.00 X 119074 0 28814 CHARLES CIAPPONI DIRECTOR, COMPLIANCE 45.00 X 134346 0 28813 3183226 0 409326 23 0 1 0 FINANCIAL TECH SOLUTIONS INTL (FTSI) 225 S IVY 1027 MONROVIA CA 91017 ATM AND BRANCH SERVICES 1263347 Q2 SOFTWARE INC 10355 PECAN PARK BOULEVARD AUSTIN TX 78729 HOME BANKING 879165 PRESIDIO NETWORKED SOLUTIONS GROUP LLC 12100 SUNSET HILLS ROAD SUITE 300 RESTON VA 20190 INTEL PROCESSOR, DATA MIGRATION 651302 AT& T BUSINESS SERVICES 208 S ARKARD ST DALLAS TX 75202 PHONE LINES 612003 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 CORE SYSTEM 528185 34 2025791 2025791 INTEREST FROM LOANS 522100 40131447 40131447 FEES & CHARGES 522100 5643130 5400089 243041 INTERCHANGE INCOME 522100 3825941 3825941 OTHER NONINTEREST INCOME 522100 3424213 3424213 53024731 8297022 8297022 63347544 52781690 243041 8297022 163667 2758888 49122 9667634 819222 2229490 995895 137987 448756 2910008 1762195 3392406 2509634 1831447 295438 2667314 141904 DIVIDENDS PAID TO MEMBE 14733136 PROVISION FOR LOAN LOSS 10088574 LOAN/BANKING SERVICES 697680 ASSOCIATION DUES 78621 156442 58535460 42520324 41096169 33523309 115611112 15719779 18281706 12478200 12347877 734651567 704278141 2579765 2397126 40633638 27282568 15259149 13351070 145921542 103726564 16643812 16184087 1019297447 1027273852 16006798 10751734 118000000 80000000 801531723 845577475 935538521 936329209 X 0 0 0 0 83758926 90944643 83758926 90944643 1019297447 1027273852 4812084 2373633 0 X X 0 1 X 1 1 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8539 8539 8539 1 CALIFORNIA CREDIT UNION LEAGUE 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 910357265 8539 0 PART I-A, LINE 1: VALLEY FIRST CREDIT UNION MAKES FINANCIAL CONTRIBUTIONS TO CALIFORNIA CREDIT UNION LEAGUE PAC TO SUPPORT CREDIT UNION ISSUES. 1754982 1754982 6384240 3263590 3120650 10152204 7211486 2940718 21440113 16807492 4632621 902099 902099 13351070 AVAILABLE FOR SALE SECURITIES 98192690 F HELD-TO-MATURITY DEBT SECURITIES 996000 F OTHER SECURITIES 4537874 F 103726564 MEMBER SHARES 845577475 845577475 X 63347544 0 63347544 0 63347544 58535460 0 58535460 0 58535460 PART X, LINE 2: VALLEY FIRST CREDIT UNION (THE CREDIT UNION) IS A STATE-CHARTERED CREDIT UNION AS DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14) AND, AS SUCH, IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. 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 PERIOD. FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023, 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. STATE TAXES, HOWEVER, ARE PAID ON INCOME EARNED BY THE CREDIT UNION IN CALIFORNIA. THE CREDIT UNION IS SUBJECT TO AND PAYS ALL STATE AND CITY TAXES ON GOODS AND SERVICES PURCHASED BY THE CREDIT UNION. 1 CITY MINISTRY NETWORK 820 H STREET 2 MODESTO CA 95354 260100683 501(C)(3) 16000 0 GENERAL SUPPORT STANISLAUS BUSINESS ALLIANCE 1625 I STREET MODESTO CA 95354 205186517 501(C)(3) 18517 0 GENERAL SUPPORT MODESTO CHILDRENS MUSEUM 928 11ST STREET MODESTO CA 95354 842442152 501(C)(3) 30167 0 GENERAL SUPPORT UNITED WAY OF STANISLAUS COUNTY PO BOX 3066 MODESTO CA 95353 941212129 501(C)(3) 6423 0 GENERAL SUPPORT STATE THEATER OF MODESTO INC 1307 J ST MODESTO CA 95354 202468226 501(C)(3) 11750 0 GENERAL SUPPORT STANISLAUS LATINO CHAMBER OF COMMERCE 1314 H STREET MODESTO CA 95354 462730495 501(C)(6) 9000 0 GENERAL SUPPORT 5 1 PART I, LINE 2: VALLEY FIRST CREDIT UNION ISSUES FUNDS TO ORGANIZATIONS TO BE USED AT THEIR DISCRETION. X 1 1 X X X X 1 0 0 KATHRYN DAVIS PRESIDENT & CEO 533772 0 156250 0 20875 0 30500 0 34603 0 776000 0 0 0 PAUL EMANUELS FORMER VP, LENDING 157517 0 3754 0 161986 0 8237 0 6988 0 338482 0 0 0 ANDREA BROOKS CHIEF RISK OFFICER 220134 0 24282 0 8297 0 11792 0 28203 0 292708 0 0 0 CHRIS HEWITT VP, OPS & DIGITAL STRATEGY 180038 0 23959 0 6866 0 9352 0 27737 0 247952 0 0 0 CHRISTOPHER BRAUN VP, PAYMENTS 192909 0 23319 0 1221 0 10031 0 495 0 227975 0 0 0 BETINO MARCELO CHEIF LENDING OFFICER 194793 0 0 0 7224 0 11253 0 12392 0 225662 0 0 0 RAYMOND MCCASLIN FORMER VP, COMMERCIAL BANKING 163454 0 19533 0 6219 0 1973 0 28865 0 220044 0 0 0 COURTNAY LYNCH VP, PEOPLE & CULTURE 161243 0 23472 0 1683 0 7889 0 17043 0 211330 0 0 0 BYRON MILLER FORMER VP, TECHNOLOGY 23336 0 0 0 152425 0 0 0 34251 0 210012 0 0 0 LINDSAY SANSEN DIRECTOR, MARKETING 137857 0 1443 0 294 0 6571 0 29999 0 176164 0 0 0 CHARLES CIAPPONI DIRECTOR, COMPLIANCE 132088 0 1986 0 272 0 6925 0 21888 0 163159 0 0 0 PART I, LINE 1A IN 2024, VALLEY FIRST CREDIT UNION PROVIDED SOCIAL CLUB DUES TO KATHRYN DAVIS TO DISCUSS ISSUES WITH MEMBERS, STAFF, AND PEERS. THE AMOUNTS PAID FOR SOCIAL DUES ARE NOT INCLUDED IN REPORTABLE COMPENSATION. PART I, LINE 4A BYRON MILLER, FORMER VP, TECHNOLOGY, RECEIVED SEVERANCE PAYMENTS OF $152,000 IN TAX YEAR 2024. THIS AMOUNT IS INCLUDED IN OTHER REPORTABLE COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II. KATHRYN DAVIS OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 12300000 12347877 0 1 1 12347877 KYLE HEWITT FAMILY MEMBER OF CHRIS HEWITT 49122 COMPENSATION 0 FORM 990, PART VI, SECTION A, LINE 6 VALLEY FIRST CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A VALLEY FIRST CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B VALLEY FIRST CREDIT UNION MEMBERS HAVE THE POWER TO ELECT OR REMOVE THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 8B VALLEY FIRST CREDIT UNION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE COMPLETED FORM 990 IS REVIEWED BY THE CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER. A COPY IS ALSO PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C VALLEY FIRST CREDIT UNION'S (THE CREDIT UNION) CONFLICT OF INTEREST POLICY IS DIRECTED AT THE VALLEY FIRST CREDIT UNION BOARD OF DIRECTORS, SUPERVISORY COMMITTEE, VALLEY FIRST CREDIT UNION VOLUNTEERS, AND EMPLOYEES. A CONFLICT OF INTEREST OCCURS WHEN A MEMBER'S PERSONAL INTEREST INTERFERES, OR APPEARS TO INTERFERE, WITH THE INTERESTS OF THE CREDIT UNION. IN CONNECTION WITH ANY POTENTIAL CONFLICT, THE BOARD, WITH THE ABSTENTION OR ABSENCE OF THE MEMBER, WILL DECIDE WHETHER THAT MEMBER MAY PARTICIPATE IN ANY REPORTING OR DISCUSSION ON THE ISSUE THAT GAVE RISE TO THE CONFLICT OF INTEREST. THE BOARD SHALL WITHHOLD ANY INFORMATION ON SUCH ISSUES FROM THE BOARD MATERIALS DISTRIBUTED TO THE APPLICABLE MEMBER AND TAKE ALL SUCH OTHER ACTION NECESSARY TO EFFECTUATE THIS POLICY. ALL DECISIONS REGARDING SUCH MATTERS REQUIRE THAT A QUORUM OF THE BOARD OF DIRECTORS BE PRESENT FOR RATIFICATION. ANY MEMBER WITH SUCH AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST SHALL RECUSE HIMSELF OR HERSELF FROM ANY REPORTING, DISCUSSIONS, AND VOTE ON THE ISSUE THAT GAVE RISE TO THE CONFLICT AND, IF NECESSARY, FROM THE BOARD MEETING, OR APPLICABLE PART THEREOF. ON AN ANNUAL BASIS ALL DIRECTORS OR TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE INTERESTS THAT COULD GIVE RISE TO CONFLICTS BY SIGNING THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 VALLEY FIRST CREDIT UNION'S EXECUTIVE COMPENSATION COMMITTEE HAS RETAINED D. HILTON ASSOCIATES AS ITS COMPENSATION CONSULTANT TO ADVISE THE EXECUTIVE COMPENSATION COMMITTEE ON MARKET PRACTICES AND SPECIFIC CREDIT UNION POLICIES AND PROGRAMS. D. HILTON ASSOCIATES PERFORMS THE FOLLOWING ACTIVITIES IN DETERMINING CHIEF EXECUTIVE OFFICER AND OTHER KEY EMPLOYEES COMPENSATION OF THE ORGANIZATION. D. HILTON REPORTS DIRECTLY TO THE COMPENSATION COMMITTEE CHAIRMAN AND TAKES DIRECTION FROM THE COMMITTEE ON PRESIDENT/CHIEF EXECUTIVE OFFICER AND KEY EMPLOYEE EXECUTIVE COMPENSATION MATTERS. THE CONSULTANT'S WORK FOR THE COMMITTEE INCLUDES COMPARABLE COMPENSATION DATA ANALYSES, MARKET ASSESSMENTS, AND PREPARATION OF RELATED REPORTS. THE WORK DONE BY D. HILTON ASSOCIATES FOR THE COMMITTEE IS DOCUMENTED IN A FORMAL AGREEMENT THAT IS EXECUTED BY THE CONSULTANT AND THE COMMITTEE. THE LAST TIME THIS PROCESS OCCURRED WAS IN MARCH 2025. FORM 990, PART VI, SECTION C, LINE 19 VALLEY FIRST CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104. FORM 990, PART XII, LINE 2C: VALLEY FIRST CREDIT UNION'S OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR.