2015-10-29T18:54:00-05:00 2014-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2014-01-01 330358683 AMERICAN FIRST CREDIT UNION AMER 8002901112 700 N HARBOR BLVD LA HABRA CA 90631 CHRIS LAWRENCE CFO 8002901112 2015-10-29 1 VALENTINO CREUS CPA P01054153 8189549700 2014 2016-02-25 16:41:14Z JON SHIGEMATSU 700 N HARBOR BLVD LA HABRA CA 90631 64606114 0 X WWW.AMERFIRST.ORG X CREDIT UNION 1989 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 7 7 144 10 190155 0 0 0 20071295 18310178 1826501 2162475 5440057 2685995 27337853 23158648 2008 4200 0 0 7701619 8266188 0 0 0 10520335 9898507 18223962 18168895 9113891 4989753 495836836 497684172 448837671 445085508 46999165 52598664 X A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT ANDSAVINGS 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, AMERICAN FIRST CREDIT UNION CONDUCTSITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITSMEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 ACHIEVEMENT OF MEMBER SATISFACTION IN CONNECTION WITH SERVICES PERTAINING TO CHECKING/SAVINGS ACCOUNTS, ATTRACTIVE CD RATES, IRA AND SIMILAR ACCOUNTS. ACHIEVEMENT OF SATISFACTORY SERVICES PROVIDED TO MEMBERS IN CONNECTION WITH CONSUMER AND REAL ESTATE LOANS, I.E., AUTO LINES, VISA, 1ST MORTGAGE AND PERSONAL LINES OF CREDIT. ACHIEVEMENT OF SATISFACTORY SERVICES PROVIDED TO MEMBERS IN CONNECTION WITH OUR LONG TERM COMMITMENT TO HELP OUR MEMBERS REACH THEIR FINANCIAL GOALS. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 16236 0 1 144 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 1 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X X TAM NGUYEN VP ACCOUNTING & CORPORATE CONTROLLER 8002901112 700 NORTH HARBOR BLVD LA HABRA CA 906314026 DANNY DOSS CHAIRPERSON 1.00 X 0 0 0 TOM COOK VICE CHAIRPERSON 1.00 X 0 0 0 PATTI MALOTT SECRETARY/TREASURER 1.00 X 0 0 0 AMANDA SECOLA BOARD MEMBER 1.00 X 0 0 0 DON KOCHERHANS BOARD MEMBER 1.00 X 0 0 0 JASON PHILIBERT BOARD MEMBER 1.00 X 0 0 0 GEORGE CONNAGHAN BOARD MEMBER 1.00 X 0 0 0 ERIC LEDESMA SUPV CMTE CHAIRPERSON 1.00 X 0 0 0 DONNA BROOKS SUPV CMTE MEMBER 1.00 X 0 0 0 DAVID WEED SUPV CMTE MEMBER 1.00 X 0 0 0 JON SHIGEMATSU CEO/PRESIDENT 40.00 X 332713 0 44889 CHRIS LAWRENCE CFO 40.00 X 193307 0 19433 THERESA DAVY COO 40.00 X 181089 0 11427 PAUL WELCH VP RISK MANAGEMENT 40.00 X 165136 0 6392 MICHAEL ROSS BUS DEV REAL ESTATE LOAN AGENT 40.00 X 154549 0 3750 TAM-HAO NGUYEN VP ACCOUNTING & CORP CONT 40.00 X 152675 0 15313 ELSA MONTES DIRECTOR OF MARKETING 40.00 X 128701 0 3274 MICHAEL WELCH VP LENDING 40.00 X 116868 0 12243 1425038 0 116721 12 0 1 0 DIGITAL INSIGHT CORP PO BOX 515306 LOS ANGELES CA 900516606 HOME/MOBILE BANKING 439869 FISERV 75 REMITTANCE DR STE 6945 CHICAGO IL 60675 CORE SYSTEM MAINTENANCE 387893 CROWE HORWATH LLP PO BOX 145415 CINCINNATI OH 45250 AUDIT SERVICES 189934 BUSINESS DATA INC PO BOX 6081 INGLEWOOD CA 903126081 MARKETING SERVICES 108484 4 INTEREST ON LOANS 522100 11861982 11861982 OTHER OPERATING INCOME 522100 4258265 4068110 190155 FEE INCOME 522100 2189931 2189931 18310178 2190541 2190541 41418385 1015 41436922 10544 -18537 -9529 -28066 -28066 PROV FOR LOAN LOSSES 522100 2678142 2678142 OTHER NON-OPERATING INCOME 522100 7853 7853 2685995 23158648 22968493 190155 0 X 4200 1425038 5019898 183221 1057830 580201 93936 282705 1906501 313767 950233 1006358 459475 147800 2856174 509001 29924 LOAN SERVICING EXPENSE 979395 MISC. OPERATING EXPENSE 228674 LOSS ON NON-TRADING DER 85143 OPERATING FEES 49421 18168895 789497 881855 108968010 33922776 148227 210965 456257 571088 10624140 7270030 3384643 3354110 76598143 111251576 294874636 337086635 10617423 10405167 495836836 497684172 3375416 3426857 445462255 441658651 448837671 445085508 X 0 0 0 0 46999165 52598664 46999165 52598664 495836836 497684172 X 4989753 609178 568 X X 0 1 X 1 0 1250000 1250000 3445853 1985334 1460519 614452 537660 76792 5313835 4747036 566799 3354110 ALL OTHER INVESTMENTS 27604892 F LOANS AND LEASES 287199944 F LOANS HELD FOR SALE 3739127 F NCUA SHARE INSURANCE CAP DEPOSITS 4360672 C MEMBERSHIP CAPITAL AT CORP. CUS 600000 C DEPOSITS IN COMMERCIAL BANKS 13333000 C LOANS TO AND INVESTMENTS IN NATURAL PERSON CUS 249000 C 337086635 MEMBER SHARE DEPOSITS 441609642 NON-TRADING DERIVATIVE 49009 441658651 X PART X, LINE 2: FASB 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" TO BE 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 YEAR ENDED DECEMBER 31, 2014, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. THE CREDIT UNION IS NOT SUBJECT TO EXAMINATION BY U.S. FEDERAL TAX AUTHORITIES FOR TAX YEARS BEFORE 2011 AND BY STATE TAX AUTHORITIES FOR TAX YEARS BEFORE 2010. X X 1 1 X X 0 1 0 JON SHIGEMATSU CEO/PRESIDENT 291368 0 41250 0 95 0 30953 0 13936 0 377602 0 0 0 CHRIS LAWRENCE CFO 185777 0 7500 0 30 0 5764 0 13669 0 212740 0 0 0 THERESA DAVY COO 166640 0 11250 0 3199 0 5159 0 6268 0 192516 0 0 0 PAUL WELCH VP RISK MANAGEMENT 146912 0 15000 0 3224 0 6020 0 372 0 171528 0 0 0 MICHAEL ROSS BUS DEV REAL ESTATE LOAN AGENT 21606 0 132943 0 0 0 1921 0 1829 0 158299 0 0 0 TAM-HAO NGUYEN VP ACCOUNTING & CORP CONT 151167 0 1500 0 8 0 6135 0 9178 0 167988 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS ESTABLISHED A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR CERTAIN EXECUTIVE/SENIOR MANAGEMENT EMPLOYEES UNDER INTERNAL REVENUE CODE (IRC) SECTION 457(F). THOMAS COOK DIRECTOR 1ST MORTGAGE X 156000 100500 0 1 1 GEORGE CONNAGHAN DIRECTOR AUTO LOAN X 24329 17986 0 1 1 GEORGE CONNAGHAN DIRECTOR AUTO LOAN X 20750 15308 0 1 1 CHRISTOPHER LAWRENCE OFFICER AUTO LOAN X 63322 62341 0 1 1 GEORGE CONNAGHAN DIRECTOR HELOC X 15000 14830 0 1 1 210965 FORM 990, PART VI, SECTION A, LINE 4 IN 2014, THE CREDIT UNION FORMALLY INCREASED THE NUMBER OF VOTING MEMBERS FROM 5 TO 7. FORM 990, PART VI, SECTION A, LINE 6 AMERICAN FIRST 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. AMERICAN FIRST CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF AMERICAN FIRST 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 11 THE 990 IS PROVIDED TO THE BOD WHO RECOMMENDS CHANGES WHEN NECESSARY. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION CONFLICT OF INTEREST AND ETHICS POLICY IS MONITORED ON A REGULAR BASIS. COMPLIANCE IS MONITORED THROUGH THIRD PARTY AUDITS, THE INTERNAL AUDIT STAFF AND COMPLIANCE DEPARTMENTS. RELATED PARTY TRANSACTIONS ARE REPORTED TO THE GOVERNING BODY FOR REVIEW AND APPROPRIATENESS. FORM 990, PART VI, SECTION B, LINE 15 THE CEO COMPENSATION IS DETERMINED BY THE ORGANIZATION'S GOVERNING BODY. THE BOARD REVIEWS THE CEO'S ACCOMPLISHMENTS, CREDIT UNION FINANCIAL POSITION, OTHER EXECUTIVE SALARIES AND INDUSTRY COMPENSATION SURVEYS FOR RANGES IN LIKE POSITIONS WITHIN THE INDUSTRY IN DETERMINING THE APPROPRIATE SALARY. THE SALARY AND COMPENSATION OF OTHER OFFICERS OF THE ORGANIZATION ARE DETERMINED BY THE CEO AND CHIEF OPERATING OFFICER. COMPENSATION LEVELS ARE DETERMINED THROUGH THE USE OF THIRD PARTY VENDORS THAT SUPPLY INDUSTRY COMPENSATION INFORMATION FOR LIKE ORGANIZATIONS BY ASSET SIZE AND REGIONAL COMPENSATION TRENDS. MINIMUM AND MAXIMUM COMPENSATION RANGES ARE ESTABLISHED FOR EACH POSITION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATIONS CONFLICT OF INTEREST POLICY IS AVAILABLE UPON REQUEST TO MEMBERS OF THE ORGANIZATION. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES 1,906,501. FORM 990, PART XI, LINE 9: ADJUSTMENT TO UNDIVIDED EARNINGS 568. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. SEE ATTACHED FORM 3115 FOR AMERICAN FIRST CREDIT UNION (33-0358683). AMERICAN FIRST FINANCIAL SERVICES INC 700 NORTH HARBOR BLVD LA HABRA CA 90631 330820079 FINANCIAL SERVICES CA AMERICAN FIRST CREDIT UNION C 1474 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 AMERICAN FIRST FINANCIAL SERVICES N AMOUNT BELOW REPORTING THRESHOLD AMERICAN FIRST FINANCIAL SERVICES O AMOUNT BELOW REPORTING THRESHOLD