2023-11-15T15:22:30-06:00 2022-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2022-01-01 953442691 PREMIER AMERICA CREDIT UNION PREM 8187724011 19867 PRAIRIE STREET CHATSWORTH CA 91311 IE-CHEN CHENG PRESIDENT/CEO 8187724011 2023-11-14 1 IE-CHEN CHENG XXX-XX-XXXX 0 JENIFER L CHASE P01306883 5638884000 2023-11-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z RODOLFO J PEREIRA 19867 PRAIRIE STREET CHATSWORTH CA 91311 127070331 0 1526 X WWW.PREMIERAMERICA.COM X 1957 CA A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONGST ITS MEMBERS. 11 11 480 15 1479311 563407 0 0 100652858 119143288 6663276 7741861 189834 185182 107505968 127070331 231494 322066 0 0 37525756 43634318 0 0 0 53748290 65862295 91505540 109818679 16000428 17251652 3406612540 3773072753 3093745380 3477250353 312867160 295822400 X A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONGST 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, PREMIER AMERICA 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 PREMIER AMERICA CREDIT UNION ENCOURAGED AND PROMOTED SAVINGS AND ACQUIRED 13,607 NEW MEMBERS IN 2022. TOTAL MEMBERSHIP STOOD AT 117,622 AS OF DECEMBER 31, 2022 WHILE DEPOSIT BALANCES GREW BY $15 MILLION COMPARED TO THE PREVIOUS YEAR, AND THE ORGANIZATION CONTINUED TO PAY MEMBERS FAVORABLE DIVIDEND RATES ON THEIR SAVINGS. PREMIER AMERICA CREDIT UNION MET MORTGAGE NEEDS OF FIRST TIME HOME BUYERS AND REFINANCING NEEDS OF EXISTING HOMEOWNERS, ALLOWING THEM TO TAKE ADVANTAGE OF LOWER INTEREST RATES. LOWER INTEREST RATES WERE MADE POSSIBLE BY BEING A FNMA MORTGAGE LOAN SELLER AND SERVICER. DURING THE YEAR, THE ORGANIZATION GRANTED 928 REAL ESTATE LOANS. PREMIER AMERICA CREDIT UNION'S CORE VALUES AND PURPOSE DRIVE OUR COMMITMENT TO SERVING MEMBERS AND LOCAL COMMUNITIES. IN 2022, OUR DEDICATION TO GIVING BACK WAS OF PARAMOUNT IMPORTANCE AS PREMIER AMERICA CREDIT UNION DONATED $317,942 TO LOCAL CHARITIES AND COMMUNITY ORGANIZATIONS AND TEAM MEMBERS INVESTED OVER 600 HOURS OF SERVICE TO NONPROFIT ORGANIZATIONS. PREMIER AMERICA CREDIT UNION IS FOCUSED ON PROVIDING SAFE, RESPONSIBLE AND AFFORDABLE FINANCIAL SERVICES TO HELP MEMBERS REACH THEIR DREAMS. 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 40401 0 1 480 1 1 1 0 0 0 0 0 1 0 X 11 11 0 0 0 0 1 1 0 1 0 0 0 0 0 1 1 1 1 0 X ENEDINA GONZALEZ 8187724011 19867 PRAIRIE STREET CHATSWORTH CA 91311 TONI DANIELS CHIEF ADMINISTRATIVE OFFICER 40.00 X 1578356 0 29636 RODOLFO PEREIRA PRESIDENT & CEO 40.00 X 995765 0 41515 KELLY KARREN FINANCIAL ADVISOR 40.00 X 485165 0 27378 ERNESTO NORONA CHIEF OPERATIONS OFFICER 40.00 X 406905 0 52637 JANAKIRAMANA YANDAPALLI CHIEF TECHNOLOGY OFFICER 40.00 X 403531 0 42150 MARCIA GIRARDI CHIEF EXPERIENCE OFFICER 40.00 X 372502 0 42080 ORLANDO DUQUE MORTGAGE LOAN OFFICER 40.00 X 377670 0 25495 ERNIE CELAYA MORTGAGE LOAN OFFICER 40.00 X 321730 0 37941 ANTHONY VELARDE FINANCIAL ADVISOR 40.00 X 288723 0 35092 W BRAD CUNNINGHAM FORMER CFO 40.00 X 291069 0 14529 DAVID FITZGERALD CHIEF LENDING OFFICER 40.00 X 264913 0 24123 BRINDON GARDNER MORTGAGE LOAN OFFICER 40.00 X 241790 0 32211 IE-CHEN CHENG CHIEF FINANCIAL OFFICER 40.00 X 168762 0 13962 GARY HOLMEN VICE CHAIR 1.00 X X 5512 0 0 BILL HAMPEL DIRECTOR 1.00 X 3124 0 0 LARRY MARTIN DIRECTOR 1.00 X 2211 0 0 EVA GOMEZ DIRECTOR 1.00 X 1962 0 0 WILLIAM COLE CHAIR 1.00 X X 1667 0 0 LARRY COLSON DIRECTOR 1.00 X 695 0 0 JOANN KLONOWSKI DIRECTOR 1.00 X 695 0 0 MECHELLE BEST DIRECTOR 1.00 X 0 0 0 JOHN DE VERE JR DIRECTOR 1.00 X 0 0 0 KURT FORD SECRETARY/TREASURER 1.00 X X 0 0 0 ERIC GOLDNER DIRECTOR 1.00 X 0 0 0 6212747 0 418749 79 0 1 0 AXELLIANT LLC 21250 HAWTHORN BLVD STE 500 TORRANCE CA 90503 DATA PROCESSING/CONSULTING 1868621 Q2 SOFTWARE INC 13785 RESEARCH BLVD SUITE 150 AUSTIN TX 78750 ONLINE BANKING 1721129 STRUM AGENCY 2033 SIXTH AVE STE 600 SEATTLE WA 98121 ADVERTISING/MARKETING 1584380 JACK HENRY AND ASSOCIATES PO BOX 609 MONETT MO 65708 DATA PROCESSING 1015661 THE UNIVERSITY CORPORATION 18111 NORDHOFF STREET NORTHRIDGE CA 91330 ADVERTISING/MARKETING 907750 65 INCOME FROM MEMBER LOANS 522100 103298572 103298572 INTERCHANGE INCOME 522100 5801272 5801272 SERVICE CHARGES & OTHER FEES 522100 4967995 4709730 258265 INVESTMENT BROKERAGE COMMISSIONS 523000 2673362 2673362 OTHER NON-INTEREST INCOME 522100 2402087 1181041 1221046 119143288 7741861 7741861 185182 0 185182 185182 185182 127070331 117663977 1479311 7927043 322066 4452704 31214348 2688871 2261564 3016831 368615 397136 2529169 5235593 9169259 4489611 307869 3497717 410000 312533 4646292 1550972 255279 DIVIDENDS PAID TO MEMBE 19800716 PROVISION FOR LOAN LOSS 7350000 LOAN PROCESSING EXPENSE 3382305 CORE DEPOSIT PREMIUM AM 668034 1491195 109818679 434199782 106375570 8804051 11257929 0 10697748 2447543049 3191037464 4620969 4126772 36288063 22589182 14943542 13698881 443909027 372292763 15000392 15000000 2501444 1710450 35090284 46875176 3406612540 3773072753 23185669 15867961 497139 387413 0 375000000 3070062572 3085994979 3093745380 3477250353 X 0 0 0 0 312867160 295822400 312867160 295822400 3406612540 3773072753 17251652 -34296412 0 X X 0 1 X 1 0 11358 0 11358 11358 1 CALIFORNIA NEVADA CREDIT UNION PAC 1201 K ST SUITE 105C SACRAMENTO CA 95814 942329967 11358 0 PART I-A, LINE 1: PREMIER AMERICA CREDIT UNION MAKES CONTRIBUTIONS TO SUPPORT CANDIDATES OR POLITICAL ACTION COMMITTEES PROMOTING CREDIT UNION CAUSES. 3731593 3731593 15505390 9718973 5786417 7829225 5311942 2517283 9221855 7558267 1663588 13698881 MEMBERS' SHARES 3085994979 3085994979 X 127070331 0 127070331 0 127070331 109818679 0 109818679 0 109818679 PART X, LINE 2: PREMIER AMERICA CREDIT UNION (THE CREDIT UNION) IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES. HOWEVER, THE CREDIT UNION IS SUBJECT TO UNRELATED BUSINESS INCOME TAX (UBIT) ON CERTAIN INCOME RESULTING FROM BUSINESS WITH NONMEMBERS. TAX YEARS PRIOR TO 2018 ARE NOT SUBJECT TO EXAMINATION BY TAX AUTHORITIES. THE COMPANY RECOGNIZES INTEREST AND/OR PENALTIES RELATED TO INCOME TAX MATTERS IN OPERATIONS EXPENSE. FASB ASC TOPIC 740, 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 BY THE CREDIT UNION, WHICH MUST DETERMINE WHETER THE TAX POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS NOT DEEMED TO MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS REQUIRING RECOGNITION IN THE FINANCIAL STATEMENTS. 1 PREMIER AMERICA FOUNDATION 19867 PRAIRIE STREET CHATSWORTH CA 91311 820914788 501(C)(3) 129500 0 PROGRAM SUPPORT CHILDREN'S MIRACLE NETWORK CU FOR KIDS WINE AUCTION 18400 VON KARMAN AVE STE 900 IRVINE CA 92612 870387205 501(C)(3) 18200 0 PROGRAM SUPPORT WHAM - WESTERN HOUSTON ASSISTANCE MINISTRIES 10501 MEADOWGLEN LN HOUSTON TX 77042 760001309 501(C)(3) 7000 0 PROGRAM SUPPORT VENTURA COUNTY COMMUNITY DEVELOPMENT CORPORATION (VCCDC) 761 E DAILY DR STE 200 CAMARILLO CA 93010 743061811 501(C)(3) 10000 0 PROGRAM SUPPORT NORTHRIDGE HOSPITAL FOUNDATION 18300 ROSCOE BLVD NORTHRIDGE CA 91328 237444901 501(C)(3) 9500 0 PROGRAM SUPPORT VENTURA COUNTY LIBRARY FOUNDATION PO BOX 7531 VENTURA CA 93006 472770894 501(C)(3) 19200 0 PROGRAM SUPPORT 6 0 PART I, LINE 2: GRANTS ARE GIVEN TO ORGANIZATIONS BASED ON CREDIT UNION INDUSTRY RELATIONSHIPS AND COMMUNITY RELEVANCE IN THE FORM OF CASH AND EVENT SPONSORSHIPS. GRANTS ARE GIVEN ONLY TO WELL-KNOWN ESTABLISHED CHARITABLE ORGANIZATIONS WHOSE ACTIVITIES ARE COMMON KNOWLEDGE AND RECOGNIZED IN THE COMMUNITY SUCH AS THE CHILDREN'S MIRACLE NETWORK HOSPITALS, HABITAT FOR HUMANITY, GIRLS AND BOYS SCOUTS OF AMERICA LOCAL TROOPS, AND OTHER SIMILAR ORGANIZATIONS. GRANT FUNDS ARE NOT MONITORED ONCE DISTRIBUTED. X 1 1 X X X 0 1 0 TONI DANIELS CHIEF ADMINISTRATIVE OFFICER 1500849 0 77507 0 0 0 18300 0 11336 0 1607992 0 0 0 RODOLFO PEREIRA PRESIDENT & CEO 749390 0 246375 0 0 0 18300 0 23215 0 1037280 0 0 0 KELLY KARREN FINANCIAL ADVISOR 485165 0 0 0 0 0 18393 0 8985 0 512543 0 0 0 ERNESTO NORONA CHIEF OPERATIONS OFFICER 322138 0 84767 0 0 0 25596 0 27041 0 459542 0 0 0 JANAKIRAMANA YANDAPALLI CHIEF TECHNOLOGY OFFICER 313156 0 90375 0 0 0 19631 0 22519 0 445681 0 0 0 MARCIA GIRARDI CHIEF EXPERIENCE OFFICER 296212 0 76290 0 0 0 18300 0 23780 0 414582 0 0 0 ORLANDO DUQUE MORTGAGE LOAN OFFICER 377670 0 0 0 0 0 18905 0 6590 0 403165 0 0 0 ERNIE CELAYA MORTGAGE LOAN OFFICER 321730 0 0 0 0 0 18756 0 19185 0 359671 0 0 0 ANTHONY VELARDE FINANCIAL ADVISOR 288723 0 0 0 0 0 16712 0 18380 0 323815 0 0 0 W BRAD CUNNINGHAM FORMER CFO 208822 0 82247 0 0 0 9739 0 4790 0 305598 0 0 0 DAVID FITZGERALD CHIEF LENDING OFFICER 243981 0 20932 0 0 0 16067 0 8056 0 289036 0 0 0 BRINDON GARDNER MORTGAGE LOAN OFFICER 241790 0 0 0 0 0 16067 0 16144 0 274001 0 0 0 IE-CHEN CHENG CHIEF FINANCIAL OFFICER 168762 0 0 0 0 0 10142 0 3820 0 182724 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - PREMIER AMERICA CREDIT UNION WILL PAY FOR THE SPOUSE OR ONE COMPANION'S PLANE FARE FOR OUT OF TOWN OFFICIAL TRAVELS (CONFERENCES), HOTEL ACCOMODATIONS (SHARED ROOM) AND MEALS. WILLIAM COLE, LARRY COLSON, EVA GOMEZ, ERIC GOLDNER, BILL HAMPEL, GARY HOLMEN, AND LARRY MARTIN RECEIVED THIS BENEFIT IN 2022. PART I, LINE 4 THE FOLLOWING INDIVIDUALS PARTICIPATED IN A NONQUALIFIED RETIREMENT PLAN IN 2022 SPONSORED BY PREMIER AMERICA CREDIT UNION: TONI DANIELS THERE WERE NO EMPLOYER CONTRIBUTIONS INTO THE PLAN ON BEHALF OF THE PARTICIPANTS IN 2022. TONI DANIELS, CHIEF ADMINISTRATIVE OFFICER, HAD ONE DISTRIBUTION IN 2022 IN THE AMOUNT OF $1,192,660. THE INDIVIDUAL REACHED A SPECIFIED LEVEL OF VESTING IN 2022, SO THE DOLLAR AMOUNT IS NOW INCLUDED IN REPORTABLE COMPENSATION OF THE CURRENT YEAR FORM 990, PART VII AND SCHEDULE J, PART II. MARCIA GIRARDI KEY EMPLOYEE COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 2716000 5134872 0 1 1 ERNESTO NORONA KEY EMPLOYEE COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 2682000 5557390 0 1 1 TONI DANIELS KEY EMPLOYEE NEW AUTO X 47000 5486 0 1 1 10697748 FORM 990, PART VI, SECTION A, LINE 6 PREMIER AMERICA CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A PREMIER AMERICA CREDIT UNION MEMBERS HAVE THE POWER TO ELECT MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 8B PREMIER AMERICA 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 DRAFT FORM 990 PREPARED BY THE TAX ACCOUNTANT IS REVIEWED BY SENIOR MANAGEMENT. CORRECTIONS ARE ADDRESSED AT EACH STAGE OF THE REVIEW BEFORE THE FINAL REPORT IS FILED BY THE TAX PREPARER FOR PREMIER AMERICA CREDIT UNION. FORM 990, PART VI, SECTION B, LINE 15 EXTENSIVE ANNUAL SURVEYS ARE CONDUCTED FOR KEY POSITIONS IN PREMIER AMERICA CREDIT UNION INCLUDING, BUT NOT LIMITED TO, TOP MANAGEMENT AND KEY EMPLOYEES. THESE SURVEYS ARE PROVIDED BY PROFESSIONAL COMPENSATION ANALYSTS WHO WORK DIRECTLY WITH DATA WITHIN THE FINANCIAL INDUSTRY FIELD. THESE SURVEYS PROVIDE TOTAL COMPENSATION INFORMATION THAT RANGES FROM BROAD MACRO ISSUES TO SPECIFIC ELEMENTS OF TOTAL COMPENSATION STRUCTURES. THE DATA USED COMPARABLE COMPENSATION FOR SIMILARLY QUALIFIED PERSON IN COMPARABLE POSITIONS AT SIMILAR ORGANIZATION. THE FINAL FIGURES ARE REVIEWED AND APPROVED BY THE COMPENSATION COMMITTEE. THE LAST TIME THIS PROCESS OCCURRED WAS IN 2022. FORM 990, PART VI, SECTION C, LINE 19 PREMIER AMERICA 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: THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR TAX YEAR.