2023-10-27T18:16:58-05:00 2022-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2022-01-01 941482957 PROVIDENT CREDIT UNION PROV 6505080300 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94065 JENNIFER LEE SVP/CAFO 6505080300 2023-10-24 1 JENNIFER LEE 999009999 1 VALENTINO CREUS CPA P01054153 8189549700 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JAMES L ERNEST 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94065 112950041 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 9 503 13 2977843 0 0 0 103783547 92811291 6304847 15765485 4538594 4373265 114626988 112950041 257621 372031 0 0 45816661 44046573 0 0 0 58162392 63391947 104236674 107810551 10390314 5139490 3536838918 3510687147 3195619513 3209719493 341219405 300967654 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 $400 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 0 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 1 0 0 0 0 0 0 0 0 1 1 1 0 1 57810 0 1 503 1 1 1 0 0 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 CFO 6505080300 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94065 DAVID PELZNER CHAIRMAN 2.00 X 0 0 0 JUNE ROTHE VICE CHAIRMAN 2.00 X 0 0 0 SAMUEL JOHNSON JR SECRETARY 2.00 X 0 0 0 CHRISTINE BOLAND TREASURER 2.00 X 0 0 0 DAVID BUCKMASTER BOARD MEMBER 2.00 X 0 0 0 SCOTT O'BRIEN BOARD MEMBER 2.00 X 0 0 0 BOB LANZONE BOARD MEMBER 2.00 X 0 0 0 GEORGE DESCALSO BOARD MEMBER 2.00 X 0 0 0 ANDREA KENTER BOARD MEMBER 2.00 X 0 0 0 SCOTT MCWHIRTER SUPV CMTE CHAIR 2.00 X 0 0 0 ROSANNE FOUST SUPV CMTE MEMBER 2.00 X 0 0 0 KENNETH RUBAY SUPV CMTE MEMBER 2.00 X 0 0 0 GREGORY TESHARA SUPV CMTE MEMBER 2.00 X 0 0 0 JAMES ERNEST PRESIDENT/CEO 40.00 X 1015786 0 65920 JENNIFER LEE CFO 40.00 X 466758 0 50670 HEIDI PARKS SVP 40.00 X 377646 0 57093 FRED GOMES SVP 40.00 X 369662 0 74824 JOHN PAUL REILLY VP, BS&O 40.00 X 339502 0 72429 CONNIE K FINCH VP, SYSTEMS & TECH 40.00 X 334291 0 55123 GREG KENT MCCURDY VP, LENDING 40.00 X 332294 0 48536 GANESH RAGHAVAN VP, NETWORK INFRASTRUCTURE & SECURITY 40.00 X 308694 0 42173 JOHN HAGGARTY VP, MARKETING 40.00 X 307050 0 72377 SHALINI SAHDEO NARAYAN VP, SERVICE QUALITY 40.00 X 298742 0 64885 CHRISTINE M KEANE VP, RISK MANAGEMENT 40.00 X 216003 0 36479 PAUL SHEA VP, HUMAN RESOURCES 40.00 X 208966 0 59167 JAMES PAUL TRACESKI VP, HUMAN RESOURCES 40.00 X 207522 0 3302 MOHAMAD A SANGABI SR. MORTGAGE CONS. 40.00 X 555243 0 44912 ROBERT BERNARD KETTMANN MORTGAGE PRODUCTION SALES MANAGER 40.00 X 346435 0 41102 MATTHEW LAWRENCE AGIUS FINANCIAL CONSULTANT 40.00 X 331166 0 36071 LAN FIGUEROA SR. MORTGAGE CONS. 40.00 X 269760 0 36198 FATEMEH ASAD SANGABI SR. MORTGAGE CONS. 40.00 X 177801 0 45060 6463321 0 906321 19 0 1 0 NCR CORPORATION 14181 COLLECTIONS CNTR DR CHICAGO IL 60693 ATM SERVICES 1781640 EPLUS TECHNOLOGY INC FILE 56861 LOS ANGELES CA 90074 INFORMATION TECHNOLOGY 1735601 FISERV SOLUTIONS INC PO BOX 418410 BOSTON MA 02241 FINANCIAL SERVICES 1413668 MICROSOFT CORPORATION 1950 NORTH STEMMONS FMY SUITE 5010 DALLAS TX 75207 INFORMATION TECHNOLOGY 1169604 MPX 2301 CONGRESS STREET PORTLAND ME 04102 POSTAGE AND STATEMENT PRODUCTION 1051849 79 INCOME FROM LOANS 522100 64708362 64708362 OTHER OPERATING INCOME 522100 21228969 21228969 FEE INCOME 522100 6873960 6493617 380343 92811291 15765485 13167985 2597500 4373265 0 4373265 4373265 4373265 112950041 105598933 2977843 4373265 253031 119000 6463319 27239807 1360980 6494365 2488102 285622 376580 4325131 3969620 8951439 3811611 6611066 504586 15746107 5325498 LOAN SERVICING EXPENSE 7614821 MISCELLANEOUS EXPENSE 4179546 PROVISION FOR LOAN & LE 1101243 OPERATING FEES 362521 226556 107810551 9723985 7679337 639167068 45560478 5442844 5388268 4479380 5953109 81192456 50408801 32908249 30783655 967217188 1202369973 1847949496 2178771543 1696052 1642123 28254656 32538661 3536838918 3510687147 31154602 35859375 3164464911 3173860118 3195619513 3209719493 X 0 0 0 0 341219405 300967654 341219405 300967654 3536838918 3510687147 5139490 -45391241 0 X X 0 1 X 1 0 7510980 7510980 38976482 23683515 15292967 11097373 9928227 1169146 23607621 16797059 6810562 30783655 NCUA SHARE INSURANCE DEPOSITS 27145017 C ALL OTHER INVESTMENTS 15000000 F NET LOANS AND LEASES 2135876526 F PAID IN CAPITAL AT CORP 750000 C 2178771543 MEMBER SHARE DEPOSITS 3123822879 ACCRUED DIVIDENDS ON INTEREST PAYABLE 37239 BORROWED FUNDS 50000000 3173860118 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" 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 YEAR. FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021, 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 ONE LIFE COUNSELING 1303 SAN CARLOS AVE SAN CARLOS CA 94070 810919786 501(C)(3) 10000 0 FMV TO PROVIDE EASY ACCESS TO COUNSELING, EDUCATION, AN OPPORTUNITIES TO CONNECT THROUGH SERVICE. OMEGA PSI PHI FRATERNITY INC 484 LAKE PARK AVENUE 3 OAKLAND CA 94610 943103617 501(C)(8) 10000 0 FMV TO SUPPORT SCHOLARSHIP FUND. SAN JOSE STATE UNIVERSITY WASHINGTON SQUARE STUDENT UNION BLDG 1800 SAN JOSE CA 95192 770387618 501(C)(3) 6000 0 FMV TO PROMOTE LEARNING. HABITAT FOR HUMANITY EAST BAY SILICON VALLEY 2619 BROADWAY OAKLAND CA94612 OAKLAND CA 94612 943053687 501(C)(3) 16000 0 FMV TO BRING PEOPLE TOGETHER TO BUILD HOMES, COMMUNITIES, AND HOPE. THE CITY OF SAN CARLOS MUSIC IN THE PARK 600 ELM STREET SAN CARLOS CA 94070 943203214 501(C)(3) 8500 0 FMV FOR PARKS AND RECREATION CENTERS. UNIVERSITY OF SAN FRANCISCO 2130 FULTON ST SAN FRANCISCO CA 94117 941156628 501(C)(3) 7000 0 FMV TO PROMOTE LEARNING IN THE JESUIT CATHOLIC TRADITION, OFFERING UNDERGRADUATE, GRADUATE, AND PROFESSIONAL STUDENTS THE KNOWLEDGE AND SKILLS NEEDED TO SUCCEED. CRISTO REY - DELASALLE 1530 34TH AVE OAKLAND CA 94601 680311262 501(C)(3) 60000 0 FMV TO SUPPORT AND ENCOURAGE CORPORATE WORK STUDY PROGRAM WHICH EMPOWERS STUDENTS TO CONTRIBUTE TO THE COST OF THEIR EDUCATION. AMERICAN HEART ASSOCIATION 7272 GREENVILLE AVENUE DALLAS TX 75231 135613797 501(C)(3) 20000 0 FMV TO ASSIST IN THE EFFORT TO SAVE LIVES, IMPROVE LIVES, AND HELP TO BUILD A WORLD FREE OF HEART DISEASE AND STROKE IN WHICH ALL PEOPLE HAVE AN EQUITABLE CHANCE TO BE HEALTHY. REDWOOD CITY CHAMBER OF COMMERCE 1450 VETERANS BLVD 125 REDWOOD CITY CA 94063 940377914 501(C)(6) 35000 0 FMV TO HELP ADVANCE AND PROMOTE BUSINESS IN THE SAN MATEO COUNTY. 7 9 COLLEGE SCHOLARSHIPS 25 119000 PROVIDENT OFFERS TWO DIFFERENT SCHOLARSHIPS FOR PROVIDENT MEMBERS: ONE FOR GRADUATING HIGH SCHOOL SENIORS ENTERING COLLEGE, AND ONE FOR THOSE SEEKING A CALIFORNIA TEACHING CREDENTIAL. 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 1 1 X X X X 0 1 0 JAMES ERNEST PRESIDENT/CEO 819741 0 178653 0 17392 0 30500 0 35420 0 1081706 0 0 0 JENNIFER LEE CFO 357947 0 89901 0 18910 0 15250 0 35420 0 517428 0 0 0 HEIDI PARKS SVP 288978 0 78320 0 10348 0 21673 0 35420 0 434739 0 0 0 FRED GOMES SVP 286064 0 70274 0 13324 0 20657 0 54167 0 444486 0 0 0 JOHN PAUL REILLY VP, BS&O 274010 0 64286 0 1206 0 18262 0 54167 0 411931 0 0 0 CONNIE K FINCH VP, SYSTEMS & TECH 262708 0 64725 0 6858 0 19703 0 35420 0 389414 0 0 0 GREG KENT MCCURDY VP, LENDING 254952 0 70489 0 6853 0 19121 0 29415 0 380830 0 0 0 GANESH RAGHAVAN VP, NETWORK INFRASTRUCTURE & SECURIT 280127 0 26245 0 2322 0 6753 0 35420 0 350867 0 0 0 JOHN HAGGARTY VP, MARKETING 242803 0 63725 0 522 0 18210 0 54167 0 379427 0 0 0 SHALINI SAHDEO NARAYAN VP, SERVICE QUALITY 239917 0 58371 0 454 0 10718 0 54167 0 363627 0 0 0 CHRISTINE M KEANE VP, RISK MANAGEMENT 172296 0 41380 0 2327 0 17230 0 19249 0 252482 0 0 0 PAUL SHEA VP, HUMAN RESOURCES 200000 0 8000 0 966 0 5000 0 54167 0 268133 0 0 0 JAMES PAUL TRACESKI VP, HUMAN RESOURCES 66032 0 140777 0 713 0 3302 0 0 0 210824 0 0 0 MOHAMAD A SANGABI SR. MORTGAGE CONS. 80171 0 473728 0 1344 0 30500 0 14412 0 600155 0 0 0 ROBERT BERNARD KETTMANN MORTGAGE PRODUCTION SALES MANAGER 103722 0 237938 0 4775 0 22875 0 18227 0 387537 0 0 0 MATTHEW LAWRENCE AGIUS FINANCIAL CONSULTANT 331129 0 0 0 37 0 22875 0 13196 0 367237 0 0 0 LAN FIGUEROA SR. MORTGAGE CONS. 51455 0 218159 0 146 0 20158 0 16040 0 305958 0 0 0 FATEMEH ASAD SANGABI SR. MORTGAGE CONS. 49557 0 127175 0 1069 0 13796 0 31264 0 222861 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. JAMES ERNEST OFFICER REAL ESTATE LOAN X 709000 404941 0 1 1 FRED GOMES OFFICER REAL ESTATE LOAN X 245000 72943 0 1 1 CONNIE K FINCH KEY EMPLOYEE REAL ESTATE LOAN X 271623 155294 0 1 1 HEIDI PARKS OFFICER REAL ESTATE LOAN X 830000 816984 0 1 1 JOHN HAGGARTY KEY EMPLOYEE REAL ESTATE LOAN X 600000 475544 0 1 1 GREGORY MCCURDY KEY EMPLOYEE REAL ESTATE LOAN X 710000 550668 0 1 1 CONNIE K FINCH KEY EMPLOYEE NEW AUTO X 50000 4578 0 1 1 JOHN HAGGARTY KEY EMPLOYEE USED AUTO X 43187 15660 0 1 1 CHRISTINE M KEANE KEY EMPLOYEE REAL ESTATE LOAN X 194400 109015 0 1 1 JOHN PAUL REILLY KEY EMPLOYEE REAL ESTATE LOAN X 576000 411028 0 1 1 SHALINI SAHDEO NARAYAN KEY EMPLOYEE REAL ESTATE LOAN X 1395000 1187099 0 1 1 HEIDI PARKS OFFICER NEW AUTO X 55993 11454 0 1 1 GANESH RAGHAVAN KEY EMPLOYEE REAL ESTATE LOAN X 425000 372495 0 1 1 JAMES ERNEST OFFICER NEW AUTO LOAN X 19927 8677 0 1 1 SHEA PAUL KEY EMPLOYEE REAL ESTATE LOAN X 733700 721666 0 1 1 JENNIFER LEE OFFICER NEW AUTO LOAN X 55000 15195 0 1 1 JOHN PAUL REILLY KEY EMPLOYEE NEW AUTO LOAN X 41075 34325 0 1 1 GREGORY MCCURDY KEY EMPLOYEE USED AUTO LOAN X 18127 7814 0 1 1 GREGORY MCCURDY KEY EMPLOYEE USED AUTO LOAN X 20000 12888 0 1 1 5388268 BIANCA ESLAMPOUR DAUGHTER OF HCE 5000 SCHOLARSHIP ASHLEY PELZNER DAUGHTER OF BOD 5000 SCHOLARSHIP LAUREN BUCKMASTER DAUGHTER OF BOD 5000 SCHOLARSHIP KEANA ESLAMPOUR DAUGHTER OF HCE 2000 SCHOLARSHIP 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 1122672 1386800 1.00000 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 PROVIDENT SERVICES CORPORATION INC Q 1236996 ACTUAL AMOUNT PAID PROVIDENT SERVICES CORPORATION INC A 153016 ACTUAL AMOUNT PAID