2023-11-15T13:08:00-06:00 2022-12-31 420714325 RSM US LLP 4650 E 53RD STREET DAVENPORT IA 52827 990 2022-01-01 951679662 FIRST CITY CREDIT UNION FIRS 2134823477 550 W WOODBURY ROAD ALTADENA CA 91001 LOURDES RUANO EVP/CHIEF FINANCIAL OFFICER 2134823477 2023-11-14 1 LOURDES RUANO XXX-XX-XXXX 0 JENIFER L CHASE P01306883 5638884000 2023-11-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z NAVNEET KHANNA 550 W WOODBURY ROAD ALTADENA CA 91001 29074210 0 X WWW.FIRSTCITYCU.ORG X 1937 CA TO PROVIDE HIGH QUALITY FINANCIAL SERVICES AND COMPETITIVE PRODUCTS TO OUR MEMBERS 7 7 134 7 325941 0 0 0 20801979 19926792 18581855 9147418 3412 0 39387246 29074210 0 0 0 0 9234965 10063970 0 0 0 10898008 12860084 20132973 22924054 19254273 6150156 929815680 886615777 828772128 835601216 101043552 51014561 X FIRST CITY CREDIT UNION (THE CREDIT UNION) EXISTS TO SERVE ITS MEMBERS. THE CREDIT UNION IS COMMITTED TO OFFER A BROAD RANGE OF QUALITY FINANCIAL SERVICES, DELIVERED AND PRICED TO PROVIDE GOOD VALUE. THE CREDIT UNION SHALL MAINTAIN FINANCIALLY SOUND AND ETHICAL PRACTICES TO MERIT CONFIDENCE AND TRUST. 0 0 RETAIL LENDING: FIRST CITY CREDIT UNION PROVIDES A FULL RANGE OF RETAIL LENDING PRODUCTS TO ITS MEMBERS, INCLUDING NEW AND USED AUTO FINANCING, REAL ESTATE MORTGAGES, UNSECURED LOANS, HOME EQUITY LINES OF CREDIT AND OTHER RETAIL CREDIT. WE ARE AMONG THE LEADING CREDIT UNIONS IN THE COUNTRY IN TERMS OF OUR RELATIVE CONCENTRATION OF SUCCESSFUL AUTO LENDING PRODUCTS, WHICH REPRESENT 50% OF OUR TOTAL LOANS. WE CONTINUE TO DEVELOP OUR LENDING CAPABILITIES AS A RELIABLE SOURCE OF CREDIT IN THE CHALLENGING ECONOMIC CONDITIONS OF THE PAST YEAR. AT 12/31/2022 FIRST CITY CREDIT UNION HAD 57,583 MEMBER LOANS OUTSTANDING WITH A TOTAL BALANCE OF $359,640,817. DEPOSITS: FIRST CITY CREDIT UNION PROVIDES A FULL RANGE OF RETAIL DEPOSIT PRODUCTS TO ITS MEMBERS TO PROVIDE A SAFE AND INSURED INVESTMENT VEHICLE TO HELP FINANCIAL MANAGEMENT. THIS INCLUDES BOTH FIXED TERM CERTIFICATES OF DEPOSIT AND NON-MATURING DEPOSITS, SUCH AS MONEY MARKET ACCOUNTS. WE ALSO PROVIDE A FULL RANGE OF CHECKING ACCOUNT PRODUCTS THAT ALLOW OUR MEMBERS TO MANAGE THEIR DAY-TO-DAY FINANCES EFFECTIVELY THROUGH SERVICES SUCH AS DIRECT DEPOSIT OF PAYROLL AND ON-LINE BILL PAYMENT. OUR NETWORK OF 7 BRANCHES PROVIDE EASY ACCESS TO OUR DEPOSIT AS WELL AS OTHERS PRODUCTS. AT 12/31/2022 FIRST CITY CREDIT UNION HAD 100,961 SHARES WITH A TOTAL DEPOSIT BALANCE OF $825,233,074. CARD SERVICES: FIRST CITY CREDIT UNION PROVIDES CREDIT CARDS AND DEBIT CARDS TO ITS MEMBERS. THESE CARDS PROVIDE THEM THE CASH MANAGEMENT TOOLS NECESSARY FOR MUCH OF THE ONGOING PURCHASES AND BILL PAYMENTS ON A DAILY BASIS. THEY ALSO PROVIDE THE ABILITY TO MANAGE FINANCES WITH A VARIETY OF OPTIONS, E.G., DEFERRING PAYMENTS UNTIL CASH IS AVAILABLE TO PAY OR MAKING PURCHASES WITH A DIRECT DEBIT WHEN PHYSICAL CHECKS ARE NOT ACCEPTED BY A MERCHANT. 0 0 1 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 7337 0 1 134 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 0 1 0 0 0 1 1 1 1 1 1 0 0 0 X LOURDES RUANO 2134823477 550 W WOODBURY ROAD ALTADENA CA 91001 MICHAEL STEINBERGER CHAIR 1.00 X X 0 0 0 WILLA GLOVER VICE CHAIR 1.00 X X 0 0 0 JOHN BENEDICT SECRETARY 1.00 X X 0 0 0 BARBARA OLIVER TREASURER 1.00 X X 0 0 0 CAROLYN BERNARDEZ DIRECTOR 1.00 X 0 0 0 MARISA LOPEZ DIRECTOR 1.00 X 0 0 0 CHRISTOPHER ANDERSON DIRECTOR 1.00 X 0 0 0 NAVNEET KHANNA CEO 40.00 X 313320 0 35733 JAMES MILLER FORMER CEO 40.00 X 243082 0 9041 LOURDES RUANO EVP/CFO 40.00 X 320643 0 49464 MICHAEL WILKINS SVP/COO 40.00 X 250383 0 52813 QAMAR NOORY VP/CIO 40.00 X 189938 0 19030 MARY RUBIO VP OF HUMAN RESOURCES 40.00 X 169484 0 17682 DAVID WONG VP/CMO 40.00 X 174817 0 14311 TRAM NGUYEN VP OF FINANCIAL SERVICES 40.00 X 165432 0 17435 FRED PEREZ SVP/CLO 40.00 X 203649 0 40217 2030748 0 255726 13 0 1 0 BUSINESS DATA INC 321 NO OAK STREET INGLEWOOD CA 90302 MAILING HOUSE 482153 ALLIED NATIONWIDE SEC INC 7116 VALJEAN AVE VAN NUYS CA 91406 SECURITY 267476 JACK HENRY & ASSOCIATES INC PO BOX 609 MONETT MO 65708 IT SERVICES 216008 S&L INTERNATIONAL 37 E HUNTINGTON DRIVE STE A ARCADIA CA 91006 IT SERVICES 209364 FINANCIAL TECHNOLOGY SOLUTIONS 406 E HUNTINGTON DRIVE SUITE 100 MONROVIA CA 91017 TECHNOLOGY SERVICES 200715 10 LOAN INCOME 522100 13265222 13265222 FEES & SERVICE CHARGES INCOME 522100 2585758 2259817 325941 INTERCHANGE INCOME 522100 2223221 2223221 OTHER INCOME 522100 1852591 1852591 19926792 9147418 9147418 29074210 19600851 325941 9147418 1022355 7247708 201713 984311 607883 113213 119189 4500 396323 492916 1164277 1877455 2467671 17922 114199 7 1357232 173933 DIVIDENDS PAID TO MEMBE 1605161 VISA EXPENSES 1014664 LOAN SERVICING 897329 PROVISON FOR LOAN LOSS 429840 614253 22924054 6037338 6100133 1634716 1974047 0 10322666 295018040 348618728 1174930 1165799 28702323 11302198 18282113 17400125 585412716 463102494 72064 72064 22183763 37859721 929815680 886615777 3508580 5732306 825263548 829868910 828772128 835601216 X 0 0 0 0 101043552 51014561 101043552 51014561 929815680 886615777 6150156 -56179147 0 X X 0 1 X 1 0 4500 4500 4500 1 CALIFORNIA CREDIT UNION LEAGUE 2855 E GUASTI ROAD SUITE 202 ONTARIO CA 91761 940357265 4500 0 PART I-A, LINE 1: FIRST CITY CREDIT UNION CONTRIBUTED TO THE CALIFORNIA CREDIT UNION LEAGUE POLITICAL ACTION COMMITTEE TO SUPPORT CREDIT UNION ISSUES. 3997000 3997000 11404885 736297 10668588 2706886 1920430 786456 10593552 8645471 1948081 17400125 AVAILABLE FOR SALE SECURITIES 405150642 F SHORT TERM INVESTMENTS 49969641 C FHLB STOCK 7982211 C 463102494 MEMBER SHARES 825233074 LEASE LIABILITY 4635836 829868910 X 29074210 0 29074210 0 29074210 22924054 0 22924054 0 22924054 PART X, LINE 2: FIRST CITY 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 YEAR. FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021, THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS AND, ACCORDINGLY, HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. THE CREDIT UNION IS SUBJECT TO AND PAYS ALL STATE AND CITY TAXES ON GOODS AND SERVICES PURCHASED BY THE CREDIT UNION. X X 0 0 0 LOURDES RUANO EVP/CFO 281212 0 27000 0 12431 0 9805 0 39659 0 370107 0 0 0 NAVNEET KHANNA CEO 306836 0 0 0 6484 0 11360 0 24373 0 349053 0 0 0 MICHAEL WILKINS SVP/COO 218047 0 21500 0 10836 0 7766 0 45047 0 303196 0 0 0 JAMES MILLER FORMER CEO 189950 0 47550 0 5582 0 2371 0 6670 0 252123 0 0 0 FRED PEREZ SVP/CLO 188218 0 7500 0 7931 0 6821 0 33396 0 243866 0 0 0 QAMAR NOORY VP/CIO 173617 0 10000 0 6321 0 5977 0 13053 0 208968 0 0 0 DAVID WONG VP/CMO 162255 0 10550 0 2012 0 1914 0 12397 0 189128 0 0 0 MARY RUBIO VP OF HUMAN RESOURCES 151760 0 14550 0 3174 0 4940 0 12742 0 187166 0 0 0 TRAM NGUYEN VP OF FINANCIAL SERVICES 148642 0 11550 0 5240 0 4891 0 12544 0 182867 0 0 0 NAVNEET KHANNA OFFICER COLLATERAL ASSIGNED SPLIT DOLLAR LIFE INSURANCE POLICY X 10795000 10322666 0 1 1 10322666 FORM 990, PART VI, SECTION A, LINE 6 FIRST CITY CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A FIRST CITY CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 8B FIRST CITY CREDIT UNION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE FORM 990 WILL BE PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C A CONFLICT OF INTEREST GENERALLY MEANS A SITUATION WHERE THE CREDIT UNION'S INTERESTS AND A EMPLOYEE OR BOARD MEMBER'S INTERESTS MAY DIFFER, EVEN THOUGH IN THAT SITUATION THE PERSON'S RESPONSIBILITY IS TO ACT IN THE BEST INTEREST OF FIRST CITY CREDIT UNION. WHERE A CONFLICT OF INTEREST IS DEEMED TO EXIST, THE BOARD MEMBER WILL NOT VOTE ON THE MATTER AND WILL BE ASKED TO TAKE NO PART IN ANY DISCUSSION WITH RESPECT TO THE MATTER CREATING THE CONFLICT OF INTEREST, AND NOT ATTEMPT TO INFLUENCE, IN ANY WAY, THE GOVERNING BODY'S DECISIONS WITH REGARD THE MATTER CREATING THE CONFLICT OF INTEREST. THE BOARD CHAIR IS RESPONSIBLE FOR THE ADMINISTRATION OF THIS POLICY. THE VICE PRESIDENT OF HUMAN RESOURCES RECEIVES AND REVIEWS DISCLOSURES SUBMITTED BY BOARD MEMBERS. THE OBJECTIVE IS TO ENSURE THAT ANY ACTUAL OR PERCEIVED CONFLICT OF INTEREST IS AVOIDED OR EFFECTIVELY MANAGED. BREACHES OF CONFLICT OF INTEREST FOR BOARD MEMBERS AND THE PRESIDENT/CHIEF EXECUTIVE OFFICER WILL BE REPORTED TO THE BOARD CHAIR AND SUPERVISORY COMMITTEE CHAIR. IF THE BREACH OF CONFLICT PERTAINS TO THE BOARD CHAIR, A CLEAR SUBMISSION WILL GO TO THE VICE CHAIR AND THE SUPERVISORY COMMITTEE CHAIR. IN ADDITION, EMPLOYEE BREACHES REQUIRING DISCIPLINARY ACTION WILL BE REPORTED TO THE BOARD CHAIR AND SUPERVISORY COMMITTEE CHAIR. AN ACKNOWLEDGMENT OF CONFLICTS OF INTEREST POLICY AND DISCLOSURE STATEMENT WILL BE DEVELOPED, TO BE COMPLETED BY EVERY BOARD MEMBER UPON ELECTION OR APPOINTMENT, AND ANNUALLY THEREAFTER. FORM 990, PART VI, SECTION B, LINE 15 FIRST CITY CREDIT UNION PARTICIPATES IN SEVERAL INDUSTRY-RELATED COMPENSATION SURVEYS EVERY YEAR. DATA FROM THE SURVEYS IS THEN REVIEWED AND ANALYZED, BASED ON FACTORS SUCH AS REGION, AREA, "COMPARABLE" PAY DATA, AND RANGE ARE DETERMINED FOR EACH POSITION. WITH MIDPOINT REPRESENTING MARKET SALARY FOR AN EXPERIENCED INCUMBENT, WE DETERMINE PLACEMENT WITHIN THE EMPLOYEES COMPARABLE EXPERIENCE AND RESPONSIBILITY OF POSITION. THE BOARD OF DIRECTORS REVIEWS AND APPROVES THE CHIEF EXECUTIVE OFFICER'S COMPENSATION AND CONTEMPORANEOUSLY DOCUMENTS THE DECISION IN THE BOARD MINUTES. THE LAST TIME THIS PROCESS OCCURRED WAS IN 2023. FORM 990, PART VI, SECTION C, LINE 19 FIRST CITY CREDIT UNION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS ARE 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. FORM 990, PART I, LINES 14 & 17: IN 2022, FIRST CITY CREDIT UNION DETERMINED THAT IT WAS MORE APPROPRIATE TO INCLUDE IN THE PRIOR YEAR COLUMN FOR LINE 17 (OTHER EXPENSES) CERTAIN ITEMS INCLUDED IN PRIOR YEAR FORMS 990, PART IX, IN LINE 4 (BENEFITS PAID TO OR FOR MEMBERS). CONFORMING ADJUSTMENTS HAVE BEEN MADE TO THE CURRENT YEAR AMOUNTS LISTED IN THE CURRENT YEAR COLUMN OF PART I AND PART IX.