2022-10-04T21:02:50-05:00 2021-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2021-01-01 380481580 MICHIGAN FIRST CREDIT UNION MICH 8006643828 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 MICHAEL POULOS PRESIDENT/CEO 8006643828 2022-10-03 1 MICHAEL POULOS 999009999 JACK TRACY P01974742 2482443000 2022-10-03 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z MICHAEL POULOS 27000 EVERGREEN LATHRUP VILLAGE MI 48076 115793157 0 1359 X WWW.MICHIGANFIRST.COM X 1926 MI TO BE THE ONLY FINANCIAL INSTITUTION FOR OUR MEMBERS. 9 9 632 13 1095649 0 0 0 63147062 68019032 3068896 3041249 26237037 32586581 92452995 103646862 0 0 0 0 40452244 42533642 0 0 0 41344619 38353696 81796863 80887338 10656132 22759524 1328820354 1483110437 1175208315 1311412024 153612039 171698413 TO BE THE ONLY FINANCIAL INSTITUTION FOR OUR MEMBERS. 0 0 ORIGINATED APPROXIMATELY $427 MILLION IN MORTGAGE LOANS DURING 2021. INCREASED MEMBER DEPOSITS BY APPROXIMATELY $147 MILLION DURING 2021. ORIGINATED APPROXIMATELY $234 MILLION IN CONSUMER LOANS DURING 2021. 0 0 0 0 0 0 0 1 0 1 0 0 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 1 1 1 1 0 1 29628 0 1 632 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X JANET BARDEN 2487276715 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 INES DE JESUS DIRECTOR 1.00 X 0 0 0 SHEILA ANDERSON TREASURER 1.00 X 0 0 0 RICHARD LEMOYNE DIRECTOR 1.00 X 0 0 0 DEIRDRE SCOTT VICE CHAIR 1.00 X 0 0 0 NADINE TIBBS-STALLWORTH SECRETARY 1.00 X 0 0 0 LINDA HEIGHT CHAIR 1.00 X 0 0 0 DANDRIDGE FLOYD DIRECTOR 1.00 X 0 0 0 MIKE HOHF DIRECTOR 1.00 X 0 0 0 DONNA VANDERVRIES DIRECTOR 1.00 X 0 0 0 MICHAEL POULOS PRESIDENT/CEO 50.00 X 997318 0 38400 JENNIFER BOROWY CHIEF OPERATIONS OFFICER 50.00 X 264366 0 22975 JANET BARDEN CHIEF FINANCIAL OFFICER 50.00 X 226515 0 19186 JEFFREY FITRZYK CHIEF LENDING OFFICER 50.00 X 243705 0 30802 DANIEL SUGG CHIEF MORTGAGE OFFICER 50.00 X 463517 0 27207 LARRY RICE DIRECTOR OF IT SERVICE DEL 45.00 X 201218 0 28848 GERALD BETTENS CHIEF INFORMATION OFFICER 50.00 X 296716 0 9808 MATTHEW WEST MORTGAGE LOAN OFFICER 40.00 X 688737 0 31177 MICHAEL BENNETT MORTGAGE LOAN OFFICER 40.00 X 317103 0 23804 DIEGO ARTEAGA ARCILA MORTGAGE LOAN OFFICER 40.00 X 543524 0 31272 ANTHONY SELHOST MORTGAGE LOAN OFFICER 40.00 X 366540 0 37442 4609259 0 300921 57 0 1 0 TRACE3 PO BOX 603915 CHARLOTTE NC 28260 PHONE & NETOWRK SUPPORT AND LICENSING 3097537 ETKIN 200 FRANKLIN CENTER 29100 NORTHWES SOUTHFIELD MI 48034 BLDG MAINTENANCE/ PROPERTY MANAGEMENT 1999601 DIEBOLD NIXDORF INC PO BOX 643543 PITTSBURGH PA 15264 ATM MACHINES 1832588 ALIMAR SECURITY INC 24870 FORTERRA WARREN MI 48089 SECURITY GUARDS AT BRANCHES 1125586 OLYMPIA ENTERTAINMENT 2525 WOODWARD AVE DETROIT MI 48201 MARKETING SPONSORHIPS 1095836 58 MEMBER LOAN INCOME 522100 44120385 44120385 FEE INCOME 522100 23898647 23898647 68019032 2883687 2883687 42769 0 42769 42769 42769 12303857 12146295 157562 157562 157562 MONEY NOW INCOME 522100 15387568 15387568 MORTGAGE SERVICING 522100 14463613 14463613 FINANCE AND INSURANCE INCOME 520000 1095649 1095649 1596982 1596982 32543812 103646862 99667526 1095649 2883687 X 2564057 31824846 1365484 4349737 2429518 653110 519420 181311 24823 1843389 4770315 3410073 3312794 115967 229233 4595254 4610817 233267 CREDIT/DEBIT EXPENSES 4791169 LOAN SERVICING 2318394 MAINTENANCE 1666664 ATM EXPENSES 1215640 3862056 80887338 22283271 20824738 220220227 211003372 5067040 2932879 6854114 7053569 831309754 907394713 2470745 2479085 110595171 40021151 68406903 70574020 104089267 214319077 7165807 6922498 150381 112786 60802845 39493700 1328820354 1483110437 21969482 25641646 1735578 1794316 60000000 45000000 1091503255 1238976062 1175208315 1311412024 X 0 0 0 0 153612039 171698413 153612039 171698413 1328820354 1483110437 X 22759524 -4268276 -404874 X X 0 1 X 1 0 0 1 X 5888109 5888109 59720759 9377395 50343364 9100342 6552998 2547344 35885961 24090758 11795203 70574020 SHARES 532919013 SHARE DRAFTS 307142368 MONEY MARKET 157081348 CD 228320444 IRA SAVINGS 11474985 CLUB ACCOUNTS 2037904 1238976062 X PART IV, LINE 2B: THE CREDIT UNION COLLECTS (ON A MONTHLY BASIS) PAYMENT FROM MEMBERS WITH MORTGAGE LOANS OUTSTANDING. AS STIPULATED BY THE AGREEMENT SIGNED BY BOTH PARTIES, THE MONTHLY PAYMENT FOR EACH MEMBER INLCUDES PRINCIPAL, INTEREST, AND ESCROWS. ESCROWS ARE USED TO PAY TAXES AND INSURANCE ON THE PROPERTY. PART X, LINE 2: INCOME TAXES THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. X X X X 0 1 0 MICHAEL POULOS PRESIDENT/CEO 680090 0 145507 0 171721 0 19500 0 18900 0 1035718 0 0 0 MATTHEW WEST MORTGAGE LOAN OFFICER 173663 0 515074 0 0 0 12277 0 18900 0 719914 0 0 0 DIEGO ARTEAGA ARCILA MORTGAGE LOAN OFFICER 234717 0 308807 0 0 0 14538 0 16734 0 574796 0 0 0 DANIEL SUGG CHIEF MORTGAGE OFFICER 233463 0 230054 0 0 0 8307 0 18900 0 490724 0 0 0 ANTHONY SELHOST MORTGAGE LOAN OFFICER 154683 0 211857 0 0 0 18542 0 18900 0 403982 0 0 0 MICHAEL BENNETT MORTGAGE LOAN OFFICER 141129 0 175974 0 0 0 9876 0 13928 0 340907 0 0 0 GERALD BETTENS CHIEF INFORMATION OFFICER 283846 0 10054 0 2816 0 9808 0 0 0 306524 0 0 0 JENNIFER BOROWY CHIEF OPERATIONS OFFICER 254312 0 10054 0 0 0 12813 0 10162 0 287341 0 0 0 JEFFREY FITRZYK CHIEF LENDING OFFICER 233651 0 10054 0 0 0 11902 0 18900 0 274507 0 0 0 JANET BARDEN CHIEF FINANCIAL OFFICER 226515 0 0 0 0 0 11058 0 8128 0 245701 0 0 0 LARRY RICE DIRECTOR OF IT SERVICE DEL 193175 0 8043 0 0 0 9948 0 18900 0 230066 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS ESTABLISHED NON-QUALIFIED DEFINED COMPENSATION PLANS CERTAIN KEY EXECUTIVES. THE DEFERRED COMPENSATION BENEFIT PAYABLE AS OF DECEMBER 31, 2021 FOR EACH PARTICIPANT WAS AS FOLLOWS: GERALD BETTENS $200,000 DANIEL SUGG $160,000 JEFFREY FITRZYK $80,000 MICHAEL POULOS RECEIVED A DEFERRED COMPENSATION PAYOUT OF $123,000 DURING 2021. MICHAEL POULOS, THE PRESIDENT/CEO PARTICIPATES IN A COLLATERAL ASSIGNED SPLIT DOLLAR ARRANGEMENT. PER THE CONTRACTUAL AGREEMENT, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANT. UPON THE PARTICIPANT'S DEATH, THE CREDIT UNION RECOVERS THE EXECUTIVE'S LOAN BALANCE WHICH INCLUDES INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. MICHAEL POULOS PRESIDENT/CEO FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICIES X 6500000 7053569 0 1 1 7053569 FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THERE IS AN ANNUAL ELECTION IN WHICH THE MEMBERSHIP OF THE CREDIT UNION ELECTS THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B THE CFO AND PRESIDENT/CEO ARE RESPONSIBLE FOR THE COMPLETION AND REVIEW OF THE FORM 990 BEFORE FILING WITH THE IRS. THE ORGANIZATION DOES NOT PROVIDE A COPY OF FORM 990 TO THE GOVERNING BODY PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ANY CONFLICT OF INTEREST IS REPORTED TO THE CEO ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 SALARY RANGE REVIEW IS PERIODICALLY REVIEWED AND EVALUATED AN INDEPENDENT CONTRACTOR. THE LAST REVIEW WAS COMPLETED IN 2021. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 24E SECURITY 1,161,746. FRAUD LOSSES 1,110,891. EDUCATION/TRAINING 1,089,713. MISCELLANEOUS 465,986. HOME BANKING 263,698. ASSOCIATION DUES 110,255. IRA ADMIN FEES 19,119. PROVISION FOR LOAN LOSSES -359,352. FORM 990, PART XI, LINE 9: NET CHANGE IN POSTRETIREMENT BENEFIT PLAN: -404,874. FORM 990, PART XII, LINE 2C: A COMMITTEE EXISTS THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF THE ANNUAL FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. MICHIGAN FIRST INSURANCE AGENCY LLC 27000 EVERGREEN ROAD LATHRUP VILLAGE MI 48076 320485685 INSURANCE SERVICES MI 1112131 1683494 MICHIGAN FIRST CREDIT UNION MICHIGAN FIRST FOUNDATION INC 27000 EVERGREEN RD LATHRUP VILLAGE MI 48076 272487933 SCHOLARSHIPS & CHARITABLE CONTRIBUTIONS MI 501(C)(3) PF MICHIGAN FIRST CREDIT UNION 1 MICHIGAN FIRST MORTGAGE 6501 HIGHLAND ROAD WATERFORD MI 48327 382964508 PROVIDES MORTGAGE ORIGINATION AND SERVICING TO MEMBERS OF THE ORGANIZATION MI MICHIGAN FIRST CREDIT UNION C 2628180 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MICHIGAN FIRST FOUNDATION INC B 80750 ACTUAL