2022-11-09T15:38:56-07:00 2021-12-31 990 2021-01-01 910565128 SPOKANE TEACHERS CREDIT UNION SPOK 5093261954 1620 N Signal Drive Liberty Lake WA 99019 Brian Scott VP of Accounting and Finance 5093261954 2022-11-09 1 11 0 AAL2 2021 2022-09-23 18:48:47Z Brian Scott 1620 N Signal Dr Liberty Lake WA 99019 856707496 0 1269 X www.stcu.org X Credit Union 1934 WA STCU is committed to maximizing the value of every financial relationship through cost-effective financial services consistent with cooperative principles, applicable legislation, and prudent management. STCU serves 246,311 members as of 12/31/21. 9 9 1019 5 303779 303779 71045 73273 164837036 188803398 12591155 15847325 159563 176452 177658799 204900448 0 0 21101305 15721075 64056175 74627010 0 0 0 58295767 55450409 143453247 145798494 34205552 59101954 4092963002 4949789010 3703062055 4497927463 389900947 451861547 STCU is committed to maximizing the value of every financial relationship through cost-effective financial services consistent with cooperative principles, applicable legislation, and prudent management. STCU serves 246,311 members as of 12/31/21. 0 0 STCU has outstanding loans of $3,834,790,212 at December 31, 2021, representing 150,165 individual loans. STCU offers credit cards; auto, RV, and boat loans; 1st mortgage real estate loans, other real estate loans and lines of credit; and commercial loans. Revenues from loan activities include interest income earned, as well as loan origination and servicing fees. STCU provides share and deposit products, including checking, savings, money market, certificates, and IRA/Keogh accounts. At December 31, 2021, STCU had total share and deposit balances of $4,318,062,387 representing 390,457 individual accounts. STCU paid members dividends on their share and deposit accounts $15,877,385 in 2021. STCU earns various fees on transactions, balances or other financial products as outlined in the membership agreement or published fee schedules. 0 0 0 0 0 0 1 0 0 0 0 1 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 253848 0 1 1019 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X Spokane Teachers Credit Union 5093261954 1620 N Signal Drive Liberty Lake WA 99019 Ezra Eckhardt President and CEO 40 0 X 976440 0 189116 Lindsey Myhre CFO 40 0 X 479025 0 89230 Patricia Baughman CDO 40 0 X 462937 0 77205 David Flood CLO 40 0 X 353578 0 74941 Patricia Kelly Senior Vice President 40 0 X 297626 0 68299 Tammy Fleiger Senior Vice President 40 0 X X 293491 0 63118 Marty Dickinson CMO 40 0 X 280299 0 52738 Scott Rabe Vice President 40 0 X 247947 0 77682 Joseph Yetter Senior Vice President 40 0 X 277760 0 46266 Brian Scott Vice President 40 0 X 252266 0 59669 Christopher Severin Vice President 40 0 X 265749 0 45074 Richard Lentz Vice President 40 0 X 227342 0 66731 Joel Armstrong Home Loan Officer 40 0 X 266222 0 18016 Robyn Galtieri Vice President 40 0 X 222880 0 47778 Chase Naccarato Financial Advisor 40 0 X 235873 0 30904 Erin Halleman Home Loan Officer 40 0 X 221592 0 36122 Patrick Enders Home Loan Officer 40 0 X 221844 0 29512 Mychal Little Home Loan Officer 40 0 X 228900 0 11372 Chris Morlan Chairman 2 0 X 24575 0 0 Richard W Stanley Director 2 0 X 16838 0 0 Adriane L Hanley Director 2 0 X 16838 0 0 Steven Jones Director 2 0 X 16838 0 0 Dennis Michael Rennaker Director 2 0 X 16838 0 0 Dolores Humiston Director 2 0 X 16838 0 0 Catherine Brazil Director 2 0 X 16838 0 0 Jeffrey Perkins Vice Chair 2 0 X 16838 0 0 Justin Botejue Director 2 0 X 16838 0 0 Kathryn Dobson Audit Chairwoman 2 0 X 13475 0 0 Kevin Spohr Supervisory Com 2 0 X 8983 0 0 Janet McCann Supervisory Com 2 0 X 8983 0 0 6002491 0 1083773 132 1 1 0 Smart Source Critial Communications LLC 26001 Pala Mission Viejo CA 92691 Printing and Mailing 2207181 Dee's Landscaping & Lawn Service LLC 11414 W Newkirk Rd Spokane WA 99224 Landscaping Services 364307 Paine Hamblen LLP 717 W Sprague Ave Suite 1200 Spokane WA 99201 Legal and Collection Services 168750 Michael A Smith PO Box 10803 Spokane WA 99209 Real Estate Appraisal 147590 Colormatics LLC 201 Montgomery St Second FL STE 263 Jersey City NJ 07302 Advertising video production 120819 6 0 73273 0 0 0 0 0 73273 Loan Interest Income 522100 152835594 152835594 0 0 Fees and Service Charges 522100 32780874 32477095 303779 0 Loan Svc and Origination 522100 3186930 3186930 0 0 0 0 0 0 188803398 8755278 8755278 0 0 0 0 0 0 0 0 0 0 549863 0 373411 0 176452 0 176452 176452 0 0 0 658525684 0 651433637 0 7092047 7092047 7092047 0 0 0 0 204900448 204523396 303779 0 0 0 0 15721075 5597840 0 48753069 4268502 11384078 4623521 0 133684 192652 0 0 0 3118794 6226453 1874919 6733621 0 5091883 0 0 655879 5800849 0 5974529 0 Processing Expense 11429000 Provision for Loan Loss 4945963 Loan Servicing Expense 3142751 Postage and Shipping 1250230 -1120798 145798494 0 0 0 20520226 25504678 393336544 419042555 0 0 1653063 1276154 14375443 16236792 0 0 3267530468 3795677833 0 0 7319342 10367205 143798075 61245777 77102679 82552298 243767009 507307568 14064900 11496200 0 0 2406736 6784748 50886592 73542979 4092963002 4949789010 37328929 45499210 0 0 1285305 1038471 0 0 6280508 6769617 0 0 214765481 126557776 0 0 3443401832 4318062389 3703062055 4497927463 X 0 0 0 0 389900947 451861547 389900947 451861547 4092963002 4949789010 X 59101954 1455673 0 0 0 1402973 X 1 X 1 X 1 0 46595 0 46595 0 46595 1 NORTHWEST CREDIT UNION ASSOC 18000 INTL BLVD STE 350 SEA TAC WA 98188 910460483 46595 0 Schedule C, Part I-A, Line 1 STCU has a political action policy and may provide financial support on a non-partisan basis to individuals who support the credit union movement in Washington and Idaho State legislative offices, Washington and Idaho State elected executive positions, or Washington and Idaho State Supreme Court Justices. 0 0 0 18202180 18202180 0 66501523 20390918 46110605 0 3873392 1796447 2076945 0 51935392 37885100 14050292 0 3285588 1173312 2112276 82552298 0 Deposit Accounts - Money Market 1382482998 Deposit Accounts - Share Certificates 580015697 Deposit Accounts - Checking 1156245368 Deposit Accounts - Savings 1065914683 Deposit Accounts - IRA Shares 63420941 Deposit Accounts - IRA Certificates 69982702 4318062389 X 205982710 1455673 0 0 0 1455673 204527037 0 373411 373411 204900448 145425083 0 0 0 0 0 145425083 0 373411 373411 145798494 Schedule D, Part X, Line 2 The Credit Union is exempt under IRC 5019 (c) 14, from federal and state income taxes. Certain products and services provided by select state chartered credit unions have been determined by the Internal Revenue Service (IRS), in technical advice memorandums (TAMs) released in 2007, to be unrelated to the specific entity's exempt purpose. As presented in the TAMs the net taxable income from these have been successful in having courts declare in 2009 and 2010 that revenue from insurance and investment products sold to members, helping them protect their financial wellbeing, qualifies as exempt purpose income, contrary to the IRS position in the TAMs. The Credit Union has filed tax returns for years 2006 through 2021 for activities deemed taxable. The Credit Union adopted the income tax standard for uncertain tax positions on January 1, 2009. As a result of implementation, the Credit Union evaluated its tax position and determined no uncertain tax positions exists as of December 31, 2021. Schedule D, Part XI, Line 4b Rental Expense $373,411 Schedule D, Part XII, Line 4b Rental expense $373,411 X 1 1 X X X X X 1 1 0 Christopher Severin Vice President 189404 0 46390 0 29956 0 30312 0 14762 0 310824 0 0 10636 Tammy Fleiger Senior Vice President 186176 0 62129 0 0 0 49027 0 14091 0 311423 0 0 23625 David Flood CLO 270009 0 79371 0 4197 0 67638 0 7303 0 428518 0 0 29812 Lindsey Myhre CFO 369581 0 105012 0 4432 0 81927 0 89230 0 650182 0 0 37125 Joseph Yetter Senior Vice President 204459 0 38504 0 34798 0 30893 0 15372 0 324026 0 0 0 Patricia Kelly Senior Vice President 226368 0 66254 0 5004 0 60996 0 68299 0 426921 0 0 24806 Ezra Eckhardt President and CEO 689697 0 273955 0 12788 0 181813 0 189116 0 1347369 0 0 118708 Patricia Baughman CDO 268004 0 76505 0 118428 0 67595 0 9610 0 540142 0 0 27000 Marty Dickinson CMO 214791 0 60810 0 4698 0 45435 0 52738 0 378472 0 0 21375 Brian Scott Vice President 191776 0 56099 0 4391 0 52366 0 7303 0 311935 0 0 20812 Robyn Galtieri Vice President 169429 0 49196 0 4254 0 46278 0 47778 0 316935 0 0 17983 Scott Rabe Vice President 185915 0 57758 0 4274 0 53932 0 23751 0 325630 0 0 21506 Richard Lentz Vice President 170600 0 52451 0 4291 0 48667 0 66731 0 342740 0 0 19680 Joel Armstrong Home Loan Officer 265208 0 575 0 439 0 16331 0 18016 0 300569 0 0 0 Chase Naccarato Financial Advisor 235138 0 0 0 735 0 23601 0 30904 0 290378 0 0 0 Mychal Little Home Loan Officer 228438 0 340 0 122 0 3562 0 11372 0 243834 0 0 0 Erin Halleman Home Loan Officer 220276 0 528 0 788 0 22560 0 36122 0 280274 0 0 0 Patrick Enders Home Loan Officer 220635 0 520 0 689 0 22209 0 29512 0 273565 0 0 0 Richard W Stanley Director 16838 0 0 0 0 0 0 0 0 0 16838 0 0 0 Adriane L Hanley Director 16838 0 0 0 0 0 0 0 0 0 16838 0 0 0 Steven Jones Director 16838 0 0 0 0 0 0 0 0 0 16838 0 0 0 Dennis Michael Rennaker Director 16838 0 0 0 0 0 0 0 0 0 16838 0 0 0 Dolores Humiston Director 16838 0 0 0 0 0 0 0 0 0 16838 0 0 0 Catherine Brazil Director 16838 0 0 0 0 0 0 0 0 0 16838 0 0 0 Chris Morlan Chairman 24575 0 0 0 0 0 0 0 0 0 24575 0 0 0 Kathryn Dobson Audit Chairwoman 13475 0 0 0 1361 0 0 0 0 0 14836 0 0 0 Kevin Spohr Supervisory Com 8983 0 0 0 0 0 0 0 0 0 8983 0 0 0 Janet McCann Supervisory Com 8983 0 0 0 1077 0 0 0 0 0 10060 0 0 0 Jeffrey Perkins Vice Chair 16838 0 0 0 216 0 0 0 0 0 17054 0 0 0 Justin Botejue Director 16838 0 0 0 0 0 0 0 0 0 16838 0 0 0 Schedule J, Part I, Line 1a The Credit Union will reimburse board members for travel for companions to conferences. These reimbursements are treated as taxable events and included on the board member's year end tax forms Schedule J, Part I, Line 4 The Credit Union has deferred compensation agreements with select members of the executive management team that provide benefits payable to these employees if they remain employed by the Credit Union for specified years of service. The benefits are subject to forfeiture if employment is terminated for a cause as defined in the agreements. The Credit Union is accruing the estimated liability under the agreements on a present value basis over the remaining years until the eligible employees attain the specified number of years of service. The following employees were participants in the 457f deferred compensation agreements, and the Credit Union accrued the following amounts in 2021: Ezra Eckhardt: $67,310. Additionally Tamara Fleiger was paid out the following in 2021 $168,000 in severance pay. Lindsey Myhre, David Flood and Marty Dickinson participate in a nonqualified plan. Form 990, Part VI, Section A, Line 6 STCU is a state chartered credit union organized under the provisions of the Washington Credit Union Act. The membership base of STCU consists of people who live, work, worship, or attend school in the State of Washington or counties in Northern Idaho. STCU members elect the board of directors and the supervisory committee members. Form 990, Part VI, Section A, Line 7a STCU members elect directors and the supervisory committee. Each serves a three year term. The nine members of the board of directors set direction and policy for STCU and hire, evaluate and set compensation for the president of STCU. The supervisory committee consists of three members who are responsible for ensuring the completion of required audits and member account verification. Elections for both directors and supervisory committee member positions are held each February. Form 990, Part VI, Section B, Line 11b The form 990 is prepared by the Director of Accounting. It is reviewed by the Vice President of Accounting and Finance, Chief Financial Officer/Executive Vice President, and by the Chief Executive Officer, the form 990 is reviewed with the board of directors prior to filing. Form 990, Part VI, Section B, Line 12c Members of the board of directors, supervisory committee and any affiliate members will be required to review the Code of Ethics and Personal Conduct Policy and sign the acknowledgement and agree on the Conflict of Interest Disclosure form on an annual basis. These will be reviewed by the board chair and vice chair. Any conflict on interest concerns will be reviewed by the board executive committee. In the event a conflict exists in the judgement of the board executive committee, the board chair or vice chair and the board member will take appropriate steps to eliminate the conflict. Members of the executive management are required to complete on an annual basis a Conflict of Interest Disclosure form. The chair and vice chair of the board of directors and the CEO are responsible to review the forms for any potential conflict of interest. In the event a conflict exists, the chair, vice chair, and CEO and the employee will take appropriate steps to resolve the conflict. Form 990, Part VI, Section B, Line 15 The board of directors is responsible for determining the compensation of the CEO. The executive compensation committee of the board of directors engages an outside compensation consultant to review the compensation of the CEO, provide data of comparable compensation for other similarly qualified position in the credit union or financial services industry and to assist in the review and/or development of the compensation philosophy. The executive compensation committee recommends the total compensation package for the CEO to the board of directors for approval. In order to attract and retain quality employees, STCU is committed to paying salaries which are non discriminatory equitable, and competitive with the salaries paid by other companies in our industry and surrounding area. The Human Resources department staff participates in a variety of annual salary surveys for other executive manager positions, key employees and all other staff positions and submits recommendations for any compensation adjustments to the CEO or the executive management team for approval and effective date of changes. Positions are evaluated to determine relevant job titles, job descriptions and salary ranges. Form 990, Part VI, Section C, Line 19 Governing documents, policies and financial statements may be requested by writing to Ezra Eckhardt, CEO, STCU, 1620 N Signal Dr, Liberty Lake, WA 99019. Form 990, Part XI, Line 9 Total change in available for sale market allowance $14,223,830. Equity acquired in merger $15,235,700. AgWest Financial LLC 1620 N Signal Dr Liberty Lake WA 99019 851742759 Agricultural Lending WA Spokane Teachers Credit Union S 1 1 Columbia Inland Financial Corp 1620 N Signal Dr Liberty Lake WA 99019 911499278 Escrow services WA Spokane Teachers Credit Union S 1 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 AgWest Financial LLC d 3003566 Outstanding loan balances AgWest Financial LLC b 4125205 Total capital contribution from STCU to AgWest Timely extension filed