2022-11-15T09:37:19-06:00 2021-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2021-01-01 953442691 PREMIER AMERICA CREDIT UNION PREM 8187724011 19867 PRAIRIE STREET CHATSWORTH CA 91311 BRAD CUNNINGHAM SVP/CFO 8187724011 2022-11-14 1 BRAD CUNNINGHAM XXX-XX-XXXX JENIFER L CHASE P01306883 5638884000 2022-11-14 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z RODOLFO J PEREIRA 19867 PRAIRIE STREET CHATSWORTH CA 91311 107505968 0 1526 X WWW.PREMIERAMERICA.COM X 1957 CA A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONGST ITS MEMBERS. 9 9 450 15 1386362 0 0 0 105352667 100652858 5649383 6663276 56032 189834 111058082 107505968 139758 231494 30847587 16514743 34109025 37525756 0 0 0 39519240 37233547 104615610 91505540 6442472 16000428 3211246372 3406612540 2905570033 3093745380 305676339 312867160 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 THE CREDIT UNION ENCOURAGED AND PROMOTED SAVINGS AND ACQUIRED 9,387 NEW MEMBERS IN 2021. TOTAL MEMBERSHIP STOOD AT 112,648 AS OF DECEMBER 31, 2021 WHILE DEPOSIT BALANCES GREW BY $188 MILLION COMPARED TO THE PREVIOUS YEAR, AND THE ORGANIZATION CONTINUED TO PAY MEMBERS FAVORABLE DIVIDEND RATES ON THEIR SAVINGS. THE 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 790 REAL ESTATE LOANS AND HOME EQUITY LINES OF CREDIT TOTALING OVER $846 MILLION TO ITS MEMBERS. THE CREDIT UNION'S CORE VALUES AND PURPOSE DRIVE OUR COMMITMENT TO SERVING MEMBERS AND LOCAL COMMUNITIES. IN 2021, OUR DEDICATION TO GIVING BACK WAS OF PARAMOUNT IMPORTANCE AS PREMIER AMERICA DONATED $224,834 TO LOCAL CHARITIES AND COMMUNITY ORGANIZATIONS AND TEAM MEMBERS INVESTED OVER 600 HOURS OF SERVICE TO NON-PROFIT ORGANIZATIONS. PREMIER AMERICA 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 0 0 0 0 0 0 0 0 0 0 0 0 0 1 39891 0 1 450 1 1 1 0 0 0 0 0 1 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 CA X SUSAN LINARD 8187724011 19867 PRAIRIE STREET CHATSWORTH CA 91311 WILLIAM COLE CHAIR 1.00 X X 0 0 0 GARY HOLMEN VICE CHAIR 1.00 X X 0 0 0 KURT FORD SECRETARY/TREASURER 1.00 X X 0 0 0 LARRY COLSON DIRECTOR 1.00 X 0 0 0 JOHN DE VERE JR DIRECTOR 1.00 X 0 0 0 ERIC GOLDNER DIRECTOR 1.00 X 0 0 0 JOANN KLONOWSKI DIRECTOR 1.00 X 0 0 0 LARRY MARTIN DIRECTOR 1.00 X 0 0 0 EVA GOMEZ DIRECTOR 1.00 X 0 0 0 RODOLFO PEREIRA PRESIDENT & CEO 40.00 X 3537762 0 2708571 W BRAD CUNNINGHAM CFO 40.00 X 1736607 0 1399512 TONI DANIELS CHIEF ADMINISTRATIVE OFFIC 40.00 X 338429 0 27452 ERNESTO NORONA CHIEF LENDING OFFICER 40.00 X 346183 0 43360 JANAKIRAMANA YANDAPALLI CHIEF TECHNOLOGY OFFICER 40.00 X 344887 0 33279 MARCIA GIRARDI CHIEF EXPERIENCE OFFICER 40.00 X 327803 0 39018 KELLY KARREN FINANCIAL ADVISOR 40.00 X 463798 0 24089 ORLANDO DUQUE MORTGAGE LOAN OFFICER 40.00 X 277454 0 17680 ERNIE CELAYA MORTGAGE LOAN OFFICER 40.00 X 382084 0 33691 ANTHONY VELARDE FINANCIAL ADVISOR 40.00 X 243204 0 21943 STEVEN BARRETT VP, WEALTH MANAGEMENT 40.00 X 211184 0 33009 8209395 0 4381604 69 0 1 0 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 90074 ONLINE BANKING 1237722 AXELLIANT LLC 21250 HAWTHORNE BLVD STE 500 TORRANCE CA 90503 DATA PROCESSING/CONSULTING 1225300 STRUM AGENCY 2033 SIXTH AVE STE 600 SEATTLE WA 98121 ADVERTISING/MARKETING 1084750 CU ENGAGE LLC 450 CARILLON PKWY STE 130 ST PETERSBURG FL 33716 CONSULTING 907750 JACK HENRY AND ASSOCIATES PO BOX 609 MONETT MO 65708 DATA PROCESSING 829724 58 INCOME FROM MEMBER LOANS 522100 85085670 85085670 INTERCHANGE INCOME 522100 6216390 6216390 SERVICE CHARGES & OTHER FEES 522100 4043720 3836766 206954 INVESTMENT BROKERAGE COMMISSIONS 523000 2795965 2795965 OTHER MISC INCOME 522100 2511113 1331705 1179408 100652858 5827484 5827484 189834 0 189834 189834 189834 835792 0 835792 835792 835792 107505968 99266496 1386362 6853110 231494 16514743 6844780 23482235 3284176 1839755 2074810 359856 507396 2513118 2280123 8092772 4654801 304996 3344622 155287 224388 1576339 241517 PROVISION FOR LOAN LOSS 8012205 LOAN PROCESSING EXPENSE 2986122 CORE DEPOSIT PREMIUM AM 837723 GOODWILL AMORTIZATION 122960 1019322 91505540 505888920 434199782 9169798 8804051 2185664161 2447543049 3655284 4620969 35685104 20741562 15008078 14943542 434899635 443909027 15036165 15000392 3462127 2501444 38462204 35090284 3211246372 3406612540 22908655 23185669 609524 497139 2882051854 3070062572 2905570033 3093745380 X 0 0 0 0 305676339 312867160 305676339 312867160 3211246372 3406612540 16000428 -8809607 0 X X 0 1 X 1 0 11599 0 11599 11599 1 CALIFORNIA NEVADA CREDIT UNION PAC 1201 K ST SUITE 105C SACRAMENTO CA 95814 942329967 11599 0 PART I-A, LINE 1: THE CREDIT UNION MAKES CONTRIBUTIONS TO SUPPORT CANDIDATES OR POLITICAL ACTION COMMITTEES PROMOTING CREDIT UNION CAUSES. 3731593 3731593 15449544 9267810 6181734 7557456 4699199 2858257 8946511 6774553 2171958 14943542 MEMBERS' SHARES 3070062572 3070062572 X 107505968 0 107505968 0 107505968 91505540 0 91505540 0 91505540 PART X, LINE 2: 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 2017 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 POISITIONS 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, 2021 AND 2020, 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) 82885 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) 21500 0 PROGRAM SUPPORT ALLIANCE FOR THE ARTS 2100 E THOUSAND OAKS BLVD STE E THOUSAND OAKS CA 91362 953561259 501(C)(3) 15210 0 PROGRAM SUPPORT WHAM - WESTERN HOUSTON ASSISTANCE MINISTRIES 10501 MEADOWGLEN LN HOUSTON TX 77042 760001309 501(C)(3) 6500 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 BOY SCOUTS OF AMERICA VENTURA COUNTY COUNCIL 509 E DAILY DR CAMARILLO CA 93010 951716783 501(C)(3) 8000 0 PROGRAM SUPPORT REACH INC 550 PARK AVE PORT HUENEME CA 93041 474652777 501(C)(3) 7500 0 PROGRAM SUPPORT NORTHRIDGE HOSPITAL FOUNDATION 18300 ROSCOE BLVD NORTHRIDGE CA 91328 237444901 501(C)(3) 6500 0 PROGRAM SUPPORT 8 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 X X 1 1 X X X 0 1 0 RODOLFO PEREIRA PRESIDENT & CEO 3395762 0 142000 0 0 0 2691709 0 24612 0 6254083 0 0 0 W BRAD CUNNINGHAM CFO 1688940 0 47667 0 0 0 1392482 0 8429 0 3137518 0 0 0 KELLY KARREN FINANCIAL ADVISOR 463798 0 0 0 0 0 16048 0 8539 0 488385 0 0 0 ERNIE CELAYA MORTGAGE LOAN OFFICER 382084 0 0 0 0 0 16180 0 17768 0 416032 0 0 0 ERNESTO NORONA CHIEF LENDING OFFICER 299983 0 46200 0 0 0 15906 0 27851 0 389940 0 0 0 JANAKIRAMANA YANDAPALLI CHIEF TECHNOLOGY OFFICER 299525 0 45362 0 0 0 12998 0 21021 0 378906 0 0 0 MARCIA GIRARDI CHIEF EXPERIENCE OFFICER 284123 0 43680 0 0 0 17400 0 22496 0 367699 0 0 0 TONI DANIELS CHIEF ADMINISTRATIVE OFFIC 294686 0 43743 0 0 0 17400 0 10422 0 366251 0 0 0 ORLANDO DUQUE MORTGAGE LOAN OFFICER 277454 0 0 0 0 0 12112 0 5759 0 295325 0 0 0 ANTHONY VELARDE FINANCIAL ADVISOR 243204 0 0 0 0 0 13871 0 8263 0 265338 0 0 0 STEVEN BARRETT VP, WEALTH MANAGEMENT 211184 0 0 0 0 0 13548 0 19651 0 244383 0 0 0 PART I, LINE 1A FIRST CLASS TRAVEL - THE CREDIT UNION WILL PAY FOR FIRST CLASS TRAVEL ONLY WHEN FLYING TIME FOR A PARTICULAR FLIGHT IS FIVE HOURS OR MORE. TRAVEL FOR COMPANIONS - THE 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. A 1099-NEC IS FILED WHEN THE TOTAL EXPENSES INCURRED FOR THE COMPANION REACHES THE REPORTABLE AMOUNT. TAX INDEMNIFICATION AND GROSS UP PAYMENTS - THE CREDIT UNION GROSSES UP FOR TAX ON CERTAIN NON-CASH BENEFITS REPORTED IN THE RECIPIENT'S W-2. PART I, LINE 4B THE FOLLOWING INDIVIDUALS PARTICIPATED IN A NONQUALIFIED RETIREMENT PLAN IN 2021 SPONSORED BY PREMIER AMERICA CREDIT UNION: RODOLFO PEREIRA - $2,674,309 W. BRAD CUNNINGHAM - $1,375,306 THE DOLLAR AMOUNTS REPRESENT THE CURRENT YEAR CONTRIBUTION MADE BY PREMIER AMERICA CREDIT UNION ON BEHALF OF THE INDIVIDUALS TO THE PLAN IN 2021. THIS INFORMATION IS INCLUDED AS OTHER COMPENSATION ON THE FORM 990, PART VII AND SCHEDULE J. THERE WERE NO DISTRIBUTIONS IN 2021. 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 MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. 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 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 THE CREDIT UNION. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS CONTAINED IN THE CODE OF RESPONSIBILITY AND ETHICS THAT EACH EMPLOYEE IS REQUIRED, ANNUALLY, TO ACKNOWLEDGE. VIA WRITTEN POLICY, ALL EMPLOYEES AND OFFICIALS ARE MADE AWARE OF THE CREDIT UNION'S COMPLIANCE REQUIREMENTS INCLUDING, BUT NOT LIMITED TO, THE CONFLICTS OF INTEREST POLICY. STANDARD CREDIT UNION PROCEDURES AND REQUIREMENTS ARE CONSISTENTLY APPLIED TO ANY BUSINESS TRANSACTION BY DIRECTORS, OFFICERS, AND EMPLOYEES. IF A DECISION IS REQUIRED REGARDING A BUSINESS TRANSACTION THAT COULD POTENTIALLY RISE TO A PERCEPTION OF A CONFLICT OF INTEREST, THE INVOLVED PARTY WILL RECUSE HIM OR HERSELF FROM DISCUSSION AND REVIEW OF THE TRANSACTION. TRANSACTIONS INVOLVING INDIVIDUAL ACCOUNTS ARE MONITORED BY THE INTERNAL AUDITOR ON A REGULAR BASIS. FORM 990, PART VI, SECTION B, LINE 15 EXTENSIVE ANNUAL SURVEYS ARE CONDUCTED FOR KEY POSITIONS IN THE 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. FORM 990, PART VI, SECTION C, LINE 19 UNAUDITED FINANCIAL STATEMENTS ARE POSTED AT LEAST QUARTERLY IN ALL BRANCHES. THE ANNUAL REPORT CONTAINING AUDITED FINANCIAL STATEMENTS IS AVAILABLE AT THE CREDIT UNION'S WEBSITE AND DISTRIBUTED TO ATTENDING MEMBERS DURING ANNUAL MEETINGS. GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XII, LINE 2C THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM PRIOR TAX YEAR.