2022-11-14T12:55:59-06:00 2021-12-31 910189318 MOSS ADAMS LLP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2021-01-01 390827305 MARINE CREDIT UNION MARI 2623891758 811 MONITOR STREET LA CROSSE WI 54603 JOE LIETHEN CFO 2623891758 2022-11-11 1 JOE LIETHEN 999009999 COLLEEN RAMIRES P01251320 4252597227 2022-11-11 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z DARRICK WEEKS 811 MONITOR STREET LA CROSSE WI 54603 75199690 0 2157 X WWW.MARINECU.COM X CU 1949 WI WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING. 7 6 543 0 119366 0 0 0 71031441 72178271 -36390 1237633 104206 134802 71099257 73550706 213711 184802 0 0 36851681 37892743 0 0 0 36123842 23598958 73189234 61676503 -2089977 11874203 961535112 1046373718 871992026 946075135 89543086 100298583 WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING. WE WILL INCREASE THE NUMBER AND PERCENTAGE OF CUSTOMERS AVAILING THEMSELVES OF A VARIETY OF HIGH QUALITY SERVICES. 0 0 DEPOSIT TAKING - MARINE CREDIT UNION ACTS AS A FINANCIAL INTERMEDIARY IN EACH OF THE COMMUNITIES IT SERVES. EACH OF OUR 78,497 MEMBERS HAS AT LEAST ONE SAVINGS ACCOUNT AND THESE MEMBERS HAVE OVER 51,884 CHECKING ACCOUNTS WITH MARINE. WE OFTEN PROVIDE THESE SERVICES AT A LOWER COST THAN WHAT WOULD OTHERWISE BE AVAILABLE. WE PROTECT OVER $763,468,390 OF INSURED FUNDS ON BEHALF OF OUR DEPOSITORS. MORTGAGE LENDING - MARINE CREDIT UNION IS AN INTEGRAL PART OF THE COMMUNITIES WE SERVE BY PROVIDING LOANS TOTALING OVER $180,644,054 DURING 2021. THESE LOANS ARE USED BY BORROWERS TO PURCHASE, REFINANCE OR IMPROVE THEIR HOMES. CURRENT MORTGAGE LOANS OUTSTANDING EXCEED $431,844,176 AS OF DECEMBER 31, 2021. CONSUMER LENDING - MARINE CREDIT UNION IS A FULL SERVICE CONSUMER LENDING INSTITUTION. IN 2021 WE GRANTED A TOTAL OF $172,397,467 IN CONSUMER LOANS. THESE LOANS ARE USED BY OUR BORROWERS TO CONSOLIDATE DEBT, PURCHASE GOODS SUCH AS AUTOMOBILES AND RECREATIONAL VEHICLES AND TO FINANCE CONTINUING EDUCATION EXPENSES. THE TOTAL CONSUMER LOAN PORTFOLIO IS GREATER THAN $230,418,786. 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 1 1 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 17681 0 1 543 1 1 1 0 0 0 0 0 0 0 X 7 6 0 0 0 0 1 1 1 1 0 0 0 0 1 1 1 1 1 1 1 0 WI X JOE LIETHEN 2623891758 811 MONITOR STREET LA CROSSE WI 54603 JONATHON HORNE BOARD THIRD VICE CHAIR 3.00 X X 27500 0 0 ANNE SNOW BOARD FOURTH VICE CHAIR 3.00 X X 22500 0 0 MARK D REED BOARD SECRETARY 3.00 X X 22500 0 0 WILLIAM MAAS BOARD SECOND VICE CHAIR 3.00 X X 22500 0 0 WILLIAM SACIA BOARD VICE CHAIR 3.00 X X 22500 0 0 MIC MICHELS BOARD TREASURER (AS OF 05/21) 3.00 X X 15000 0 0 ROBERT CARNEY BOARD TREASURER (THRU 05/2021) 3.00 X X 7500 0 0 TOM KNOTHE INTERIM CEO/BOARD CHAIR (AS OF 6/21) 40.00 X X 210500 0 0 WILLIAM JAMES CFO (THRU 10/21) & CRO (AS OF 11/21) 40.00 X 474374 0 29001 SHAWN HANSON CEO (THRU 06/2021) 40.00 X 288587 0 14414 JOSEPH LIETHEN CFO (AS OF 11/21) 40.00 X 261937 0 25251 ADAM KEER CHIEF EXPERIENCE OFFICER 40.00 X 261716 0 25716 KENNETH BROSSMAN CHIEF SALES OFFICER 40.00 X 228674 0 25751 KATIE TOLOKKEN CHIEF OPERATING OFFICER 40.00 X 231243 0 14732 JACK KALANDER CHIEF INFORMATION OFFICER 40.00 X 224591 0 27304 MICHAEL SPILLANE SVP OF LOAN QUALITY AND CREDIT RISK 40.00 X 179582 0 21105 TROY MOEN VICE PRESIDENT OF OPERATIONS 40.00 X 177546 0 25137 JOSHUA MOORE SVP OF MORTGAGE LENDING 40.00 X 175295 0 24982 STEPHEN NEUMANN VICE PRESIDENT OF COLLECTIONS 40.00 X 173451 0 20760 JASON KAUFMAN VP OF CENTRAL LENDING 40.00 X 183042 0 23948 3210538 0 278101 63 0 1 0 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE ROAD SUITE 260 FARMINGTON HILLS MI 48334 SOFTWARE MAINTENANCE 1483643 NUSOURCE FINANCIAL LLC 9749 HAMILTON ROAD EDEN PRAIRIE MN 55344 ATM MAINTENANCE, SERVICE, SUPPLIES 687613 SALESFORCECOM PO BOX 203141 DALLAS TX 753203141 SOFTWARE 607886 VENDI ADVERTISING LLC 125 4TH STREET N SUITE 200 LA CROSSE WI 54601 MARKETING SERVICES 529521 MERIDIANLINK INC PO BOX 846822 LOS ANGELES CA 900846822 SOFTWARE 336747 32 LOAN INTEREST 522100 52944374 52944374 FEE INCOME 522100 17646422 17541295 105127 OTHER OPERATING INCOME 522100 1587475 1587475 72178271 987701 14239 973462 134802 0 134802 134802 134802 1898916 1648984 249932 249932 249932 73550706 72073144 119366 1358196 178802 6000 2484193 26175343 708988 6415142 2109077 470034 101184 4212 3443402 1004743 2050334 2473950 1700871 425923 4559056 2185105 54814 CARD PROCESSING 2178801 PROVISION FOR LOAN LOSS 1343024 LOAN SERVICING EXPENSE 495666 MEMBER INSURANCE EXPENS 81875 1025964 61676503 97110448 127761887 80709732 95923944 3652906 888314 17928050 18459835 697475864 693066035 2687446 3058347 32776686 10845576 23285661 21931110 456771 47763919 7255721 7164965 14660813 13949967 16311700 16405395 961535112 1046373718 9632612 11384625 106055 9323 133500000 129500000 728753359 805181187 871992026 946075135 X 0 0 0 0 89543086 100298583 89543086 100298583 961535112 1046373718 11874203 -1118706 0 X 0 1 X 1 0 1 115043 0 25093 89950 1 X 4056717 4056717 16614732 5812884 10801848 811381 467774 343607 7705014 4158513 3546501 2513748 1075094 406405 3182437 21931110 MEMBER SHARES 805181187 805181187 X PART IV, LINE 1B: MCU SERVICES SECONDARY MARKET LOANS FOR FHLB/MPF XTRA PROGRAM. PART IV, LINE 2B: ESCROW ACCOUNTS WERE HELD AT BORROWER LEVEL FOR TAXES AND INSURANCE. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION WILL BE FILING ITS TAX RETURNS FOR CALENDAR YEAR 2021 AND HAS FILED ITS TAX RETURNS FOR CALENDAR YEAR 2020 FOR ACTIVITIES DEEMED TAXABLE AND HAS A NET OPERATING LOSS CARRYFORWARD AS OF THE 2020 CALENDAR YEAR. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S CONSOLIDATED FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2021 OR 2020. THE CREDIT UNION'S 2019 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL TAXING AUTHORITIES, AND 2018 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY STATE TAXING AUTHORITIES. EARNINGS AND LOSSES FROM THE CUSOS, ORGANIZED AS LLCS, FLOW AT THE ENTITY LEVEL THROUGH TO THE CREDIT UNION AND, THEREFORE, ARE NOT SUBJECT TO FEDERAL AND STATE INCOME TAXES. 1 MARINE CREDIT UNION FOUNDATION INC 811 MONITOR STREET LA CROSSE WI 54603 261564606 501(C)(3) 178802 0 GENERAL SUPPORT 1 0 FIRST TIME HOME BUYER PROGRAM 1 6000 PART I, LINE 2: MARINE CREDIT UNION REVIEWS THE SUBRECIPIENT'S ADMINISTRATION OF FUNDS AND ANY REQUIRED NON-FEDERAL CONTRIBUTIONS. X X X 1 0 0 WILLIAM JAMES CFO (THRU 10/21) & CRO (AS OF 11/21) 293488 0 175000 0 5886 0 13000 0 16001 0 503375 0 0 0 SHAWN HANSON CEO (THRU 06/2021) 219477 0 0 0 69110 0 9286 0 5128 0 303001 0 0 0 ADAM KEER CHIEF EXPERIENCE OFFICER 260168 0 0 0 1548 0 9715 0 16001 0 287432 0 0 0 JOSEPH LIETHEN CFO (AS OF 11/21) 200525 0 55250 0 6162 0 9750 0 15501 0 287188 0 0 0 KENNETH BROSSMAN CHIEF SALES OFFICER 227563 0 0 0 1111 0 9750 0 16001 0 254425 0 0 0 JACK KALANDER CHIEF INFORMATION OFFICER 221191 0 0 0 3400 0 11303 0 16001 0 251895 0 0 0 KATIE TOLOKKEN CHIEF OPERATING OFFICER 171381 0 0 0 59862 0 8750 0 5982 0 245975 0 0 0 TOM KNOTHE INTERIM CEO/BOARD CHAIR (AS OF 6/21) 210500 0 0 0 0 0 0 0 0 0 210500 0 0 0 JASON KAUFMAN VP OF CENTRAL LENDING 115055 0 13492 0 54495 0 7947 0 16001 0 206990 0 0 0 TROY MOEN VICE PRESIDENT OF OPERATIONS 174543 0 1000 0 2003 0 9136 0 16001 0 202683 0 0 0 MICHAEL SPILLANE SVP OF LOAN QUALITY AND CREDIT RISK 179420 0 0 0 162 0 9305 0 11800 0 200687 0 0 0 JOSHUA MOORE SVP OF MORTGAGE LENDING 175133 0 0 0 162 0 8981 0 16001 0 200277 0 0 0 STEPHEN NEUMANN VICE PRESIDENT OF COLLECTIONS 172218 0 1000 0 233 0 8960 0 11800 0 194211 0 0 0 PART I, LINE 4A SHAWN HANSON RECEIVED A SEVERANCE PAYMENT OF $5,700. CERTAIN OFFICERS AND KEY EMPLOYEES PARTICIPATE IN THE SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15. SHAWN HANSON FORMER CEO DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 8216367 10617559 0 1 1 ADAM KEER CHIEF EXPERIENCE OFFICER DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 1596910 1985480 0 0 1 WILLIAM JAMES CHIEF RISK OFFICER DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 2671783 2995438 0 0 1 JACK KALANDER CHIEF INFORMATION OFFICER DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 1800000 2002735 0 0 1 KENNETH BROSSMAN CHIEF SALES OFFICER DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 550000 691922 0 0 1 KATIE TOLOKKEN CHIEF OPERATING OFFICER DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 166701 166701 0 0 1 18459835 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION CONSISTS OF MEMBERS. TO BE A MEMBER, ONE MUST HAVE A SHARE/SAVINGS ACCOUNT. EACH MEMBER HAS ONE VOTE TO ELECT THE GOVERNING BODY (BOARD OF DIRECTORS). FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP UTILIZING THEIR ONE VOTE PER MEMBER. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS WOULD NEED TO APPROVE DECISIONS SUCH AS CHANGE OF NAME OR A MERGER DECISION. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE ANY COMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B AN INITIAL REVIEW OF THE 990 IS PERFORMED BY THE CFO. ANY REVISIONS THAT NEED TO BE MADE ARE COMPLETED AND THE REVISED 990 IS PRESENTED TO THE CEO PRIOR TO THE REPORT BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS, OFFICERS, AND KEY EMPLOYEES ARE REQUIRED TO VERIFY THE EXISTENCE OF ANY CONFLICTS OF INTEREST ANNUALLY. THE ORGANIZATION MONITORS AND ENFORCES COMPLIANCE WITH THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 CEO: THE BOARD OF DIRECTORS APPROVES COMPENSATION AS RECOMMENDED BY THE COMPENSATION COMMITTEE. BASE COMPENSATION IS TARGETED TO THAT OF PEER FINANCIAL INSTITUTIONS OF SIMILAR SIZE AND COMPLEXITY. INCENTIVE PAY AND BASE PAY INCREASES OR DECREASES ARE DRIVEN BY THE PERFORMANCE OF THE EXECUTIVE VERSUS PRE-DETERMINED GOALS AND OBJECTIVES WHICH ARE ALIGNED WITH THE MISSION AND STRATEGY OF THE ORGANIZATION. THE CEO IS GIVEN QUARTERLY AND ANNUAL PERFORMANCE EVALUATIONS WHICH FACTOR INTO COMPENSATION DISCUSSIONS. OTHER OFFICERS AND KEY EMPLOYEES: BASE COMPENSATION IS DRIVEN BY MARKETPLACE TRENDS AND OTHER COMPETITIVE FACTORS. INCENTIVE PAY AND BASE PAY INCREASES ARE DRIVEN BY THE PERFORMANCE OF EACH EMPLOYEE VERSUS PRE-DETERMINED GOALS AND OBJECTIVES WHICH ARE ALIGNED WITH THE MISSION AND STRATEGY OF THE ORGANIZATION. ALL EMPLOYEES ARE EVALUATED AGAINST OBJECTIVE AND SUBJECTIVE CRITERIA ON A MONTHLY AND ANNUAL BASIS. FORM 990, PART VI, SECTION C, LINE 19 BYLAWS ARE AVAILABLE UPON REQUEST AND ANNUAL FINANCIAL STATEMENTS ARE POSTED ON THE ORGANIZATION'S WEBSITE. ADVANTAGE FINANCIAL SERVICES LLC 127 WEST AVENUE NORTH LA CROSSE WI 54601 800018187 HOLDING COMPANY WI 50 50300 MARINE CREDIT UNION