2021-11-12T16:32:02-06:00 2020-12-31 420714325 RSM US LLP 801 NICOLLET MALL WEST TOWER STE 1200 MINNEAPOLIS MN 554022526 990 2020-01-01 951679662 FIRST CITY CREDIT UNION FIRS 2134823477 550 W WOODBURY ROAD ALTADENA CA 91001 LOURDES RUANO EVP/CHIEF FINANCIAL OFFICER 2134823477 2021-11-08 1 LOURDES RUANO XXX-XX-XXXX KACIE MCEWEN P01599614 6123324300 2021-11-04 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z X JAMES MILLER 550 W WOODBURY ROAD ALTADENA CA 91001 27389078 0 X WWW.FIRSTCITYCU.ORG X 1937 CA TO PROVIDE HIGH QUALITY FINANCIAL SERVICES AND COMPETITIVE PRODUCTS TO OUR MEMBERS BASE. 7 7 135 7 407118 0 0 0 21615689 19807050 7793838 7165533 345847 299550 29755374 27272133 0 0 1863404 1984691 9723489 9335490 0 0 0 11303661 12673258 22890554 23993439 6864820 3278694 699529873 838293496 613415156 743346826 86114717 94946670 X FIRST CITY 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 70% 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 12/31/2020 FCCU HAD 62,958 MEMBERS LOANS OUTSTANDING WITH A TOTAL BALANCE OF $286,022,417. 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 SUCH SERVICES 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 12/31/2020 FCCU HAD 108,665 SHARES WITH A TOTAL DEPOSIT BALANCE OF $739,473,775. CARD SERVICES: FIRST CITY CREDIT UNION PROVIDES CREDIT CARDS AND DEBIT CARDS TO ITS MEMBERS. THESE 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 0 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 0 0 0 0 0 0 0 0 0 0 0 0 0 1 8272 0 1 135 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 CA X TRAM NGUYEN 2134823477 550 W WOODBURY ROAD ALTADENA CA 91001 WILLA J GLOVER CHAIR 1.00 X X 0 0 0 BARBARA OLIVER VICE CHAIR 1.00 X X 0 0 0 JAMES D LIKENS TREASURER 1.00 X X 0 0 0 MICHAEL D STEINBERGER SECRETARY 1.00 X X 0 0 0 JOHN S BENEDICT DIRECTOR 1.00 X 0 0 0 CAROLYN BERNARDEZ DIRECTOR 1.00 X 0 0 0 MARISA LOPEZ DIRECTOR 1.00 X 0 0 0 JAMES MILLER CEO 40.00 X 636020 0 31153 LOURDES RUANO EVP/CFO 40.00 X 299194 0 42519 MICHAEL WILKINS SVP/COO 40.00 X 238047 0 62140 SCOTT HOTLAND VP OF SLO (UNTIL 11/27/20) 40.00 X 201735 0 31840 QAMAR NOORY VP/CIO 40.00 X 192032 0 16849 DAVID WONG VP/CMO 40.00 X 193069 0 15706 TRAM NGUYEN VP OF FINANCIAL SERVICES 40.00 X 162788 0 14783 MARY RUBIO VP OF HUMAN RESOURCES 40.00 X 154929 0 15056 2077814 0 230046 11 0 1 0 GL KAPLAN CONSTRUCTION COMPANY 1702 CHICO AVE SOUTH EL MONTE CA 91733 CONSTRUCTION 2302567 DESERT BUSINESS INTERIORS 74210 HIGHWAY 111 SUITE C PALM DESERT CA 92260 OFFICE FURNITURE, DESIGN, SPACE PLANNING 700119 RON POULSON ASSOCIATED INC 766 LAKEFIELD RD SUITE D WESTLAKE VILLAGE CA 91364 CONSTRUCTION 472156 ALLIED NATIONWIDE SECURITY INC 7116 VALJEAN AVE SUITE A VAN NUYS CA 91406 GUARD 448579 BUSINESS DATA INC 321 NO OAK STREET INGLEWOOD CA 90302 MAILING HOUSE 421143 16 LOAN INCOME 522100 14328273 14328273 FEES & SERVICE CHARGES INCOME 522100 4895577 4677166 218411 INSURANCE COMMISSIONS 522100 583200 394493 188707 19807050 7165533 7165533 188482 116945 71537 71537 71537 OTHER INCOME 522100 228013 228013 228013 27272133 19627945 407118 7237070 1984691 1323050 6388145 223492 919663 481140 60878 348182 182064 320339 1882805 1740576 2221219 32143 16104 1170805 52480 PROVISON FOR LOAN LOSS 1572310 VISA 1225671 ATM EXPENSE 1053615 LOAN SERVICE 794067 23993439 8659946 7197948 1769903 1874787 302659950 282845946 984395 1209058 28491192 9507408 18699377 18983784 347136296 495996030 72064 72064 19547942 30113879 699529873 838293496 3254780 3873051 610160376 739473775 613415156 743346826 X 0 0 0 0 86114717 94946670 86114717 94946670 699529873 838293496 X 3278694 5553259 X 0 1 X 1 0 3997000 3997000 11404885 166052 11238833 1881917 1478865 403052 10697156 7862491 2834665 510234 510234 18983784 AVAILABLE FOR SALE SECURITIES 410282717 F HELD TO MATURITY SECURITIES 2999606 C SHORT TERM INVESTMENTS 77596442 C FHLB STOCK 5117265 C 495996030 MEMBER SHARES 739473775 739473775 X 27272133 0 27272133 0 27272133 23993439 0 23993439 0 23993439 PART X, LINE 2: INCOME TAXES: 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 YEAR ENDED DECEMBER 31, 2020, 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 X 0 0 0 JAMES MILLER CEO 436505 0 190800 0 8715 0 11710 0 24464 0 672194 0 0 0 LOURDES RUANO EVP/CFO 272288 0 25000 0 1906 0 10501 0 37302 0 346997 0 0 0 MICHAEL WILKINS SVP/COO 216141 0 20000 0 1906 0 8778 0 57033 0 303858 0 0 0 SCOTT HOTLAND VP OF SLO (UNTIL 11/27/20) 187235 0 7500 0 7000 0 5717 0 37621 0 245073 0 0 0 DAVID WONG VP/CMO 182179 0 8800 0 2090 0 5418 0 13595 0 212082 0 0 0 QAMAR NOORY VP/CIO 175968 0 9500 0 6564 0 7080 0 12422 0 211534 0 0 0 TRAM NGUYEN VP OF FINANCIAL SERVICES 147738 0 9800 0 5250 0 5617 0 11884 0 180289 0 0 0 MARY RUBIO VP OF HUMAN RESOURCES 143799 0 9500 0 1630 0 5890 0 12009 0 172828 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. 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 FORM 990 IS REVIEWED IN DETAIL BY THE CONTROLLER AND CFO, FOCUSING ON BACK-UP SUPPORTING DETAIL AS NEEDED PRIOR TO ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C KEY EMPLOYEE ACTIVITIES ARE MONITORED BY OUR AUDIT DEPARTMENT ON A REGULAR BASIS. THIS IS DONE THROUGH THE USE OF REPORTS, SYSTEMS, AUDITS, ETC. IN ADDITION, EACH MANAGER MONITORS THE ACTIVITY OF THEIR STAFF MEMBERS TO ENSURE BEST PRACTICES AND ELIMINATE THE ABILITY FOR BEHAVIOR THAT CONFLICTS WITH THE CREDIT UNION'S CODE OF CONDUCT. FORM 990, PART VI, SECTION B, LINE 15 FIRST CITY 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. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE AT ALL LOCATIONS FOR VIEWING AND ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 9: UNREALIZED GAINS ON AVAILABLE FOR SALE ASSETS 5,553,259.