2019-11-14T14:18:12-06:00 2018-12-31 420714325 RSM US LLP 801 NICOLLET MALL WEST TOWER STE 1100 MINNEAPOLIS MN 554022526 990 2018-01-01 941439553 VALLEY FIRST CREDIT UNION VALL 2095498500 1005 W ORANGEBURG AVENUE MODESTO CA 95350 DENNIS BARTA VP FINANCE 2095498500 2019-11-12 1 KACIE MCEWEN P01599614 6123324300 66.98.98.3 2019-11-12 19:34:53 CS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 B56786F7D21A8F39D00ED83C272556B8DDCB8C36 2018 2020-03-31 21:24:44Z HANK BARRETT 1005 W ORANGEBURG AVENUE MODESTO CA 95350 30133795 0 X WWW.VALLEYFIRSTCU.ORG X 1956 CA PROVIDE SUPERIOR SERVICE TO OUR MEMBERS AND COMMUNITY. 7 7 216 7 1786473 0 0 0 24713727 28024297 2500588 1995538 229338 0 27443653 30019835 0 0 870240 868514 11134233 11792481 0 0 0 14156681 16498920 26161154 29159915 1282499 859920 603790074 590851203 542900425 529116901 60889649 61734302 VALLEY FIRST CREDIT UNION IS A STATE CHARTERED CREDIT UNION THAT PROVIDES LOW COST FINANCIAL SERVICES TO ITS COMMUNITIES. 0 0 AS A STATE CHARTERED CREDIT UNION, VALLEY FIRST PROVIDES LOANS TO MEMBERS AT REDUCED INTEREST RATES AS COMPARED TO COMPETITORS. IN GENERAL, THE CREDIT CRITERIA IS LESS STRINGENT, LOAN RATES ARE LOWER, AND A HIGHER LEVEL OF LOAN COVERAGE IS PROVIDED. AT 12/31/2018 THE CREDIT UNION HAD $414,776,249 IN OUTSTANDING LOAN BALANCES AND 79,895 TOTAL MEMBERS. VALLEY FIRST PROVIDES SAVINGS ACCOUNT PRODUCTS THAT ARE OF GREATER BENEFIT TO MEMBERS AS COMPARED TO COMPETITORS. VALLEY FIRST PAYS HIGHER DIVIDEND RATES FOR COMPARABLE SAVINGS PRODUCTS. AT 12/31/2018 THE CREDIT UNION HAD 84,460 SAVINGS ACCOUNTS WITH A BALANCE OF $273,721,837. VALLEY FIRST PROVIDES CHECKING ACCOUNT PRODUCTS THAT ARE OF GREATER BENEFIT TO MEMBERS, AS COMPARED TO ITS COMPETITORS. SEVERAL TYPES OF CHECKING ACCOUNTS ARE OFFERED, FROM FREE CHECKING TO SPECIALTY CHECKING ACCOUNTS THAT PAY MEMBERS DIVIDENDS FOR BALANCES KEPT IN THEIR ACCOUNT. AGAIN THE FEE FOR A CHECKING ACCOUNT AND THE DIVIDEND RATES FOR COMPARABLE CHECKING PRODUCTS ARE BETTER THAN COMPETITORS. AT 12/31/2018 THE CREDIT UNION HAD 38,340 MEMBERS WITH CHECKING ACCOUNTS WITH A DEPOSIT BALANCE OF $103,244,170. 0 0 1 0 0 0 0 0 0 1 0 0 0 1 0 0 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 7141 0 1 216 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 DENNIS BARTA 2095498500 1005 W ORANGEBURG AVENUE MODESTO CA 95350 FRED CRUZ BOARD CHAIR 5.00 X X 0 0 0 JUDY JENSEN VICE CHAIR 2.00 X X 0 0 0 CHRIS PETERSON SECRETARY 2.00 X X 0 0 0 GARY HALL TREASURER 2.00 X X 0 0 0 PATTI GILLIHAN DIRECTOR 2.00 X 0 0 0 TOM KANE DIRECTOR 2.00 X 0 0 0 MATT SINCLAIR DIRECTOR 2.00 X 0 0 0 HANK BARRETT PRESIDENT/CEO 40.00 X 558917 0 42933 DENNIS BARTA VP FINANCE 40.00 X 175249 0 61850 PAUL EMANUELS VP LENDING 40.00 X 164525 0 38186 ANITA MORPHEW VP MARKETING 40.00 X 163072 0 52866 CATHERINE RANDO VP INFORMATION SERVICES 40.00 X 167463 0 20630 LAURA APPERSON VP HR 40.00 X 135438 0 6616 JAMES KELLY VP ADMINISTRATION 40.00 X 110841 0 -5261 TRACI NAGASAWA VP MEMBER SERVICE 40.00 X 114856 0 5558 1590361 0 223378 8 0 1 0 JACK HENRY AND ASSOCIATES PO BOX 609 MONETT MO 65708 COMPUTER SUPPORT 598896 KASASA PO BOX 527 LUBBOCK TX 79408 DEPOSIT PRODUCT SUPPORT 493465 ARCA TECH SYSTEMS LLC 3070 COMMERCE WAY TURLOCK CA 95380 COMPUTER SUPPORT 404531 Q2 SOFTWARE PO BOX 205970 DALLAS TX 753205970 COMPUTER SUPPORT 373097 FINANCIAL TECH SOLUTIONS INTL (FTSI) PO BOX 919 MONROVIA CA 91017 COMPUTER SUPPORT 324494 29 INTEREST FROM LOANS 522100 16870317 16870317 FEES & CHARGES 522100 6157040 4370567 1786473 MISC OPERATING INCOME 522100 4996940 4996940 28024297 2109498 2109498 113960 -113960 -113960 -113960 30019835 26237824 1786473 1995538 868514 1455311 7992222 181899 1384529 778520 93892 133988 1070885 7317612 1001085 339707 1264244 110302 LOAN SERVICING 2376634 PROVISION FOR LOAN LOSS 2184224 606347 29159915 28564276 11610596 52341866 39598794 15005185 14939856 372743071 412265991 3176135 3704432 29575841 18865999 12062055 10709842 99752118 76404388 20145368 21617304 603790074 590851203 16668209 14365499 526232216 514751402 542900425 529116901 X 0 0 0 0 60889649 61734302 60889649 61734302 603790074 590851203 859920 -15267 0 X 0 1 X 1 0 2500 2500 2500 1 ASSEMBLYMAN HEATH FLORES 9460 TENGER RD HILMAR CA 95324 474012574 1500 ASSEMBLY MEMBER AUTUMN BURKES 921 11TH AVE ST 904 SACRAMENTO CA 95814 850819396 1000 PART I-A, LINE 1: THE CREDIT UNION MAKES FINANCIAL CONTRIBUTIONS FOR SPECIFIC CANDIDATES AND THEIR CAMPAIGNS TO SUPPORT CREDIT UNION ISSUES. 1888382 1888382 14404600 7060063 7344537 986532 964316 22216 12296327 10841620 1454707 10709842 MEMBER SHARES 514751402 514751402 X 1 1 X X X X X 0 1 0 HANK BARRETT PRESIDENT/CEO 361695 0 149903 0 47319 0 35654 0 9231 0 603802 0 0 0 DENNIS BARTA VP FINANCE 172481 0 0 0 2768 0 43948 0 19840 0 239037 0 0 0 PAUL EMANUELS VP LENDING 163835 0 0 0 690 0 31453 0 8650 0 204628 0 0 0 ANITA MORPHEW VP MARKETING 161962 0 0 0 1110 0 45587 0 9162 0 217821 0 0 0 CATHERINE RANDO VP INFORMATION SERVICES 165547 0 0 0 1916 0 12825 0 9734 0 190022 0 0 0 PART I, LINE 1A SOCIAL CLUB DUES FOR USE WITH MEMBERS AND PEERS TO DISCUSS BUSINESS ISSUES. THE BENEFIT IS NOT TAXABLE TO THE RECIPIENT AS ITS PRIMARY USE IS FOR THE CREDIT UNION. PART I, LINE 4B THE FOLLOWING INDIVIDUALS PARTICIPATED IN A 457F, NON-QUALIFYING RETIREMENT PLAN. FUNDS HAVE BEEN ACCRUED TO EACH EMPLOYEE; HOWEVER THEY ARE NOT PAYABLE UNTIL THEY REACH THE AGE OF 58. AT WHICH TIME THEY RECEIVE A FULL DISBURSEMENT OF THE ACCRUED FUNDS. THERE WERE NO DISBURSEMENTS IN 2018. HANK BARRETT DENNIS BARTA ANITA MORPHEW PAUL EMANUELS JAMES KELLY 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 THE COMPLETED FORM 990 IS REVIEWED BY THE CEO AND CFO. A COPY WILL ALSO BE PROVIDED TO THE EXECUTIVE MEMBERS OF THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C AN ANNUAL REVIEW PROCESS IS COMPLETED AND EACH EMPLOYEE IS REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST AND SIGN THE FORM. FORM 990, PART VI, SECTION B, LINE 15 THE HUMAN RESOURCES DEPARTMENT AND THE EXECUTIVE COMMITTEE VIEW INDUSTRY DATA AND APPROVE SALARY ADJUSTMENTS BASED ON THAT DATA. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). MONTHLY FINANCIAL STATEMENTS ARE ALSO PUBLISHED IN EACH BRANCH LOBBY AS REQUIRED BY THE NCUA.