2015-10-26T19:08:43-05:00 2014-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2014-01-01 941482957 PROVIDENT CREDIT UNION PROV 6505080300 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94063 FRED GOMES SVP/CFO 6505080300 2015-10-26 1 VALENTINO CREUS CPA P01054153 8189549700 2014 2016-03-07 17:11:31Z WAYNE BUNKER 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94063 74066430 0 X WWW.PROVIDENTCU.ORG X CREDIT UNION 1950 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 374 13 689525 -83645 0 0 67455770 60800293 4763397 7575481 2203347 5690656 74422514 74066430 85830 105017 0 0 27327718 27476814 0 0 0 35088038 35618569 62501586 63200400 11920928 10866030 1901980386 2032003563 1678340767 1795920562 223639619 236083001 X A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG 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, PROVIDENT 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 PROVIDENT OFFERS A SUPER REWARDS CHECKING ACCOUNT WHICH PAYS MEMBERS HIGH RATES ON THEIR CHECKING ACCOUNTS IF THEY QUALIFY BY MAKING AT LEAST 10 POINT OF SALE PURCHASES (DEBIT CARD) PER MONTH, HAVING DIRECT DEPOSIT OR BILL PAY EACH MONTH, AND RECEIVING AN E-STATEMENT INSTEAD OF A PAPER ONE. THIS ACCOUNT ACCRUES FINANCIAL BENEFITS TO MEMBERS AND SUPPORTS ENVIRONMENTALLY FRIENDLY BEHAVIOR BY ENCOURAGING VIRTUAL TRANSACTIONS VERSUS PAPER CHECKS, ELIMINATING PAPER AND MAILING COSTS FOR STATEMENTS, AND INCREASING ACCOUNT SECURITY FOR MEMBERS BY ELIMINATING VULNERABILITY TO IDENTITY THEFT THROUGH STOLEN MAILED STATEMENTS. PROVIDENT OFFERS A "PORTABLE LOAN" PROGRAM WHICH ALLOWS MEMBERS TO KEEP THEIR ORIGINAL LOAN WHEN THEY SELL A HOME AND BUY ANOTHER ONE. THE LOAN BALANCE TRANSFERRED TO THE NEW PROPERTY IS THE REMAINING BALANCE ON THE FIRST PROPERTY. IF THE SECOND PROPERTY REQUIRES A HIGHER LOAN, THE OLD LOAN WILL BE SUPPLEMENTED WITH A HELOC TO MAKE UP THE DIFFERENCE. THE BENEFIT TO MEMBERS IS TO BE ABLE TO TAKE A LOW RATE LOAN TO ANOTHER PROPERTY IF THEIR COST WILL BE LOWER BY DOING SO THAN NEW FINANCING FOR THEIR NEW PROPERTY. PROVIDENT HAS A PROGRAM TO MODIFY RATES ON CERTAIN PORTFOLIO MORTGAGE LOANS ALLOWING MEMBERS TO BENEFIT FROM RATE DROPS WITHOUT GOING THROUGH A COMPLETE REFINANCE PROCESS. 0 0 1 0 0 0 0 0 0 1 0 1 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 0 1 1 1 0 1 38043 0 1 374 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X X X JENNIFER LEE VP FINANCE 6505080300 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94065 DAVID BUCKMASTER CHAIRMAN 1.00 X 0 0 0 FRED MARCUSSEN VICE CHAIRMAN 1.00 X 0 0 0 ROBERT LANZONE SECRETARY 1.00 X 0 0 0 LAWRENCE TESHARA TREASURER 1.00 X 0 0 0 JANET MATHIS DIRECTOR 1.00 X 0 0 0 DAVID PELZNER DIRECTOR 1.00 X 0 0 0 CHRISTINE BOLAND DIRECTOR 1.00 X 0 0 0 JUNE ROTHE DIRECTOR 1.00 X 0 0 0 SAMUEL JOHNSON JR DIRECTOR 1.00 X 0 0 0 SCOTT MCWHIRTER SUPV CMTE CHAIR 1.00 X 0 0 0 SCOTT OBRIEN SUPV CMTE MEMBER 1.00 X 0 0 0 GEORGE DESCALSO SUPV CMTE MEMBER 1.00 X 0 0 0 ANDREA KENTER SUPV CMTE MEMBER 1.00 X 0 0 0 WAYNE BUNKER PRESIDENT/CEO 40.00 X 625789 0 193779 JAMES ERNEST EVP/COO 40.00 X 364525 0 96348 FRED GOMES SVP CFO 40.00 X 310752 0 81825 HEIDI PARKS SVP 40.00 X 291625 0 75093 CONNIE FINCH VP SYSTEM & TECHNOLOGY 40.00 X 259407 0 46909 DAVID HERRERA JR VP LENDING 40.00 X 254873 0 48486 CELIA TANAKA VP, HR & TRAINING 40.00 X 246788 0 35507 JENNIFER LEE VP FINANCE 40.00 X 202501 0 22991 JOHN HAGGARTY VP MARKETING 40.00 X 199577 0 57390 JANELL BERNICE BAUTISTA VP QUALITY SERVICE 40.00 X 159950 0 31851 MOHAMAD SANGABI SENIOR MORTGAGE CONSULTANT 40.00 X 227083 0 32666 GREG KENT MCCURDY AVP REAL ESTATE 40.00 X 173798 0 21988 IRIS SOLANO AVP SYSTM & TELEPHONY 40.00 X 165209 0 23712 ROBERT BERNARD KETTMANN SENIOR MORTGAGE CONSULTANT 40.00 X 151807 0 15744 JESUS CERPA AVP APPLICATIONS 40.00 X 148441 0 36725 3782125 0 821014 30 0 1 0 FISERVE SOLUTIONS 75 REMITTANCE DRIVE STE 6945 CHICAGO IL 60675 CORE SYSTEM 734736 OFFICIAL PAYMENTS PO BOX 418410 BOSTON MA 02241 ONLINE BILL PAY SERVICE 679839 EPLUS TECHNOLOGY INC FILE 56861 LOS ANGELES CA 90074 MONITOR NETWORK DEVISED 485307 INFO IMAGE 141 JEFFERSON DRIVE MENLO PARK CA 94025 STATEMENT PRINTING 395045 PROPERTY SCIENCES GROUP 395 TAYLOR BLVD STE 250 PLEASANT HILL CA 94523 REAL ESTATE APPRAISALS 342608 20 INCOME FROM LOANS 900099 39796122 39796122 OTHER OPERATING INCOME 900099 11808018 11808018 FEE INCOME 900099 9196153 8506628 689525 60800293 7575481 7575481 2426510 0 2426510 2426510 2426510 PROV FOR LOAN AND LEASE LOSSES 900099 3264146 3264146 3264146 74066430 70950395 689525 2426510 82517 22500 3782125 17043903 907587 4104698 1638501 78976 161586 2087016 1995580 6985016 1243809 4351394 540541 8407483 3030339 LOAN SERVICING EXPENSE 3546395 MISCELLANEOUS EXPENSE 3015715 OPERATING FEES 173623 LOSS ON OREOS 1096 63200400 4600664 5514092 176471013 151550570 5028040 4900074 2283836 2207364 73229404 40912644 33476332 32316760 556899554 636788554 1099545082 1175275933 2535087 2397000 21140778 21053216 1901980386 2032003563 13182122 16191810 1665158645 1779728752 1678340767 1795920562 X 0 0 0 0 223639619 236083001 223639619 236083001 1901980386 2032003563 10866030 1577352 0 X X 0 1 X 1 0 10847 10847 10847 1 CCUL-PAC 2855 E GUASTI ROAD SUITE 600 SACRAMENTO CA 95814 942329967 500 CCUL-NCUL PO BOX 51476 ONTARIO CA 91761 940357265 10347 PART I-A, LINE 1: PROVIDENT CREDIT UNION CONTRIBUTED TO CAMPAIGNS AND PAC'S RELATED TO THOSE THAT SUPPORT CREDIT UNION AND SPECIFIC LEGISLATION THAT IS IMPORTANT AND BENEFICIAL TO CREDIT UNIONS. 7510980 7510980 35404557 14505924 20898633 8513718 7386471 1127247 21800149 19020249 2779900 32316760 NCUA SHARE INSURANCE DEPOSITS 15016980 C DEPOSITS IN COMMERCIAL BANKS, S&L, SAVINGS BANKS 48232000 C ALL OTHER INVESTMENTS 11235700 F NET LOANS AND LEASES 1096582938 F PAID IN CAPITAL AT CORP 930315 C LOANS HELD FOR SALE 3278000 F 1175275933 MEMBER SHARE DEPOSITS 1779606327 ACCRUED DIVIDENDS ON INTEREST PAYABLE 122425 1779728752 X PART X, LINE 2: ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE CONSOLIDATED 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 WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. THE CREDIT UNION IS GENERALLY NO LONGER SUBJECT TO EXAMINATION BY FEDERAL TAX AUTHORITIES FOR YEARS BEFORE 2011 AND BY STATE TAX AUTHORITIES BEFORE 2010. FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS, AND ACCORDINGLY, THE CREDIT UNION HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. 1 SAN MATEO COUNTY CHAMBER OF COMMERCE 1450 VETERANS BLVD STE 125 REDWOOD CITY CA 940632619 940377914 501(C)(3) 21200 FMV TO PROMOTE ECONOMIC PROSPERITY FOR THE COMMUNITY 1 0 COLLEGE SCHOLARSHIPS 13 22500 PART I, LINE 2: SOME SCHOLARSHIPS ARE ONE TIME AWARDS AND FOR THOSE WE HAVE MINIMUM REQUIREMENTS THAT MUST BE MET. FOR THE RENEWAL SCHOLARSHIPS, THE STUDENT MUST MAINTAIN AT LEAST A B AVERAGE AND BE ENROLLED IN AN ACCREDITED COLLEGE. TRANSCRIPTS ARE REQUIRED TO CONFIRM THE STUDENT'S ENROLLMENT AND GRADES. X X X 1 1 X X X X 0 1 0 WAYNE BUNKER PRESIDENT/CEO 467407 0 147237 0 11145 0 148431 0 45348 0 819568 0 0 0 JAMES ERNEST EVP/COO 280328 0 79930 0 4267 0 51000 0 45348 0 460873 0 0 0 FRED GOMES SVP CFO 236449 0 64189 0 10114 0 36477 0 45348 0 392577 0 0 0 HEIDI PARKS SVP 221554 0 60143 0 9928 0 41617 0 33476 0 366718 0 0 0 CONNIE FINCH VP SYSTEM & TECHNOLOGY 205385 0 52172 0 1850 0 15327 0 31582 0 306316 0 0 0 DAVID HERRERA JR VP LENDING 200649 0 53593 0 631 0 15010 0 33476 0 303359 0 0 0 CELIA TANAKA VP, HR & TRAINING 186065 0 50209 0 10514 0 13955 0 21552 0 282295 0 0 0 JENNIFER LEE VP FINANCE 182368 0 19793 0 340 0 4559 0 18432 0 225492 0 0 0 JOHN HAGGARTY VP MARKETING 164069 0 19766 0 15742 0 12042 0 45348 0 256967 0 0 0 JANELL BERNICE BAUTISTA VP QUALITY SERVICE 145978 0 13358 0 614 0 6808 0 25043 0 191801 0 0 0 MOHAMAD SANGABI SENIOR MORTGAGE CONSULTANT 49095 0 174169 0 3819 0 22217 0 10449 0 259749 0 0 0 GREG KENT MCCURDY AVP REAL ESTATE 155934 0 16364 0 1500 0 0 0 21988 0 195786 0 0 0 IRIS SOLANO AVP SYSTM & TELEPHONY 141025 0 12709 0 11475 0 10764 0 12948 0 188921 0 0 0 ROBERT BERNARD KETTMANN SENIOR MORTGAGE CONSULTANT 47220 0 104222 0 365 0 3829 0 11915 0 167551 0 0 0 JESUS CERPA AVP APPLICATIONS 132422 0 14144 0 1875 0 14352 0 22373 0 185166 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS A DEFERRED COMPENSATION AGREEMENT WITH A MEMBER OF THE EXECUTIVE MANAGEMENT TEAM THAT PROVIDES BENEFITS PAYABLE TO THIS EMPLOYEE IF HE MEETS THE REQUIREMENTS SET FORTH IN THE AGREEMENT. IF THIS EMPLOYEE BECOMES FULLY DISABLED AS DEFINED IN THE AGREEMENT, ACCRUED BENEFITS ARE IMMEDIATELY PAYABLE. THE BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE AS DEFINED IN THE AGREEMENT. WAYNE BUNKER OFFICER REAL ESTATE LOAN X 927486 839828 0 1 1 JIM ERNEST OFFICER REAL ESTATE LOAN X 709000 618355 0 1 1 FRED GOMES OFFICER REAL ESTATE LOAN X 245000 142918 0 1 1 CONNIE FINCH KEY EMPLOYEE REAL ESTATE LOAN X 271623 217012 0 1 1 HEIDI PARKS OFFICER REAL ESTATE LOAN X 738284 687710 0 1 1 CELIA TANAKA KEY EMPLOYEE REAL ESTATE LOAN X 335000 322797 0 1 1 JOHN HAGGARTY HCE REAL ESTATE LOAN X 600000 569603 0 1 1 MOHAMAD SANGABI HCE REAL ESTATE LOAN X 606682 574578 0 1 1 LAN FIGUEROA HCE REAL ESTATE LOAN X 397000 364434 0 1 1 GREG MCCURDY HCE REAL ESTATE LOAN X 599751 562839 0 1 1 4900074 FORM 990, PART VI, SECTION A, LINE 6 PROVIDENT CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS OWNED AND CONTROLLED BY ITS MEMBERS, AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. PROVIDENT CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF PROVIDENT CREDIT UNION IS COMPRISED OF VOLUNTEER MEMBERS WHO ARE DIRECTLY ELECTED BY ITS MEMBERS. EACH MEMBER OF THE GOVERNING BOARD SERVES FOR A PERIOD AS PRESCRIBED BY OUR BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7B AT THE END OF EACH TERM OF THE BOARD MEMBERS, ELECTIONS ARE HELD AND BOARD MEMBERS ARE VOTED BY THE MEMBERS OF THE CREDIT UNION PURSUANT TO ITS BY-LAWS. MEMBER VOTES ARE ALSO REQUIRED TO RATIFY DECISIONS DEALING WITH REORGANIZATIONS AS IN THE CASE OF MERGER OR DISSOLUTION. FORM 990, PART VI, SECTION B, LINE 11 EACH BOARD MEMBER WILL RECEIVE A COMPLETED DRAFT OF THE FORM 990 FOR REVIEW AND BE GIVEN AN OPPORTUNITY TO SUGGEST CORRECTIONS OR REVISIONS PRIOR TO FILING EACH YEAR. FORM 990, PART VI, SECTION B, LINE 12C ALL STAFF ARE REQUIRED TO SIGN A CONFLICT OF INTEREST FORM ON AN ANNUAL BASIS. IN ADDITION, OUR POLICY REQUIRES THAT WE BE NOTIFIED WITHIN 10 DAYS OF ANY EVENT OR CIRCUMSTANCE THAT MAY RESULT IN A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 WE SUBSCRIBE TO NUMEROUS COMPENSATION SURVEYS FOR OFFICERS AND KEY EMPLOYEES. THESE ARE REVIEWED AND COMPARED TO CURRENT SALARY LEVELS. IN ADDITION, AN ANNUAL EVALUATION OF EACH PERSON'S PERFORMANCE IS COMPLETED INCLUDING ONE FOR THE CEO DONE BY THE BOARD. THE BUDGET IS ALSO A LARGE COMPONENT OF THIS DECISION. FORM 990, PART VI, SECTION C, LINE 18 FINANCIAL STATEMENTS ARE POSTED IN EACH BRANCH OFFICE AND ON THE WEB. THE OTHER DOCUMENTS WOULD BE AVAILABLE ON A CASE BY CASE BASIS. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMEMTS ARE POSTED IN EACH BRANCH OFFICE AND ON THE WEB. THE GOVERNING DOCUMENTS AND CONFLICTS OF INTEREST POLICIES ARE MADE AVAILABLE ON A CASE BY CASE BASIS. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. PROVIDENT SERVICES CORPORATION INC 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94065 942355881 INSURANCE PRODUCTS CA PROVIDENT CREDIT UNION C 1507735 9649584 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 PROVIDENT SERVICES CORPORATION INC P 1202238 ACTUAL AMOUNT PAID