2026-05-13T10:32:36-05:00 2025-12-31 393647910 WIPFLI ADVISORY LLC 1502 LONDON ROAD SUITE 200 DULUTH MN 55812 990 2025-01-01 410788273 CENTRICITY CREDIT UNION CENT 2187402278 4477 LAVAQUE RD HERMANTOWN MN 55811 DOUGLAS RALSTON CFO 2187402278 2026-05-11 1 MICHAEL J PETERSON CPA P01833529 2187224705 2026-05-09 2025 2025-03-06 01:10:19Z DOUGLAS RALSTON 4477 LAVAQUE RD HERMANTOWN MN 55811 23755740 0 X WWW.CENTRICITY.ORG X 1943 MN THE PRINCIPLES AND BELIEFS GUIDING OUR CREDIT UNION AS WE PURSUE OUR PURPOSE TO FOCUS ON CREATING AND BUILDING REAL RELATIONSHIPS, EXCEEDING EXPECTATIONS, ENCOURAGE AND EDUCATE MEMBERS ON THE USE OF TECHNOLOGY AND UNDERSTANDING AND SERVING THE FINANCIAL NEEDS OF OUR MEMBERS AND WORK TO PROVIDE SOLUTIONS WHEN LIFE HAPPENS. 9 9 122 13 68965 16101 0 0 15401015 21748529 1735695 1801539 0 2000 17136710 23552068 10000 10000 1245295 2696833 5310862 7010852 0 0 0 6860423 9118720 13426580 18836405 3710130 4715663 242958199 321865166 211951582 277316841 31006617 44548325 X WITH LOCATIONS IN HERMANTOWN, DULUTH, AND SUPERIOR, WE ARE A FINANCIAL INSTITUTION OF PEOPLE HELPING PEOPLE. WE CARE ABOUT THE COMMUNITIES WE SERVE AND LOVE GIVING OUR MEMBER THE FINANCIAL EDUCATION THEY NEED TO THRIVE AND ENCOURAGE SAVING TO BUILD ECONOMIC SECURITY FOR THEMSELVES AND THEIR FAMILIES. AT ALL LEVELS OF OUR OPERATION, WE ARE DEDICATED TO PROVIDING OUTSTANDING MEMBER SERVICE. 0 0 CREDIT UNION BANKING SERVICE PROGRAMS:THE CREDIT UNION OFFERS A FULL RANGE OF BANKING SERVICES TO THE MEMBERS. AS OF 12/31/2025 OUR MEMBERS AND NON-MEMBERS HAD $262,145,369 ON DEPOSIT IN THE CREDIT UNION. THE CREDIT UNION HAD $138,027807 IN SAVINGS ACCOUNTS, $57,896,641 IN CHECKING ACCOUNTS, $22,697,927 IN MONEY MARKET, AND $38,403,291 IN CERTIFICATES OF DEPOSIT. THE AVERAGE RATE OF RETURN ON SAVINGS ACCOUNTS AT YEAR END WAS .05%. MONEY MARKET ACCOUNTS EARNED AN AVERAGE OF 1.62% AT YEAR END. NON-IRA CERTIFICATES EARNED 3.57% AT YEAR END. THE CREDIT UNION BEGAN THE YEAR WITH 17,086 MEMBERS AND ENDED THE YEAR WITH 22,037 FOR AN INCREASE OF 4,951 MEMBERS. CREDIT UNION LENDING:THE CREDIT UNION EXISTS TO PROVIDE LOANS TO ITS MEMBERS AT RATES AND TERMS NOT AVAILABLE TO OUR FIELD OF MEMBERSHIP THROUGH BANKS OR OTHER FINANCIAL INSTITUTIONS. THE LARGEST PORTION OF OUR LENDING IS MADE UP OF USED VEHICLE LOANS. THE CREDIT UNION HAD $74,928,849 IN USED AUTO LOANS OUTSTANDING AT DECEMBER 31, 2025. USED AUTO LOANS REPRESENT 29.42% OF ALL OUTSTANDING LOANS AT DECEMBER 31, 2025. THE CREDIT UNION HAD $58,290,735 IN OUTSTANDING FIRST HOME LOANS AS OF 12/31/2025. THEY REPRESENT 22.89% OF OUR LOAN PORTFOLIO AND 18.11% OF OUR TOTAL ASSETS. THE AVERAGE OFFERING RATE AT DECEMBER 31, 2025 FOR FIRST MORTGAGE LOANS WAS 6.13%. THE TOTAL LOAN PORTFOLIO DECREASED $2,077,090 DURING 2025. THE DELINQUENCY RATIO FOR THE PORTFOLIO AT YEAR END WAS 0.66%. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 4483 0 1 122 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 0 1 1 1 1 1 1 0 0 X JARRED BOHLIN 2187402278 4477 LAVAQUE RD HERMANTOWN MN 55811 MARGARET TAYLOR CHAIRPERSON 2.00 X X 0 0 0 MARK THORSTEN VICE CHAIRPERSON 2.00 X X 0 0 0 STEPHEN MORGAN SECRETARY 2.00 X X 0 0 0 SCOTT CHRISTENSEN DIRECTOR 2.00 X 0 0 0 PATRICIA HENDRICKSON DIRECTOR 2.00 X 0 0 0 ANDREW HJELLE DIRECTOR 2.00 X 0 0 0 GAYLE WAHNER DIRECTOR 2.00 X 0 0 0 JOE WARD DIRECTOR 2.00 X 0 0 0 TED PETERSON DIRECTOR 2.00 X 0 0 0 DOUGLAS RALSTON PRESIDENT/CEO 40.00 X 382809 0 32012 CONSTANCE CARTER CFO (THRU MAY 2025) 40.00 X 193981 0 16348 JARRED BOHLIN CFO 40.00 X 135246 0 8372 DAVE HORAK MERGER TRANSITION CONSULTANT 40.00 X 136421 0 28548 CYNDY CARLSON CHR & BUSINESS STRATEGY 40.00 X 107886 0 32310 NATHAN TEPOEL SVP OF LENDING 40.00 X 103561 0 32310 1059904 0 149900 8 0 1 0 FISERV PO BOX 934057 ATLANTA GA 31193 CORE SOFTWARE AND OTHER SERVICE SOFTWARE 1735169 INTEGRIS 1524 EAST 37TH STREET HIBBING MN 55746 IT SERVICES 473244 JOHN M FLOYD & ASSOC INC PO BOX 25514 OVERLAND PARK KS 66225 CONSULTING SERVICES 183555 GARDA CL GREAT LAKES INC LOCKBOX 233209 CHICAGO IL 60689 SECURITY SERVICES 173813 BURTON CU CONSULTING 2867 WITTEWOOD LANE COTTAGE GROVE WI 53527 CONSULTING SERVICES 144337 7 INTEREST ON LOANS 522100 17630931 17630931 FEE INCOME 522100 4117598 4048633 68965 21748529 1798473 1798473 2000 0 2000 2000 2000 67609 139129 0 203672 67609 -64543 3066 3066 23552068 21679564 68965 1803539 10000 2696833 768768 4773252 395206 663562 410064 12397 87481 1710767 408286 451711 1101652 496385 28889 81483 535620 343200 39317 BAD DEBT EXPENSE 1684692 ATM FEES 765504 DEBIT AND CREDIT CARD F 633649 LOAN SERVICING FEES 496892 240795 18836405 1814376 2654773 18055538 24206248 1055565 1258806 1472000 1936000 181517871 251400794 2836802 2793803 9020880 3968890 3719324 5051990 9199612 4735457 16169074 17990387 0 313544 7118037 9523364 242958199 321865166 1748227 2151504 207025 193873 17891719 12742230 192104611 262229234 211951582 277316841 X 0 0 0 0 31006617 44548325 31006617 44548325 242958199 321865166 X 4715663 183573 8642472 X 0 0 0 836712 836712 6420024 2681941 3738083 1687779 1250739 437040 76365 36210 40155 5051990 DEPOSITS IN COMMERCIAL BANKS 9479000 C PERPETUAL CONTRIBUTED CAPITAL 579087 C ALL OTHER INVESTMENTS 7932300 C 17990387 MEMBER SHARES & DEPOSITS 262229234 262229234 1 CENTRICITY CREDIT UNION FOUNDATION 4477 LAVAQUE ROAD HERMANTOWN MN 55811 853743819 501(C)(3) 10000 0 TO PROVIDE FINANCIAL LITERACY WITHIN THE COMMUNITY AND ASSISTANCE WITH OTHER EDUCATIONAL INITIATIVES 1 0 PART I, LINE 2: THE ORGANIZATION IS ABLE TO MONITOR APPROPRIATE USE OF THE FUNDS VIA THEIR CLOSE RELATIONSHIP WITH CENTRICITY CREDIT UNION FOUNDATION. X X 0 1 0 DOUGLAS RALSTON PRESIDENT/CEO 382809 0 0 0 0 0 17010 0 15002 0 414821 0 414821 0 CONSTANCE CARTER CFO (THRU MAY 2025) 193981 0 0 0 0 0 11680 0 4668 0 210329 0 210329 0 DAVE HORAK MERGER TRANSITION CONSULTANT 136421 0 0 0 0 0 5728 0 22820 0 164969 0 164969 0 PART I, LINE 4B DOUGLAS RALSTON, PRESIDENT/CEO PARTICIPATED IN A NON-QUALIFIED RETIREMENT 457(F) PLAN. THERE WERE NO PAYOUTS OR DEFERRALS DURING 2025. DOUGLAS RALSTON PARTICIPATES IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN. SEE SCHEDULE L, PART II FOR MORE DETAILS ON THIS PLAN. DOUGLAS RALSTON OFFICER SERP X 1472000 1472000 0 1 1 DOUGLAS RALSTON OFFICER SERP X 1624000 464000 0 1 1 1936000 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE THE RIGHT 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 PREPARED BY AN INDEPENDENT ACCOUNTANT AND REVIEWED BY THE CFO BEFORE FILING WITH THE IRS. THE FILED FORM 990 WILL BE PRESENTED TO THE BOARD OF DIRECTORS AT THE BOARD MEETING FOLLOWING THE FILING OF THE RETURN WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C WHEN MATTERS PERTAINING TO THE SPECIFIC PERSONAL INTEREST OF A BOARD MEMBER ARE DISCUSSED, THE AFFECTED BOARD MEMBER OR MEMBERS WILL NOT ENGAGE IN THE DISCUSSION NOR PARTICIPATE IN THE VOTE AND THE MINUTES WILL SO STATE. IF MORE THAN ONE BOARD MEMBER IS INVOLVED IN MATTERS INVOLVING A CONFLICT OF INTEREST AND A VOTE IS CALLED, THE NUMBER VOTING MUST EXCEED THE QUORUM REQUIREMENTS FOR THE MEETING OR UNANIMOUS ACTION IS REQUIRED OF THE VOTING BOARD MEMBERS. EXAMPLES OF CONFLICT OF INTEREST SITUATIONS WOULD BE ACTION TO REDUCE INTEREST ON THE OBLIGATION OF A RELATIVE, PURCHASE LAND FOR THE PURPOSE OF ERECTING A CREDIT UNION OFFICER WHERE THE LAND IS OWNED BY A DIRECTOR, OR SELL CASUALTY INSURANCE THROUGH THE CREDIT UNION WHEN A BOARD MEMBER IS AN AGENT. ANY CREDIT UNION EMPLOYEE, DIRECTOR, OFFICER, OR SPOUSE WHO IS ASSOCIATED *WITH, OR HOLD A MATERIAL** OWNERSHIP INTEREST IN ANOTHER FINANCIAL INSTITUTION, TRADES ASSOCIATION OR RELATED BUSINESS WILL FILE AN ANNUAL DISCLOSURE STATEMENT WITH THE PRESIDENT OR BOARD CHAIRMAN WITHIN 30 DAYS OF JANUARY 1, THE START OF EMPLOYMENT OR TAKING OFFICE. ANY APPARENT CONFLICT OF INTEREST DISCLOSED BY THE STATEMENT WILL BE RESOLVED BY THE PRESIDENT OR BOARD PERSONNEL COMMITTEE AND THE INDIVIDUAL. * AS A DIRECTOR, OFFICER, OR EMPLOYEE **DEFINED IN TERMS OF DOLLARS AS $5,000.00 OR MORE. NOTE: REPORTING MECHANISMS WILL INCLUDE: EMPLOYEES TO THE MANAGER, MANAGEMENT TO THE CHAIRMAN AND OTHERS TO THE SECRETARY OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS APPROVES THE PRESIDENT'S COMPENSATION. THIS APPROVAL IS NOTED IN THE BOARD MINUTES. THE CREDIT UNION USES A THIRD-PARTY VENDOR "PAY SCALE" TO SET COMPENSATION RANGES; INCLUDING FOR THE PRESIDENT. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, EMPLOYMENT AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 9: TRANSFER OF NET ASSETS UPON MERGER 8,642,472.