2024-07-09T12:50:58-05:00 2023-12-31 010523282 Berry Dunn McNeil & Parker LLC 2211 Congress St Portland ME 04102 990 2023-01-01 050198580 People's Credit Union PEOP 4018468930 858 West Main Road Middletown RI 02842 Patricia Carlin Head of Finance and Risk 4018468930 2024-07-03 1 Patricia Carlin 999009999 1 Joseph R Byrne P01289281 2077752387 2024-07-03 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z Sean Daly 858 West Main Road Middletown RI 02842 30263410 0 X www.peoplescu.com X Cooperative Financial Institution 1922 RI State chartered credit union 10 10 149 0 44366 36152 0 0 24427498 27829077 1689226 2434293 0 0 26116724 30263370 12360 49633 0 0 10061282 10389136 0 0 0 11290791 18368818 21364433 28807587 4752291 1455783 687852954 717003402 626760111 651785291 61092843 65218111 X The priority of People's Credit Union is to offer value added products and services for the benefit of our existing and prospective members. We are committed to providing convenient delivery of our products and services in a friendly, welcoming and responsive environment. To ensure ongoing confidence and trust, we will continue to promote our financial strength as an organization. 0 0 People's is a member-owned organization committed to providing superior financial services to the community. People's provided 15,934 loans to members. The outstanding loan balance at 12/31/23 was $566,145,358. People's maintains savings accounts for members. Total outstanding savings accounts at 12/31/23 was 30,653 for $363,936,651. People's maintains demand deposit accounts for members. Total outstanding demand deposit accounts at 12/31/23 was 23,800 for $191,977,410. People's offers safe deposit boxes to members. The number of safe deposit boxes rented is 1,062. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 5286 0 1 149 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 RI X Patricia Carlin 4018468930 858 West Main Road Middletown RI 02842 Edward T Lopes Jr Board Member 2.00 X X 10800 0 0 Christopher S Ottiano MD Board Chair 2.00 X X 14400 0 0 William L Douglas Jr Board Member 2.00 X 10800 0 0 Alyson Adkins Board Vice Chair 2.00 X X 12800 0 0 Thomas W Vignali CPA Board Treasurer 2.00 X X 12400 0 0 Toni Lyn McGowan Board Secretary 2.00 X X 12800 0 0 Terri Marcucci Fitch Board Member 2.00 X 10400 0 0 Louann Lawrence Board Member 2.00 X 10000 0 0 Frank Newsome Board Member 2.00 X 7600 0 0 John Trifero Board Member 2.00 X 7600 0 0 Sean Daly Head of People's Credit Union 40.00 X 572017 0 18487 Margaret McGill Head of Finance & Risk 40.00 X 241219 0 34727 William DeWitt Head of Member Delivery & Marketing 40.00 X 259269 0 43079 Timothy Jermain Head of Lending 40.00 X 128183 0 13486 Karen Parent Head of HR & Talent 40.00 X 199721 0 39348 Christopher Eden Head of IS & Technology 40.00 X 177696 0 18795 Jane McDurman Head of Retail Administration 40.00 X 160263 0 21283 1847968 0 189205 13 0 1 0 PW Campbell Contracting Company 109 Zeta Drive Pittsburgh PA 15238 Renovations/Construction 1495444 COCC Inc 100 Executive Blvd Southington CT 06489 Data Processing Services 1417733 Alkami Technology 5601 Granite Parkway Suite 120 Plano TX 75024 Data Processing Services 686002 Think Stack 1300 Thames Street Suite 20 Baltimore MD 21231 Information Technology 412986 Baker Hill Solutions LLC 1320 City Center Drive 300 Carmel IN 46032 Marketing 385880 18 Loan Interest 522100 22020265 22020265 Fee & Service Income 522100 5808812 5764446 44366 27829077 2434269 2434269 64 0 40 64 -40 24 24 30263370 27784711 44366 2434293 49633 976050 7782909 128278 864476 637423 39879 259518 415307 772972 582396 320269 2747473 34541 144459 8075004 1564176 104642 Data Processing 2140605 Miscellaneous Expenses 883177 Deposit Tax Expense 276000 UBI Tax 8400 28807587 X 18241624 15174646 5545653 5736670 535195075 563646474 595569 695133 32106171 15371375 15456101 16734796 79110445 76639383 3728500 3910500 5373179 7375075 24606808 27090725 687852954 717003402 8262230 9921762 1954435 1854198 616543446 640009331 626760111 651785291 X 0 0 0 0 61092843 65218111 61092843 65218111 687852954 717003402 X 1455783 1791104 878382 X X 0 1 X 1 0 4155259 4155259 21055585 9814270 11241315 15095 11955 3140 6704888 5545150 1159738 175344 175344 16734796 Deposits 556009331 Federal Home Loan Bank Advances 84000000 640009331 32323668 1791104 269194 2060298 30263370 0 30263370 28807588 0 28807588 0 28807588 Part XI, Line 2d - Other Adjustments: Unrealized Gain on Post Retirement Plans 269,194. 0 Martin Luther King Community Center Incorporated 20 Dr Marcus Wheatland Blvd Newport RI 02840 050271882 501(c)(3) 6000 0 Sponsorship for "A Night by the Narragansett" event. The MLK center promotes health, fights hunger, supports families, educates kids and engages seniors. 1 0 Part I, Line 2: The Organization has made donations to various 501(c)(3) organizations. The Organization did not monitor the use of funds to these organizations. X 1 1 X X 0 0 0 Sean Daly Head of People's Credit Union 444505 0 113695 0 13817 0 18487 0 0 0 590504 0 0 0 William DeWitt Head of Member Delivery & Marketing 226280 0 24667 0 8322 0 17183 0 25896 0 302348 0 0 0 Margaret McGill Head of Finance & Risk 209457 0 22198 0 9564 0 15304 0 19423 0 275946 0 0 0 Karen Parent Head of HR & Talent 179010 0 19469 0 1242 0 13626 0 25722 0 239069 0 0 0 Christopher Eden Head of IS & Technology 159684 0 17233 0 779 0 11712 0 7083 0 196491 0 0 0 Jane McDurman Head of Retail Administration 139068 0 15312 0 5883 0 10252 0 11031 0 181546 0 0 0 Form 990, Part VI, Section A, line 6 People's Credit Union is owned by its members. Form 990, Part VI, Section A, line 7a All People's Credit Union members are encouraged to attend the annual meeting, where they may vote to elect the volunteer Board of Directors who oversee the Credit Union's operations. Each member in good standing receives one vote, regardless of their account balance. Form 990, Part VI, Section B, line 11b The Form 990 is reviewed by the CFO and by the Board of Directors. Form 990, Part VI, Section B, line 12c The Board of Directors, Supervisory Committee and all employees certify annually as to potential conflicts of interest. Form 990, Part VI, Section B, line 15 Peer information is obtained through surveys and utilized in benchmarking compensation. Form 990, Part VI, Section C, line 19 Consolidated financial statements are posted in each branch lobby. Financial information is reported quarterly to the federal regulator and available to the public on their website. The Organization also makes its governing documents and conflict of interest policy available to public upon request. Form 990, Part X, Line 10: Land, Buildings, and Equipment Section 1.263(a)-3(n) Election: People's Credit Union 858 West Main Road Middletown, RI 02842 EIN 05-0198580 People's Credit Union is electing to capitalize repair and maintenance costs under Regulation Section 1.263(a)-3(n). Form 990, Part XI, line 9: Unrealized Gain on Post Retirement Plans 269,194. Adoption of ASU No. 2016-13 609,188. Form 990, Part XI, Line 9: Other Changes in Net Assets: On January 1, 2023, the Credit Union adopted Accounting Standards Update (ASU) No. 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, Accounting Standards Codifications (ASC) 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Credit Union adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost, and off-balance-sheet credit exposures. Results for reporting periods beginning after January 1, 2023 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable U.S. GAAP. The Credit Union recorded a net increase to retained earnings of $609,000 as of January 1, 2023 for the cumulative effect of adopting ASC 326. The transition adjustment includes a $616,000 impact due to a reduction in the allowance for credit losses (ACL) and a $7,000 impact due to an increase in the allowance for credit losses on off-balance sheet credit exposures.