2024-11-15T11:26:36-06:00 2023-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2023-01-01 951644568 LBS FINANCIAL CREDIT UNION LBSF 7148935111 5505 GARDEN GROVE BLVD WESTMINSTER CA 92683 SUSAN M WIGHT SVP/CFO 7148935111 2024-11-14 1 0 VALENTINO CREUS CPA P01054153 8189549700 2023 2024-10-15 13:58:12Z SEAN HARDEMAN 5505 GARDEN GROVE BLVD WESTMINSTER CA 92683 79431399 0 X WWW.LBSFCU.ORG X CREDIT UNION 1935 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 7 7 312 10 913683 0 0 0 54841812 63862109 9006684 15476361 418464 89500 64266960 79427970 88049 77637 0 0 22395072 22929401 0 0 0 24173805 42014187 46656926 65021225 17610034 14406745 2012780174 1969993549 1765225101 1708052192 247555073 261941357 X LBS FINANCIAL CREDIT UNION IS 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, LBS FINANCIAL 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 BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 PROVIDING LENDING SERVICES TO OUR MEMBER-OWNERS AT MORE ATTRACTIVE RATES WITH LOWER FEES. THE LENDING PRODUCTS OFFERED INCLUDE: HOME LOANS, HOME EQUITY LOANS, AUTO LOANS, MOTORCYCLE LOANS, VISA CREDIT CARDS, PERSONAL LOANS, BOAT LOANS, AND RV LOANS. PROVIDING DEPOSIT SERVICES FOR OUR MEMBER-OWNERS WITH LOWER FEES AND ATTRACTIVE RATES. THE DEPOSIT SERVICES INCLUDE: CHECKING ACCOUNTS, SHARE SAVINGS, MONEY MARKET ACCOUNTS, SHARE CERTIFICATES OF DEPOSIT, IRAS, SPECIAL OCCASION CLUB ACCOUNTS, AND SUMMER SAVINGS PLANS. A NEW ON-LINE ACCOUNT OPENING PROGRAM WAS LAUNCHED, A NEW HELOC PROGRAM, EMV CHIP ENABLED ATM MACHINES, EMV CHIP ENABLED DEBIT AND CREDIT CARDS, APPLE, SAMSUNG AND ANDROID PAY WERE INTRODUCED. 0 0 1 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 28235 0 1 312 1 1 1 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X X SUSAN WIGHT SVPCFO 7148935111 PO BOX 4860 LONG BEACH CA 90804 JILL BAKER BOARD CHAIR 2.00 X 0 0 0 JAY CAMERINO VICE CHAIR 2.00 X 0 0 0 JOHN FYLPAA SECRETARY/TREASURER 2.00 X 0 0 0 SATINDER HAWKINS BOARD MEMBER 2.00 X 0 0 0 PAMELA SEKI BOARD MEMBER 2.00 X 0 0 0 LUTHER WILLIAMS BOARD MEMBER 2.00 X 0 0 0 LARRY NATIVIDAD BOARD MEMBER 2.00 X 0 0 0 DAVID CONRAD SUPV CMTE CHAIR 2.00 X 0 0 0 MARK ALDRICH SUPV CMTE MEMBER 2.00 X 0 0 0 ALAN RAY SUPV CMTE MEMBER 2.00 X 0 0 0 JEFFREY ALLEN NAPPER FORMER PRESIDENT/CEO 40.00 X 953228 0 12366 SEAN HARDEMAN PRESIDENT/CEO 40.00 X 548025 0 28460 SUSAN WIGHT S.V.P./CFO 40.00 X 355066 0 11887 KEVIN REED S.V.P./INFORMATION SYSTEMS 40.00 X 326913 0 28460 HEATHER SUMMERS S.V.P./MARKETING 40.00 X 294562 0 9624 JEFFREY WILLIAM NIEDENTHAL S.V.P/MEMBER SERVICES 40.00 X 272895 0 17255 JILL MARIE DENIRO S.V.P./HUMAN RESOURCES 40.00 X 247432 0 18025 ALFRED PARENT V.P./COLLECTIONS 40.00 X 220935 0 17255 ZUNG-SHANG LIANG V.P./INTERNAL AUDIT 40.00 X 188151 0 9487 CHRISTINE WU-LIN BASS V.P./BRANCH OPERATIONS 40.00 X 165172 0 25876 SARGEANT ALVA V.P./RESIDENTIAL LENDING 40.00 X 150921 0 24646 COURTNEY HIGUCHI V.P./LOAN ADMINISTRATION 40.00 X 153735 0 17255 3877035 0 220596 32 0 1 0 PRENOVOST NORMANDIN BERGH & DAWE 2122 N BROADWAY SUITE 200 SANTA ANA CA 927062614 LEGAL SERVICES 503000 1 INTEREST ON LOANS 522100 52774469 52774469 OTHER OPERATING INCOME 522100 7568286 7206928 361358 FEE INCOME 522100 3519354 2967029 552325 63862109 15469490 15469490 89500 0 89500 89500 89500 10300 3429 6871 6871 6871 79427970 78514287 913683 0 56637 21000 3877035 13816028 1710791 2243004 1282543 185093 563803 139344 2843493 729838 4955936 334345 1816148 212028 19628331 1240447 CREDIT LOSS EXPENSE 5954146 NETWORK CHARGES & FEES 1997111 LOAN SERVICING EXPENSE 556774 MISC OPERATING EXPENSE 401049 456301 65021225 6815424 4803223 171979197 244308807 7340283 7501540 1563053 1714077 39730084 35633800 4127352 4096284 1777953120 1654188741 43001745 53380877 2012780174 1969993549 5458868 10404358 1759766233 1697647834 1765225101 1708052192 X 0 0 0 0 247555073 261941357 247555073 261941357 2012780174 1969993549 X 14406745 -13125 -7336 X X 0 1 X 1 0 7500 7500 7500 1 CCUL-PAC 1201 K STREET 1050 SACRAMENTO CA 95814 940357265 7500 2000508 2000508 12311376 12222723 88653 2319586 1916672 402914 23098614 21494405 1604209 4096284 LOANS AND LEASES 1106599587 C NCUA SHARE INSURANCE DEPOSIT 15322487 C HELD-TO-MATURITY SECURITIES 532166667 C CERTIFICATE OF DEPOSITS IN COMMERCIAL BANKS 100000 C 1654188741 TOTAL SHARES AND DEPOSITS 1697637560 ALLOWANCE FOR OFF BALANCE SHEEET CREDIT EXPOSURES 10274 1697647834 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 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. AS OF JUNE 30, 2024 AND 2023, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. 1 CHILDREN'S MIRACLE NETWORK 205 WEST 700 SOUTH SALT LAKE CITY UT 94101 870387205 501(C)(3) 7200 0 FMV PROVIDE FINANCIAL SUPPORT FOR MEDICAL CARE FOR CHILDREN LONG BEACH CITY COLLEGE FOUNDATION 4901 E CARSON STREET MAIL CODE LONG BEACH CA 90808 953297459 501(C)(3) 8500 0 FMV TO RAISE FUNDS TO SUPPORT THE COLLEGE'S OUTSTANDING AND EVOLVING LEARNING ENVIRONMENT. 2 0 EDUCATIONAL SCHOLARSHIPS 38 21000 FMV SCHEDULE I, PART III: HIGH SCHOOL SCHOLARSHIP RECIPIENTS ARE DETERMINED BY THE SCHOOLS THEMSELVES. THE CREDIT UNION ALSO PROVIDES TWO SPECIAL SCHOLARSHIPS THAT ARE OPEN TO ALL MEMBERS AND THEIR CHILDREN WHO ARE ATTENDING AN ACCREDITED COLLEGE OR TRADE SCHOOL. THERE ARE STRICT QUALIFICATIONS THAT MUST BE MET AND APPLICATIONS ARE SCREENED IN-HOUSE BY A COMMITTEE. TWO SCHOLARSHIPS ARE AWARDED EACH YEAR. X X X X 1 1 X X X 0 1 0 JEFFREY ALLEN NAPPER FORMER PRESIDENT/CEO 568013 0 247824 0 137391 0 0 0 12366 0 965594 0 0 0 SEAN HARDEMAN PRESIDENT/CEO 452433 0 75986 0 19606 0 0 0 28460 0 576485 0 0 0 SUSAN WIGHT S.V.P./CFO 280511 0 57559 0 16996 0 0 0 11887 0 366953 0 0 0 KEVIN REED S.V.P./INFORMATION SYSTEMS 258241 0 55245 0 13427 0 0 0 28460 0 355373 0 0 0 HEATHER SUMMERS S.V.P./MARKETING 242874 0 50621 0 1067 0 0 0 9624 0 304186 0 0 0 JEFFREY WILLIAM NIEDENTHAL S.V.P/MEMBER SERVICES 225984 0 46089 0 822 0 0 0 17255 0 290150 0 0 0 JILL MARIE DENIRO S.V.P./HUMAN RESOURCES 237380 0 8433 0 1619 0 0 0 18025 0 265457 0 0 0 ALFRED PARENT V.P./COLLECTIONS 199220 0 19189 0 2526 0 0 0 17255 0 238190 0 0 0 ZUNG-SHANG LIANG V.P./INTERNAL AUDIT 169982 0 16230 0 1939 0 0 0 9487 0 197638 0 0 0 CHRISTINE WU-LIN BASS V.P./BRANCH OPERATIONS 149300 0 14902 0 970 0 0 0 25876 0 191048 0 0 0 SARGEANT ALVA V.P./RESIDENTIAL LENDING 135701 0 13864 0 1356 0 0 0 24646 0 175567 0 0 0 COURTNEY HIGUCHI V.P./LOAN ADMINISTRATION 144321 0 9204 0 210 0 0 0 17255 0 170990 0 0 0 PART I, LINE 1A THE CREDIT UNION HAS A POLICY TO REIMBURSE REASONABLE TRAVEL EXPENSES FOR ITS BOARD MEMBERS, VOLUNTEERS AND PRESIDENT/CEO, INCLUDING ONE COMPANION. A SEPARATE POLICY IS IN PLACE FOR THE EMPLOYEES OF THE CREDIT UNION THAT DOES NOT PROVIDE FOR THE REIMBURSEMENT OF COMPANION TRAVEL EXPENSES, ONLY REASONABLE TRAVEL EXPENSES FOR THE EMPLOYEE. PART I, LINE 4B THE CREDIT UNION HAS IN PLACE A SUPPLEMENTAL RETIREMENT TYPE FUND DESIGNED TO ALLOW THE CEO TO SAVE FOR RETIREMENT BEYOND THE STANDARD DEFINED BENEFIT PLAN AND 401K PLAN OFFERED BY THE CREDIT UNION. THE PLAN IS FUNDED BY A UNIVERSAL LIFE POLICY FOR THE SOLE PARTICIPANT, JEFFREY NAPPER, FORMER CEO. THE CREDIT UNION PROVIDES SPLIT DOLLAR LIFE INSURANCE ARRANGEMENTS FOR THE FOLLOWING FORMER EXECUTIVE: JEFFREY NAPPER. SUSAN WIGHT OFFICER VISA X 20000 19937 0 0 1 JEFFREY NAPPER FORMER OFFICER VISA X 15000 2075 0 1 1 JEFFREY NAPPER FORMER OFFICER FUND PURCHASE OF A CASH VALUE LIFE INSURANCE POLICY X 6500000 7311346 0 1 1 JEFF NIEDENTHAL KEY EMPLOYEE CAR X 25029 4445 0 0 1 JEFF NIEDENTHAL KEY EMPLOYEE CAR X 21114 18131 0 0 1 SUSAN WIGHT OFFICER CAR X 42500 18608 0 0 1 KEVIN REED KEY EMPLOYEE AUTO X 30229 19707 0 0 1 SUSAN WIGHT OFFICER TRAILER X 70000 59034 0 0 1 KEVIN REED KEY EMPLOYEE AUTO X 54180 45499 0 0 1 HEATHER SUMMERS KEY EMPLOYEE VISA X 20000 1582 0 0 1 JEFF NIEDENTHAL KEY EMPLOYEE X 15000 1176 0 0 1 7501540 FORM 990, PART VI, SECTION A, LINE 6 LBS FINANCIAL 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. LBS FINANCIAL CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF LBS FINANCIAL 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 THE BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7B AT THE END OF EACH TERM OF A BOARD MEMBER, ELECTIONS ARE HELD AND BOARD MEMBERS ARE ELECTED 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 THE MERGER OR DISSOLUTION. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD REVIEWS THE FORM 990 DURING THE BOARD MEETING AND PROVIDES COMMENTS AND MODIFICATIONS WHERE NECESSARY. FORM 990, PART VI, SECTION B, LINE 12C IT IS THE POLICY OF THE CREDIT UNION THAT ALL EMPLOYEES MUST DISCLOSE ANY SITUATION THAT COULD OR DOES INVOLVE A POTENTIAL OR ACTUAL CONFLICT BETWEEN THEIR PERSONAL INTERESTS AND THE INTERESTS OF THE CREDIT UNION. FAILURE TO DISCLOSE MAY RESULT IN DISCIPLINARY ACTION, UP TO AND INCLUDING TERMINATION. FORM 990, PART VI, SECTION B, LINE 15 LBS FINANCIAL WILL MAINTAIN A COMPETITIVE SALARY RANGE STRUCTURE FOR ALL POSITIONS. THE FOLLOWING WILL OCCUR: THE HUMAN RESOURCES DEPARTMENT WILL PARTICIPATE IN SELECTED SALARY SURVEYS AS APPROPRIATE FOR OUR INDUSTRY, POSITIONS, ASSET SIZE, EMPLOYEE SIZE, AND GEOGRAPHICAL LOCATIONS. SALARY RANGES WILL BE REVIEWED, AT A MINIMUM, ON AN ANNUAL BASIS. DUE TO COMPETITIVE MARKET CONDITIONS FOR CERTAIN POSITIONS, ADJUSTMENTS MAY BE REVIEWED AND APPROVED ON A CASE-BY-CASE BASIS TO REMAIN COMPETITIVE. PUBLISHED SALARY SURVEYS WILL BE UTILIZED TO DETERMINE SALARY RANGES AND TOTAL COMPENSATION. EACH POSITION WILL BE ASSIGNED A CORRESPONDING SALARY RANGE WITH A MINIMUM, MIDPOINT AND MAXIMUM. THE HUMAN RESOURCES DEPARTMENT WILL PRESENT, ANNUALLY, SALARY RANGES AND RECOMMENDATIONS TO THE HUMAN RESOURCES COMMITTEE (CONSISTING OF THREE BOARD MEMBERS) AND THE PRESIDENT/CEO FOR ALL POSITIONS EXCEPT THE PRESIDENT/CEO. THE HUMAN RESOURCES COMMITTEE WILL MAKE THE FINAL RECOMMENDATION TO THE BOARD OF DIRECTORS AND IT IS SO NOTED IN THE MINUTES. ONCE BOARD APPROVED, THE HUMAN RESOURCES DEPARTMENT WILL PUBLISH THE APPROVED SALARY RANGES FOR THE GIVEN YEAR. THE HUMAN RESOURCES DEPARTMENT WILL PRESENT TO THE HUMAN RESOURCES COMMITTEE (CONSISTING OF THREE BOARD MEMBERS) SPECIFIC SALARY SURVEYS TO EVALUATE COMPENSATION FOR THE PRESIDENT/CEO. THE HUMAN RESOURCES COMMITTEE MEETS WITH ALL MEMBERS OF THE BOARD IN AN EXECUTIVE SESSION TO DISCUSS AND EVALUATE COMPENSATION AS WELL AS REVIEW PERFORMANCE. FINAL COMPENSATION AND/OR ADJUSTMENTS ARE APPROVED BY THE BOARD OF DIRECTORS AND ARE SIGNED OFF BY THE CHAIRPERSON OF THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. IN ADDITION, MONTHLY FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY OF EACH OF OUR BRANCH LOCATIONS AND COPIES ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN OTHER COMPREHENSIVE INCOME 2,907,062. CECL TRANSITIONAL AMOUNT (AS DETERMINED UNDER 702.703(B)) -2,914,398. FORM 990, PART XII, LINE 2C: THE ORGANIZATION DID NOT CHANGE EITHER ITS SELECTION PROCESS OR OVERSIGHT PROCESS DURING THE TAX YEAR.