2024-11-12T15:42:08-07:00 2023-12-31 990 2023-01-01 620579508 FIRST SOUTH FINANCIAL CREDIT UNION FIRS 9013407400 2723 SUMMER OAKS DRIVE BARTLETT TN 38134 Paul Pennebaker CFO 9013807400 2024-11-12 1 2023 2024-10-15 13:58:12Z Paul Pennebaker CFO 2723 Summer Oaks Drive Bartlett TN 38134 53656539 0 X WWW.FIRSTSOUTH.COM X 1957 TN FIRST SOUTH FINANCIAL CREDIT UNION IS A STATE CHARTERED CREDIT UNION AND CO-OPERATIVE THAT PROMOTES THRIFT, SAVINGS, AND LOANS TO ITS MEMBERS. 7 7 183 7 0 0 0 0 13496515 17382903 3880487 11896763 22689304 24376873 40066306 53656539 0 0 0 0 21017167 19272192 0 0 0 8029239 20378947 29046406 39651139 11019900 14005400 795631441 755950628 580918857 547209156 214712584 208741472 FIRST SOUTH FINANCIAL CREDIT UNION IS A STATE CHARTERED CREDIT UNION AND CO-OPERATIVE THAT PROMOTES THRIFT, SAVINGS, AND LOANS TO ITS MEMBERS. 0 0 39651139 0 53656539 MEMBERS ARE OFFERED A FULL SUITE OF FINANCIAL SERVICES THAT MEET ALL OF THEIR NEEDS. 0 0 0 39651139 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 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 7605 0 1 183 1 0 0 0 0 0 0 1 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 X Paul Pennebaker 9013807400 2723 Summer Oaks Drive Bartlett TN 38134 Dr W Craig Esrael President/CEO 40 0 X 1160653 0 16500 Summers Townsend Executive Vice President 40 0 X 279582 0 13956 Tammy Craig Chief Information Officer 40 0 X 235501 0 12507 W Paul Pennebaker Chief Financial Officer 40 0 X 235501 0 11491 Jodi Hill Contoller 40 0 X 157067 0 7563 Delynn Byars Senior Vice President 40 0 X 146414 0 7296 Ian Johnson SVP Tech and Innovation 40 0 X 136152 0 6798 Laura Prater Legal Counsel 40 0 X 123144 0 6149 Penny Hensley SVP Mortgages 40 0 X 123141 0 6137 Jerry Hensley Area Sales Manager - Mortgages 40 0 X 120379 0 5915 Steven McCormack SVP 40 0 X 118524 0 4003 Eugene Douglass Board Member 5 0 X 0 0 0 Deb Ross Board Member 5 0 X 0 0 0 Gaylon Hall Board Member 5 0 X 0 0 0 Rob Kamery Board Member 5 0 X 0 0 0 John Bills Board Member 5 0.00 X 0 0 0 Gary Blume Board Member 5 0 X 0 0 0 Thomas Dean Jr Board Member 5 0 X 0 0 0 2836058 0 98315 17 1 1 0 0 0 Loan interest 522130 17382903 17382903 0 0 0 0 0 0 17382903 11896763 11896763 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fee income 522130 18016109 18016109 0 0 6360764 6360764 0 0 24376873 53656539 53656539 0 0 2836058 13441963 695964 563361 1734846 41330 45500 896180 1895789 3803681 1388798 1014460 116600 3107605 381382 Loan servicing 1358643 Loan loss expense 5938000 All other expenses 390979 39651139 0 0 0 25375015 10214270 147527901 183008953 5682586 8372543 444466818 467959052 770106 518965 26134894 13066383 12367879 13068511 151422453 63580827 8018683 9227507 795631441 755950628 20904806 15151652 560014051 532057504 580918857 547209156 X 0 0 0 0 214712584 208741472 214712584 208741472 795631441 755950628 X 14005400 0 0 0 0 -19976512 X 0 1 X 1 0 0 5744137 5744137 0 12358332 5965105 6393227 0 267633 267633 0 0 7764792 6833645 931147 0 0 0 0 13068511 U.S. Treasury notes and bonds 15036200 C Equity securities 1527866 F Certificates of deposit 44654234 C Corporate credit union 1096501 C FHLB stock 676500 C Investment in CUSO 589526 C 63580827 0 MEMBER DEPOSITS 530950504 ALLOWANCE FOR UNFUNDED LOAN LINES 1107000 532057504 0 0 0 Dr W Craig Esrael President/CEO 1160653 0 0 0 0 0 0 0 16500 0 1177153 0 0 0 Summers Townsend Chief Operating Officer 279582 0 0 0 0 0 0 0 13956 0 293538 0 0 0 Tammy Craig Chief Information Officer 235501 0 0 0 0 0 0 0 12507 0 248008 0 0 0 W Paul Pennebaker Chief Financial Officer 235501 0 0 0 0 0 0 0 11491 0 246992 0 0 0 Jodi Hill Contoller 157067 0 0 0 0 0 0 0 7563 0 164630 0 0 0 Steven McCormack SVP 118524 0 0 0 0 0 0 0 4003 0 122527 0 0 0 Form 990, Part VI, Section A, Line 6 First South Financial Credit Union is a mutual association which is owned by its members. To qualify for membership, you only need to meet one of the following requirements: work, worship, attend school, volunteer, regularly do business in; or participate in an association headquartered in any of the areas in Tennessee, Mississippi, or Arkansas that are included In our membership; have a family member who is a member for First South Financial Credit Union; or are related to someone who is eligible to join. Form 990, Part VI, Section A, Line 7a The members of the Board of Directors are elected by the members of First South Financial Credit Union. Form 990, Part VI, Section A, Line 7b The bylaws of First South Financial Credit Union require that certain decisions be approved by the membership. Form 990, Part VI, Section B, Line 11b IRS form 990 is reviewed by the President/Chief Executive Officer prior to being filed. Form 990, Part VI, Section B, Line 12c The employee policy manual, which is updated at least annually and approved by the Board of Directors is documented in the minutes of the Board of Directors. Form 990, Part VI, Section B, Line 15 The compensation of the President/Chief Executive Officer is determined by a committee of the Board of Directors. The compensation of the other employees is determined by the President/Chief Executive Officer. In every instance, compensation is determined after the performance of each employee, a market condition survey, and an analysis performed by external consultants. Form 990, Part VI, Section C, Line 19 Documents are available to the public upon request during normal business hours. Form 990, Part XI, Line 9 Adoption of Financial Accounting Standards Board (FASB) Current Expected Credit Loss Standard that increased the allowance for loan losses and decreased net assets. Adoption was as of April 1, 2023. First South Investment Services 2723 Summer Oaks Drive Bartlett TN 38134 621735067 Inactive TN First South Financial Credit Union C 1 1 First South Real Estate Services 2723 Summer Oaks Drive Bartlett TN 38134 205880620 Inactive TN First South Financial Credit Union C 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0