2025-07-21T20:03:56-05:00 2024-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2024-01-01 951914215 SOUTH BAY CREDIT UNION SOUT 4243279783 312 N PACIFIC COAST HIGHWAY REDONDO BEACH CA 90277 DON STEINMAN CFO 4243279783 2025-07-21 1 1 NATALIE HULL CPA P00089332 8189549700 2024 2025-03-06 01:10:19Z PARIS CHEVALIER 312 N PACIFIC COAST HIGHWAY REDONDO BEACH CA 90277 8860464 0 X WWW.SBCU.ORG X CREDIT UNION 1953 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 25 12 14531 5467 0 0 7632560 8418215 538158 442249 0 0 8170718 8860464 5000 9000 0 0 2838345 2870293 0 0 0 4986068 6860151 7829413 9739444 341305 -878980 156698184 158035979 143023343 144711393 13674841 13324586 X SEE SCHEDULE OSOUTH BAY 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, SOUTH BAY 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 SBCU IS COMMITTED TO ASSISTING OUR MEMBERS ACHIEVE THEIR FINANCIAL GOALS. OUR RATES HAVE BEEN CONSISTENTLY AT THE TOP OF OUR LOCAL MARKETPLACE. IN 2024, WE WERE ABLE TO FUND $26.5 MILLION IN NEW LOANS TO OUR MEMBERS. WE HAVE BEEN ABLE TO SPONSOR COMMUNITY-BASED ORGANIZATIONS FOR SPORTS AND EDUCATION. 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1728 0 1 25 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 DON STEINMAN CFO 4243279783 312 N PACIFIC COAST HIGHWAY REDONDO BEACH CA 90277 CHRIS OTEY CHAIRMAN 1.00 X 0 0 0 STEPHANIE ERTMAN VICE-CHAIRMAN 1.00 X 0 0 0 NICOLE WESLEY SECRETARY 1.00 X 0 0 0 VIKI COPELAND DIRECTOR 1.00 X 0 0 0 ANNIE FLIPPO DIRECTOR 1.00 X 0 0 0 CHUCK GARLAND DIRECTOR 1.00 X 0 0 0 TOM LIGHT DIRECTOR 1.00 X 0 0 0 BRIAN LUNDIN DIRECTOR 1.00 X 0 0 0 TAREK SHAER DIRECTOR 1.00 X 0 0 0 DAN INSKEEP SPV CMTE CHAIRMAN 1.00 X 0 0 0 ANGELIA PARRISH SPV CMTE MEMBER 1.00 X 0 0 0 RENEE MICHEL SPV CMTE MEMBER 1.00 X 0 0 0 PARIS CHEVALIER PRESIDENT/CEO 40.00 X 253311 0 4835 DON STEINMAN CFO 40.00 X 174137 0 11550 FRANK ESPINOZA CHIEF RISK OFFICER 40.00 X 213757 0 16614 BERNICE WHITE CLO 40.00 X 133528 0 25318 GLADYS GALLEGOS DIRECTOR OF OPS 40.00 X 110503 0 14898 SANDY DUARTE RISK OFFICER 40.00 X 104061 0 7253 989297 0 80468 6 0 1 0 COOK SECURITY 9225 NE CASCADES PKWY PORTLAND OR 97220 SECURITY SERVICES 439680 CU NORTHWEST 1421 NORTH MEADOWWOOD LANE 130 LIBERTY LAKE WA 99019 IT SERVICES 287405 2 INTEREST ON LOANS 522100 6734295 6734295 FEE INCOME 522100 1019867 1019867 OTHER OPERATING INCOME 522100 664053 649522 14531 8418215 442249 442249 8860464 8845933 14531 0 9000 989297 1381309 151871 195407 152409 384782 8244 124556 107603 576820 1116967 225363 174346 188241 1428458 240304 71149 PROVISION FOR LOAN & LE 987937 INTEREST ON BORROWED MO 546306 LOAN SERVICING EXPENSE 414532 MISC OPERATING EXPENSE 241660 22883 9739444 877651 680782 2233594 5185640 2911005 956383 679679 7593496 1933567 5403562 5659929 12324598 8089274 128420905 124757882 6481491 10071788 156698184 158035979 4229649 3252600 138793694 141458793 143023343 144711393 X 0 0 0 0 13674841 13324586 13674841 13324586 156698184 158035979 -878980 528725 0 X X 0 1 X 1 0 2734857 2734857 2927610 670003 2257607 1931029 1263564 667465 5659929 OTHER INVESTMENTS - NET 8089274 F 8089274 LOANS AND LEASES 118316882 F BANK CERTIFICATES 6441000 C 124757882 OTHER ASSETS 10071788 10071788 TAXES PAYABLE 379 OTHER LIABILITIES 9868792 SHARES AND DEPOSITS 131589622 141458793 X PART X, LINE 2: FASB 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 SCHOLARSHIPS 9 9000 FMV X X X 0 1 0 PARIS CHEVALIER PRESIDENT/CEO 206031 0 35280 0 12000 0 1600 0 3235 0 258146 0 0 0 DON STEINMAN CFO 151769 0 14818 0 7550 0 8307 0 3243 0 185687 0 0 0 FRANK ESPINOZA CHIEF RISK OFFICER 194957 0 11250 0 7550 0 9535 0 7079 0 230371 0 0 0 BERNICE WHITE CLO 116603 0 9125 0 7800 0 8840 0 16478 0 158846 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS A SPLIT-DOLLAR AGREEMENT WITH CURRENT CEO/PRESIDENT, PARIS CHEVALIER. PARIS CHEVALIER OFFICER FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICY X 2900000 2911005 0 1 1 2911005 FORM 990, PART VI, SECTION A, LINE 6 SOUTH BAY 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. SOUTH BAY CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF SOUTH BAY 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 11B THE BOARD AND MANAGEMENT REVIEW THE FORM 990 DURING THE BOARD MEETING AND PROVIDE COMMENTS AND MODIFICATIONS WHERE NECESSARY. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION MONITORS COMPLIANCE WITH OUR CONFLICT OF INTEREST POLICY. OUR CONFLICT OF INTEREST POLICY IS BOTH IN OUR POLICY MANUAL AND IN OUR EMPLOYEE HANDBOOK. THESE ARE BOTH UPDATED ON AN ANNUAL BASIS AND BROUGHT BEFORE THE BOARD OF DIRECTORS FOR THEIR REVIEW. A CONFLICT OF INTEREST POLICY IS DISTRIBUTED ON AN ANNUAL BASIS FOR SIGNATURE OF RECEIPT AND ACKNOWLEDGEMENT BY ALL VOLUNTEERS AND STAFF. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS SETS COMPENSATION FOR PRESIDENT/CEO. THE PRESIDENT/CEO SETS COMPENSATION FOR MANAGEMENT STAFF. SALARY SURVEYS AND COMPARABLE DATA IS OBTAINED AND USED FOR THIS PURPOSE. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC AS REQUESTED IN WRITING. FINANCIALS FOR THE INSTITUTION ARE POSTED MONTHLY IN THE BRANCHES. FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. SECTION 1.263(A)-1(F)DE MINIMIS SAFE HARBOR ELECTION SOUTH BAY CREDIT UNION 312 N. PACIFIC COAST HIGHWAY REDONDO BEACH, CA 90277 TAXPAYER IDENTIFICATION NUMBER: 95-1914215 FOR THE YEAR ENDING DECEMBER 31, 2024 SOUTH BAY CREDIT UNION IS MAKING THE DE MINIMIS SAFE HARBOR ELECTION UNDER REG. SEC. 1.263(A)-1(F).