2023-10-31T10:55:24-05:00 2022-12-31 454084437 WARREN AVERETT LLC 350 W CEDAR STREET SUITE 400 PENSACOLA FL 32502 990 2022-01-01 590746906 SPACE COAST CREDIT UNION SPAC 3217522222 8045 NORTH WICKHAM ROAD MELBOURNE FL 32940 GABE I ENGMAN SVP/CFO 8004477228 2023-10-31 1 GABE ENGMAN 999009999 1 CLAIRE C DUREN CPA P01577924 8504357400 2023-10-31 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z TIMOTHY M ANTONITION 8045 NORTH WICKHAM ROAD MELBOURNE FL 32940 581271385 0 X WWW.SCCU.COM X 1951 FL TO CREATE VALUE IN COOPERATIVE OWNERSHIP BY PROMOTING THRIFT THROUGH A BROAD ARRAY OF DEPOSIT AND SAVINGS PRODUCTS AND BY PROVIDING A SOURCE OF CREDIT FOR PROVIDENT OR PRODUCTIVE PURPOSES. 9 9 1193 14 611865 0 0 0 233921130 296599355 7352245 13442748 7251061 129890 248524436 310171993 0 0 0 0 74928254 82007998 0 0 0 103460560 164120435 178388814 246128433 70135622 64043560 6746004503 8543983797 5993984401 7779628954 752020102 764354843 THE CREDIT UNION OPERATES AS A MEMBER-OWNED DEMOCRATICALLY CONTROLLED COOPERATIVE ORGANIZED TO PROMOTE THRIFT AMONG ITS MEMBERS AND CREATE A SOURCE OF CREDIT FOR THEM AT REASONABLE RATES OF INTEREST. 0 0 DEPOSIT/SAVINGS PRODUCTS - THE CREDIT UNION PROMOTES THRIFT AND SAVINGS BY MAINTAINING A BROAD ARRAY OF DEPOSIT ACCOUNT PRODUCTS WITH LOW FEES AND HIGH INTEREST RATES. CONSUMER LOANS - THE CREDIT UNION CREATES LOW COST SOURCES OF CREDIT FOR THE PURPOSES OF OUR MEMBERS PURCHASING AUTOMOBILES AND OTHER RETAIL PRODUCTS AND SERVICES USED IN THEIR DAILY LIVES. REAL ESTATE LOANS - THE CREDIT UNION CREATES A LOW COST SOURCE OF CREDIT FOR THE PURPOSES OF OUR MEMBERS ATTAINING HOME OWNERSHIP. 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 114815 0 1 1193 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X GABE I ENGMAN 3217522222 8045 NORTH WICKHAM ROAD MELBOURNE FL 32940 JULIE ROBBINS DIRECTOR 3.00 X 0 0 0 WILLIE HOWARD JR DIRECTOR 3.00 X 0 0 0 KAREN PALLADINO DIRECTOR 3.00 X 0 0 0 JOHN G OERTEL CHAIRPERSON 3.00 X X 0 0 0 DALE NEUBERT DIRECTOR 3.00 X 0 0 0 THOMAS MYERS VICE CHAIRPERSON 3.00 X X 0 0 0 DESMOND ALMARALES TREASURER 3.00 X X 0 0 0 HERBERT FISHER SECRETARY 3.00 X X 0 0 0 KEVIN R MCKEOWN DIRECTOR 3.00 X 0 0 0 TIMOTHY M ANTONITION PRESIDENT/CEO 50.00 X 1093632 0 75183 HILARY EISBRENNER EVP/CFO 50.00 X 397531 0 25828 HEATHER E HICKMAN EVP/CRO 50.00 X 554917 0 28900 JOSEPH LEWIS EVP/CIO 50.00 X 105753 0 4769 GARY PRAGER SVP CHF STR&GWTH OFFICER 50.00 X 289956 0 45763 LINDA HART SVP, CHRO 50.00 X 310433 0 10755 SHANE W HOYLE SVP/COO 50.00 X 277281 0 43807 CHAD C JAENKE SVP, CIO 50.00 X 273012 0 24390 CHRISTOPHER MATTHEWS SVP, CARD SERVICES 50.00 X 281067 0 32723 CARMEN M TAPANES VP RETAIL SERVICES 50.00 X 249216 0 43558 GREGORY E DEROY VP, MEMBER SVC CENTER 50.00 X 251773 0 49981 KIMBERLY TYREE VP CONSUMER SALES 50.00 X 220995 0 47777 DANIEL CHIAPPONE VP LENDING 50.00 X 201558 0 22768 ANN M ROBERTS VP PMNT/LOSS PREVENTION 50.00 X 196019 0 11051 BEVERLY B SMITH VP RETAIL SERVICES 50.00 X 209988 0 32601 ANTHONY M BLUNT VP CONSUMER SALES 50.00 X 150472 0 39046 PETER S FREYSTAETTER EXPRESS MORT ORIGINATOR 40.00 X 302427 0 43535 TOMAS D ZAPATA JR EXPRESS MORT ORIGINATOR 40.00 X 154021 0 41651 TINA L CLARK EXPRESS MORT ORIGINATOR 40.00 X 152255 0 27960 MICHAEL P HIGGINS AVP, UNDERWRITING 40.00 X 157552 0 14955 PATRICK O WOOD AVP, ACCOUNTING 40.00 X 150793 0 42217 KIM M LYNN FORMER VP OPERATIONS 50.00 X 141392 0 0 6122043 0 709218 64 1 1 0 SIMPLIFILE LLC 5072 NORTH 300 WEST PROVO UT 84604 RECORDING SERVICES 1355250 BLAXBERG GRAYSON KUKOFF AND TWOMBLY PA 25 SE 2ND AVE STE 730 MIAMI FL 33131 LEGAL 585917 CLIFTON LARSON ALLEN 1966 GREENSPRING DR SUITE 300 TIMONIUM MD 21093 ACCOUNTING SERVICES 433791 MARKETSPHERE CONSULTING LLC 14301 FIRST NATIONAL BANK PARKWAY S OMAHA NE 68154 REUNIFICATION 298242 ALM FIRST FINANCIAL ADVISORS LLC 3800 MAPLE AVE SUITE 600 DALLAS TX 75219 INVESTMENT MANAGEMENT 295150 7 INCOME FROM LOANS 522100 216442338 216442338 FEES/CHARGES/OTHER 522100 79545152 79545152 NON-MEMBER ATM SURCHARGES 522100 611865 611865 296599355 17226864 17226864 267315276 270883310 216082 -3568034 -216082 -3784116 -3784116 GAIN ON OREO 522100 129890 129890 129890 310171993 296117380 611865 13442748 X 5743893 60546735 1415163 9853446 4448761 381633 552340 2065750 10578752 11212426 13530810 773573 716519 31444814 10664958 1100290 PROVISION FOR LOAN LOSS 29981283 LOAN SERVICING 8908954 DEBIT AND CREDIT CARD E 7262982 MARKETING EXPENSE 5771562 29173789 246128433 40452483 43856849 382983718 528644908 51311362 10230507 13749004 13627485 4880266323 6954134178 6409540 15060786 166318371 82844929 86912584 83473442 1129196669 639174676 4852322 46372377 149870498 209408589 6746004503 8543983797 58155667 78407670 1880000 2845000 15594990 15138088 0 890000000 5918353744 6793238196 5993984401 7779628954 X 0 0 0 0 752020102 764354843 752020102 764354843 6746004503 8543983797 X 64043560 -51708819 X X 0 1 X 1 0 46220 46220 46220 1 FL-CUPACLEAGUE OF SOUTHEASTERN CREDIT UNIONS 22 INVERNESS PARKWAY SUITE 200 BIRMINGHAM AL 35242 943458406 46220 PART I-A, LINE 1: THE CREDIT UNION DONATED FUNDS TO THE FLORIDA CREDIT UNION POLITICAL ACTION COMMITTEE (FL-CUPAC). 0 1 X 26425476 26425476 64673289 23988086 40685203 17100515 12935955 4164560 58119091 45920888 12198203 83473442 MEMBER DEPOSITS 6493414335 INTEREST PAYABLE 4019141 OPERATING LEASE LIABILITIES 34570720 NON-MEMBER DEPOSITS 261234000 6793238196 X 313956109 0 313956109 -3784116 -3784116 310171993 249912549 3784116 3784116 246128433 0 246128433 PART IV, LINE 2B: THE CREDIT UNION HOLDS ESCROWED FUNDS FOR THE PAYMENT OF PROPERTY TAXES AND HOMEOWNERS' INSURANCE AS A SERVICE TO OUR MEMBERS WHO HAVE MORTGAGES WITH THE CREDIT UNION OR HAVE MORTGAGES SERVICED BY THE CREDIT UNION. PART X, LINE 2: PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ASC 740, INCOME TAXES, REQUIRE VALUATION OF UNCERTAINTY IN INCOME TAXES FOR POTENTIAL FINANCIAL STATEMENT DISCLOSURE. USING THAT GUIDANCE, TAX POSITIONS INITIALLY NEED TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS WHEN IT IS MORE-LIKELY-THAN-NOT THE POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY THE TAX AUTHORITIES. SUCH TAX POSITIONS INITIALLY AND SUBSEQUENTLY NEED TO BE MEASURED AS THE LARGEST AMOUNT OF TAX BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT WITH THE TAX AUTHORITY ASSUMING FULL KNOWLEDGE OF THE POSITION AND RELEVANT FACTS. AS OF DECEMBER 31, 2022, THE CREDIT UNION HAD NO UNCERTAIN TAX POSITIONS THAT QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS. ADDITIONALLY, THE CREDIT UNION HAD NO INTEREST AND PENALTIES RELATED TO INCOME TAXES. WITH FEW EXCEPTIONS, THE CREDIT UNION IS NO LONGER SUBJECT TO U.S. FEDERAL, STATE AND LOCAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2019. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON SALE OF INVESTMENTS -3,568,034. LOSS ON SALE OF ASSETS -216,082. PART XII, LINE 2D - OTHER ADJUSTMENTS: LOSS ON SALE OF INVESTMENTS 3,568,034. LOSS ON SALE OF ASSETS 216,082. X X X X 1 1 X X X 1 1 0 TIMOTHY M ANTONITION PRESIDENT/CEO 883216 0 161600 0 48816 0 39200 0 35983 0 1168815 0 0 0 HEATHER E HICKMAN EVP/CRO 441585 0 63826 0 49506 0 13445 0 15455 0 583817 0 0 0 HILARY EISBRENNER EVP/CFO 306771 0 57617 0 33143 0 14015 0 11813 0 423359 0 0 0 PETER S FREYSTAETTER EXPRESS MORT ORIGINATOR 21190 0 2460 0 278777 0 13431 0 30104 0 345962 0 0 0 GARY PRAGER SVP CHF STR&GWTH OFFICER 212993 0 38503 0 38460 0 14537 0 31226 0 335719 0 0 0 LINDA HART SVP, CHRO 257187 0 38953 0 14293 0 8224 0 2531 0 321188 0 0 0 SHANE W HOYLE SVP/COO 225064 0 39323 0 12894 0 13313 0 30494 0 321088 0 0 0 CHRISTOPHER MATTHEWS SVP, CARD SERVICES 219962 0 40197 0 20908 0 15699 0 17024 0 313790 0 0 0 GREGORY E DEROY VP, MEMBER SVC CENTER 186085 0 39340 0 26348 0 17085 0 32896 0 301754 0 0 0 CHAD C JAENKE SVP, CIO 221117 0 48987 0 2908 0 3445 0 20945 0 297402 0 0 0 CARMEN M TAPANES VP RETAIL SERVICES 190540 0 36905 0 21771 0 10346 0 33212 0 292774 0 0 0 KIMBERLY TYREE VP CONSUMER SALES 181227 0 34804 0 4964 0 14983 0 32794 0 268772 0 0 0 BEVERLY B SMITH VP RETAIL SERVICES 165157 0 32226 0 12605 0 13885 0 18716 0 242589 0 0 0 DANIEL CHIAPPONE VP LENDING 162463 0 34885 0 4210 0 12184 0 10584 0 224326 0 0 0 ANN M ROBERTS VP PMNT/LOSS PREVENTION 175326 0 17088 0 3605 0 10438 0 613 0 207070 0 0 0 TOMAS D ZAPATA JR EXPRESS MORT ORIGINATOR 36367 0 2361 0 115293 0 10630 0 31021 0 195672 0 0 0 PATRICK O WOOD AVP, ACCOUNTING 115254 0 21815 0 13724 0 10809 0 31408 0 193010 0 0 0 ANTHONY M BLUNT VP CONSUMER SALES 115844 0 17138 0 17490 0 8088 0 30958 0 189518 0 0 0 TINA L CLARK EXPRESS MORT ORIGINATOR 26746 0 2298 0 123211 0 7198 0 20762 0 180215 0 0 0 MICHAEL P HIGGINS AVP, UNDERWRITING 135668 0 19593 0 2291 0 4844 0 10111 0 172507 0 0 0 KIM M LYNN FORMER VP OPERATIONS 0 0 0 0 141392 0 0 0 0 0 141392 0 0 0 PART I, LINES 4A-B THE CREDIT UNION HAS ENTERED INTO SECURED SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENTS WITH TIMOTHY M. ANTONITION, CEO/PRESIDENT AND HEATHER E. HICKMAN, EVP/CHIEF OF RETAIL DELIVERY. THE PREMIUMS ON THE POLICIES WERE FUNDED BY THE CREDIT UNION THROUGH LOANS TO THE OFFICERS. INTEREST ACCRUES TO THE LOANS MONTHLY. THE CREDIT UNION PROVIDES A NON-QUALIFIED DEFERRED COMPENSATION PLAN UNDER CODE SECTION 457(F) FOR THE FOLLOWING SENIOR MANAGEMENT EMPLOYEES: JOSEPH LEWIS, EVP/CHIEF OPERATING OFFICER AND HILARY EISBRENNER, EVP/CHIEF FINANCIAL OFFICER. AS PART OF THE PLAN, THE CREDIT UNION PAYS A RETENTION BENEFIT TO EACH EMPLOYEE. BENEFITS ARE ALSO PAID IF EMPLOYMENT TERMINATES BEFORE THE RETENTION PERIOD IS MET UNDER SPECIFIED CIRCUMSTANCES. AS PART OF A SEPARATION AGREEMENT, KIM M. LYNN, FORMER VP OF OPERATIONS, RECEIVED $141,392 IN THE 2022 CALENDAR YEAR. TIMOTHY M ANTONITION PRESIDENT/CEO TO PAY THE PREMIUMS OF COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE X 11600000 11358830 0 1 1 HEATHER E HICKMAN EVP/CHIEF OF RETAIL DELIVERY TO PAY THE PREMIUMS OF COLLATERAL ASSIGNMENT SPLIT-DOLLAR LIFE INSURANCE X 2100000 2268655 0 1 1 13627485 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS OWNED BY ITS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD MEMBERS SERVE THREE-YEAR TERMS AND THE TERM EXPIRATIONS ARE STAGGERED AMONGST THE BOARD MEMBERS. ANNUALLY, NOMINATIONS ARE CALLED FOR, AND A COMMITTEE OF THE BOARD IS APPOINTED TO REVIEW CANDIDATE QUALIFICATIONS. QUALIFIED CANDIDATES ARE INCLUDED ON THE SLATE OF CANDIDATES THAT WE PUBLISH TO OUR MEMBERS. EACH MEMBER GETS ONE VOTE AND THESE VOTES ARE TALLIED BY AN INDEPENDENT CPA FIRM. FORM 990, PART VI, SECTION A, LINE 7B THE ONLY DECISIONS THAT WOULD HAVE TO BE APPROVED BY MEMBERS WOULD BE A CHANGE IN OWNERSHIP OF THE CREDIT UNION, SUCH AS MERGING INTO ANOTHER CREDIT UNION OR CONVERTING TO ANOTHER TYPE OF CHARTER. SELLING MEMBER SHARES AND OTHER DEPOSIT RELATIONSHIPS TO ANOTHER ENTITY WOULD REQUIRE A VOTE BY THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS NOT REVIEWED BY THE BOARD OF DIRECTORS BEFORE FILING. IT IS PREPARED BY EXTERNAL CPA'S AND REVIEWED BY THE SVP/CFO PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY IS PARTIALLY MONITORED VIA "FLAGGING" OF OFFICERS, DIRECTORS, AND KEY EMPLOYEE ACCOUNTS AND THE SUBSEQUENT INTERNAL AUDIT REVIEW OF ACTIVITY IN THOSE ACCOUNTS. FORM 990, PART VI, SECTION B, LINE 15 THE CEO'S COMPENSATION AND OTHER OFFICERS AND KEY EMPLOYEES' COMPENSATION HAVE BEEN DETERMINED THROUGH A COMBINATION OF THE HUMAN RESOURCE DEPARTMENT'S REVIEW OF CREDIT UNION AND BANKING INDUSTRY SALARY SURVEYS AND THE USE OF AN OUTSIDE COMPENSATION AND BENEFITS CONSULTANT. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE MEMBERSHIP UPON REQUEST. OUR FINANCIAL INFORMATION IS ALSO AVAILABLE IN A REGULATORY FORMAT AT THE NATIONAL CREDIT UNION ADMINISTRATION'S WEBSITE (WWW.NCUA.GOV). FORM 990, PART IX, LINE 24E MISC CHARGE OFFS 5,172,885. LOSS ON OTHER ASSETS 4,670,093. ATM EXPENSE 4,310,278. MEMBER REWARD PROGRAM 3,566,854. ONLINE BANKING EXPENSE 3,505,041. STATEMENT EXPENSE 1,775,260. LOSS ON SALE OF LOANS RECEIVABLE 1,379,862. COLLECTION EXPENSE 857,235. BANK SERVICE CHARGES 733,459. MISCELLANEOUS EXPENSE 635,048. STATE EXAM FEES 606,977. DUES & SUBSCRIPTIONS 406,928. TRAINING & DEVELOPMENT 399,410. RECRUITING 350,110. CUBS EXPENSE 315,029. DONATIONS 155,220. MEMBER ACCOUNT EXPENSE 122,224. CASH OVER & SHORT 97,742. NAMING RIGHTS AMORTIZATION 86,281. OTHER NONOPERATING EXPENSES 27,853. FORM 990, PART XI, LINE 9: PENSION LIABILITY ADJUSTMENT 9,900,609. RECLASSIFICATION ADJUSTMENT FOR GAIN INCLUDED IN NET INCOME -61,480,658. ADOPTION OF ASC 842 LEASES -128,770. FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING, LINE 2C: THE CREDIT UNION HAS AN AUDIT COMMITTEE CONSISTING OF FOUR MEMBER VOLUNTEERS WHO ASSUME THE RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF THE INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 1500 E COMMERICAL BOULEVARD LLC 8045 N WICKHAM ROAD MELBOURNE FL 32940 814562170 REO MANAGEMENT FL 0 100