2023-11-09T12:06:30-06:00 2022-12-31 910189318 MOSS ADAMS LLP 805 SW BROADWAY STE 1400 PORTLAND OR 97205 990 2022-01-01 520627114 STATE EMPLOYEES CREDIT UNION OF MARYLAND INC STAT 4104877328 971 CORPORATE BOULEVARD LINTHICUM MD 210902337 STEVEN ARBAUGH CFO 4104877328 2023-11-08 STEVEN ARBAUGH XXX-XX-XXXX 0 WENDY CAMPOS P00448102 5032421447 2023-11-08 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z STEVEN ARBAUGH 971 CORPORATE BOULEVARD LINTHICUM MD 210902337 321635353 0 X WWW.SECUMD.ORG X 1951 MD TO MAKE A POSITIVE CONTRIBUTION TO THE FINANCIAL WELL-BEING OF THOSE WE SERVE. 8 8 499 0 382347 0 0 0 147653351 194845185 34740036 20743728 770296 684869 183163683 216273782 302969 1249585 0 0 36169773 42530210 0 0 0 116683882 130234394 153156624 174014189 30007059 42259593 4778753481 5313600650 4371284716 4945476020 407468765 368124630 X SECU'S MAIN PURPOSE IS TO PROMOTE THRIFT AMONG AND TO CREATE A SOURCE OF CREDIT FOR ITS MEMBERS. SECU DOES SO BY PROVIDING MARYLANDERS WITH PRODUCTS, SERVICES, AND STATE OF THE ART TECHNOLOGY DESIGNED TO MEET ITS MEMBERS' FINANCIAL NEEDS. 0 0 DEPOSIT PRODUCTS AND SERVICES:SECU PROVIDES DEPOSIT PRODUCTS AND SERVICES TO MEMBERS. THESE DEPOSIT PRODUCTS INCLUDE SAVINGS, CHECKING, MONEY MARKET, CERTIFICATES OF DEPOSIT, AND INDIVIDUAL RETIREMENT ACCOUNTS. AS OF DECEMBER 31,2022 SECU HAD 571,320 DEPOSIT ACCOUNTS OUTSTANDING. SECU'S DEPOSIT RATES CONTINUE TO BE SOME OF THE MOST COMPETITIVE RATES OFFERED BY FEDERALLY INSURED FINANCIAL INSTITUTIONS. LOAN PRODUCTS:SECU PROVIDES MORTGAGE, CONSUMER, AND BUSINESS LOANS TO MEMBERS AT COMPETITIVE RATES. THESE LOANS INCLUDE 1ST AND 2ND MORTGAGES, HOME EQUITY LINES OF CREDIT, CREDIT CARD, UNSECURED LINES OF CREDIT, NEW AND USED AUTO LOANS, AND STUDENT LOANS. AS OF DECEMBER 31, 2022, SECU HAD 126,617 LOANS OUTSTANDING TO MEMBERS TOTALING $4.01 BILLION. TRADITIONAL/ONLINE/MOBILE BANKING:SECU OFFERS ONLINE AND MOBILE BANKING TO MEMBERS IN ADDITION TO 24 BRANCHES AND 116 ATMS THROUGHOUT THE STATE. FINANCIAL EDUCATION:IN 2022 SECU PROVIDED ADULT AND YOUTH FINANCIAL EDUCATION SERVICES SUCH AS WORKING WITH SCHOOLS AND SELECT EMPLOYER GROUPS. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 115002 0 1 499 1 1 1 0 0 0 0 0 1 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X STEVEN ARBAUGH CFO 4104877328 971 CORPORATE BOULEVARD LINTHICUM MD 210902337 JUANCHO BAINO CHAIR/DIRECTOR 1.00 X X 42483 0 0 SHARONNE BONARDI VICE CHAIR/DIRECTOR 1.00 X X 41560 0 0 ELLEN GARDNER TREASURER/DIRECTOR 1.00 X X 32162 0 0 TIMOTHY LA VALLE SECRETARY/DIRECTOR 1.00 X X 32697 0 0 JANET BACON DIRECTOR 1.00 X 26409 0 0 JOHN KENNEY DIRECTOR 1.00 X 25396 0 0 MARK REGER DIRECTOR 1.00 X 26862 0 0 GAYLE SEWARD DIRECTOR 1.00 X 25823 0 0 DONALD TYNES DIRECTOR (THRU 03/22) 1.00 X 7845 0 0 DAVID SWEIDERK CEO/PRESIDENT 40.00 X 1016898 0 403417 STEVEN ARBAUGH CFO/EVP 40.00 1.00 X 498831 0 65399 RODERIC FLOWERS CHIEF DEI OFFICER/SVP 40.00 1.00 X 387564 0 70940 KEVIN KESECKER CHIEF ADMINISTRATIVE OFFICER/EVP 40.00 1.00 X 494224 0 41035 JANELLE PANNELL CHIEF RISK OFFICER/SVP 40.00 1.00 X 377417 0 42572 REBECCA SMITH CHIEF STRATEGY & GROWTH OFFICER/EVP 40.00 1.00 X 520107 0 53681 ADRIENNE ALLGIRE VP, OPERATIONS 40.00 X 264512 0 47008 AMY BASTA VP, MARKETING 40.00 X 237268 0 29691 TESHIA DAVIS VP, PEOPLE 40.00 X 271166 0 58804 MARK DEITZ MANAGING DIRECTOR, MORTGAGE LENDING 40.00 X 502586 0 44822 JOHN ENA JR SVP, FINANCE/CONTROLLER 40.00 X 339300 0 31570 HARRY FLORIO JR VP, PEOPLE EXPERIENCE 40.00 X 268260 0 52548 KELLEY HARWOOD VP, MORTGAGE PROG & STRAT LENDING 40.00 X 345818 0 63656 VICTOR HAZAN VP, CREDIT ADMINISTRATION 40.00 X 291383 0 56438 JAMES MELLENDICK MANAGING DIRECTOR, WEALTH MANAGEMENT 40.00 X 291269 0 38107 MICHELE MOORE SVP, MEMBER SERVICES 40.00 1.00 X 370105 0 55224 DALE SKINNER MANAGING DIRECTOR, BUSINESS SERVICES 40.00 X 556629 0 56108 JAMES SMITH SVP, EMPLOYEE & MEMBER EXPERIENCE 40.00 1.00 X 410942 0 61513 KEVIN STEHL SVP, CORP STRATGEY & PERFORMANCE 40.00 X 315326 0 64142 JOHN TODD VP, DIGITAL 40.00 X 214859 0 53078 MARK CONSIDINE MORTGAGE LOAN OFFICER 40.00 X 566631 0 22375 JOHN HOWELL TPO ACCOUNT EXECUTIVE 40.00 X 436850 0 39625 RAFAEL OLAZAGASTI VP, CHANNEL OPTIMIZATION 40.00 X 237984 0 47203 SUSAN VALENTE MORTGAGE LOAN OFFICER 40.00 X 277427 0 48988 JONATHAN WASEY FINANCIAL ADVISOR 40.00 X 249271 0 15005 10003864 0 1562949 103 0 1 0 OPEN TECHNOLOGY SOLUTIONS LLC 8085 SOUTH CHESTER STREET CENTENNIAL CO 80112 TECHNOLOGY SERVICES 12954185 CU COOPERATIVE SYSTEMS INC 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 ATM NETWORK & MEMBER ONLINE BANKING 4159429 FIDELITY NATIONAL INFORMATION SERVICES 601 RIVERSIDE AVE JACKSONVILLE FL 32204 PAYMENT PROCESSING, BANKING SOFTWARE 3531982 DIEBOLD NIXDORF INC 5995 MAYFAIR ROAD NORTH CANTON OH 44720 ATM EQUIPMENT & MAINTENANCE 2349687 FISERV INC 255 FISERV DRIVE BROOKFIELD WI 53045 FINANCIAL SERVICES SOFTWARE 2051663 65 INTEREST ON LOANS 522100 144970198 144970198 SERVICE CHARGES INCOME 522100 34131667 33802120 329547 OTHER FEE INCOME 522100 15457164 15404364 52800 EQUITY IN EARNINGS OF 522100 286156 286156 194845185 18804556 18804556 1243875 559006 684869 684869 684869 40645971 66095766 41263308 63539257 -617337 2556509 1939172 1939172 216273782 194462838 382347 21428597 X 1249585 9625450 23908526 2773549 3746455 2476230 95404 32197050 5914688 5971726 25676144 3534674 128501 440196 26000064 5194447 1454286 CHECKING & LENDING SERV 6407072 EQUIPMENT EXPENSE 4695102 REWARDS/LOYALTY PROGRAM 4650594 PROVISION FOR LOAN LOSS 2829159 5045287 174014189 246777013 186666835 3292278337 4018705578 5690640 5916315 103642220 63699841 40135113 39942379 1139529211 908419348 11006428 16406764 43336739 137543431 4778753481 5313600650 33627904 40247151 8054054 9166606 4329602758 4896062263 4371284716 4945476020 X 0 0 0 0 407468765 368124630 407468765 368124630 4778753481 5313600650 X 42259593 -81603728 X 0 1 X 1 0 0 1 11435415 11435415 32230818 17267802 14963016 15381205 9534931 5846274 44561454 36866603 7694851 33328 30505 2823 39942379 DEPOSIT - NCUSIF 42315532 F INVESTMENTS - AVAILABLE FOR SALE 721570105 F INVESTMENTS - FHLB STOCK 22513300 F METLIFE GROUP LIFE 17827993 F ZURICH GROUP LIFE 104192418 F 908419348 SHARES AND DEPOSITS 4345740312 ACCRUED DIVIDENDS AND INTEREST PAYABLE 2637806 BORROWINGS - FHLB 473500000 LEASE LIABILITY 25244145 SWAP AGREEMENTS 48940000 4896062263 X PART X, LINE 2: THE CREDIT UNION IS STATE CHARTERED AND FEDERALLY TAX-EXEMPT UNDER THE INTERNAL REVENUE CODE 501(C)(14), EXCEPT TO THE EXTENT OF UNRELATED BUSINESS INCOME. THE CREDIT UNION HAD NO UNRECOGNIZED TAX BENEFITS AT DECEMBER 31, 2022 AND 2021. THE CREDIT UNION RECOGNIZES THE ACCRUAL OF INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AS A TAX EXPENSE. DURING THE YEARS ENDED DECEMBER 31, 2022 AND 2021, THE CREDIT UNION RECOGNIZED NO MATERIAL INTEREST OR PENALTIES. SECU TITLE SERVICES, LLC, IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. THE INCOME FROM THE CUSO, ORGANIZED AS AN LLC, FLOWS THROUGH TO THE CREDIT UNION, AND THEREFORE IS NOT SUBJECTED TO FEDERAL AND STATE INCOME TAXES. SECURITY FINANCIAL GROUP, INC. IS NOT SUBJECT TO TAXES. PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW TO PAY INSURANCE AND REAL ESTATE TAXES ON BEHALF OF ITS MORTGAGE LOAN MEMBERS. 1 SECU MD FOUNDATION 971 CORPORATE BLVD LINTHICUM MD 21090 821896987 501(C)(3) 1220000 0 OPERATING AND SCHOLARSHIP PROGRAM SUPPORT SPECIAL OLYMPICS MARYLAND 3701 COMMERCE DR SUITE 103 BALTIMORE MD 21227 237089144 501(C)(3) 15000 0 GENERAL SUPPORT ULMAN FOUNDATION 2118 EAST MADISON ST BALTIMORE MD 21205 522057636 501(C)(3) 6000 0 GENERAL SUPPORT 3 0 PART I, LINE 2: THERE IS NO MONITORING OF THE FUNDS ISSUED TO THESE ORGANIZATIONS. X X X 0 1 0 DAVID SWEIDERK CEO/PRESIDENT 727057 0 282951 0 6890 0 362710 0 40707 0 1420315 0 0 0 DALE SKINNER MANAGING DIRECTOR, BUSINESS SERVICES 153144 0 397851 0 5634 0 25710 0 30398 0 612737 0 0 0 MARK CONSIDINE MORTGAGE LOAN OFFICER 12428 0 548748 0 5455 0 1595 0 20780 0 589006 0 0 0 REBECCA SMITH CHIEF STRATEGY & GROWTH OFFICER/EVP 390170 0 128515 0 1422 0 23269 0 30412 0 573788 0 0 0 STEVEN ARBAUGH CFO/EVP 373242 0 119677 0 5912 0 25710 0 39689 0 564230 0 0 0 MARK DEITZ MANAGING DIRECTOR, MORTGAGE LENDING 87156 0 409820 0 5610 0 8501 0 36321 0 547408 0 0 0 KEVIN KESECKER CHIEF ADMINISTRATIVE OFFICER/EVP 370979 0 119677 0 3568 0 25710 0 15325 0 535259 0 0 0 JOHN HOWELL TPO ACCOUNT EXECUTIVE 65662 0 365955 0 5233 0 21453 0 18172 0 476475 0 0 0 JAMES SMITH SVP, EMPLOYEE & MEMBER EXPERIENCE 282827 0 126170 0 1945 0 25476 0 36037 0 472455 0 0 0 RODERIC FLOWERS CHIEF DEI OFFICER/SVP 300845 0 81483 0 5236 0 26132 0 44808 0 458504 0 0 0 MICHELE MOORE SVP, MEMBER SERVICES 288088 0 76422 0 5595 0 26605 0 28619 0 425329 0 0 0 JANELLE PANNELL CHIEF RISK OFFICER/SVP 294623 0 81442 0 1352 0 18145 0 24427 0 419989 0 0 0 KELLEY HARWOOD VP, MORTGAGE PROG & STRAT LENDING 241557 0 100733 0 3528 0 25710 0 37946 0 409474 0 0 0 KEVIN STEHL SVP, CORP STRATGEY & PERFORMANCE 250558 0 62373 0 2395 0 25016 0 39126 0 379468 0 0 0 JOHN ENA JR SVP, FINANCE/CONTROLLER 247671 0 89330 0 2299 0 26327 0 5243 0 370870 0 0 0 VICTOR HAZAN VP, CREDIT ADMINISTRATION 230933 0 57069 0 3381 0 25073 0 31365 0 347821 0 0 0 TESHIA DAVIS VP, PEOPLE 219271 0 50130 0 1765 0 20439 0 38365 0 329970 0 0 0 JAMES MELLENDICK MANAGING DIRECTOR, WEALTH MANAGEMENT 226990 0 59108 0 5171 0 24760 0 13347 0 329376 0 0 0 SUSAN VALENTE MORTGAGE LOAN OFFICER 38547 0 233712 0 5168 0 24942 0 24046 0 326415 0 0 0 HARRY FLORIO JR VP, PEOPLE EXPERIENCE 204064 0 61811 0 2385 0 22172 0 30376 0 320808 0 0 0 ADRIENNE ALLGIRE VP, OPERATIONS 215005 0 47534 0 1973 0 21612 0 25396 0 311520 0 0 0 RAFAEL OLAZAGASTI VP, CHANNEL OPTIMIZATION 192982 0 43301 0 1701 0 12634 0 34569 0 285187 0 0 0 JOHN TODD VP, DIGITAL 171057 0 42540 0 1262 0 17516 0 35562 0 267937 0 0 0 AMY BASTA VP, MARKETING 192863 0 42556 0 1849 0 17035 0 12656 0 266959 0 0 0 JONATHAN WASEY FINANCIAL ADVISOR 100000 0 148492 0 779 0 14282 0 723 0 264276 0 0 0 PART I, LINE 4B DAVID SWEIDERK, PRESIDENT/CEO, PARTICIPATES IN A NON-QUALIFIED RETIREMENT PLAN. THERE WERE NO DISTRIBUTIONS FROM THE PLAN IN 2022. THE AMOUNT ACCRUED IN 2022 WAS $337,000. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY. THE CREDIT UNION MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVE MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED BY THE CFO AND CONTROLLER PRIOR TO FILING WITH THE IRS. A COPY WILL BE PROVIDED ELECTRONICALLY TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C SECU ADMINISTRATION AND INTERNAL AUDIT HANDLE THE CREATION, MAILING, AND COLLECTION OF THE ANNUAL CONFLICT OF INTEREST QUESTIONNAIRES TO THE DIRECTORS, OFFICERS, SUPERVISORY COMMITTEE MEMBERS, CREDIT COMMITTEE MEMBERS, THE PRESIDENT, VPS, AND AVPS. A REPORT DETAILING THE RESULTS OF THE ANNUAL CONFLICT OF INTEREST REVIEW ARE SHARED WITH THE BOARD, AND ANY HIGH RISK CONCERNS AND ISSUES (>$150) ARE BROUGHT TO THE ATTENTION OF THE BOARD AT THE DISCRETION OF THE AVP OF INTERNAL AUDIT. IN THE EVENT THAT A CONFLICT OR POSSIBLE CONFLICT OF INTEREST EXISTS, BOARD MEETING MINUTES WILL REFLECT PROCEEDINGS RELATED TO THE CONFLICT, AND THE BOARD WILL DIRECT THAT IT BE RESOLVED. ANYONE INVOLVED IN A CONFLICT OF INTEREST MAY NOT VOTE ON OR DISCUSS THE PARTICULAR TRANSACTION IN WHICH HE OR SHE HAS AN INTEREST. TERMINATION OR SUSPENSION OF DUTIES MAY BE RECOMMENDED IN CERTAIN CASES IF THE CONFLICT OF INTEREST IS NOT RESOLVED. FORM 990, PART VI, SECTION B, LINE 15 FOR VP LEVEL EMPLOYEES, THE PRESIDENT/CEO CONTROLS DECISIONS WITH THE BOARD BEING INFORMED OF THE DECISION BUT NOT FORMALLY INVOLVED. THE CEO USES EXTERNAL SOURCES FOR VP SALARY MARKET DATA. THE CEO REVIEWS THIS DATA AND SETS VP MARKET SALARIES IN CONJUNCTION WITH THE SVP OF HR. ANNUALLY THE BOARD MEETS WITH A CREDIT UNION INDUSTRY CONSULTANT TO REVIEW THE CEO COMPENSATION PLAN. CEO COMPARISON DATA, ALONG WITH PERFORMANCE, IS USED TO DETERMINE SALARY. THE DETAILS OF THIS MEETING ARE DOCUMENTED IN BOARD MINUTES. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART IX, LINE 11G PROFESSIONAL SERVICES 7,785,492. CUSO SERVICES 24,411,558. FORM 990, PART XI, LINE 9: UNREALIZED GAIN/LOSS -85,525,287. MTM HEDGE GAIN -199,801. OTHER COMPREHENSIVE INCOME ADJUSTMENT 4,121,360. SECU TITLE SERVICES LLC 971 CORPORATE BLVD LINTHICUM MD 210902337 463163747 TITLE SERVICES MD 286156 260416 STATE EMPLOYEES CREDIT UNION OF MARYLAND INC SECU MD FOUNDATION INC 971 CORPORATE BLVD LINTHICUM MD 210902337 821896987 SCHOLARSHIPS MD 501(C)(3) LINE 10 STATE EMPLOYEES CREDIT UNION OF MARYLAND INC 1 SECURITY FINANCIAL GROUP INC 971 CORPORATE BLVD LINTHICUM MD 210902337 521804772 INSURANCE SALES MD STATE EMPLOYEES CREDIT UNION OF MARYLAND INC C 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 1 0 0 SECU MD FOUNDATION B 1220000 CASH VALUE SECU MD FOUNDATION Q 86693 CASH VALUE