2023-10-06T15:49:24-05:00 2022-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2022-01-01 050197075 COASTAL1 CREDIT UNION COAS 4017222212 1200 CENTRAL AVENUE PAWTUCKET RI 02861 BRIAN AZAR PRESIDENT/CEO 4017222212 2023-10-05 1 BRIAN AZAR 000008309 0 HARRY A KALAJIAN JR CPA P00464296 6174399700 2023-10-06 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z BRIAN AZAR 1200 CENTRAL AVENUE PAWTUCKET RI 02861 111662784 0 X WWW.COASTAL1.ORG X 1928 RI COASTAL1 CREDIT UNION IS ORGANIZED FOR THE BENEFIT OF ITS MEMBERS. THE CREDIT UNION IS COMMITTED TO SERVING THE FINANCIAL NEEDS OF ITS MEMBERS. 11 0 371 0 359813 87543 0 0 77988021 88021324 3298362 5132208 10639233 12403668 91925616 105557200 100000 193799 0 0 24652090 28324650 0 0 0 31936553 45316607 56688643 73835056 35236973 31722144 2840412596 3132689831 2551068675 2826020503 289343921 306669328 COASTAL1 CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION ORGANIZED AS A CREDIT UNION FOR THE BENEFIT OF ITS MEMBERS. THE CREDIT UNION IS COMMITTED TO SERVING THE FINANCIAL NEEDS OF ITS MEMBERS TO HELP THEM ATTAIN THEIR FINANCIAL GOALS. 0 0 THE CREDIT UNION IS DEDICATED TO SERVING ITS MEMBERS. THE CREDIT UNION HAD LOANS TOTALING $2,747,874,017 DUE FROM MEMBERS AND MEMBER DEPOSIT ACCOUNTS TOTALING $2,382,562,691 AT DECEMBER 31, 2022. IN ADDITION, SAFE DEPOSIT FEES OF $118,253 WERE RECEIVED FROM MEMBERS FOR RENTALS IN 2022. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 1 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 48564 0 1 371 1 1 1 0 0 0 0 0 0 0 X 11 0 0 0 1 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X VALERIE J PIMENTA 4017294010 1200 CENTRAL AVENUE PAWTUCKET RI 02861 DR FRANK P CASARELLA DIRECTOR 5.00 X 24750 0 0 JOHN B RICHER JR TREASURER 7.00 X X 52250 0 0 KARL A KOZAK DIRECTOR 5.00 X 24750 0 0 KEVIN TRACEY DIRECTOR 5.00 X 31320 0 0 LAWRENCE J MONASTESSE DIRECTOR 5.00 X 24750 0 0 LINDA C MOFFAT DIRECTOR 5.00 X 24750 0 0 LYNN AM WEINSTEIN VICE CHAIRMAN 7.00 X X 54750 0 0 MARIO CARLUCCI DIRECTOR 5.00 X 24750 0 0 PAUL F LEFEBVRE SECRETARY 7.00 X X 52250 0 0 RICHARD H LECLERC DIRECTOR 5.00 X 24750 0 0 RONALD W LECLAIR CHAIRMAN 12.00 X X 75750 0 0 BRIAN AZAR PRESIDENT/CEO 40.00 X 611333 0 39551 VALERIE J PIMENTA EVP/CFO 40.00 X 356242 0 33992 DONNA GREGSON EVP RETAIL 40.00 X 306519 0 44154 TIMOTHY M JERMAIN EVP/COO 40.00 X 486985 0 43953 COLLEEN MOONEY MORTGAGE ORIGINATOR 40.00 X 343326 0 28733 KEVIN FARRELL SVP/COMMERCIAL LENDING 40.00 X 294008 0 44679 MARK MCLAUGHLIN VP/MORTGAGE ORIGINATION 40.00 X 403774 0 42829 PATRICIA WEBB SVP/RESIDENTAL & RETAIL LE 40.00 X 303386 0 40397 ROBERT GOTTI SVP BUSINESS DEVELOPMENT 40.00 X 302035 0 45132 3822428 0 363420 51 0 1 0 KEVIN P LEARY DBA KEVINLEARYNET LLC 25 HIGH ST MEDFIELD MA 02052 WEB DESIGN 125551 1 REAL ESTATE LOAN 522100 57879641 57879641 VEHICLE & BOAT LOANS 522100 24345868 24345868 EQUITY LINE INCOME 522100 3725730 3725730 2ND MTG LOAN INC 522100 1268869 1268869 CONSUMER LOAN INC 522100 801216 801216 88021324 5078874 5078874 3893 3010 883 883 883 6155908 6102574 53334 53334 53334 DEPOSIT ACCOUNT FEES 522100 4768711 4768711 OTHER FEES 522100 4151502 4008102 143400 OTHER REVENUE 522100 2467838 2252308 215530 1014734 1014734 12402785 105557200 100065179 359813 5132208 163799 30000 2175899 18631675 1578415 4155825 1782836 154703 133650 1828094 2389175 3346624 5715745 3213574 319464 19501657 2259403 196193 FEDERAL INCOME TAX 25641 PROVISION FOR LOAN LOSS 2804985 DEPOSIT TAX 1495558 LOAN & OREO EXPENSE 841861 1090280 73835056 131965685 86920599 713381 1226001 21438293 26368449 2381104123 2710444920 1759330 2400881 61304063 32581360 27688996 28722703 240419416 232903827 35323372 43702451 2840412596 3132689831 8333008 14510984 6907856 7065305 2535827811 2804444214 2551068675 2826020503 X 0 0 0 0 289343921 306669328 289343921 306669328 2840412596 3132689831 31722144 -14396737 0 X X 0 1 X 1 0 0 1 X 8914051 8914051 22311810 11566040 10745770 829921 403452 426469 20803825 16704973 4098852 8444456 3906895 4537561 28722703 SHARE ACCOUNTS 497917455 MONEY MARKET ACCOUNTS 410182620 TREASURY TRACKER 1427144 SHARE DRAFTS 161046960 CLUBS 980799 CERTIFICATES OF DEPOSIT 964269911 RETIREMENT ACCOUNTS 127652956 FEDERAL HOME LN BANK BORROWING 421881523 INTEREST BEARING CHECKING 217072966 OTHER DEPOSITS 2011880 2804444214 105560210 0 105560210 -3010 -3010 105557200 73838066 3010 3010 73835056 0 73835056 PART IV, LINE 2B: THE CREDIT UNION HOLDS IN ESCROW FUNDS TO PAY INSURANCE AND TAXES FOR ITS MEMBERS. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASS RENT EXPENSE -3,010. PART XII, LINE 2D - OTHER ADJUSTMENTS: RECLASS RENT EXPENSE 3,010. 1 PAWTUCKET CENTRAL FALLS DEVELOPMENT 204 BROAD STREET PAWTUCKET RI 02860 223241611 501(C)(3) 20000 0 CHARITABLE CONTRIBUTIONS SAINT RAPHAEL ACADEMY 123 WALCOTT STREET PAWTUCKET RI 02860 050259066 501(C)(3) 10000 0 CHARITABLE CONTRIBUTIONS UNITED WAY OF RI 50 VALLEY STREET PROVIDENCE RI 02909 050276059 501(C)(3) 7500 0 CHARITABLE CONTRIBUTIONS JOE ANDRUZZI FOUNDATION 49 PLAIN STREET SUITE 500 NORTH ATTLEBORO MA 02760 262017043 501(C)(3) 10000 0 CHARITABLE CONTRIBUTIONS LOCAL INITIATIVES SUPPORT CORPORATION 146 CLIFFORD STREET PROVIDENCE RI 02903 133030229 501(C)(3) 10000 0 CHARITABLE CONTRIBUTIONS YMCA OF PAWTUCKET 8 SUMMER STREET PAWTUCKET RI 02860 050259114 501(C)(3) 8500 0 CHARITABLE CONTRIBUTIONS 6 SCHOLARSHIPS 15 30000 PART I, LINE 2: SCHOLARSHIP CANDIDATES SUBMIT AN APPLICATION AND ESSAY TO THE CREDIT UNION. THE SCHOLARSHIP COMMITTEE, A GROUP OF SIX OFFICERS, REVIEWS EACH SUBMISSION AND BASED ON THE REVIEW, SELECTS A SET OF RECIPIENTS. X 0 1 X X X X 0 0 0 BRIAN AZAR PRESIDENT/CEO 525245 0 71250 0 14838 0 17599 0 21952 0 650884 0 0 0 TIMOTHY M JERMAIN EVP/COO 370173 0 98599 0 18213 0 21688 0 22265 0 530938 0 0 0 MARK MCLAUGHLIN VP/MORTGAGE ORIGINATION 26225 0 376409 0 1140 0 21766 0 21063 0 446603 0 0 0 VALERIE J PIMENTA EVP/CFO 274819 0 73277 0 8146 0 24370 0 9622 0 390234 0 0 0 COLLEEN MOONEY MORTGAGE ORIGINATOR 0 0 341872 0 1454 0 19303 0 9430 0 372059 0 0 0 DONNA GREGSON EVP RETAIL 234679 0 63187 0 8653 0 22196 0 21958 0 350673 0 0 0 ROBERT GOTTI SVP BUSINESS DEVELOPMENT 243907 0 54162 0 3966 0 22858 0 22274 0 347167 0 0 0 PATRICIA WEBB SVP/RESIDENTAL & RETAIL LE 247601 0 54267 0 1518 0 22588 0 17809 0 343783 0 0 0 KEVIN FARRELL SVP/COMMERCIAL LENDING 259085 0 32085 0 2838 0 22760 0 21919 0 338687 0 0 0 PART I, LINE 1B AS PART OF THE CURRENT CEO'S EMPLOYMENT AGREEMENT, THE CREDIT UNION HAS AGREED TO PAY THE DUES FOR A PERSONAL COUNTRY CLUB MEMBERSHIP. PAUL CAPPELLO EMPLOYEE SPLIT DOLLAR LOAN X 2253075 3202942 0 1 1 TIMOTHY JERMAIN EMPLOYEE SPLIT DOLLAR LOAN X 3450316 4418287 0 1 1 DONNA GREGSON EMPLOYEE SPLIT DOLLAR LOAN X 3460000 3786305 0 1 1 VALERIE PIMENTA EMPLOYEE SPLIT DOLLAR LOAN X 3175000 3474428 0 1 1 GEORGE CHARETTE EMPLOYEE SPLIT DOLLAR LOAN X 5975884 6770713 0 1 1 BRIAN AZAR EMPLOYEE SPLIT DOLLAR LOAN X 4585000 4715774 0 1 1 26368449 SCHEDULE L PART II SOME OF THE OFFICERS AND DIRECTORS HAVE LOANS OUTSTANDING FROM THECREDIT UNION. THESE LOANS WERE OBTAINED IN THE ORDINARY COURSE OFBUSINESS OF THE CREDIT UNION ON THE SAME TERMS AVAILABLE TO ALLMEMBERS. BASED ON THE SCHEDULE L INSTRUCTIONS, THESE LOANS ARE NOTDISCLOSED. FORM 990, PART VI, SECTION A, LINE 4 IN 2022, THE CREDIT UNION MODIFIED ITS BY LAWS TO ADD A BINDING ARBITIRATION AND JURY CLASS ACTION WAIVER AND TO CLARIFY THE TERM OF A DIRECTOR AND A COMMITTEE MEMBER THAT REACHES THE AGE LIMIT OF 75 DURING HIS OR HER APPOINTED TERM. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION IS A MEMBER-ONLY FINANCIAL INSTITUTION. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS VOTE FOR THE BOARD OF DIRECTORS AT THE ANNUAL MEETING. THE MEMBERS ALSO VOTE ON ALL BUSINESS THAT IS PRESENTED AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS VOTE FOR THE BOARD OF DIRECTORS AT THE ANNUAL MEETING. THE MEMBERS ALSO VOTE ON ALL BUSINESS THAT IS PRESENTED AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS MADE AVAILABLE TO ALL BOARD MEMBERS FOR REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C EACH MEMBER OF THE BOARD OF DIRECTORS REVIEWS AND SIGNS THE BOARD GOVERNANCE/ETHICS POLICY IN APRIL OF EACH YEAR. THIS POLICY INCLUDES CONFLICTS OF INTEREST AND REQUIRES NOTIFICATION TO THE FULL BOARD OF ANY ACTUAL OR PERCEIVED CONFLICT OF INTEREST AND FURTHER REQUIRES SUCH BOARD MEMBER TO ABSENT HIM OR HERSELF FROM ANY DELIBERATION OR VOTE ON ALL RELATED MATTERS. FORM 990, PART VI, SECTION B, LINE 15 A CEO EVALUATION COMMITTEE, COMPRISED SOLELY OF MEMBERS OF THE BOARD OF DIRECTORS, MEETS A NUMBER OF TIMES EACH YEAR TO DETERMINE THE COMPENSATION STRUCTURE FOR THE CEO. PERFORMANCE OF THE CREDIT UNION RELATIVE TO STRATEGIC PLAN INITIATIVES IS REVIEWED. FINANCIAL PERFORMANCE COMPARED TO THE FINANCIAL GOALS SET FOR THE PERIOD AS WELL AS HOW THE CREDIT UNION COMPARES TO PEER GROUPS IS ALSO REVIEWED TO DETERMINE OVERALL FINANCIAL PERFORMANCE. SALARY DATA FROM INDEPENDENT CONSULTANTS FOR FINANCIAL INSTITUTIONS OF COMPARABLE SIZE IS USED BY THE COMMITTEE TO HELP DETERMINE CHANGES IN COMPENSATION. A WRITTEN REPORT OF THE ANNUAL REVIEW PROCESS AND RECOMMENDATIONS IS PREPARED BY THE CEO EVALUATION COMMITTEE AND SUBMITTED TO THE BOARD OF DIRECTORS. CHANGES TO THE CEO'S COMPENSATION AND BENEFITS PACKAGE ARE APPROVED BY THE BOARD OF DIRECTORS. SALARY CHANGES FOR OFFICERS ARE CONSIDERED BASED ON WRITTEN ANNUAL PERFORMANCE APPRAISALS REQUIRED BY EACH DEPARTMENT HEAD. SALARY DATA FROM INDEPENDENT CONSULTANTS IS ALSO USED TO DETERMINE APPROPRIATE COMPENSATION LEVELS FOR THE OFFICERS. THE CEO PREPARES WRITTEN APPRAISALS ON ALL EXECUTIVE OFFICERS. COMPENSATION RECOMMENDATIONS FOR ALL OFFICERS ARE PRESENTED BY THE CEO TO THE BOARD OF DIRECTORS FOR THEIR REVIEW. CHANGES IN COMPENSATION FOR ALL OFFICERS ARE APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 COPIES OF DOCUMENTS NOTED UNDER THIS ITEM ARE AVAILABLE TO THE PUBLIC UPON REQUEST. THE BALANCE SHEET OF THE CREDIT UNION IS POSTED IN EACH BRANCH MONTHLY AND UNAUDITED FINANCIAL STATEMENTS (YEAR-END BALANCE SHEET AND INCOME STATEMENT) ARE INCLUDED IN THE ANNUAL REPORT PROVIDED TO MEMBERS AT THE ANNUAL MEETING IN APRIL OF EACH YEAR. FORM 990, PART XII LINE 2C - AUDIT OVERSIGHT THE SUPERVISORY COMMITTEE RETAINS THE AUDIT FIRM AND OVERSEES THE AUDIT OF THE FINANCIAL STATEMENTS EACH YEAR. THE AUDITED FINANCIAL STATEMENTS AND MANAGEMENT LETTER ARE REVIEWED BY THAT COMMITTEE AS WELL AS WITH THE FULL BOARD.