2023-11-15T12:25:33-06:00 2022-12-31 381357951 PLANTE & MORAN PLLC 750 TRADE CENTRE WAY STE 300 PORTAGE MI 49002 990 2022-01-01 381231023 HONOR CREDIT UNION HONO 2699836357 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 SCOTT MCFARLAND CEO 2699836357 2023-11-14 1 SCOTT MCFARLAND 999009999 1 KENLEY PENNER CPA P00740260 2695674500 2023-11-14 0 AAL1 IAL1 2022 2023-04-26 12:10:37Z SCOTT MCFARLAND 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 124728979 0 X WWW.HONORCU.COM X 1934 MI TO PROVIDE FINANCIAL SERVICES TO RESIDENTS OF THE STATE OF MICHIGAN. 10 10 513 10 408707 3428 0 0 75750451 86359390 6045993 3764648 157038 409532 81953482 90533570 0 0 0 0 29815668 32321427 0 0 0 30965542 38834102 60781210 71155529 21172272 19378041 1437451566 1585559927 1285589145 1442962820 151862421 142597107 PROVIDING SOLUTIONS FOR FINANCIAL SUCCESS. 0 0 SERVED 107,871 MEMBERS BY OFFERING LOANS, DEPOSITS AND VARIOUS OTHER FINANCIAL SOLUTIONS TO ENSURE FINANCIAL SUCCESS TO OUR MEMBERSHIP. 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 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 24370 0 1 513 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X SCOTT MCFARLAND 2699836357 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 SCOTT MCFARLAND CHIEF EXECUTIVE OFFICER 40.00 0.00 X 656695 0 52870 HEATHER LUCIANI CHIEF STRATEGY OFFICER 40.00 0.00 X 196604 0 3336 RONALD LAUREN PRESIDENT OF HONOR HOLDINGS - PART YEAR 40.00 0.00 X 162498 0 370286 MATTHEW NORDBERG MORTGAGE LOAN OFFICER 40.00 0.00 X 494079 0 40624 AUSTIN WEBER SR. COMMERCIAL LOAN OFFICER 40.00 0.00 X 375265 0 35969 NITA RICH MORTGAGE LOAN OFFICER 40.00 0.00 X 295176 0 37677 AMANDA CRAIG CHIEF EXPERIENCE OFFICER - PART YEAR 40.00 0.00 X 332019 0 60726 KENT FIGY CHIEF LENDING OFFICER 40.00 0.00 X 251873 0 38884 TONY MANDARINO VP OF BUSINESS SERVICES 40.00 0.00 X 205394 0 21297 KATHERINE BERRY CHIEF PEOPLE OFFICER 40.00 0.00 X 249267 0 27952 MEGAN HENDRIX CHIEF OPERATIONS OFFICER 40.00 0.00 X 249340 0 39167 BRIAN BROWN CHAIR 2.00 0.00 X X 0 0 0 MIMI ELWELL VICE CHAIR 2.00 0.00 X X 0 0 0 RON GRIESINGER TREASURER 2.00 0.00 X 0 0 0 RICHARD ATWELL SECRETARY 2.00 0.00 X 0 0 0 PAIGE EAGON ASSOCIATE DIRECTOR 2.00 0.00 X 0 0 0 CARRIE MUESSIG ASSOCIATE DIRECTOR 2.00 0.00 X 0 0 0 LARRY OLSON BOARD MEMBER EMERITUS 2.00 0.00 X 0 0 0 RANDY O'NEIL DIRECTOR 2.00 0.00 X 0 0 0 STEPHEN SMITH DIRECTOR 2.00 0.00 X 0 0 0 GREG VAUGHN DIRECTOR 2.00 0.00 X 0 0 0 3468210 0 728788 37 0 1 0 INNOVATIVE CARD SERVICES 358 S ELKHART AVE SUITE 300 ELKHART IN 46516 PREPAID CARD SERVICES 6219800 CU ANSWERS 6000 28TH STREET SE GRAND RAPIDS MI 49546 PROGRAMMING, TECHNICAL/CLIENT SUPPORT 1789779 WORLDPAY HOLDING LLC 8500 GOVERNORS HILL DR SYMMES TOWNSHIP OH 452491384 ELECTRONIC PAYMENT PROCESSING 1206361 CRESSY COMMERCIAL REAL ESTATE 4100 EDISON LAKES PARKWAY SUITE 350 MISHAWAKA IN 46545 REAL ESTATE 900131 CDW DIRECT PO BOX 75723 CHICAGO IL 606755723 IT SOLUTIONS 732505 43 LOAN INTEREST INCOME 522100 54420975 54420975 FEES AND CHARGES 522100 29276395 29142848 133547 MORTGAGE PRODUCTION FEES 522100 1433092 1433092 SALES OF MORTGAGES 522100 1228928 1228928 86359390 5228329 5228329 134372 0 134372 134372 134372 32731728 34195409 -1463681 -1463681 -1463681 COMMISSIONS 522100 275160 275160 275160 90533570 86225843 408707 3899020 909504 21358627 271727 7906654 1874915 351564 237107 169401 346865 3152617 1510594 2204141 2228287 298906 469783 887534 2939121 448804 CREDIT AND DEBIT CARD F 6423507 PROVISION FOR LOAN LOSS 4844528 INTEREST PAID ON MEMBER 4060278 LOAN SERVICING 2360994 5900071 71155529 19554348 17890281 130879907 22553193 71456 46792 903467832 1213033033 1120983 1630950 68582786 19974082 42509063 48608704 2057212 1965679 303149698 241640362 346075 34641067 37844858 1437451566 1585559927 12434827 13085755 1745642 2520986 8000000 85000000 1263408676 1342356079 1285589145 1442962820 X 0 0 0 0 151862421 142597107 151862421 142597107 1437451566 1585559927 19378041 -28643355 0 X X 0 1 X 1 0 0 1 X 8829476 8829476 37720240 7708121 30012119 17621553 12265961 5355592 4411517 4411517 48608704 U.S. GOVERNMENT AND FEDERAL AGENCY SECURITIES 58209095 F MORTGAGE-BACKED SECURITIES 73947081 F NEGOTIABLE CERTIFICATES OF DEPOSIT 1612383 F STATE AND MUNICIPAL BONDS 60160213 F COLLATERALIZED MORTGAGE OBLIGATIONS 15293524 F CORPORATE BONDS 22550201 F PREFERRED STOCK 9867865 F 241640362 MEMBERS' SHARES AND SAVINGS 1339130079 NON MEMBER DEPOSITS 3226000 1342356079 X 61890215 -28643355 -28643355 90533570 0 90533570 71155529 0 71155529 0 71155529 PART IV, LINE 2B: THE CREDIT UNION HOLDS AMOUNTS IN ESCROW ACCOUNTS FOR REAL ESTATE TAXES AND HOME INSURANCE RELATED TO HOME MORTGAGE LOANS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL AND STATE INCOME TAXES. HOWEVER, THE CREDIT UNION MAY BE SUBJECT TO UNRELATED BUSINESS INCOME TAX. THE NET UNRELATED BUSINESS INCOME TAX IS IMMATERIAL TO THE FINANCIAL STATEMENTS AS A WHOLE. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE CREDIT UNION AND RECOGNIZE A TAX LIABILITY IF THE CREDIT UNION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS OR OTHER APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE CREDIT UNION AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2022 AND 2021, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE CREDIT UNION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. X 1 1 0 SCOTT MCFARLAND CHIEF EXECUTIVE OFFICER 499974 0 121012 0 35709 0 37152 0 15718 0 709565 0 0 0 HEATHER LUCIANI CHIEF STRATEGY OFFICER 189231 0 1383 0 5990 0 0 0 3336 0 199940 0 0 0 RONALD LAUREN PRESIDENT OF HONOR HOLDINGS - PART Y 57430 0 27783 0 77285 0 365485 0 4801 0 532784 0 0 0 MATTHEW NORDBERG MORTGAGE LOAN OFFICER 10000 0 4401 0 479678 0 29650 0 10974 0 534703 0 0 0 AUSTIN WEBER SR. COMMERCIAL LOAN OFFICER 50000 0 81401 0 243864 0 29300 0 6669 0 411234 0 0 0 NITA RICH MORTGAGE LOAN OFFICER 13538 0 29401 0 252237 0 22781 0 14896 0 332853 0 0 0 AMANDA CRAIG CHIEF EXPERIENCE OFFICER - PART YEAR 155688 0 41904 0 134427 0 53627 0 7099 0 392745 0 0 0 KENT FIGY CHIEF LENDING OFFICER 211967 0 38586 0 1320 0 23293 0 15591 0 290757 0 0 0 TONY MANDARINO VP OF BUSINESS SERVICES 169125 0 34949 0 1320 0 5007 0 16290 0 226691 0 0 0 KATHERINE BERRY CHIEF PEOPLE OFFICER 211050 0 36897 0 1320 0 23488 0 4464 0 277219 0 0 0 MEGAN HENDRIX CHIEF OPERATIONS OFFICER 214306 0 33714 0 1320 0 23574 0 15593 0 288507 0 0 0 PART I, LINE 3 COMPENSATION FOR THE CEO, OTHER OFFICERS, AND KEY EMPLOYEES IS APPROVED BY BOTH HUMAN RESOURCES AND THE BOARD OF DIRECTORS. PART I, LINES 4A-B THE CREDIT UNION EXECUTIVIES PARTICIPATE IN A 457F PLAN. THE FOLLOWING INDIVIDUALS LISTED ON FORM 990, PART VII, SECTION A PARTICIPATED IN THE PLAN DURING THE YEAR. SCOTT MCFARLAND AMANDA CRAIG KENT FIGY KATHERINE BERRY MEGAN HENDRIX RONALD LAUREN FORM 990, PART VI, SECTION A, LINE 6 EVERY INDIVIDUAL THAT HAS AN ACCOUNT WITH THE CREDIT UNION IS CONSIDERED A MEMBER OF THE CREDIT UNION. THE CREDIT UNION CURRENTLY HAS 107,871 MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CREDIT UNION ARE RESPONSIBLE FOR ELECTING THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS OF THE CREDIT UNION MUST APPROVE A MERGER INTO ANOTHER CREDIT UNION. ALL OTHER DECISIONS ARE MADE BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B BEFORE THE 990 WAS FILED, AN ELECTRONIC COPY OF THE DRAFT WAS SENT TO THE BOARD OF DIRECTORS AND VP OF FINANCE, VIA EMAIL, FOR THEIR REVIEW. ALL OF THE BOARD MEMBERS WERE GIVEN THE OPPORTUNITY TO CONTACT THE CREDIT UNION'S MANAGEMENT WITH ANY QUESTIONS OR CONCERNS THEY HAD REGARDING THE FORM 990 RETURN. FORM 990, PART VI, SECTION B, LINE 12C AUDIT LINK IS A SERVICE WE USE TO MONITOR ALL EMPLOYEE AND BOARD MEMBER ACCOUNTS. ACCOUNTS ARE MONITORED WEEKLY BY AUDIT LINK AND A REPORT IS SENT TO HUMAN RESOURCES WITH THE FINDINGS, HUMAN RESOURCES DOES A REVIEW OF ACCOUNTS AND INVESTIGATES IF NEEDED. COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY IS MONITORED THROUGH DISCUSSIONS AT THE BOARD LEVEL. IF A CONFLICT ARISES THE AFFECTED BOARD MEMBER WILL ABSTAIN FROM VOTING. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS IS AWARE OF THE USE OF THE COMP EASE SOFTWARE FOR ASSISTING WITH COMPENSATION FOR ALL EMPLOYEES. COMPENSATION FOR THE CEO, OTHER OFFICERS, AND KEY EMPLOYEES IS APPROVED BY BOTH HUMAN RESOURCES AND THE CEO OR THE BOARD OF DIRECTORS. THIS PROCESS WAS LAST COMPLETED DURING 2022. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C: THE BOARD OF DIRECTORS HAS ESTABLISHED THE SUPERVISORY COMMITTEE WHICH IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT REVIEW AND THE SELECTION OF AN INDEPENDENT AUDITOR. THE SUPERVISORY COMMITTEE APPROVES AN INDEPENDENT AUDITOR EACH YEAR AND MEETS TO REVIEW THE INDEPENDENT AUDITOR'S REPORT AFTER THE AUDIT IS COMPLETE. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. HONOR HOLDINGS LLC 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 822840727 HOLDING COMPANY MI -71356 1120534 HONOR CREDIT UNION HONOR INSURANCE AGENCY LLC 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 824205020 INSURANCE BROKERAGE SERVICES MI 22566 104454 HONOR HOLDINGS LLC REDBUD INSURANCE SERVICES LLC 110 MAIN BUCHANAN MI 49107 383402291 INSURANCE BROKERAGE SERVICES MI 252594 358166 HONOR HOLDINGS LLC REDBUD PROPERTIES LLC 8385 EDGEWOOD DRIVE BERRIEN SPRINGS MI 49103 822840727 HOLDING COMPANY MI 0 189246 HONOR HOLDINGS LLC