2024-11-14T15:33:27-06:00 2023-12-31 382492570 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2023-01-01 750225045 CREDIT UNION OF TEXAS CRED 9722639497 900 W BETHANY DRIVE 500 ALLEN TX 75013 KERRY WHITSON CHIEF FINANCIAL OFFICER 9722639497 2024-11-14 1 0 JOHN J MURNANE JR P03021572 3052328272 2024-11-14 2023 2024-10-15 13:58:12Z VANCE E POINTER 900 W BETHANY DRIVE 500 ALLEN TX 75013 195722344 0 2742 X WWW.CUTX.ORG X 1931 TX WE PROVIDE VARIOUS FINANCIAL PRODUCTS INCLUDING CONSUMER AND COMMERCIAL LOANS, LEASES, AND REAL ESTATE LOANS. SAVINGS PRODUCTS INCLUDE SHARES, SHARE DRAFTS, MONEY MARKET ACCOUNTS, CDS AND IRAS. 11 11 749 11 75546 0 0 0 128899423 165253009 949968 8012925 6703734 14327177 136553125 187593111 440647 521833 1251716 1427915 46200382 49914995 0 0 0 70365726 125163727 118258471 177028470 18294654 10564641 2425361703 2510763982 2245930917 2336690186 179430786 174073796 TO BE THE TRUSTED FINANCIAL PARTNER FOR OUR MEMBERS AND OUR COMMUNITY. WE STRIVE TO IDENTIFY OUR MEMBERS' NEEDS AND OFFER PROGRESSIVE SOLUTIONS BY OFFERING COMPETITIVE PRODUCTS AND PRICES TO ALLOW MEMBERS TO REACH THEIR GOALS. 0 0 CONSUMER AND COMMERCIAL LOANS AND LEASES: CREDIT UNION OF TEXAS OFFERS VARIOUS CONSUMER LOAN PRODUCTS TO OUR MEMBERS. THESE ARE CLOSED-END LOANS THAT INCLUDE NEW AND USED AUTOMOBILES, MOTORCYCLES, BOATS AND RECREATIONAL VEHICLES AND MOTOR HOMES AS WELL AS UNSECURED LOANS AND CREDIT CARDS, AND AUTOMOBILE LEASES. VARIOUS INSURANCE PROGRAMS ARE ALSO OFFERED ON THESE PRODUCTS. CERTIFICATES OF DEPOSITS (CDS) AND INDIVIDUAL RETIREMENT ACCOUNT CERTIFICATES (IRAS): CREDIT UNION OF TEXAS OFFERS CDS AND IRAS FOR OUR MEMBERS TO INVEST IN BOTH SHORT AND LONG TERM INVESTMENT VEHICLES AT A GUARANTEED RATE OF RETURN. INTEREST RATES ARE TYPICALLY COMPETITIVE, COMPOUNDED, AND CREDITED MONTHLY. SHARE ACCOUNTS: CREDIT UNION OF TEXAS HAS A MINIMUM $5.00 SHARE ACCOUNT BALANCE REQUIREMENT AND A ONE TIME $10.00 MEMBERSHIP FEE. MEMBER SHARE ACCOUNTS MAY PAY A MONTHLY DIVIDEND. THESE "SAVINGS" ACCOUNTS ARE PAID A COMPETITIVE RATE TO BENEFIT OUR MEMBERS. CREDIT UNION OF TEXAS HAD APPROXIMATELY 166,000 MEMBERS AS OF DECEMBER 31, 2023. SPECIAL SHARE ACCOUNTS ARE AVAILABLE FOR CHILDREN, SPECIAL OCCASIONS, AND HOLIDAY SAVINGS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 32121 0 1 749 1 1 1 0 0 0 0 0 1 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 0 1 0 0 1 1 1 1 0 X KERRY WHITSON 9723011841 900 W BETHANY DRIVE STE 500 ALLEN TX 75013 JANIE WORST CHAIRPERSON 1.00 X 58955 0 0 TROY A MATHIEU BOD VICE CHAIRPERSON 1.00 X 52641 0 0 RAFAEL C DIAZ BOD TREASURER 1.00 X 58851 0 0 MARELOU M CISNEROS BOD SECRETARY 1.00 X 52207 0 0 ADRIAN WILLIAMS BOD MEMBER 1.00 X 51478 0 0 ANTHONY U BARBER BOD MEMBER 1.00 X 53928 0 0 BRIAN HARVEY BOD MEMBER 1.00 X 0 0 0 CHRIS L WHITE BOD MEMBER 1.00 X 54278 0 0 JERRY D CHRISTIAN BOD MEMBER 1.00 X 52878 0 0 RANDALL CHADDICK BOD MEMBER 1.00 X 51128 0 0 LISA WELLBORN BOD MEMBER 1.00 X 42354 0 0 VANCE E POINTER PRESIDENT AND CEO 40.00 X 2095068 0 437280 KERRY J WHITSON CHIEF FINANCIAL OFFICER 40.00 X 418769 0 132404 ANGELA M FAUST SVP CHIEF OPERATIONS OFFIC 40.00 X 459520 0 131556 COURTNEY L COSS CHIEF RETAIL OFFICER 40.00 X 387053 0 162005 EDWIN F ARMY CHIEF MARKETING/ENGAGEMENT 40.00 X 361415 0 137420 MICHAEL VINING CHIEF INFORMATION OFFICER 40.00 X 290696 0 156250 ROCKY A MUNIZ-GONZALEZ CHIEF INVESTMENT OFFICER 40.00 X 324306 0 26622 JAMES W POST CHIEF FACILITIES OFFICER 40.00 X 539337 0 82451 BARRY R SMITH PRESIDENT EASTERN TEXAS 40.00 X 307512 0 50028 ADRIAN MELENDEZ CHIEF TECHNOLOGY OFFICER 40.00 X 250578 0 131966 BLAKE RICHARDSON EXECUTIVE VP 40.00 X 1441463 0 3462 CHRISTOPHER D MURPHY CHIEF RISK OFFICER 40.00 X 269597 0 24702 CARRIE B HOAGENSON VP CONSUMER LENDING 40.00 X 327700 0 36675 REVANTH REDDY BAIRI HEAD OF DIGITAL DATA ANALYTIC 40.00 X 229981 0 22062 RICHARD B WHITMAN PRESIDENT TEXAS MORTGAGE L 40.00 X 250542 0 7880 BILL BEAUCHENE MANAGER SALESFORCE 40.00 X 227731 0 38394 8709966 0 1581157 111 0 1 0 HAMILTON VAULTRONICS 1050 N GROVE RD RICHARDSON TX 75081 ATM / ITM SERVICES 1733707 MNET LLC 540 W FRONTAGE ROAD SUITE 2115 NORTHFIELD IL 60093 PHONE SERVICE 769101 GATEWAY PARTNERS LLC 12740 HILLCREST RD SUITE 101 DALLAS TX 75230 LEASE PROPERTY-RENT 732148 LENDMARK TITLE AGENCY LLC 8751 COLLIN MCKINNEY PARKWAY SUITE MCKINNEY TX 75070 TITLE SERVICES 607877 ASHLEY CAVAZOS (COZY COFFEE WAGON LLC) 415 ROLLING RIDGE RD HOLLY LAKE RANCH TX 75765 FOOD SERVICE 508731 26 INTEREST ON LOANS 522100 118719403 118719403 MEMBERS FEES & CHARGES 522100 21854427 21854427 ATM/DEBIT INCOME 522100 9764328 9764328 SERVICE REIMBURSEMENT 522100 8832142 8832142 INSURANCE PRODUCTS 524298 6007163 6007163 75546 75546 165253009 1665541 1665541 854909 103101 751808 751808 751808 14373516 8026132 6347384 6347384 6347384 OTHER INCOME 522100 10930304 10930304 OTHER NON-OPERATING INCOME 522100 2645065 2645065 13575369 187593111 187517565 75546 0 X 450493 71340 1427915 8006764 33140743 1351174 3962103 3454211 4500 1144767 162417 1365 13100711 5854965 4890547 11360009 7974278 956434 195900 55257655 7016060 PROVISION FOR LOAN LOSS 9460015 LOAN SERVICING EXPENSE 4512644 MISCELLANEOUS EXPENSE 3218619 DEBIT CARD WRITE OFFS 44174 8667 177028470 13466397 14848312 80629743 68851338 5993802 8964352 2002578173 2078937729 10080746 8984952 105716188 47003900 57866873 58712288 20975295 18448909 128352795 133278006 105417879 119738096 2425361703 2510763982 94133571 91199175 315000000 218000000 24474627 24534297 1812322719 2002956714 2245930917 2336690186 X 0 0 0 0 179430786 174073796 179430786 174073796 2425361703 2510763982 X 10564641 86836 -16008467 X X 0 1 X 1 0 4729902 4729902 24911260 4772505 20138755 26013925 8511376 17502549 50061101 33720019 16341082 58712288 107910776 C FHLB STOCK 18976100 C INVESTMENT IN CORP ONE 900000 C INVESTMENT IN OFFICE 3605000 C INVESTMENT IN PSCU 536130 C INVESTMENT IN TBLG, LLC 100000 C INVESTMENT IN TML 1250000 C 133278006 SHARE DRAFT 66784513 SHARES 855191614 MONEY MARKET 89486618 IRA SHARES 97454983 CERTIFICATES 894038986 2002956714 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. 1 CREDIT UNION OF TEXAS CHARITABLE FOUNDATION 900 W BETHANY DR SUITE 500 ALLEN TX 75013 871159287 501(C)(3) 303784 0 CHARITABLE CONTRIBUTION GOFUNDME IMPACT FUND 235 MONTGOMERY ST STE 1220 DSAN FRANCISCO CA 94104 812279757 501(C)(3) 46350 0 CHARITABLE CONTRIBUTION HUNGER BUSTER 3116 SYLVAN AVENUE DALLAS TX 75212 752911547 501(C)(3) 40000 0 CHARITABLE CONTRIBUTION CHILDRENS ADVOCACY CENTER OF COLLIN COUNTY INC 2205 LOS RIOS BLVD PLANO TX 75074 752389095 501(C)(3) 27800 0 CHARITABLE CONTRIBUTION DFW HUMANE SOCIETY 4140 VALLEY VIEW LN IRVING TX 75038 751433154 501(C)(3) 9320 0 CHARITABLE CONTRIBUTION VICTIMS FIRST 4195 CHINO HILLS PLWY STE 593 CHINO HILLS CA 91709 320656956 501(C)(3) 5751 0 CHARITABLE CONTRIBUTION 6 0 SCHOLARSHIPS 33 71340 FORM 990, SCH I, PART I, LINE 1 DONATIONS TO ORGANIZATIONS ARE CONSIDERED CHARITABLE DONATIONS, NOT GRANTS. THEREFORE, THERE IS NO MONITORING AFTER DISBURSEMENT. A DESIGNATED HUMAN RESOURCES EMPLOYEE OVERSEES THE SCHOLARSHIP PAYMENTS TO THE RESPECTIVE COLLEGE OR UNIVERSITY. THE SELECTION AND AWARD PROCESS IS OVERSEEN BY A SCHOLARSHIP COMMITTEE. THE GUIDELINES ARE ESTABLISHED BY THE COMMITTEE FOR POST GRADUATE EDUCATION SCHOLARSHIP. RECIPIENTS PROVIDE PROOF OF ENROLLMENT AT A COLLEGE OR UNIVERSITY. SINCE PAYMENTS ARE MADE DIRECTLY TO THE COLLEGE OR UNIVERSITY, THERE IS NOT MONITORING BY THE CREDIT UNION SUBSEQUENT TO DISBURSEMENT. X X 1 1 X X X X X 0 1 0 VANCE E POINTER PRESIDENT AND CEO 1542508 0 40000 0 512560 0 406402 0 30878 0 2532348 0 255188 0 BLAKE RICHARDSON EXECUTIVE VP 49330 0 0 0 1392133 0 0 0 3462 0 1444925 0 286507 0 JAMES W POST CHIEF FACILITIES OFFICER 263472 0 0 0 275865 0 46530 0 35921 0 621788 0 241400 0 ANGELA M FAUST SVP CHIEF OPERATIONS OFFIC 315815 0 49155 0 94550 0 109772 0 21784 0 591076 0 66000 0 KERRY J WHITSON CHIEF FINANCIAL OFFICER 293906 0 72993 0 51870 0 118396 0 14008 0 551173 0 0 0 COURTNEY L COSS CHIEF RETAIL OFFICER 311750 0 45237 0 30066 0 162005 0 0 0 549058 0 0 0 EDWIN F ARMY CHIEF MARKETING/ENGAGEMENT 291390 0 44488 0 25537 0 124748 0 12672 0 498835 0 0 0 MICHAEL VINING CHIEF INFORMATION OFFICER 277084 0 0 0 13612 0 121472 0 34778 0 446946 0 0 0 ADRIAN MELENDEZ CHIEF TECHNOLOGY OFFICER 224301 0 3554 0 22723 0 97888 0 34078 0 382544 0 0 0 CARRIE B HOAGENSON VP CONSUMER LENDING 196852 0 111375 0 19473 0 15250 0 21425 0 364375 0 0 0 BARRY R SMITH PRESIDENT EASTERN TEXAS 262302 0 27547 0 17663 0 15250 0 34778 0 357540 0 0 0 ROCKY A MUNIZ-GONZALEZ CHIEF INVESTMENT OFFICER 255065 0 48600 0 20641 0 15250 0 11372 0 350928 0 0 0 CHRISTOPHER D MURPHY CHIEF RISK OFFICER 231886 0 7107 0 30604 0 15250 0 9452 0 294299 0 0 0 BILL BEAUCHENE MANAGER SALESFORCE 211585 0 0 0 16146 0 14427 0 23967 0 266125 0 0 0 RICHARD B WHITMAN PRESIDENT TEXAS MORTGAGE L 235360 0 0 0 15182 0 7490 0 390 0 258422 0 0 0 REVANTH REDDY BAIRI HEAD OF DIGITAL DATA ANALYTIC 202937 0 13063 0 13981 0 12428 0 9634 0 252043 0 0 0 PART I, LINE 4B HIGHLY COMPENSATED EMPLOYEES ARE PROVIDED THE OPPORTUNITY TO PARTICIPATE IN THE COMPANY SPONSORED 457(B) PLAN. ALL FUNDS IN THE 457(B) PLAN ARE FROM VOLUNTARY DEFERRALS AND NO COMPANY FUNDS ARE ADDED OR MATCHED TO THE DEFERRAL. CERTAIN EXECUTIVE EMPLOYEES PARTICIPATE IN A COMPANY SPONSORED 457(F) PLAN PURSUANT TO A WRITTEN PLAN DOCUMENT AND PARTICIPANT AGREEMENT. THE PARTICIPANTS AND THE BENEFIT LIABILITY RECORDED FOR EACH/AMOUNT PAID OUT AS OF/DURING THE YEAR ENDED DECEMBER 31, 2023 IS AS FOLLOWS: PAYOUTS DURING 2023: VANCE E. POINTER: $255,188 (EXE 457(F)) BLAKE T. RICHARDSON: $286,507 (EXE 457(F)) J.W. POST: $241,400 (ESRP) ANGELA M. FAUST: $66,000 (ESRP) ACCRUED DEFERRED COMPENSATION LIABILITY AS OF 12/31/23: VANCE E. POINTER (EXE 457(F)) $1,816,979 J.W. POST (ESRP) $27,099 C. COSS (ESRP) $318,992 A. FAUST (ESRP) $252,641 M. VINING (ESRP) $239,722 K. WHITSON (ESRP) $278,998 A. MELENDEZ (ESRP) $101,530 E. ARMY (ESRP): $110,053 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS HAD A $5.00 SHARE ACCOUNT REQUIREMENT TO JOIN. BOARD OF DIRECTORS VOTED ON BY MEMBERS AS REQUIRED DURING ANNUAL MEETINGS. FORM 990, PART VI, SECTION A, LINE 7B BOARD OF DIRECTORS VOTED ON BY MEMBERS AS REQUIRED DURING ANNUAL MEETINGS. FORM 990, PART VI, SECTION B, LINE 11B THE CFO REVIEWS THE FORM 990 AFTER COMPLETION. FORM 990, PART VI, SECTION B, LINE 15 CEO'S COMPENSATION DETERMINED BY THE BOARD OF DIRECTORS COMPENSATION COMMITTEE USING MARKET DATA AND PERFORMANCE REVIEWS. COMMITTEE PRESENTS A RECOMMENDATION TO THE BOARD OF DIRECTORS FOR FINAL REVIEW. OTHER OFFICERS AND KEY EMPLOYEES' COMPENSATION DETERMINED BY THE CEO USING MARKET DATA AND PERFORMANCE REVIEWS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON WWW.NCUA.GOV VIA THE QUARTERLY 5300 FILING. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL AND OUTSIDE SERVICES 13,100,711. FORM 990, PART IX, LINE 24E CHECKING ACCOUNT REFERRAL PROGRAMS 8,667. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -16,008,467. FORM 990, PART XIII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. CREDIT UNION OF TEXAS CHARITABLE FOUNDATION 900 W BETHANY RD STE 500 ALLEN TX 75013 871159287 CHARITABLE FOUNDATION TX 501(C)(3) PF CREDIT UNION OF TEXAS 0 TEXAS MORTGAGE LENDING LLC 415 CENTURY PKWY SUITE 1100 ALLEN TX 75013 820953703 MORTGAGE ORIGINATIONS & SALES TX RELATED 5493 1442426 0 0 0.50000 DTCU SERVICES INC 415 CENTURY PKWY SUITE 1150 ALLEN TX 75013 752623129 HOLDING COMPANY TX CREDIT UNION OF TEXAS C 1699158 1.00000 1 CREDIT UNION SERVICES INC 415 CENTURY PKWY SUITE 1150 ALLEN TX 75013 752623130 LEASING TX DTCU SERVICES INC C 19127877 100046827 1.00000 1 LAKEWOOD TITLE LLC 6510 ABRAMS RD SUITE 670 DALLAS TX 75231 261496653 TITLE COMPANY TX DTCU SERVICES INC C 84249 3471441 1.00000 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 CREDIT UNION SERVICES INC A 46449 GENERAL LEDGER CREDIT UNION OF TEXAS CHARITABLE FOUNDATION B 303784 GENERAL LEDGER CREDIT UNION SERVICES INC D 3022788 GENERAL LEDGER TEXAS MORTGAGE LENDING LLC J 86835 GENERAL LEDGER CREDIT UNION SERVICES INC J 799634 GENERAL LEDGER TEXAS MORTGAGE LENDING LLC N 1267350 GENERAL LEDGER LAKEWOOD TITLE LLC N 1267350 GENERAL LEDGER CREDIT UNION SERVICES INC N 1295872 GENERAL LEDGER CREDIT UNION OF TEXAS CHARITABLE FOUNDATION N 59449 GENERAL LEDGER CREDIT UNION SERVICES INC O 589908 GENERAL LEDGER CREDIT UNION OF TEXAS CHARITABLE FOUNDATION O 202224 GENERAL LEDGER LAKEWOOD TITLE LLC O 567912 GENERAL LEDGER TEXAS MORTGAGE LENDING LLC O 567912 GENERAL LEDGER CREDIT UNION SERVICES INC P 89506 GENERAL LEDGER TEXAS MORTGAGE LENDING LLC P 2886894 GENERAL LEDGER CREDIT UNION SERVICES INC Q 7570856 GENERAL LEDGER TEXAS MORTGAGE LENDING LLC Q 3492218 GENERAL LEDGER LAKEWOOD TITLE LLC Q 21624 GENERAL LEDGER FORM 990, SCH R, PART IV LAKEWOOD TITLE, LLC IS A WHOLLY OWNED SUBSIDIARY OF DTCU SERVICES, INC. AND WAS ACQUIRED DURING 2023 TO PROVIDE REAL ESTATE TITLE SERVICES TO THE MEMBERS OF CREDIT UNION OF TEXAS. AS AN LLC OWNED BY SINGLE MEMBER, LAKEWOOD TITLE, LLC'S 2023 ACTIVITIES ARE INCLUDED IN DTCU SERVICES, INC.'S FORM 1120, U.S. CORPORATION INCOME TAX RETURN.