Civic Intelligence

First South Financial Credit Union

EIN 62-0579508 • 501(c)14 • Bartlett, TN

Profile

First south financial credit union is a state chartered credit union and co-operative that promotes thrift, savings, and loans to its members.

2723 Summer Oaks DriveBartlett, TN 38134

www.firstsouth.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on the latest valid filing.

Source year 2024

Liabilities / Revenue

3rd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)14 • $25M-$50M nonprofits • Source year 2024

Net Margin

94th percentile

33%

Higher net margin than 94% of similar nonprofits.

501(c)14 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

98th percentile

$820,779

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 2.0% of source-year revenue.

501(c)14 • $25M-$50M nonprofits • Source year 2024

Asset Growth

3rd percentile

-100%

Faster asset growth than 3% of similar nonprofits.

501(c)14 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

2nd percentile

-23%

Faster revenue growth than 2% of similar nonprofits.

501(c)14 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Assets

Down

$0

Down $755,950,628 (-100%) from 2023

Liabilities

Down

$0

Down $547,209,156 (-100%) from 2023

Net Assets

Down

$0

Down $208,741,472 (-100%) from 2023

Revenue

Down

$41,196,500

Down $12,460,039 (-23%) from 2023

Expenses

Down

$27,789,023

Down $11,862,116 (-30%) from 2023

Net Income

Down

$13,407,477

Down $597,923 (-4.3%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$800M$600M$400M$200M$0Assets 2011: $409,858,067Liabilities 2011: $308,226,615Net Assets 2011: $101,631,4522011Assets 2012: $445,369,746Liabilities 2012: $335,026,912Net Assets 2012: $110,342,8342012Assets 2013: $460,493,135Liabilities 2013: $341,743,242Net Assets 2013: $118,749,8932013Assets 2014: $481,985,772Liabilities 2014: $354,335,248Net Assets 2014: $127,650,5242014Assets 2015: $503,048,415Liabilities 2015: $367,045,308Net Assets 2015: $136,003,1072015Assets 2016: $526,911,708Liabilities 2016: $380,774,075Net Assets 2016: $146,137,6332016Assets 2017: $550,910,359Liabilities 2017: $393,820,552Net Assets 2017: $157,089,8072017Assets 2018: $568,153,163Liabilities 2018: $398,932,472Net Assets 2018: $169,220,6912018Assets 2019: $620,982,432Liabilities 2019: $438,192,956Net Assets 2019: $182,789,4762019Assets 2020: $719,597,165Liabilities 2020: $526,627,314Net Assets 2020: $192,969,8512020Assets 2021: $775,898,594Liabilities 2021: $572,205,910Net Assets 2021: $203,692,6842021Assets 2022: $795,631,441Liabilities 2022: $580,918,857Net Assets 2022: $214,712,5842022Assets 2023: $755,950,628Liabilities 2023: $547,209,156Net Assets 2023: $208,741,4722023Assets 2024: $0Liabilities 2024: $0Net Assets 2024: $02024

Highlighted filing

2024

Assets$0
Liabilities$0
Net Assets$0

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$60M$40M$20M$0Expenses 2011: $19,086,4862011Expenses 2012: $19,665,4472012Revenue 2013: $28,530,056Expenses 2013: $20,122,997Net Income 2013: $8,407,0592013Revenue 2014: $27,637,714Expenses 2014: $18,737,083Net Income 2014: $8,900,6312014Revenue 2015: $27,698,587Expenses 2015: $19,346,004Net Income 2015: $8,352,5832015Revenue 2016: $30,405,458Expenses 2016: $20,270,932Net Income 2016: $10,134,5262016Revenue 2017: $33,283,670Expenses 2017: $22,331,496Net Income 2017: $10,952,1742017Revenue 2018: $37,759,027Expenses 2018: $25,628,143Net Income 2018: $12,130,8842018Revenue 2019: $41,554,746Expenses 2019: $27,985,961Net Income 2019: $13,568,7852019Revenue 2020: $38,081,368Expenses 2020: $27,900,993Net Income 2020: $10,180,3752020Revenue 2021: $36,735,546Expenses 2021: $26,012,713Net Income 2021: $10,722,8332021Revenue 2022: $40,066,306Expenses 2022: $29,046,406Net Income 2022: $11,019,9002022Revenue 2023: $53,656,539Expenses 2023: $39,651,139Net Income 2023: $14,005,4002023Revenue 2024: $41,196,500Expenses 2024: $27,789,023Net Income 2024: $13,407,4772024

Highlighted filing

2024

Revenue$41,196,500
Expenses$27,789,023
Net Income$13,407,477

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$41.2$27.8$13.4
2023Detailed filing. Detailed filing data is available for this year.$756$547$209$53.7$39.7$14.0
2022Detailed filing. Detailed filing data is available for this year.$796$581$215$40.1$29.0$11.0
2021Detailed filing. Detailed filing data is available for this year.$776$572$204$36.7$26.0$10.7
2020Detailed filing. Detailed filing data is available for this year.$720$527$193$38.1$27.9$10.2
2019Detailed filing. Detailed filing data is available for this year.$621$438$183$41.6$28.0$13.6
2018Detailed filing. Detailed filing data is available for this year.$568$399$169$37.8$25.6$12.1
2017Detailed filing. Detailed filing data is available for this year.$551$394$157$33.3$22.3$11.0
2016Detailed filing. Detailed filing data is available for this year.$527$381$146$30.4$20.3$10.1
2015Detailed filing. Detailed filing data is available for this year.$503$367$136$27.7$19.3$8.35
2014Detailed filing. Detailed filing data is available for this year.$482$354$128$27.6$18.7$8.90
2013Detailed filing. Detailed filing data is available for this year.$460$342$119$28.5$20.1$8.41
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$445$335$110$19.7
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$410$308$102$19.1
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Aug 31, 2024
Signed
Jun 16, 2025
Return Version
2024v5.0
Gross Receipts
$41,196,500
Mission and Program Overview

Mission

First South Financial is a state chartered credit union or co-operative that promotes thrift, savings, and loans to its members.

First south financial credit union is a state chartered credit union and co-operative that promotes thrift, savings, and loans to its members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$467,959,052$0▼ $467,959,052
Rtn Earn Endowment Incm Other Fnds$208,741,472$0▼ $208,741,472
Savings and Temporary Cash Investments$183,008,953$0▼ $183,008,953
Investments Program Related$63,580,827$0▼ $63,580,827
Land, Buildings, and Equipment, Net$13,068,511--
Cash and Non-Interest-Bearing Accounts$10,214,270$0▼ $10,214,270
Accounts Receivable$8,372,543$0▼ $8,372,543
Prepaid Expenses and Deferred Charges$518,965$0▼ $518,965
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$755,950,628$0▼ $755,950,628
Other Assets Total$9,227,507$0▼ $9,227,507
Liabilities
Other Liabilities$532,057,504--
Accounts Payable and Accrued Expenses$15,151,652$0▼ $15,151,652
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$547,209,156$0▼ $547,209,156
Net Assets / Fund Balance
Total Net Assets Fund Balance$208,741,472$0▼ $208,741,472
Total Liabilities and Net Assets / Fund Balance$755,950,628$0▼ $755,950,628
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr W Craig EsraelPresident/CEOFT$803,529$17,500$821,029
Summers TownsendExecutive Vice PresidentFT$227,308$11,340$238,648
Tammy CraigChief Information OfficerFT$172,551$8,461$181,012
W Paul PennebakerChief Financial OfficerFT$172,551$8,371$180,922
Maria McLendonChief Marketing OfficerFT$133,654$6,346$140,000
Jodi HillContollerFT$112,500$5,625$118,125
Ian JohnsonSVP Tech and InnovationFT$96,923$4,835$101,758
David JoynerSenior Vice President - Information SystemsFT$86,539$3,317$89,856
Delynn ByarsSenior Vice PresidentFT$83,435$5,202$88,637
Laura PraterLegal CounselFT$73,837$4,636$78,473
Penny HensleySVP MortgagesFT$73,835$4,624$78,459

Board Members and Trustees

NameTitle
Christi KelleyBoard Member
Deb RossBoard Member
Eugene DouglassBoard Member
Gary BlumeBoard Member
John BillsBoard Member
Rob KameryBoard Member
Thomas Dean JrBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$16,642,932
Investment Income
$8,450,294
Other Revenue
$16,103,274
Change in Net Assets
$13,407,477
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$17,785,393
Salaries, Compensation, and Employee Benefits$10,003,630
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses---$6,558,000
Other Salaries and Wages---$6,503,061
Interest---$3,092,042
Office Expenses---$2,994,750
Current Officers, Directors, Trustees, and Key Employees---$2,036,662
Information Technology---$1,255,906
Advertising---$920,126
Payroll Taxes---$714,405
Occupancy---$681,569
Fees for Services Other---$616,750
Pension Plan Contributions---$436,072
Other Employee Benefits---$313,430
Depreciation Depletion---$265,712
Conferences and Meetings---$192,000
Fees for Services Legal---$76,143
Fees for Services Accounting---$34,083
Total Functional Expenses$0$0$0$27,789,023
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

First South Financial Credit Union is a mutual association which is owned by its members. To qualify for membership, you only need to meet one of the following requirements: work, worship, attend school, volunteer, regularly do business in or participate in an association headquartered in any of the areas in Tennessee, Mississippi, or Arkansas that is included in our field of membership; have a family member who is a member of First South Financial Credit Union; or is related to someone who is eligible to join.

Form 990, Part VI, Section A, Line 7A

The members of the Board of Directors are elected by the members of First South Financial Credit Union.

Form 990, Part VI, Section A, Line 7B

The bylaws of First South Financial Credit Union require that certain decisions be approved by the membership.

Form 990, Part VI, Section B, Line 11B

IRS form 990 is reviewed by the President/Chief Executive Officer prior to being filed.

Form 990, Part VI, Section B, Line 12C

The employee policy manual is updated at least annually. The employee policy manual is approved by the Board of Directors and the approval by the Board of Directors is documented in the minutes of the Board of Directors.

Form 990, Part VI, Section B, Line 15

The compensation of the President/Chief Executive Officer is determined by a committee of the Credit Union. The compensation of the other employees is determined by the President/Chief Executive Officer. In every instance, compensation is determined after the performance of each employee, a market condition survey, and an analysis performed by external consultants.

Form 990, Part VI, Section C, Line 19

Documents are available to the public upon request during normal business hours.

Filing and Contact Details

Filer

Filer Name
First South Financial Credit Union
EIN
62-0579508
Phone
9013407400
Address
2723 SUMMER OAKS DRIVE, BARTLETT, TN 38134

Signing Officer

Name
Paul Pennebaker
Title
CFO
Phone
9013807400
Signed
2025-06-16

Organization Details

Principal Officer
Paul Pennebaker
Formed
1957
Legal Domicile
Tn
Voting Board Members
7
Independent Board Members
7
Employees
183
Volunteers
7
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

First South Financial Credit Union (formerly chartered in the state of Tennessee) converted to a federal charter. On the date of the conversion, the requirement to file an IRS 990 ended. The assets, liabilities, and capital were transferred from the state chartered credit union to the federal charter credit union. IRS has confirmed in writing that the federal chartered credit union (First South Financial Federal Credit Union) is not required to file an IRS Form 990.

Raw XML AppendixShowing 400 of 620 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm0Dr W Craig Esrael
IRS990/Form990PartVIISectionAGrp/PersonNm1Summers Townsend
IRS990/Form990PartVIISectionAGrp/PersonNm2Tammy Craig
IRS990/Form990PartVIISectionAGrp/PersonNm3W Paul Pennebaker
IRS990/Form990PartVIISectionAGrp/PersonNm4Maria McLendon
IRS990/Form990PartVIISectionAGrp/PersonNm5Jodi Hill
IRS990/Form990PartVIISectionAGrp/PersonNm6Ian Johnson
IRS990/Form990PartVIISectionAGrp/PersonNm7David Joyner
IRS990/Form990PartVIISectionAGrp/PersonNm8Delynn Byars
IRS990/Form990PartVIISectionAGrp/PersonNm9Laura Prater
IRS990/Form990PartVIISectionAGrp/PersonNm10Penny Hensley
IRS990/Form990PartVIISectionAGrp/PersonNm11Eugene Douglass
IRS990/Form990PartVIISectionAGrp/PersonNm12Deb Ross
IRS990/Form990PartVIISectionAGrp/PersonNm13Christi Kelley
IRS990/Form990PartVIISectionAGrp/PersonNm14Rob Kamery
IRS990/Form990PartVIISectionAGrp/PersonNm15John Bills
IRS990/Form990PartVIISectionAGrp/PersonNm16Gary Blume
IRS990/Form990PartVIISectionAGrp/PersonNm17Thomas Dean Jr
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IRS990/Form990PartVIISectionAGrp/TitleTxt0President/CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt1Executive Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt2Chief Information Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt3Chief Financial Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt4Chief Marketing Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt5Contoller
IRS990/Form990PartVIISectionAGrp/TitleTxt6SVP Tech and Innovation
IRS990/Form990PartVIISectionAGrp/TitleTxt7Senior Vice President - Information Systems
IRS990/Form990PartVIISectionAGrp/TitleTxt8Senior Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt9Legal Counsel
IRS990/Form990PartVIISectionAGrp/TitleTxt10SVP Mortgages
IRS990/Form990PartVIISectionAGrp/TitleTxt11Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt12Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt13Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt14Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt15Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt16Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt17Board Member
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