Civic Intelligence

Fivepoint Credit Union

990 • Fiscal year 2022 • EIN 74-1109889

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 01, 2023

PO Box 1366Nederland, TX 77627-1366

(409) 726-8300

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

59th percentile

0.92x

Higher debt load relative to assets than 59% of similar nonprofits.

2022 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2022

Liabilities / Revenue

20th percentile

16.20x

Higher debt load relative to revenue than 20% of similar nonprofits.

2022 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2022

Net Margin

19th percentile

10%

Higher net margin than 19% of similar nonprofits.

2022 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2022

Top Officer Pay

93rd percentile

$914,520

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 1.8% of source-year revenue.

2022 filings • 501(c)14 • $250M-$1B nonprofits • Source year 2022

Asset Growth

57th percentile

5.0%

Faster asset growth than 57% of similar nonprofits.

2022 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2021 to 2022

Revenue Growth

35th percentile

7.7%

Faster revenue growth than 35% of similar nonprofits.

2022 filings • 501(c)14 • $250M-$1B nonprofits • Annualized from 2021 to 2022

Assets

Up

$874,862,124

Up $41,391,715 (+5.0%) from 2021

Net Assets

Down

$74,153,240

Down $8,162,034 (-9.9%) from 2021

Liabilities

Up

$800,708,884

Up $49,553,749 (+6.6%) from 2021

Revenue

Up

$49,433,751

Up $3,542,449 (+7.7%) from 2021

Expenses

Up

$44,488,509

Up $4,422,505 (+11%) from 2021

Net Income

Down

$4,945,242

Down $880,056 (-15%) from 2021

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.0B$500M$0Assets 2014: $475,487,418Liabilities 2014: $419,500,521Net Assets 2014: $55,986,8972014Assets 2015: $507,188,863Liabilities 2015: $447,501,947Net Assets 2015: $59,686,9162015Assets 2016: $544,211,928Liabilities 2016: $479,350,214Net Assets 2016: $64,861,7142016Assets 2017: $638,392,794Liabilities 2017: $571,540,789Net Assets 2017: $66,852,0052017Assets 2018: $600,855,416Liabilities 2018: $530,708,227Net Assets 2018: $70,147,1892018Assets 2019: $672,374,560Liabilities 2019: $597,333,842Net Assets 2019: $75,040,7182019Assets 2020: $772,281,463Liabilities 2020: $693,718,388Net Assets 2020: $78,563,0752020Assets 2021: $833,470,409Liabilities 2021: $751,155,135Net Assets 2021: $82,315,2742021Assets 2022: $874,862,124Liabilities 2022: $800,708,884Net Assets 2022: $74,153,2402022Assets 2023: $940,698,707Liabilities 2023: $864,661,283Net Assets 2023: $76,037,4242023Assets 2024: $987,167,081Liabilities 2024: $907,001,377Net Assets 2024: $80,165,7042024

Highlighted filing

2022

Assets$874,862,124
Liabilities$800,708,884
Net Assets$74,153,240

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$80M$60M$40M$20M$0Revenue 2014: $33,804,866Expenses 2014: $29,033,889Net Income 2014: $4,770,9772014Revenue 2015: $36,130,754Expenses 2015: $31,662,713Net Income 2015: $4,468,0412015Revenue 2016: $39,274,110Expenses 2016: $34,536,631Net Income 2016: $4,737,4792016Revenue 2017: $38,551,666Expenses 2017: $36,967,526Net Income 2017: $1,584,1402017Revenue 2018: $41,733,318Expenses 2018: $37,994,725Net Income 2018: $3,738,5932018Revenue 2019: $43,663,158Expenses 2019: $40,133,358Net Income 2019: $3,529,8002019Revenue 2020: $43,125,842Expenses 2020: $40,913,732Net Income 2020: $2,212,1102020Revenue 2021: $45,891,302Expenses 2021: $40,066,004Net Income 2021: $5,825,2982021Revenue 2022: $49,433,751Expenses 2022: $44,488,509Net Income 2022: $4,945,2422022Revenue 2023: $58,838,375Expenses 2023: $56,531,671Net Income 2023: $2,306,7042023Revenue 2024: $68,944,661Expenses 2024: $66,115,636Net Income 2024: $2,829,0252024

Highlighted filing

2022

Revenue$49,433,751
Expenses$44,488,509
Net Income$4,945,242
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 1, 2023
Return Version
2022v5.0
Gross Receipts
$49,433,751
Mission and Program Overview

Mission

To improve the quality of life for our members and the community.

To provide financial services to our membership with various loan and deposit products.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$569,489,814$649,219,708▲ $79,729,894
Investments in Publicly Traded Securities$111,238,736$98,303,496▼ $12,935,240
Rtn Earn Endowment Incm Other Fnds$82,315,274$74,153,240▼ $8,162,034
Savings and Temporary Cash Investments$78,153,808$43,896,530▼ $34,257,278
Land, Buildings, and Equipment, Net$25,507,037$27,176,286▲ $1,669,249
Cash and Non-Interest-Bearing Accounts$13,104,831$12,977,758▼ $127,073
Receivables From Officers Etc$8,370,209$8,235,073▼ $135,136
Accounts Receivable$483,651$2,112,145▲ $1,628,494
Prepaid Expenses and Deferred Charges$1,477,080$1,170,424▼ $306,656
Investments Other Securities$1,000,491$918,533▼ $81,958
Intangible Assets$152,478$132,148▼ $20,330
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$833,470,409$874,862,124▲ $41,391,715
Other Assets Total$24,492,274$30,720,023▲ $6,227,749
Liabilities
Other Liabilities$740,075,944$788,377,866▲ $48,301,922
Accounts Payable and Accrued Expenses$11,079,191$12,331,018▲ $1,251,827
Total Liabilities$751,155,135$800,708,884▲ $49,553,749
Net Assets / Fund Balance
Total Net Assets Fund Balance$82,315,274$74,153,240▼ $8,162,034
Total Liabilities and Net Assets / Fund Balance$833,470,409$874,862,124▲ $41,391,715

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$20,724,638$10,454,679$31,179,317
Equipment$3,658,893$12,891,646$16,550,539
Leasehold Improvements$1,161,297$1,830,129$2,991,426
Land$1,631,458-$1,631,458
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
VICKI O'DELLSVP, Human ResourcesFT$226,729$687,791$914,520
Erik ShawCEO/presidentFT$397,451$146,735$544,186
Kristen BellangerSVP, OperationsFT$235,397$241,055$476,452
Jennifer WebbSVP, LendingFT$242,807$233,318$476,125
Kenneth MillerExecutive Vice PresidentFT$283,299$114,142$397,441
Matthew BorelFinancial AdvisorFT$210,985$33,489$244,474
Amanda WhiteVP of Human ResourcesFT$174,325$50,598$224,923
Wendi ChristianVP AccountingFT$146,330$67,426$213,756
Marla RuckerVP ItFT$135,290$65,891$201,181
Christie DownsVP LendingFT$152,758$45,187$197,945
Chasidy BohananVP OperationsFT$143,296$44,666$187,962
Karen BlumVP MarketingFT$116,188$58,925$175,113
Aimee SlottVP Business LendingFT$122,998$43,304$166,302
Jeremy MartinkaAvp ItFT$106,676$43,996$150,672
Jared ByrdBusiness AnalyticsFT$126,383$13,637$140,020
Helen PuckettAvp AccountingFT$125,978$10,773$136,751
Toni RomanoAvp LendingFT$126,778$5,163$131,941

Board Members and Trustees

NameTitle
Glenn JohnsonChairperson
Joe DicksonFirst Vice Chairperson
John ComeauxSecond Vice Chairperson
Denny WinterBoard Member
Hilton Ferguson JrBoard Member
Jack ThorntonBoard Member
Karol RussellBoard Member
Louis AnselmoBoard Member
James SaxonSecretary Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Pscu IncorporatedDebit/credit Card Processor560 CARILLON PLWY, St Petersburg, FL 33716$2,905,186
Construction Zone Of SetxConstructionPO BOX 192, Aubrey, TX 76227$2,673,218
Ncr CorporationOnline Banking Services5601 LINDERO CANYON ROAD SUITE 100, Westlake Village, CA 91362$1,458,778
Ann Lee And Associates LtdMarketing Firm1555 DUSTIN CADE DR, New Braunfels, TX 78130$1,123,633
Bank Tec-southAtm/itm Servicing4150 VIKING DR, Bossier City, LA 71111$970,635
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$46,755,776
Investment Income
$2,662,413
Other Revenue
$15,562
Change in Net Assets
$4,945,242

Audited Revenue Reconciliation

Revenue per Audited Statements
$49,433,751
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$49,433,751
Total Revenue per Form 990
$49,433,751
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$24,402,839
Salaries, Compensation, and Employee Benefits$19,847,000
Grants and Similar Amounts Paid$238,670
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$10,746,263
Current Officers, Directors, Trustees, and Key Employees---$4,245,267
Interest---$4,140,153
Information Technology---$3,566,345
Depreciation Depletion---$3,313,725
Other Employee Benefits---$3,151,729
Advertising---$2,064,475
Occupancy---$1,638,826
Office Expenses---$1,496,346
Payroll Taxes---$1,081,735
Other Expenses---$1,052,145
All Other Expenses---$941,061
Pension Plan Contributions---$622,006
Fees for Services Other---$380,026
Insurance---$317,417
Grants to Domestic Orgs---$222,670
Fees for Services Legal---$214,851
Fees for Services Accounting---$148,923
Travel---$125,945
Payments to Affiliates---$123,813
Grants to Domestic Individuals---$16,000
Conferences and Meetings---$3,557
Total Functional Expenses$0$0$0$44,488,509

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$44,488,509
Total Expenses per Audited Statements$44,488,509
Total Expenses per Form 990$44,488,509
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
American Cancer SocietyNederland, TX501(c)(3)Charitable Donation$211,505
American Heart AssociationDes Moines, IA501(c)(3)Charitable Donation$6,165
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
Receivables from Officers, Directors, Trustees, and Key Employees$8,370,209$8,235,073▼ $135,136
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Members Share Accounts$788,377,866
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

Every client that has an account with our credit union is also a member.

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

Our board of directors are elected by a vote of the membership. Annually, if there is an open position, the nominating committee will put forth the candidates which our members can vote on during the annual meeting.

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

Members of the credit union have the right to approve the governing body's election and removal of 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 erik shaw, ceo, kenneth miller, evp, and vicki kelley, svp of human resources for its accuracy.

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

Compliance training is performed annually. Each employee / officer signs off they have reviewed and understand the policy.

Form 990, Part VI, Section B, Line 15

Fivepoint utilizes a 3rd party to provide industry standard and regional specific salary ranges for all staff.

Form 990, Part VI, Section C, Line 19

The credit union's governing documents and conflict of interest policy are not made available to the public. The credit union's financial statements are made available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Fivepoint Credit Union
EIN
74-1109889
Phone
4097268300
Address
PO BOX 1366, NEDERLAND, TX 77627-1366

Signing Officer

Name
Kenneth Miller
Title
Executive Vice President
Phone
4097268200
Signed
2023-11-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Erik Shaw
Formed
1935
Legal Domicile
TX
Voting Board Members
11
Independent Board Members
11
Employees
256
Volunteers
14

Preparer

Firm
Doeren Mayhew
Address
305 WEST BIG BEAVER ROAD, TROY, MI 48084
Preparer
John J Murnane Jr
Phone
2482443000
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

Debit/credit expenses 350,392. Miscellaneous 341,961. Training/development/education 232,095. Loss on repos/other 16,613.

FORM 990, PART XII, LINE 2C:

A committee exists that assumes responsibility for the oversight of the audit of the annual financial statements and the selection of an independent accountant. The process has not changed from the prior year.

Financial Statement Notes

PART X, LINE 2:

The credit union is exempt, by statute (internal revenue code section 501(c)(14)), from federal income tax.

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