Civic Intelligence

Lbs Financial Credit Union

EIN 95-1644568 • 501(c)14 • Westminster, CA

Profile

Lbs financial credit union is a cooperative, organized for the purpose of promoting thrift and savings among its members, creating a source of credit for them at rates of interest set by the board of directors, and providing an opportunity for them to use and control their own money on a democratic basis in order to improve their economic and social conditions. As a cooperative, lbs financial credit union conducts its business for the mutual benefit and general welfare of its members with the earnings, savings, benefits, or services of the credit being distributed to its members as patrons.

5505 Garden Grove BlvdWestminster, CA 92683

www.lbsfcu.org

Siviq Scores

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

Liabilities / Assets

7th percentile

0.87x

Higher debt load relative to assets than 7% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Liabilities / Revenue

86th percentile

19.26x

Higher debt load relative to revenue than 86% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Net Margin

50th percentile

9.5%

Higher net margin than 50% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

57th percentile

3.7%

Faster asset growth than 57% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Annualized from 2023 to 2024

Revenue Growth

37th percentile

16%

Faster revenue growth than 37% of similar nonprofits.

501(c)14 • $1B+ nonprofits • Annualized from 2023 to 2024

Assets

Up

$2,043,255,241

Up $73,261,692 (+3.7%) from 2023

Liabilities

Up

$1,770,916,556

Up $62,864,364 (+3.7%) from 2023

Net Assets

Up

$272,338,685

Up $10,397,328 (+4.0%) from 2023

Revenue

Up

$91,952,473

Up $12,524,503 (+16%) from 2023

Expenses

Up

$83,243,687

Up $18,222,462 (+28%) from 2023

Net Income

Down

$8,708,786

Down $5,697,959 (-40%) from 2023

Trend Graphs

Balance Sheet Trend

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

$3.0B$2.0B$1.0B$0Assets 2010: $988,244,857Liabilities 2010: $879,536,971Net Assets 2010: $108,707,8862010Assets 2011: $1,023,883,117Liabilities 2011: $899,493,804Net Assets 2011: $124,389,3132011Assets 2012: $1,061,350,877Liabilities 2012: $929,969,647Net Assets 2012: $131,381,2302012Assets 2013: $1,099,209,909Liabilities 2013: $955,929,295Net Assets 2013: $143,280,6142013Assets 2014: $1,139,713,424Liabilities 2014: $987,098,522Net Assets 2014: $152,614,9022014Assets 2015: $1,218,616,387Liabilities 2015: $1,055,355,574Net Assets 2015: $163,260,8132015Assets 2016: $1,322,308,462Liabilities 2016: $1,156,646,854Net Assets 2016: $165,661,6082016Assets 2017: $1,380,674,459Liabilities 2017: $1,201,464,251Net Assets 2017: $179,210,2082017Assets 2018: $1,433,506,717Liabilities 2018: $1,238,556,420Net Assets 2018: $194,950,2972018Assets 2019: $1,534,622,789Liabilities 2019: $1,333,273,130Net Assets 2019: $201,349,6592019Assets 2020: $1,782,896,401Liabilities 2020: $1,579,351,613Net Assets 2020: $203,544,7882020Assets 2021: $1,978,868,694Liabilities 2021: $1,755,037,394Net Assets 2021: $223,831,3002021Assets 2022: $2,012,780,174Liabilities 2022: $1,765,225,101Net Assets 2022: $247,555,0732022Assets 2023: $1,969,993,549Liabilities 2023: $1,708,052,192Net Assets 2023: $261,941,3572023Assets 2024: $2,043,255,241Liabilities 2024: $1,770,916,556Net Assets 2024: $272,338,6852024

Highlighted filing

2024

Assets$2,043,255,241
Liabilities$1,770,916,556
Net Assets$272,338,685

Operations Trend

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

$100M$50M$0Expenses 2010: $44,658,6822010Expenses 2011: $36,281,1142011Expenses 2012: $34,919,4572012Revenue 2013: $46,150,401Expenses 2013: $36,612,367Net Income 2013: $9,538,0342013Revenue 2014: $46,534,498Expenses 2014: $35,385,650Net Income 2014: $11,148,8482014Revenue 2015: $45,980,572Expenses 2015: $35,725,861Net Income 2015: $10,254,7112015Revenue 2016: $48,373,063Expenses 2016: $40,363,141Net Income 2016: $8,009,9222016Revenue 2017: $51,334,390Expenses 2017: $41,503,382Net Income 2017: $9,831,0082017Revenue 2018: $57,230,819Expenses 2018: $44,885,230Net Income 2018: $12,345,5892018Revenue 2019: $61,359,719Expenses 2019: $50,627,836Net Income 2019: $10,731,8832019Revenue 2020: $59,537,252Expenses 2020: $50,028,799Net Income 2020: $9,508,4532020Revenue 2021: $57,183,235Expenses 2021: $44,657,416Net Income 2021: $12,525,8192021Revenue 2022: $64,266,960Expenses 2022: $46,656,926Net Income 2022: $17,610,0342022Revenue 2023: $79,427,970Expenses 2023: $65,021,225Net Income 2023: $14,406,7452023Revenue 2024: $91,952,473Expenses 2024: $83,243,687Net Income 2024: $8,708,7862024

Highlighted filing

2024

Revenue$91,952,473
Expenses$83,243,687
Net Income$8,708,786

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2,043$1,771$272$92.0$83.2$8.71
2023Detailed filing. Detailed filing data is available for this year.$1,970$1,708$262$79.4$65.0$14.4
2022Detailed filing. Detailed filing data is available for this year.$2,013$1,765$248$64.3$46.7$17.6
2021Detailed filing. Detailed filing data is available for this year.$1,979$1,755$224$57.2$44.7$12.5
2020Detailed filing. Detailed filing data is available for this year.$1,783$1,579$204$59.5$50.0$9.51
2019Detailed filing. Detailed filing data is available for this year.$1,535$1,333$201$61.4$50.6$10.7
2018Detailed filing. Detailed filing data is available for this year.$1,434$1,239$195$57.2$44.9$12.3
2017Detailed filing. Detailed filing data is available for this year.$1,381$1,201$179$51.3$41.5$9.83
2016Detailed filing. Detailed filing data is available for this year.$1,322$1,157$166$48.4$40.4$8.01
2015Detailed filing. Detailed filing data is available for this year.$1,219$1,055$163$46.0$35.7$10.3
2014Detailed filing. Detailed filing data is available for this year.$1,140$987$153$46.5$35.4$11.1
2013Detailed filing. Detailed filing data is available for this year.$1,099$956$143$46.2$36.6$9.54
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,061$930$131$34.9
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,024$899$124$36.3
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$988$880$109$44.7
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 14, 2025
Return Version
2024v5.2
Gross Receipts
$91,952,473
Mission and Program Overview

Mission

Lbs financial credit union is a cooperative, organized for the purpose of promoting thrift and savings among its members, creating a source of credit for them at rates of interest set by the board of directors, and providing an opportunity for them to use and control their own money on a democratic basis in order to improve their economic and social conditions. As a cooperative, lbs financial credit union conducts its business for the mutual benefit and general welfare of its members with the earning, savings, benefits, or services of the credit being distributed to its members as patrons.

A cooperative, organized for the purpose of promoting thrift and savings among its members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$1,654,188,741$1,554,250,752▼ $99,937,989
Savings and Temporary Cash Investments$244,308,807$386,933,927▲ $142,625,120
Rtn Earn Endowment Incm Other Fnds$261,941,357$272,338,685▲ $10,397,328
Receivables From Officers Etc$7,501,540$19,019,477▲ $11,517,937
Cash and Non-Interest-Bearing Accounts$4,803,223$8,527,144▲ $3,723,921
Land, Buildings, and Equipment, Net$4,096,284$3,748,202▼ $348,082
Prepaid Expenses and Deferred Charges$1,714,077$2,344,193▲ $630,116
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,969,993,549$2,043,255,241▲ $73,261,692
Other Assets Total$53,380,877$68,431,546▲ $15,050,669
Liabilities
Other Liabilities$1,697,647,834$1,765,276,799▲ $67,628,965
Accounts Payable and Accrued Expenses$10,404,358$5,639,757▼ $4,764,601
Total Liabilities$1,708,052,192$1,770,916,556▲ $62,864,364
Net Assets / Fund Balance
Total Net Assets Fund Balance$261,941,357$272,338,685▲ $10,397,328
Total Liabilities and Net Assets / Fund Balance$1,969,993,549$2,043,255,241▲ $73,261,692

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,378,175$22,489,708$23,867,883
Buildings$118,467$12,278,557$12,397,024
Leasehold Improvements$251,052$2,068,534$2,319,586
Land$2,000,508-$2,000,508
Investment Program Related Org$100,000--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Sean HardemanPresident/CEOFT$585,000$161,083$746,083
Susan WightS.v.p./CFOFT$294,516$80,087$374,603
Kevin ReedS.v.p./information SystemsFT$269,753$93,488$363,241
Jeffrey William NiedenthalS.v.p./chief Experience & Engagement OfficerFT$301,674$18,823$320,497
Jeffrey William NiedenthalS.v.p./chief Experience & Engagement-$263,266$57,231$320,497
Heather SummersS.v.p./marketingFT$254,766$53,139$307,905
Jill Marie DeniroS.v.p./human ResourcesFT$234,241$59,130$293,371
Thomas E OrmanS.v.p./chief Lending OfficerFT$244,183$30,865$275,048
Alfred ParentV.p./collectionsFT$209,355$36,703$246,058
Christine Wu-lin BassS.v.p./member ServicesFT$183,435$38,812$222,247
Zung-shang LiangV.p./internal AuditFT$179,036$26,958$205,994
Courtney HiguchiV.p./loan AdministrationFT$150,010$29,834$179,844
Alva SargeantV.p./residential LendingFT$146,383$30,269$176,652
Thomas Christopher DoubletInformation Systems Support ManagerFT$145,073$19,953$165,026
Jeffrey Allen NapperPresident/CEO-$165,021$165,021$165,021
Alan RaySupv Cmte Member-$1,857-$1,857

Board Members and Trustees

NameTitle
Jay CamerinoBoard Chair
David ConradSupv Cmte Chair
Larry NatividadVice Chair
Luther WilliamsBoard Member
Narin Khy-lyBoard Member
Pamela SekiBoard Member
Satinder HawkinsBoard Member
John FylpaaSecretary/treasurer
Mark AldrichSupv Cmte Member

Highest Paid Contractors

ContractorServicesLocationCompensation
Prenovost Normandin Dawe & Rocha ApcLegal Services2122 N BROADWAY SUITE 200, Santa Ana, CA 92706-2614$877,003
Paramount Recovery ServiceFinancial Services2828 COCHRAN ST 336, Simi Valley, CA 93065$111,439
Alacriti Payments LLCFinancial Services100 SOMERSET CORPORATE BLVD, Bridgewater, NJ 08807$110,800
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$69,066,571
Investment Income
$22,790,410
Other Revenue
$95,492
Change in Net Assets
$8,708,786
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$58,881,839
Salaries, Compensation, and Employee Benefits$24,278,404
Grants and Similar Amounts Paid$83,444
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest---$33,284,499
Other Salaries and Wages---$14,697,553
Current Officers, Directors, Trustees, and Key Employees---$3,777,006
Office Expenses---$3,598,468
Fees for Services Other---$2,906,368
Other Employee Benefits---$2,663,123
Occupancy---$1,828,704
Information Technology---$1,828,694
Pension Plan Contributions---$1,754,558
Payroll Taxes---$1,386,164
Depreciation Depletion---$1,255,689
Advertising---$971,047
Fees for Services Legal---$814,168
Other Expenses---$601,227
All Other Expenses---$345,056
Travel---$192,802
Fees for Services Management---$177,460
Fees for Services Accounting---$144,712
Grants to Domestic Orgs---$60,444
Grants to Domestic Individuals---$23,000
Total Functional Expenses$0$0$0$83,243,687
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
CHILDREN'S MIRACLE NETWORKSalt Lake City, UT501(c)(3)Provide Financial Support for Medical Care for Children.$9,500
Long Beach City College FoundationLong Beach, CA501(c)(3)TO RAISE FUNDS TO SUPPORT THE COLLEGE'S OUTSTANDING AND EVOLVING LEARNING ENVIRONMENT.$6,547
Cal State University Long Beach Research FoundationLong Beach, CA501(c)(3)To Support the Educational Mission of Csulb by Engaging in Research, Community Service and Sponsored Programs.$6,350
Abc Unified School District Education FoundationCerritos, CA501(c)(3)To Help Provide High Quality Educational Opportunities for Children.$5,600
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
Yes
Subject to proxy tax
No

Reported Spending and Taxes

Line ItemAmount
Political Expenditures$7,500
Total Exempt Function Spending$7,500

Section 527 Organizations

OrganizationLocationAmount
94-0357265Ontario, CA$7,500
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$7,501,540$19,019,477▲ $11,517,937
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Total Shares and Deposits$1,765,218,585
Allowance for Off Balance Sheeet Credit Exposures$58,214
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

Lbs financial credit union is a cooperative financial institution that is owned and controlled by its members, and operated for the purpose of promoting thrift and savings to its members. Lbs financial credit union does not have stockholders.

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

The governing board of lbs financial credit union is comprised of volunteer members who are directly elected by its members. Each member of the governing board serves for a period as prescribed by the by-laws.

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

At the end of each term of a board member, elections are held and board members are elected by the members of the credit union pursuant to its by-laws. Member votes are also required to ratify decisions dealing with reorganizations as in the case of the merger or dissolution.

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

The board reviews the form 990 during the board meeting and provides comments and modifications where necessary.

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

It is the policy of the credit union that all employees must disclose any situation that could or does involve a potential or actual conflict between their personal interests and the interests of the credit union. Failure to disclose may result in disciplinary action, up to and including termination.

Form 990, Part VI, Section B, Line 15

Lbs financial will maintain a competitive salary range structure for all positions. The following will occur: the human resources department will participate in selected salary surveys as appropriate for our industry, positions, asset size, employee size, and geographical locations. Salary ranges will be reviewed, at a minimum, on an annual basis. Due to competitive market conditions for certain positions, adjustments may be reviewed and approved on a case-by-case basis to remain competitive. Published salary surveys will be utilized to determine salary ranges and total compensation. Each position will be assigned a corresponding salary range with a minimum, midpoint and maximum. The human resources department will present, annually, salary ranges and recommendations to the human resources committee (consisting of three board members) and the president/ceo for all positions except the president/ceo. The human resources committee will make the final recommendation to the board of directors and it is so noted in the minutes. Once board approved, the human resources department will publish the approved salary ranges for the given year. The human resources department will present to the human resources committee (consisting of three board members) specific salary surveys to evaluate compensation for the president/ceo. The human resources committee meets with all members of the board in an executive session to discuss and evaluate compensation as well as review performance. Final compensation and/or adjustments are approved by the board of directors and are signed off by the chairperson of the board.

Form 990, Part VI, Section C, Line 19

Governing documents, conflict of interest policy, and financial statements are available upon request. In addition, monthly financial statements are posted in the lobby of each of our branch locations and copies are available upon request.

Filing and Contact Details

Filer

Filer Name
Lbs Financial Credit Union
EIN
95-1644568
Phone
7148935111
Address
5505 GARDEN GROVE BLVD, WESTMINSTER, CA 92683

Signing Officer

Name
Susan M Wight
Title
SVP/CFO
Phone
7148935111
Signed
2025-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Sean Hardeman
Formed
1935
Legal Domicile
CA
Voting Board Members
7
Independent Board Members
7
Employees
300
Volunteers
10

Preparer

Firm
Turner Warren Hwang & Conrad Acctcy
Address
100 NORTH FIRST ST STE 202, BURBANK, CA 91502
Preparer
Natalie Hull CPA
Phone
8189549700
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in other comprehensive income 1,688,542.

FORM 990, PART XII, LINE 2C:

The organization did not change either its selection process or oversight process during the tax year.

Financial Statement Notes

PART X, LINE 2:

Asc 740-10-65, income taxes, provides guidance for how uncertain tax positions should be recognized, measured, disclosed and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the credit union's tax returns to determine whether the tax positions are "more likely than not" of being sustained "when challenged or "when examined" by the applicable tax authority. Tax positions deemed to not meet the more-likely than-not threshold should be recorded as a tax expense and liability in the current year. As of june 30, 2025 and 2024, management has determined that there are no material uncertain tax positions.

Raw XML AppendixShowing 400 of 919 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/Desc0PROVIDING LENDING SERVICES TO OUR MEMBER-OWNERS AT MORE ATTRACTIVE RATES WITH LOWER FEES. THE LENDING PRODUCTS OFFERED INCLUDE: HOME LOANS, HOME EQUITY LOANS, AUTO LOANS, MOTORCYCLE LOANS, VISA CREDIT CARDS, PERSONAL LOANS, BOAT LOANS, AND RV LOANS.
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IRS990/Form990PartVIISectionAGrp/TitleTxt15S.V.P./INFORMATION SYSTEMS
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IRS990/Form990PartVIISectionAGrp/TitleTxt22V.P./RESIDENTIAL LENDING
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