First Community Credit Union

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1934

Legal Domicile

Principal Officer

Glenn D Barks

Phone

6365374400

Tax Period

2023-01-01 to 2023-12-31

First Community Credit Union, founded in 1934, is a major nonprofit that reported $200.6M in total revenue in fiscal year 2023. Revenue surged 29% from the prior year, signaling strong growth momentum. Expenses of $179.4M left a modest 11% surplus.

Mission

To be the member's primary financial institution by providing and promoting a full-range of services in a convenient, courteous and professional manner.

Program Service Accomplishments

Program 1

Expenses: $179,391,345 Revenue: $199,343,651

First Community provides loans to members at low rates while paying high dividends on depository accounts. We serve over 393 thousand members offering auto, home, business and unsecure loans. We also offer various depository options such as savings and checking accounts, certificates of deposit, money management accounts and IRA accounts.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $177,289,952

Investment Income $23,306,854

Other Revenue $0

TOTAL REVENUE $200,596,806

Expense Breakdown

Grants Paid $0

Salaries & Benefits $49,209,319

Fundraising Expenses $0

Program Expenses $179,391,345

Other Expenses $130,182,026

TOTAL EXPENSES $179,391,345

Year-over-Year Comparison

	2023	2022	Change
Revenue	$200,596,806	$155,589,615	+0.3%
Expenses	$179,391,345	$124,258,556	+0.4%
Net Income	$21,205,461	$31,331,059	-0.3%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

737

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$6,127,493

Total Directors

$2,734,038

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Glenn D Barks	President	37.5	Officer Director	$2,491,298	$230,805	$2,722,103
Joy Weeks	Senior Vice President of Lending	37.5	Officer	$605,536	$213,492	$819,028
Philip Hanna	Senior Vice President/CFO	37.5	Officer	$366,604	$160,742	$527,346
Kristen Bland	Senior Vice President of Administration	37.5	Officer	$281,944	$93,381	$375,325
Cindy Evans	Senior Vice President of Branch Administration	37.5	Officer	$241,407	$110,085	$351,492
David Hudson	Vice President of Information Technology	37.5	Officer	$255,919	$78,879	$334,798
Laura Alfeldt	Senior Vice President of Communications and Public Relations	37.5	Officer	$207,732	$88,614	$296,346
Thomas Thornton	Vice-President of Investment Services	37.5	Highest	$212,127	$61,693	$273,820
David Caster	Vice President of Risk	37.5	Officer	$194,667	$76,238	$270,905
Tim Bowman	Vice President of IT	37.5	Officer	$174,800	$53,351	$228,151
Julie Carmody	Vice President of Human Resources	37.5	Officer	$144,296	$57,703	$201,999
Aaron Chapman	Assistant Vice President of Lending	37.5	Highest	$136,804	$29,039	$165,843
Derek Smith	Assistant Vice-President of Collections	37.5	Highest	$121,677	$40,500	$162,177
Joe Radeke	Assistant Vice-President of Indirect Lending	37.5	Highest	$133,404	$28,365	$161,769
Nicole Tucker	Branch Coordinator	37.5	Highest	$122,535	$32,231	$154,766
Stephen Morgenthaler	Senior Vice President of Finance/Board Member	1.0	Director	$11,935	$0	$11,935
David Treat	Vice Chairman	1.0	Director	$0	$0	$0
Ernest Trakas	Treasurer	1.0	Director	$0	$0	$0
Karen Emert	Secretary	1	Director	$0	$0	$0
Sharon Hudson	Board Member	1.0	Director	$0	$0	$0
Fred Zinn	Board Member	1.0	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$200,596,806	$179,391,345	$4,162,421,333	$21,205,461
2022	$155,589,615	$124,258,556	$3,867,569,361	$31,331,059
2021	$137,096,676	$111,920,627	$3,831,491,779	$25,176,049
2020	$140,260,035	$117,282,497	$3,410,288,301	$22,977,538
2019	$134,147,474	$117,992,996	$2,775,327,270	$16,154,478