FIRST SOUTH FINANCIAL CREDIT UNION (EIN 620579508) - Form 990 Financial Analysis & Trantor Score

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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

1957

Legal Domicile

Principal Officer

Paul Pennebaker

Phone

9013407400

Tax Period

2024-01-01 to 2024-08-31

FIRST SOUTH FINANCIAL CREDIT UNION, founded in 1957, is a mid-sized nonprofit that reported $41.2M in total revenue in fiscal year 2024. Revenue fell 23% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $13.4M, a strong 33% operating margin.

Mission

FIRST SOUTH FINANCIAL CREDIT UNION IS A STATE CHARTERED CREDIT UNION AND CO-OPERATIVE THAT PROMOTES THRIFT, SAVINGS, AND LOANS TO ITS MEMBERS.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $16,642,932

Investment Income $8,450,294

Other Revenue $16,103,274

TOTAL REVENUE $41,196,500

Expense Breakdown

Grants Paid $0

Salaries & Benefits $10,003,630

Fundraising Expenses $0

Program Expenses $27,789,023

Other Expenses $17,785,393

TOTAL EXPENSES $27,789,023

Year-over-Year Comparison

	2024	2023	Change
Revenue	$41,196,500	$53,656,539	-0.2%
Expenses	$27,789,023	$39,651,139	-0.3%
Net Income	$13,407,477	$14,005,400	0.0%

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

183

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

$1,499,834

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Dr W Craig Esrael	President/CEO	40	Officer	$803,529	$17,250	$820,779
Summers Townsend	Executive Vice President	40	Officer	$227,308	$11,340	$238,648
Tammy Craig	Chief Information Officer	40	Officer	$172,551	$8,461	$181,012
W Paul Pennebaker	Chief Financial Officer	40	Officer	$172,551	$8,371	$180,922
Maria McLendon	Chief Marketing Officer	40	Highest	$133,654	$6,346	$140,000
Jodi Hill	Contoller	40	Highest	$112,500	$5,625	$118,125
Ian Johnson	SVP Tech and Innovation	40		$96,923	$4,835	$101,758
David Joyner	Senior Vice President - Information Systems	40	Highest	$86,539	$3,317	$89,856
Delynn Byars	Senior Vice President	40	Highest	$83,435	$5,202	$88,637
Laura Prater	Legal Counsel	40	Officer	$73,837	$4,636	$78,473
Penny Hensley	SVP Mortgages	40	Highest	$73,835	$4,624	$78,459
Eugene Douglass	Board Member	5	Director	$0	$0	$0
Deb Ross	Board Member	5.00	Director	$0	$0	$0
Christi Kelley	Board Member	5.00	Director	$0	$0	$0
Rob Kamery	Board Member	5.00	Director	$0	$0	$0
John Bills	Board Member	5.00	Director	$0	$0	$0
Gary Blume	Board Member	5.00	Director	$0	$0	$0
Thomas Dean Jr	Board Member	5.00	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	$41,196,500	$27,789,023	No data	$13,407,477
2023	$53,656,539	$39,651,139	$755,950,628	$14,005,400
2022	$40,066,306	$29,046,406	$795,631,441	$11,019,900
2021	$36,735,546	$26,012,713	$775,898,594	$10,722,833
2020	$38,081,368	$27,900,993	$719,597,165	$10,180,375
2019	$41,554,746	$27,985,961	$620,982,432	$13,568,785
2018	$37,759,027	$25,628,143	$568,153,163	$12,130,884

FIRST SOUTH FINANCIAL CREDIT UNION