First South Financial Credit Union
- Assets
- $795.6m
- Revenue
- $40.1m
- Investments
- $0.0
- Employees
- 197
- Location
- Bartlett, TN
- Founding
- 06/1952
- Data as of
- 12/2022
- EIN
- 62-0579508
Organization Overview
First South Financial Credit Union is located in Bartlett, TN. The organization was established in 1952. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, First South Financial Credit Union employed 197 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. First South Financial Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2022, First South Financial Credit Union generated $40.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.7% each year. All expenses for the organization totaled $29.0m during the year ending 12/2022. While expenses have increased by 5.2% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
FIRST SOUTH FINANCIAL CREDIT UNION IS A STATE CHARTERED CREDIT UNION AND CO-OPERATIVE THAT PROMOTES THRIFT, SAVINGS, AND LOANS TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBERS ARE OFFERED A FULL SUITE OF FINANCIAL SERVICES THAT MEET ALL OF THEIR NEEDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr W Craig Esrael President/ceo | Officer | 40 | $1,160,653 |
Tammy Craig Chief Information Officer | Officer | 40 | $214,843 |
Summers Townsend Chief Operating Officer | Officer | 40 | $214,843 |
W Paul Pennebaker Chief Financial Officer | Officer | 40 | $214,843 |
Jodi Hill Contoller | 40 | $142,118 | |
Ian Johnson SVP Tech And Innovation | 40 | $124,132 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $13,496,515 |
| Investment income | $3,880,487 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $40,066,306 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,295,536 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,515,577 |
| Pension plan accruals and contributions | $8,808,753 |
| Other employee benefits | $520,324 |
| Payroll taxes | $876,977 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,410 |
| Fees for services: Accounting | $51,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $673,364 |
| Advertising and promotion | $1,263,621 |
| Office expenses | $3,159,669 |
| Information technology | $1,170,042 |
| Royalties | $0 |
| Occupancy | $1,028,592 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $34,158 |
| Interest | $901,412 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $372,135 |
| Insurance | $0 |
| All other expenses | $517,442 |
| Total functional expenses | $29,046,406 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $25,375,015 |
| Savings and temporary cash investments | $147,527,901 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,682,586 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $444,466,818 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $770,106 |
| Net Land, buildings, and equipment | $12,367,879 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $151,422,453 |
| Intangible assets | $0 |
| Other assets | $8,018,683 |
| Total assets | $795,631,441 |
| Accounts payable and accrued expenses | $20,904,806 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $560,014,051 |
| Total liabilities | $580,918,857 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $214,712,584 |
| Total liabilities and net assets/fund balances | $795,631,441 |