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Financials
Annual Report | Balance Sheet | Income Statement
| BALANCE SHEET (In Thousands) |
2007 |
2006 |
|
| ASSETS |
|
|
| Cash resources |
8,429 |
22,970
|
| Investments and deposits |
46,297 |
28,820 |
| Loans to members |
506,593 |
459,567 |
| Accrued interest receivable |
1,937 |
1,693 |
| Prepaids and other assets |
2,150 |
1,785 |
| Future income taxes |
227 |
117 |
| Property and equipment |
4,201 |
4,201 |
| Total assets |
569,834 |
519,153 |
|
| LIABILITY AND MEMBERS' EQUITY |
|
|
| Deposits of members: |
|
|
| Chequing and savings accounts |
117,541 |
108,849 |
| Term deposits |
245,351 |
232,730 |
| RRSP and other registered plans |
85,771 |
77,393 |
| RRIF |
41,802 |
42,395 |
| Accrued interest payable |
6,718 |
6,971 |
| |
497,183 |
468,338 |
| Liabilities to non-members: |
|
|
| Line of credit |
5,603 |
1,313 |
| Demand loan |
15,000 |
3,000 |
| Accounts payable and accrued charges |
2,196 |
1,285 |
| Income taxes payable |
60 |
76 |
| Derivative instrument liabilities |
856 |
-- |
| |
23,715 |
5,674 |
| Liabilities qualifying as regulatory capital |
|
|
| Investment shares |
16,474 |
15,263 |
| Ownership benefit shares |
14,625 |
13,150 |
| Member shares |
2,307 |
2,239 |
| |
33,406 |
30,652 |
| Total liabilities |
554,304 |
504,664 |
|
| Non-controlling interest |
721 |
281 |
|
| Members' equity: |
|
|
| Retained earnings |
15,369 |
14,208 |
| Accumulated other comprehensive loss |
(560) |
-- |
| |
14,809 |
14,208 |
| Commitments |
|
|
| Total liabilities and members' equity |
569,834 |
519,153 |
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| INCOME STATEMENT (In Thousands) |
|
2006 |
|
| REVENUE |
|
|
| Interest income |
30,934 |
27,304 |
| Investment income |
1,805 |
1,407 |
| Total revenue |
32,739 |
28,711 |
|
| Interest Expense |
|
|
| Interest on members' deposits |
17,413 |
15,402 |
| Patronage allocation |
1,800 |
1,602 |
| Net interest expense on derivative instruments |
1,264 |
500 |
| Interest on external borrowings |
823 |
447 |
| Interest on investment shares |
819 |
779 |
| Total interest expense |
22,119 |
18,730 |
| Financial margin |
10,620 |
9,981 |
|
| Management fees and other revenue |
6,156 |
5,409 |
| Income before undernoted |
16,776 |
15,390 |
|
| OPERATING EXPENSES |
|
|
| Personnel expenses |
6,774 |
6,144 |
| Administration expenses |
5,802 |
5,024 |
| Occupancy expenses |
1,153 |
1,057 |
| Amortization of property and equipment |
737 |
707 |
Insurance expenses |
486 |
439 |
| Total operating expenses |
14,952 |
13,371 |
| Earnings before the undernoted |
1,824 |
2,019 |
|
| Provision for loan losses |
444 |
444 |
| Charitable giving |
103 |
274 |
| |
547 |
718 |
| Earnings before income taxes and non-controlling interest |
1,277 |
1,301 |
|
| Income tax provision (recovery) |
|
|
| Current |
435 |
371 |
| Future |
(3) |
(8) |
| Total income taxes |
432 |
363 |
| Earnings before non-controlling interest |
845 |
938 |
|
| Non-controlling interest in loss of subsidiary |
300 |
312 |
| Net earnings |
1,145 |
1,250 |
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