Assets     2020       2019
Cash and Cash Equivalents     163,434       177,605
Loans     4,173,527       4,098,648
Interest-bearing Deposits     372,791       370,589
Financial Assets and Investments     51,656       49,099
Premises and Equipment     65,054       68,769
Intangible Assets     6,499       7,306
Other Assets     6,363       8,177
Income Taxes     1,760       3,147
      $4,841,084       $4,783,340
               
               
Liabilities and Members' Equity     2020       2019
Members' Accounts: Demand Deposits 836,619       630,892    
Term Deposits 2,965,506       3,118,868    
Registered Deposits 443,602       424,204    
Accrued Interest 41,057   4,286,784   48,086   4,222,050
Borrowings and Debt Liabilities     228,618       278,572
Other Liabilities     46,426       40,626
Membership and Preferred Equity Shares     1,360       1,337
Members' Equity: Retained Earnings 219,129       195,913    
Equity Shares 47,618   266,747   46,362   242,275
Accumulated Other Comprehensive Income (Loss)     11,149       (1,520)
      $4,841,084       $4,783,340
               
Total Assets under Administration     $6,509,039       $6,258,888
               
               
Summarized Consolidated Statement of Income and Retained Earnings
for the year ended December 31, 2020 (in thousands of dollars)
               
      2020       2019
Interest Income     169,560       171,590
Interest Expense     89,035       93,539
Net Interest Income     80,525       78,051
Fee, Commission and Other Income     30,444       18,129
      110,969       96,180
Non-interest Expenses     73,999       71,621
Provision for Credit Losses     4,995       2,498
Net Operating Income     31,975       22,061
Community Investment     320       227
Income Tax Expense     6,860       3,074
Net Income     24,795       18,760
Retained Earnings - Beginning of Year     195,913       179,164
Reclassification and Prior Period Adjustment     -       (388)
Dividends on Equity Shares - Net of Tax     (1,579)       (1,623)
Retained Earnings - End of Year     $219,129       $195,913
               

Allan Achtemichuk
Chair

 

Diana Chan
Audit Committee Chair

             

Note 1 - Message to Clients

The accompanying summarized consolidated financial statements have been prepared, in accordance with Section 128 (4) of the Financial Institutions Act, from the consolidated statement of financial position of BlueShore Financial Credit Union as at December 31, 2020, and the consolidated statements of income, comprehensive income and changes in members' equity for the year then ended. Readers are cautioned that these summarized consolidated financial statements do not include all the disclosures necessary for a complete presentation. Complete audited consolidated financial statements for the year ended December 31, 2020, together with the auditors' report thereon, are available from the Credit Union and will be presented at the Annual General Meeting of members on April 21, 2021.

Copies of the complete audited consolidated financial statements are also available at all BlueShore Financial locations or online at www.blueshorefinancial.com.