| Assets | 2021 | 2020 | ||||||||
| Cash and Cash Equivalents | 118,052 | 163,434 | ||||||||
| Investments | 418,202 | 372,791 | ||||||||
| Derivatives and Other Financial Assets | 13,609 | 51,656 | ||||||||
| Loans | 4,411,935 | 4,173,527 | ||||||||
| Premises and Equipment | 61,202 | 65,054 | ||||||||
| Intangible Assets | 7,320 | 6,499 | ||||||||
| Other Assets | 7,686 | 6,363 | ||||||||
| Income Taxes | 3,261 | 1,760 | ||||||||
| $5,041,267 | $4,841,084 | |||||||||
| Liabilities and Members' Equity | 2021 | 2020 | ||||||||
| Members' Accounts: Demand Deposits | 941,478 | 836,619 | ||||||||
| Term Deposits | 3,178,586 | 2,965,506 | ||||||||
| Registered Deposits | 431,367 | 443,602 | ||||||||
| Accrued Interest | 28,086 | 4,579,517 | 41,057 | 4,286,784 | ||||||
| Borrowings and Debt Liabilities | 117,487 | 228,618 | ||||||||
| Other Liabilities | 40,322 | 46,426 | ||||||||
| Membership Shares | 1,360 | 1,360 | ||||||||
| Members' Equity: Retained Earnings | 252,171 | 219,129 | ||||||||
| Equity Shares | 50,746 | 302,917 | 47,618 | 266,747 | ||||||
| Accumulated Other Comprehensive Income (Loss) | (336) | 11,149 | ||||||||
| $5,041,267 | $4,841,084 | |||||||||
| Total Assets under Administration | $6,889,205 | $6,509,039 | ||||||||
| Summarized Consolidated Statement of Income and Retained Earnings | ||||||||||
| for the year ended December 31, 2021 (in thousands of dollars) | ||||||||||
| 2021 | 2020 | |||||||||
| Interest Income | 153,807 | 169,560 | ||||||||
| Interest Expense | 54,989 | 89,035 | ||||||||
| Net Interest Income | 98,818 | 80,525 | ||||||||
| Provision for Credit Losses | (2,725) | 4,995 | ||||||||
| Fee, Commission and Other Income | 24,470 | 30,444 | ||||||||
| 126,013 | 105,974 | |||||||||
| Non-interest Expenses | 84,031 | 73,999 | ||||||||
| Net Operating Income | 41,982 | 31,975 | ||||||||
| Community Investment | 420 | 320 | ||||||||
| Income Tax Expense | 7,006 | 6,860 | ||||||||
| Net Income | 34,556 | 24,795 | ||||||||
| Retained Earnings - Beginning of Year | 219,129 | 195,913 | ||||||||
| Dividends on Equity Shares - Net of Tax | (1,514) | (1,579) | ||||||||
| Retained Earnings - End of Year | $252,171 | $219,129 | ||||||||
| ||||||||||
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, 2021, 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, 2021, 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, 2022.
Complete audited consolidated financial statements are available on our website.