we are your - cambrian
TRANSCRIPT
20162016 Annual Report
We are your
We are your
Cambrian History 20
Financial Summary 21
Corporate Information 28
Financial Highlights 2
Introduction 4
Report to Members 10
Financial Highlights
Comparative 5-Year Chart(THOUSANDS OF DOLLARS) 2016 2015 2014 2013 2012
Assets 3,468,031 3,287,985 3,094,775 2,947,282 2,764,226
% Growth 5.48% 6.24% 5.00% 6.62% 15.25%
Net Interest Income 40,235 40,012 40,767 39,037 34,865
Provision for Loan Loss 720 600 -272 29 38
39,515 39,412 41,039 39,008 34,827
Other Income 19,712 19,561 19,163 17,099 18,124
59,227 58,973 60,202 56,107 52,951
Operating Expenses 33,020 31,923 30,755 29,717 28,262
Income from Operations 26,207 27,050 29,447 26,390 24,689
Refunded Service Fees 4,911 4,674 4,426 4,173 3,892
Income Tax 3,618 3,805 5,176 3,895 2,294
Net Income 17,678 18,571 19,845 18,322 18,503
Regulatory Share Capital 9,602 9,717 9,820 9,849 9,904
As a % of assets 0.28% 0.30% 0.32% 0.33% 0.36%
Retained Earnings 229,557 212,156 193,881 174,355 156,351
As a % of assets 6.62% 6.45% 6.26% 5.92% 5.66%
Regulatory Equity
as a % of assets 6.90% 6.75% 6.58% 6.25% 6.01%
Efficiency Ratio 55.08% 53.59% 51.32% 52.94% 53.34%
2 Cambrian Credit Union 2016 Annual Report
Efficiency Ratio(OPERATING EXPENSES AS A % OF REVENUES)
100
95
90
85
80
75
70
65
60
55
50
45
40
35
30
25
0~~
Assets (IN MILLIONS)
3500
3400
3300
3200
3100
3000
2900
2800
2700
2600
2500
2400
2300
2200
2100
2000
1900
012 13 14 15 16
~~12 13 14 15 16 12 13 14 15 16
12 13 14 15 1612 13 14 15 1612 13 14 15 16
Deposits (IN MILLIONS)
3300
3200
3100
3000
2900
2800
2700
2600
2500
2400
2300
2200
2100
2000
1900
1800
1600
0~~
Regulatory Equity (IN MILLIONS)
240
230
220
210
200
190
180
170
160
150
140
130
120
110
100
90
80
0~~
Loans (IN MILLIONS)
2900
2800
2700
2600
2500
2400
2300
2200
2100
2000
1900
1800
1700
1600
1500
1400
1300
0~~
Net Income (IN MILLIONS)
20
19
18
17
16
15
14
13
12
11
10
9
8
7
6
5
4
0~~
3Cambrian Credit Union 2016 Annual Report
Yourat a glance
Pillars of Success• Strong financial foundation• Disciplined financial management• Diligent risk management
By the Numbers• Deposit growth 5.14%• Loan growth 3.95%• Asset growth 5.48%• Membership growth 505
4 Cambrian Credit Union 2016 Annual Report
Financial Highlights• Assets $3.468 billion• Net Income $17.678 million• Efficiency Ratio 55.08%• Loans $2.872 billion
• Deposits $3.211 billion• Total Regulatory Equity
$239.159 million – 6.90% of assets• Retained Earnings
$229.557 million – 6.62% of assets
Value to Members• The Unfee • 5 years old • $4.911 million saved in 2016 • Over $25 million since inception in 2011• Green for Green • Sign up to receive document online • Get $1.00 every month!
• Pay Off Loan • Over 1,200 members took advantage of our Pay Off Loan • Received almost $300,000 in Pay Offs
5Cambrian Credit Union 2016 Annual Report
Community Citizenship• Focused on financial literacy• 12 Educational Bursaries
Awarded
• $215,000 in donations to 37 charitable organizations
• $170,000 in sponsorships to 45 community organizations in Winnipeg & Selkirk
Member Satisfaction• 96.2% of members are satisfied or
highly satisfied with their overall experience at Cambrian
• 98% would recommend Cambrian to their friends & family
Innovative Spirit • Updated versions of CambrianMobile and
AchievaMobile for improved log in access• New “Open an Account” application in
CambrianMobile app• New website for Cambrian
Retail Operations• 11 branches in Winnipeg & Selkirk• Dedicated branch employees• Relocated Pembina to Grant Park
6 Cambrian Credit Union 2016 Annual Report
Achieva Financial – Grow with Confidence• 18 years old• New brand refresh –
new colours & logo
• New website• Referral program
Wealth Management• Assets under administration grew
$490.25 million or 11.3%• 10 advisors to help you with your needs
Commercial• 100’s of Manitoba businesses choose Cambrian• Seasoned commercial account managers
7Cambrian Credit Union 2016 Annual Report
2016 Donations ListAlpha House
Alzheimer Society of Manitoba
Asper Business School Foundation
Assiniboine Park Conservancy Inc.
Canada’s Royal Winnipeg Ballet
Cerebral Palsy Association of Manitoba
Christmas L.I.T.E.
Co-op Development Foundation of Canada
Folklorama Scholarships
Fort Whyte Alive
Habitat for Humanity
Jocelyn House
Lockport and St. Andrews school libraries
Lubov SSMI Foundation – Holy Family Home
Manitoba Children’s Museum
Manitoba Opera
Manitoba Theatre for Young People
North Kildonan United Church
Nova House – Selkirk
Prairie Theatre Exchange
Royal Manitoba Theatre Centre
St. Amant Foundation
Selkirk and District Community Foundation
Siloam Mission
The Manitoba Museum
The Salvation Army
True Patriot Love Foundation
United Way Winnipeg
University of Manitoba
Variety, the Children’s Charity
Westminster Housing Society
Winnipeg Art Gallery
Winnipeg Harvest
Winnipeg Music Festival
Winnipeg Symphony Orchestra
in the community
8 Cambrian Credit Union 2016 Annual Report
2016 SponsorshipsCambrian’s Learning for Life Scholarships
Canad Inns Picnic in the Park
Canadian Hemophilia Society
Canadian Women’s Foundation – Hands to Heart Yoga Event
CancerCare Manitoba Foundation – Gold-Plated Evening
Child Nutrition Council – Stone Soup Luncheon
Co-operative Development Foundation Canada
Commerce Students’ Association Business Banquet
Folklorama
FortWhyte Alive
Keeping the Fires Burning
Manitoba High Schools Athletics Association
Manitoba Summer Games
Pink Ribbon Golf Tournament
Salvation Army – Hope in the City Breakfast
Triple S Fair and Rodeo
True North Foundation
United Way of Winnipeg Golf Tournament
University of Winnipeg, Coop Sponsorship Program
Variety, The Children’s Charity – Camp Brereton
Winnipeg Blue Bombers
Winnipeg Goldeyes
Winnipeg Humane Society – Bow Wow Ball
Winnipeg Foundation – Aboriginal Scholarship Award
Winnipeg Youth Soccer Association
in the community
9Cambrian Credit Union 2016 Annual Report
NET INCOME 17.678 million ASSET GROWTH 5.48% EFFICIENCY RATIO 55.08%
Report to Members From the Board and Management of Cambrian Credit Union
10 Cambrian Credit Union 2016 Annual Report
Another Successful YearThe market environment for financial services continues to be challenging due to a low-growth economy, low interest rates, and periods of market volatility. We’re proud to say that Cambrian has once again had a successful year in 2016 managing through these conditions and being driven to ensuring our financial foundation is always strong. We stay committed to disciplined financial management focused on high-quality growth, with carefully managed exposure to risk. We are pleased to present the following results.
Last year’s deposit growth was $156.942 million or 5.14 per cent; our loan growth was $109.145 million, up 3.95 per cent from the previous year; and our assets grew by $180.046 million, finishing the year with 5.48 per cent growth to $3.468 billion. Finally, our net income ended the year at $17.678 million.
Cambrian is driven to ensure our financial foundation is always strong.
Our capital position continued to strengthen in 2016 with total regulatory equity reaching $239.159 million, which is 6.90 per cent of assets, or 14.57 per cent of risk weighted assets. Our retained earnings, the highest quality equity to possess, continued to increase in 2016, ending the year at $229.557 million and representing 6.62 per cent of our assets.
11Cambrian Credit Union 2016 Annual Report
Value for Our MembersBeing a member of Cambrian means that you can expect to receive exceptional value from our relationship. 2016 represented the fifth anniversary of our launch of The Unfee, which refunds standard transaction and monthly package fees every month to those who have a recurring direct deposit. The Unfee sets us apart from all other financial institutions and in 2016 we Unfee’d the highest annual dollar amount yet, refunding $4.911 million in service fees back to our members. We have refunded over $25 million since the program launched in April of 2011. Our Green for Green electronic documents program also provides value, and helps our environment, by paying our members $1 every month when they opt to receive their documents through online banking. Also in 2016, we paid 3.30 per cent in dividends on outstanding shares to members.
We can provide this value to our members because we remain focused on efficiency while continuing to provide industry-leading service to our members. Our efficiency ratio, which measures the amount of expense incurred for every dollar of revenue earned, was 55.08 per cent in 2016. We’re proud to say that we continue to be one of the most efficient credit unions in Canada.
It is our value that makes Cambrian the top choice of many Manitobans and our net membership continues to grow as a result. In 2016 our overall membership increased by 505 individuals.
Board of Directors
ROSE MARIE COUTURE Director
ALAN CURD Director
KEN K. LAMOUREUX Chair
PAUL HOLDEN Vice-Chair
HOWARD FALK Director
12 Cambrian Credit Union 2016 Annual Report
An Eye on the FutureWhile our main focus is working with our members on a daily basis, we always keep an eye on how the world is changing in order to remain a leader in Manitoban financial services. One of our five core values at Cambrian is our innovative spirit, and we are making regular investments to improve the way we can serve our members today and in the future. Technology is moving quickly, but we are keen to remain on the cutting edge, making sure that the systems we implement are right for our members, but most importantly, secure.
In 2016 we launched new websites for both Cambrian and Achieva Financial that are easier to navigate and are more accessible on all electronic devices, allowing our members to conduct their business any time from any location they choose.
We also launched new versions of CambrianMobile and AchievaMobile, improving member and customer experiences in his channel. In addition, we introduced the ability to manage the entire new membership
application process using Cambrian’s mobile app. New members can securely apply for Cambrian membership, verify their information, and deposit their first cheque using Remote Deposit Capture. The entire process is safe and secure, and can be done in less than ten minutes using an Apple or Android smartphone or tablet. There are very few institutions in Canada that offer this ability, and we’re proud to be able to give our new members this convenient option.
CINDY GENYK Director
JUDY MATHIESON Director
AURORE STACKERDirector
VALERIE ROMANOW Director
We launched new versions of CambrianMobile and AchievaMobile.
13Cambrian Credit Union 2016 Annual Report
Executive Management
We are also committed to making sure our branch network is prepared to meet the needs of our members, both now and in the future. In 2016 we relocated our Pembina branch to a new site at 1200 Grant Avenue in the Grant Park Shopping Centre. The new location is spacious and modern, and is easily accessible by both car and transit with plenty of parking. Most importantly, the Grant Park branch gives your credit union plenty of room to grow in the future.
Beyond Daily BankingAt Cambrian we believe that banking should meet the needs of our individual members, not the other way around. Whether you’re starting your own business, saving for retirement, or would prefer a more self-managed approach to banking, we’re proud to offer a number of options beyond our chequing accounts that allow for a customized banking experience.
A pioneer in the virtual financial services industry, our virtual division Achieva Financial has allowed its customers to grow their savings with confidence since 1998. Our deposit rates continue to lead the market, and as always, every dollar on deposit with Achieva Financial is fully guaranteed through the Deposit Guarantee Corporation of Manitoba.
TOM BRYK President & Chief Executive Officer
JIM GRAPENTINE Chief Operating & Risk Officer
BRUCE FINK Chief Financial Officer
DAVID MORTIMER Chief Member Services & Strategy Officer and President, Achieva Financial
We relocated our Pembina branch to a new site at 1200 Grant Avenue in the Grant Park Shopping Centre.
14 Cambrian Credit Union 2016 Annual Report
2016 was another big year for Achieva Financial. After 18 years of growth and success, Achieva Financial unveiled a new, modern logo design in 2016 that stays true to our roots and highlights the successes we and our customers have had over the years. Our new tag line “Grow with Confidence” references the strong history of Achieva Financial while the new logo, website, and mobile application are modern, clean, and more functional. Our customers responded by continuing to build their deposit portfolios and by referring their friends and family to Achieva. Our referral program continues to be a strong source of new customers, and we continued to reward those who referred friends and family with a cash deposit to their savings account.
For those who require more comprehensive investing advice, our Investment Services team once again proved the value of their expertise in a market defined by volatility. Our assets under administration grew to over $490.25 million or an increase of 11.3% over 2015. No matter the investment goal, the members of our experienced team of Wealth Management professionals have the skills and understanding to customize an investment strategy that meets the individual needs of our members.
Manitoba-based businesses are at the heart of our economy, and at Cambrian we understand the complexities that come from managing a business. Our Commercial Services team is proud to live and work in our community and understands the marketplace in which your business operates. From the unique needs of the entrepreneur, to large commercial projects, our commercial services professionals provide personalized service that is unique to your business, and we are proud of their accomplishments over the past year.
Our Commercial Services team is proud to live and work in our community and understands the marketplace in which your business operates.
15Cambrian Credit Union 2016 Annual Report
Our PeopleCambrian would not be where we are today were it not for the over 270 individuals who work hard across all aspects of our business to make our members’ dreams come true. From the Board of Directors, to management, to every one of our employees, we work as a team every day to deliver the exceptional value that our members have come to expect. 2016 was another successful year, and we know that the dedication of our team will continue to drive our results into the future.
As Cambrian members themselves, our Board of Directors have a personal interest in ensuring that our credit union is successful today as well as into the future. To ensure this, the Board meets regularly to help set policy and direct corporate strategy as well as ensure that we maintain a disciplined approach to our business. Through the guidance of the Board, Cambrian has continued to operate at a very high level relative to our competition throughout the years, and this was once again the case in 2016.
Senior Management
DARELL CLAEYS Vice-President, Retail Sales & Service
PAMELA PLASTER Vice-President, Commercial & Small Business Banking
LYNNE MACKAN-ROY Senior Vice-President, Information Systems & Technology
RICK MALE Vice-President, Retail Credit & Support Services
CHRISTINA SEMANIUK Vice-President, Human Resources
KIM WENTZ Vice-President, Marketing & Communications
16 Cambrian Credit Union 2016 Annual Report
Our MembersThank you for rewarding us with your business. It is because of our members that we have grown into the successful organization that we are today. We remain committed to you because of the trust and commitment that you have shown us, and we will continue to provide you with quality financial products and services now and into the future. 2016 was an exceptional year and we are looking forward to the months and years ahead.
On behalf of the board, On behalf of management,
Ken K. Lamoureux, ACCUD, CGEIT I.S.P Tom Bryk, FCPA, FCA, ICD.D
Board Chair President & Chief Executive Officer
The management team works on a daily basis to make Cambrian successful. They lead our talented employee group and work with the Board to bring Cambrian’s strategic vision to life.
Our staff are our most important resource and dedicate themselves to working with our members to build a solid financial foundation in order to make their dreams come true. It is because of them that Cambrian is successful, and we know that with the changing environment in financial services that we are asking more and more of their skills each day. It is our goal to engage and challenge our employees to help them reach their full potential, and we offer a number of opportunities for personal and professional development as well as maintaining a policy of open communication with management. We are very proud of each of our employees, and appreciate all that they did for Cambrian in 2016.
Our staff are our most important resource and dedicate themselves to working with our members to build a solid financial foundation.
17Cambrian Credit Union 2016 Annual Report
2016 Board of Directors Meeting Attendance
KEN K. LAMOUREUXCHAIR
Term Expires: 2019
Attendance Record(ATTENDED/POSSIBLE)
Board Meetings: 9/9 Committee Meetings: 4/4
PAUL HOLDEN VICE-CHAIR
Term Expires: 2017
Attendance Record(ATTENDED/POSSIBLE)
Board Meetings: 9/9 Committee Meetings: 2/2
ROSE MARIE COUTURETerm Expires: 2017
Attendance Record(ATTENDED/POSSIBLE)
Board Meetings: 9/9 Committee Meetings: 4/4
ALAN CURD Term Expires: 2017
Attendance Record(ATTENDED/POSSIBLE)
Board Meetings: 8/9 Committee Meetings: 5/5
HOWARD FALKTerm Expires: 2018
Attendance Record(ATTENDED/POSSIBLE)
Board Meetings: 9/9 Committee Meetings: 6/6
CINDY GENYKTerm Expires: 2019
Attendance Record(ATTENDED/POSSIBLE)
Board Meetings: 5/6 Committee Meetings: 2/2
Elected Apr 20/16
JUDY MATHIESONTerm Expires: 2019
Attendance Record(ATTENDED/POSSIBLE)
Board Meetings: 6/6 Committee Meetings: 3/3
Elected Apr 20/16
VALERIE ROMANOWTerm Expires: 2018
Attendance Record(ATTENDED/POSSIBLE)
Board Meetings: 9/9 Committee Meetings: 7/7
AURORE STACKERTerm Expires: 2018
Attendance Record(ATTENDED/POSSIBLE)
Board Meetings: 9/9 Committee Meetings: 4/4
CHERRY KARPYSHINTerm Expired: 2016
Attendance Record(ATTENDED/POSSIBLE)
Board Meetings: 3/3 Committee Meetings: 2/2
Not re-elected Apr 20/16
SHAUNA MACKENZIE-SYKESTerm Expired: 2016
Attendance Record(ATTENDED/POSSIBLE)
Board Meetings: 2/3 Committee Meetings: 1/1
Retired Apr 20/16
18 Cambrian Credit Union 2016 Annual Report
Governance CommitteeThe role of the Governance Committee is to ensure the continuity of sound and prudent corporate governance. Their responsibilities include conducting the annual Board of Directors nomination process and Board evaluation process.
Audit CommitteeThe Audit Committee assists the Board in fulfilling its oversight responsibilities. These responsibilities include ensuring the integrity and accuracy of financial reporting systems and controls, ensuring effective risk management is in place, and overseeing the relationship with and performance of external auditors.
Risk Oversight Committee The Risk Oversight Committee is established by the Board to properly align with management to fulfill the requirements of our established risk management policy. Their primary responsibility is to oversee and approve the Enterprise Risk Management Strategy.
Nominating Committee
COMMITTEES OF THE BOARD OF DIRECTORS
MEMBERS:Alan Curd, BSc (Econ) (Hon) – Chair Rose Marie Couture Paul Holden, MNRM, B.A. (Adv.) Aurore Stacker, BSc, PMP, FLMI
MEMBERS:Howard Falk, CPA, CGA – Chair Judy Mathieson, MBA, FCPA, FCMA Valerie Romanow Aurore Stacker, BSc, PMP, FLMI
MEMBERS:Valerie Romanow – Chair Cindy Genyk, MSc. IT, PMP Howard Falk, CPA, CGA Alan Curd, BSc (Econ) (Hon)
MEMBERS:Rose Marie Couture – Chair Howard Falk, CPA, CGA Cindy Genyk, MSc. IT, PMP Valerie Romanow
19Cambrian Credit Union 2016 Annual Report
Since 1959, Cambrian has grown partly through mergers with other credit unions to become one of Manitoba’s largest credit unions.
Every merger represented a coming together for one purpose only – to meet members’ ever changing needs.
Year Mergers
1998 Manitoba Teachers’ Credit Union
1988 Heritage (Holy Cross) - Norwood/St. Boniface Legion - Canada Packers, Foundry, Westeel, Kane Equipment, Campus, Shell, Holy Family, Norwood - Winakwa, St. Eugene
1986 Cambrian Credit Union – name change to reflect strength and diversity of the organization
1985 Canadian Foresters (St. John) - Eagles
1982 Italia (Holy Rosary) - Netherlands
1981 Selkirk Industrial (Manitoba Rolling Mills)
1980 Winnipeg Terminal - West End, Stovel-Advocate, Paper Products, Winnipeg General Hospital, Paulin Chambers - Weston Bakeries - Public Press - Manitoba Bridge & Engineering - Railwaymen’s - Unicity (CB of RT & GW) - Commercial Telegraphers - Starlink - Filipino
1979 Building Products - Swift Canadian
1977 Winnipeg South - Ignatius - Brebeuf, Cornish, Winnipeg Municipal Hospital - Christie Brown - Strotco
1970 Selkirk
1970s Sherwilco - Continental Can - Moore Business Forms - Iron Workers - Winnipeg Housewives
1962 Manitoba Co-Op Wholesale
1960s MCI - Ideal Brass
Our predecessors
1957 Co-operators Credit Union
1953 Service Credit Union
Cambrian History
20 Cambrian Credit Union 2016 Annual Report
2016Financial Statements
21Cambrian Credit Union 2016 Annual Report
To the Members of Cambrian Credit Union LimitedThe accompanying summary financial statements, which comprise the summary statement of financial position as at December 31, 2016 and the summary statements of income and comprehensive income, changes in members’ equity and cash flows for the year then ended, are derived from the audited financial statements of Cambrian Credit Union Limited for the year ended December 31, 2016. We expressed an unmodified audit opinion on those financial statements in our report dated March 15, 2017.
The summary financial statements do not contain all the disclosures required by International Financial Reporting Standards as issued by the Accounting Standards Board. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of Cambrian Credit Union Limited.
Management’s Responsibility for the Summary Financial StatementsManagement is responsible for the preparation of a summary of the audited financial statements on the basis described in Note 1.
Auditor’s ResponsibilityOur responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standards (“CAS”) 810, “Engagements to Report on Summary Financial Statements”.
OpinionIn our opinion, the summary financial statements derived from the audited financial statements of Cambrian Credit Union Limited for the year ended December 31, 2016 are a fair summary of those financial statements, on the basis described in Note 1.
Chartered Professional Accountants Winnipeg, Canada
MARCH 15, 2017
Report of the Independent Auditor on the Summary Financial Statements
22 Cambrian Credit Union 2016 Annual Report
Summary Statement of Financial Position
As at December 31, 2016
(IN THOUSANDS OF DOLLARS) 2016 2015
AssetsCash on hand 5,054 6,121 Investments and deposits 569,747 499,736 Loans outstanding – net of allowance for loss 2,871,815 2,762,670Other assets 2,638 3,185Deferred income tax asset 46 –Investment property 584 584Property, equipment and intangible asset 18,147 15,689
3,468,031 3,287,985
Liabilities Savings and deposits 3,211,423 3,054,481Members’ shares 1,357 1,387Accounts payable and accrued liabilities 11,751 7,852Finance lease payable 5,698 3,619Deferred income tax liability – 160
3,230,229 3,067,499
Members’ Equity Shares to be issued 277 296 Members’ shares 7,968 8,034 Retained earnings 229,557 212,156
237,802 220,486
3,468,031 3,287,985
Approved by the Board of Directors
Ken K. Lamoureux, ACCUD, CGEIT, I.S.P Howard Falk, CPA, CGA Board Chair Audit Committee Chair
A full set of the financial statements including significant accounting policies and other explanatory information is available from Cambrian Credit Union Limited or at www.cambrian.mb.ca.
The accompanying notes are an integral part of these financial statements.
23Cambrian Credit Union 2016 Annual Report
(IN THOUSANDS OF DOLLARS) 2016 2015
Interest incomeMembers’ loans 89,613 90,237Investments 9,505 9,000
99,118 99,237
Interest expenseSavings and deposits 58,883 59,225
Net interest income 40,235 40,012Provision for loan loss 720 600Other income 19,712 19,561
Net interest and other income after provision for loan loss 59,227 58,973
Operating expenses Salaries and employee benefits 17,686 17,345Administration 6,954 6,649Premises 3,775 3,653Member security 2,687 2,542Organizational 1,918 1,734
33,020 31,923
Income before refunded service fees and income taxes 26,207 27,050Refunded service fees (4,911 ) (4,674 )
Net income before income taxes 21,296 22,376Provision for income taxes (3,618 ) (3,805 )
Net income and comprehensive income for the year 17,678 18,571
Summary Statement of Income and Comprehensive Income
For the year ended December 31, 2016
A full set of the financial statements including significant accounting policies and other explanatory information is available from Cambrian Credit Union Limited or at www.cambrian.mb.ca.
The accompanying notes are an integral part of these financial statements.
24 Cambrian Credit Union 2016 Annual Report
Summary Statement of Changes in Members’ Equity
For the year ended December 31, 2016
(IN THOUSANDS OF DOLLARS) Total Shares to Members’ Retained members’ be issued shares earnings equity
Balance at January 1, 2016 296 8,034 212,156 220,486
Net income and comprehensive income for the year – – 17,678 17,678Dividends 277 – (277 ) –Members’ shares issued (296 ) 296 – –Members’ shares redeemed – (362 ) – (362 )
Balance at December 31, 2016 277 7,968 229,557 237,802
Balance at January 1, 2015 319 8,071 193,881 202,271
Net income and comprehensive income for the year – – 18,571 18,571Dividends 296 – (296 ) –Members’ shares issued (319 ) 319 – –Members’ shares redeemed – (356 ) – (356 )
Balance at December 31, 2015 296 8,034 212,156 220,486
A full set of the financial statements including significant accounting policies and other explanatory information is available from Cambrian Credit Union Limited or at www.cambrian.mb.ca.
The accompanying notes are an integral part of these financial statements.
25Cambrian Credit Union 2016 Annual Report
Summary Statement of Cash Flows
For the year ended December 31, 2016
(IN THOUSANDS OF DOLLARS) 2016 2015
Cash provided by (used in) Operating activities Loans issued (485,150 ) (508,681 )Loans repaid 375,104 331,341
Net loans to members (110,046 ) (177,340 )Increase in members’ savings and deposits 157,701 177,795Interest received 99,176 99,409Interest paid (59,633 ) (59,667 )Payments to suppliers and employees (27,435 ) (31,017 )Other income received 19,712 19,561Income taxes paid (3,151 ) (6,398 )
Cash provided by operating activities 76,324 22,343
Investing activities Increase in investments and deposits (69,888 ) (15,859 )Additions to property and equipment (2,192 ) (1,120 )
Cash used in investing activities (72,080 ) (16,979 )
Financing activities Redemption of surplus and common shares (5,314 ) (5,085 )Issuance of common shares – membership 3 2
Cash used in financing activities (5,311 ) (5,083 )
Net (decrease) increase in cash during the year (1,067 ) 281Cash on hand – Beginning of year 6,121 5,840
Cash on hand – End of year 5,054 6,121
A full set of the financial statements including significant accounting policies and other explanatory information is available from Cambrian Credit Union Limited or at www.cambrian.mb.ca.
The accompanying notes are an integral part of these financial statements.
26 Cambrian Credit Union 2016 Annual Report
Summary Financial Statements
December 31, 2016
1. Basis of presentationThese summary financial statements have been derived from the audited financial statements of Cambrian Credit Union Limited (the Credit Union) for the year ended December 31, 2016.
The criteria developed by management for the preparation of the summary financial statements is as follows: that the information included in the summarized financial statements is in agreement with the related information in the complete financial statements, and that the summarized financial statements contain the information necessary to avoid distorting or obscuring matters disclosed in the related complete financial statements, including the notes thereto, in all material respects.
A full set of the financial statements including significant accounting policies and other explanatory information is available from the Credit Union or at www.cambrian.mb.ca.
2. Compliance with minimum capital and liquidity requirements
The Credit Union is in compliance with the capital and liquidity reserve requirements at December 31, 2016 established by the Regulations to The Credit Unions and Caisses Populaires Act of Manitoba.
Readers of the summary financial statements are advised that in order to appropriately interpret the Credit Union’s capital and liquidity, the reader must refer to the audited financial statements and notes for the year ended December 31, 2016, which contain further information regarding the capital and liquidity reserve requirements.
27Cambrian Credit Union 2016 Annual Report
SENIOR MANAGEMENT Tom Bryk President & Chief Executive Officer
Bruce Fink Chief Financial Officer
Jim Grapentine Chief Operating & Risk Officer
David Mortimer Chief Member Services & Strategy Officer President, Achieva Financial
Darell Claeys Vice-President, Retail Sales & Service
Lynne Mackan-Roy Senior Vice-President, Information Systems & Technology
Rick Male Vice-President, Retail Credit & Support Services
Pam Plaster Vice-President, Commercial & Small Business Banking
Christina Semaniuk Vice-President, Human Resources
Kim Wentz Vice-President, Marketing & Communications
Head Office 225 Broadway Winnipeg, Manitoba R3C 5R4 (204) 925-2600
Corporate Information
28 Cambrian Credit Union 2016 Annual Report
CREDENTIAL SECURITIES/CREDENTIAL ASSET MANAGEMENT
1-225 Broadway (204) 925-7510
David MacRae, CFP Investment Services Manager
ACHIEVA FINANCIAL – A DIVISION OF CAMBRIAN CREDIT UNION
255 Marion Street (204) 925-2740
Sherri Toporoski Customer Service Manager
MANAGER/BRANCH
Lorne Warren – Bison 60 Bison Drive (204) 925-2660
Bonnie McKissock – Ellice 1-1085 Ellice Avenue (204) 925-2650
David Ross – Grant Park 1200 Grant Avenue (204) 925-2670
Maggie Kubas – Henderson 1366 Henderson Highway (204) 925-2630
Glenn Solar – Marion Street 255 Marion Street (204) 925-2620
Cheryl Jones – McPhillips 2136 McPhillips Street (204) 925-2640
Craig Giesbrecht – Regent 100-855 Regent Avenue (204) 925-2755
Mandy Bachynski – St. James 1-3421 Portage Avenue (204) 925-2748
Cindy Gerry – St. Vital 1602 St. Mary’s Road (204) 925-2680
Craig Giesbrecht – Selkirk 282 Main Street, Selkirk (204) 482-1810
David Gregg – Southdale Square 190-115 Vermillion Road (204) 925-2690