Financial Results
Doing business as BlueShore Financial
Summarized Consolidated Balance Sheet
as at December 31, 2014 (in thousands of dollars)
| Assets | 2014 | 2013 | ||||||||
| Cash and Cash Equivalents | 135,435 | 29,106 | ||||||||
| Loans | 2,291,719 | 2,067,945 | ||||||||
| Interest-bearing Deposits | 221,466 | 205,543 | ||||||||
| Financial Assets and Investments | 17,549 | 11,184 | ||||||||
| Premises and Equipment | 58,190 | 26,097 | ||||||||
| Intangible Assets | 7,922 | 7,207 | ||||||||
| Other Assets | 5,470 | 4,842 | ||||||||
| Deferred Income Tax | 1,929 | 1,516 | ||||||||
| $2,739,680 | $2,353,440 | |||||||||
| Liabilities and Members' Equity | 2014 | 2013 | ||||||||
| Members' Accounts: Demand Deposits | 599,382 | 580,856 | ||||||||
| Term Deposits | 1,591,516 | 1,257,828 | ||||||||
| Registered Deposits | 269,000 | 252,742 | ||||||||
| Accrued Interest | 25,378 | 2,485,276 | 18,220 | 2,109,646 | ||||||
| Borrowings and Debt Liabilities | 87,322 | 101,399 | ||||||||
| Other Liabilities | 14,651 | 8,976 | ||||||||
| Membership and Preferred Equity Shares | 1,275 | 1,371 | ||||||||
| Members' Equity: Retained Earnings | 124,977 | 114,193 | ||||||||
| Equity Shares | 23,962 | 148,939 | 18,135 | 132,328 | ||||||
| Accumulated Other Comprehensive Income | 2,217 | (280) | ||||||||
| $2,739,680 | $2,353,440 | |||||||||
| Total Assets under Administration | $3,548,128 | $3,073,395 | ||||||||
| North Shore Credit Union | ||||||||||
| Summarized Consolidated Statement of Income and Retained Earnings | ||||||||||
| for the year ended December 31, 2014 (in thousands of dollars) | ||||||||||
| 2014 | 2013 | |||||||||
| Interest Income | 93,220 | 86,223 | ||||||||
| Interest Expense | 41,513 | 37,703 | ||||||||
| Net Interest Income | 51,707 | 48,520 | ||||||||
| Fee, Commission and Other Income | 18,012 | 10,432 | ||||||||
| 69,719 | 58,952 | |||||||||
| Non-interest Expenses | 53,610 | 48,439 | ||||||||
| Loan Impairment Expense | 1,911 | 423 | ||||||||
| Net Operating Income | 14,198 | 10,090 | ||||||||
| Donations | 142 | 101 | ||||||||
| Income Tax Expense | 2,484 | 1,872 | ||||||||
| Net Income for the Year | 11,572 | 8,117 | ||||||||
| Retained Earnings - Beginning of Year | 114,193 | 106,462 | ||||||||
| Dividends on Equity Shares - Net of Tax | (788) | (386) | ||||||||
| Retained Earnings - End of Year | $124,977 | $114,193 | ||||||||
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Note 1 Message to Members
The accompanying summarized consolidated financial statements have been prepared, in accordance with Section 128 (4) of the Financial Institutions Act, from the consolidated balance sheet of North Shore Credit Union as at December 31, 2014, 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, 2014, 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 15, 2015.
Copies of the complete audited consolidated financial statements are also available at all BlueShore Financial locations or www.blueshorefinancial.com/annualreport.