BlueShore Financial.com

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Financial Results

North Shore Credit Union
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
               
Dave Davenport
Chair
  Brian Atkins
Director
             

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.

* BlueShore Financial is the operating name of North Shore Credit Union.

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