Financial Report
Balance Sheet |
as at December 31 |
thousands of dollars |
|
2007 |
2006 |
Assets |
Cash & securities |
176,819 |
142,577 |
Mortgage & other loans |
753,969 |
595,375 |
Other assets |
67,563 |
66,462 |
TOTAL ASSETS |
998,351 |
804,414 |
|
Liabilities |
|
|
Deposits |
909,162 |
724,548 |
Accounts payable & other liabilities |
10,244 |
9,064 |
Deferred income |
4,884 |
4,320 |
TOTAL |
924,290 |
737,932 |
|
Shareholders' Equity |
|
|
Share capital |
14,004 |
14,004 |
Retained earnings * |
60,057 |
52,478 |
TOTAL |
74,061 |
66,482 |
|
Total Liabilities and Equity |
998,351 |
804,414 |
Total Administered Assets |
3,467,489 |
2,936,995 |
*includes other comprehensive income/loss
Statement of Earnings |
for the year ending December 31 |
thousands of dollars |
|
2007 |
2006 |
INCOME |
|
|
Interest |
55,687 |
46,034 |
Fees & other income |
13,334 |
11,892 |
TOTAL INCOME |
69,021 |
57,926 |
|
Expenses |
|
|
Interest |
37,041 |
30,060 |
General & administrative expenses |
19,136 |
17,509 |
Provision for loan losses |
1,175 |
95 |
TOTAL EXPENSES |
57,352 |
47,664 |
Earnings before income taxes |
11,669 |
10,262 |
Net Income After Tax |
7,585 |
6,670 |
Prepared from audited financial statements.
Auditors
PricewaterhouseCoopers LLP
Chartered Accountants
|
