Financial Report
Balance Sheet |
as at December 31 |
thousands of dollars |
|
2008 |
2007 |
Assets |
Cash & securities |
320,063 |
176,819 |
Mortgage & other loans |
893,510 |
753,969 |
Other assets |
94,794 |
67,563 |
TOTAL ASSETS |
1,308,367 |
998,351 |
|
Liabilities |
|
|
Deposits |
1,202,708 |
909,162 |
Accounts payable & other liabilities |
14,139 |
10,244 |
Deferred income |
8,178 |
4,884 |
TOTAL |
1,225,025 |
924,290 |
|
Shareholders' Equity |
|
|
Share capital |
14,004 |
14,004 |
Retained earnings |
69,338 |
60,057 |
TOTAL |
83,342 |
74,061 |
|
Total Liabilities and Equity |
1,308,367 |
998,351 |
Total Administered Assets |
4,145,327 |
3,467,489 |
Statement of Earnings |
for the year ending December 31 |
thousands of dollars |
|
2008 |
2007 |
INCOME |
|
|
Interest |
62,826 |
55,687 |
Fees & other income |
22,346 |
13,334 |
TOTAL INCOME |
85,172 |
69,021 |
|
Expenses |
|
|
Interest |
48,542 |
37,041 |
General & administrative expenses |
22,440 |
19,136 |
Provision for loan losses |
425 |
1,175 |
TOTAL EXPENSES |
71,407 |
57,352 |
Earnings before income taxes |
13,765 |
11,669 |
Net Income After Tax |
9,283 |
7,585 |
Prepared from audited financial statements.
Auditors
PricewaterhouseCoopers LLP
Chartered Accountants
|
