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Page 1: AUSTIN CREDIT UNION LIMITED - Stride Credit Union - Home · AUSTIN CREDIT UNION LIMITED Summary Statement of Comprehensive Income For the year ended December 31 2016 2015 Revenue
Page 2: AUSTIN CREDIT UNION LIMITED - Stride Credit Union - Home · AUSTIN CREDIT UNION LIMITED Summary Statement of Comprehensive Income For the year ended December 31 2016 2015 Revenue
Page 3: AUSTIN CREDIT UNION LIMITED - Stride Credit Union - Home · AUSTIN CREDIT UNION LIMITED Summary Statement of Comprehensive Income For the year ended December 31 2016 2015 Revenue

AUSTIN CREDIT UNION LIMITEDSummary Statement of Comprehensive Income

For the year ended December 31 2016 2015

RevenueInterest on loans to members

Lines of credit $ 1,640,490 $ 1,546,863Term loans 5,969,653 5,935,223

Investment incomeLiquidity deposits 498,524 226,757CUCM shares 40,102 13,580

8,148,769 7,722,423Cost of Funds

Interest paid to members 2,765,169 2,361,217Interest on borrowings - 74

2,765,169 2,361,291

Gross financial margin 5,383,600 5,361,132

Operating ExpensesPersonnel 2,975,089 2,819,150Administrative 1,486,873 1,500,059Occupancy 659,643 638,072Members' security 233,003 184,450Organizational 346,564 141,784

Gross operating expenses 5,701,172 5,283,515

Less other income 1,804,946 1,623,502

3,896,226 3,660,013

Gross operating income 1,487,374 1,701,119

Provision for (recovery of) impaired loans 390,409 (37,563)

Income before income taxes 1,096,965 1,738,682

Provision for Income Taxes Current 181,222 248,063Deferred (82,500) (12,800)

98,722 235,263

Net and total comprehensive income for the year $ 998,243 $ 1,503,419

The accompanying notes are an integral part of these summary financial statements.

Page 4: AUSTIN CREDIT UNION LIMITED - Stride Credit Union - Home · AUSTIN CREDIT UNION LIMITED Summary Statement of Comprehensive Income For the year ended December 31 2016 2015 Revenue

AUSTIN CREDIT UNION LIMITEDSummary Statement of Changes in Members' Equity

For the year ended December 31, 2016

Members'Shares

Provision forIssue of

Surplus SharesRetainedEarnings Total

Balance at December 31, 2014 $ 2,288,780 $ - $ 10,535,886 $ 12,824,666

Net income for the year - - 1,503,419 1,503,419

Adjustment to provision - - (4,600) (4,600)

Issue of members' shares 116,810 - - 116,810

Redemption of members' shares (36,665) - - (36,665)

Balance at December 31, 2015 2,368,925 - 12,034,705 14,403,630

Net income for the year - - 998,243 998,243

Distributions to members - - (21,757) (21,757)

Issue of members' shares 497,730 - - 497,730

Redemption of members' shares (93,902) - - (93,902)

Balance at December 31, 2016 $ 2,772,753 $ - $ 13,011,191 $ 15,783,944

The accompanying notes are an integral part of these summary financial statements.

Page 5: AUSTIN CREDIT UNION LIMITED - Stride Credit Union - Home · AUSTIN CREDIT UNION LIMITED Summary Statement of Comprehensive Income For the year ended December 31 2016 2015 Revenue

AUSTIN CREDIT UNION LIMITEDSummary Statement of Cash Flows

For the year ended December 31 2016 2015

Cash Flows from Operating ActivitiesNet income for the year $ 998,243 $ 1,503,419Adjustments for

Interest and investment revenue (8,148,769) (7,722,423)Interest expense 2,765,169 2,361,291Depreciation expense 290,795 297,837Provision for (recovery of) impaired loans 390,409 (37,563)Loss on disposal of property, plant and equipment (7,400) 8,845Deferred taxes (82,500) (12,800)

(3,794,053) (3,601,394)

Change in other assets and liabilities 342,424 (120,238)Change in income taxes payable 99,295 242,254

441,719 122,016Changes in member activities (net)

Change in loans to members (7,381,195) (5,647,512)Change in members' deposits 14,303,013 16,702,509

6,921,818 11,054,997Cash flows related to interest, dividends, and income taxes

Interest received on loans to members 7,547,859 7,559,868Interest received on investments 540,122 244,822Interest paid on members' deposits (2,863,918) (2,290,981)Interest paid on borrowings - (74)Income taxes paid (229,710) (225,543)

4,994,353 5,288,092

Total cash flows from operating activities 8,563,837 12,863,711

Cash Flows from Investing ActivitiesIncrease in investments (663,760) (315,550)Purchase of property, plant and equipment (312,336) (163,219)Purchase of intangible assets - (24,069)Proceeds on disposal of property, plant and equipment 10,000 1,000

Total cash flows from investing activities (966,096) (501,838)

Cash Flows from Financing ActivitiesIssue of common, surplus and preference shares 497,730 116,810Redemption of common and surplus shares (93,902) (36,665)Dividends on shares (21,757) (4,600)

Total cash flows from financing activities 382,071 75,545

Net increase in cash and cash equivalents 7,979,812 12,437,418

Cash and cash equivalents, beginning of year 29,381,809 16,944,391

Cash and cash equivalents, end of year $ 37,361,621 $ 29,381,809

Comprised of the following:Funds on hand and on deposit $ 37,361,621 $ 22,381,809Credit Union Central of Manitoba deposits - 7,000,000

$ 37,361,621 $ 29,381,809

The accompanying notes are an integral part of these summary financial statements.

Page 6: AUSTIN CREDIT UNION LIMITED - Stride Credit Union - Home · AUSTIN CREDIT UNION LIMITED Summary Statement of Comprehensive Income For the year ended December 31 2016 2015 Revenue

AUSTIN CREDIT UNION LIMITEDNotes to Summary Financial Statements

For the year ended December 31, 2016

1. Basis of Presentation

Management is responsible for the preparation of summary financial statements. The summarypresented includes only the summary balance sheet, summary statement of comprehensive income,summary statement of changes in members' equity and summary statement of cash flows. It doesnot include any notes to the financial statements. The summary balance sheet, summary statementof comprehensive income, summary statement of changes in members' equity and summarystatement of cash flows are presented in the same detail as the audited financial statements exceptthe note referencing has been removed.

Copies of the December 31, 2016 audited financial statements are available at the Credit Union'shead office at 24 - 2nd Avenue, Austin Manitoba or online at www.austincreditunion.com.

2. Compliance with Minimum Capital and Liquidity Requirements

The Credit Union is in compliance with the capital and liquidity reserve requirements at December31, 2016 established by the Regulations to The Credit Union's and Caisses Populaires Act ofManitoba.

Readers of the summary financial statements are advised that in order to appropriately interpret theCredit Union's capital and liquidity reserve requirements, the reader must refer to the auditedfinancial statements including notes for the year ended December 31, 2016, which contain theinformation detailing the calculations.