Sector Key Financial Trends - DICO - SOAD
3340105080000SECTOR OUTLOOKOntario Credit Unions and Caisses PopulairesSecond Quarter Ended June 30, 2018?Sector?Credit UnionsCaisses PopulairesFinancial Highlights2Q-2018*1Q-20182Q-20172Q-2018*1Q-20182Q-20172Q-2018*1Q-20182Q-2017Income Statement (% average assets)??Net Interest Income1.971.971.931.931.961.902.212.022.19Loan Costs0.060.080.060.060.070.060.070.090.07Other Income0.500.530.530.470.500.510.700.720.71Non-Interest Expense1.901.931.971.911.941.981.831.841.92Taxes0.100.100.080.080.080.070.230.230.18Net Income0.420.400.350.370.370.300.790.580.72Balance Sheet ($ billions; as at quarter end)??Assets60.358.354.452.650.847.37.87.57.1Loans52.850.947.046.144.440.96.86.56.1Deposits47.646.143.542.040.638.15.55.55.4Members' Equity & Capital4.24.23.83.53.53.10.70.70.6Capital Ratios (%)??Leverage7.027.156.956.716.856.609.129.209.22Risk Weighted13.8013.9613.3813.1513.2712.7218.2118.8317.65Key Measures and Ratios (% except as noted)??Return on Regulatory Capital5.995.605.075.475.474.498.566.257.88Liquidity Ratio10.410.311.110.810.611.67.78.27.6Efficiency Ratio (before dividends/rebates)76.677.179.878.978.782.163.467.566.8Efficiency Ratio78.779.481.981.381.084.464.369.568.0Commercial Loan Delinquency>30 days0.780.970.730.720.930.671.181.291.13Total Loan Delinquency>30 days0.530.640.520.500.610.490.730.810.77Asset Growth (from last quarter)3.431.922.703.461.942.833.241.811.89Loan Growth (from last quarter)3.802.173.203.722.253.374.351.682.09Deposit Growth (from last quarter)3.121.372.193.531.362.350.071.451.06Credit Unions (number)798197676973121224Membership (thousands)1,6491,5961,6121,4621,4411,422188154190Average Assets ($ millions, per credit union)764720561784736648648628296* Trends are current quarter to last quarterBetterNeutralWorseSector Key Financial Trends CONTACT US: info@Ce document est également disponible en fran?ais. DISCLAIMER: The information presented in this report has been prepared using the latest financial filings submitted to DICO and as such accuracy and completeness cannot be guaranteed. Income Statement results are the aggregate of year-to-date annualized information.ELECTRONIC PUBLICATION: The Sector Outlook is available in PDF format (readable using Adobe Acrobat Reader) and can be downloaded from the Publications section on DICO’s website at .New This QuarterThe Sector Outlook is refreshed this quarter. The format is designed to focus analysis in areas DICO considers particularly relevant and share observations about the sector. It provides summaries and detailed comparisons to year earlier and previous quarter financial periods for the sector in aggregate, credit unions and caisses populaires. DICO Observations Q2-2018Profitability is increasing; this is likely to continue as higher rates are reflected in new and repriced loans (although slightly offset by higher interest on deposits), and non-interest expenses are controlled.Asset growth (10.9% year over year) continues to be fueled by residential mortgages (15.1%), perhaps impacted by tightened lending rules at banks; it appears increasing interest rates and slowing sales volumes and/or reduced prices in some markets have not had a negative impact on sector growth. Loan growth continues to outpace deposit growth leading to increased reliance on securitization transactions (up 26.9% year over year), bank borrowings and new capital, any of which may become constrained and are more expensive. Liquidity decreased by 67 bps year over year to 10.43% as growth in liquid assets was outpaced by growth in deposits, borrowings and securitization transactions.Capital and capital ratios are under pressure as growth in loans outpaces growth in retained earnings. Investment shares comprise a growing portion of total sector capital.Though gross loan delinquency is relatively unchanged, recent and potential increases in interest rates combined with near-record levels of household debt could impact loan delinquencies and costs in the future.Economic OverviewThe Bank of Canada (“Bank”) raised its overnight rate to 1.50% on July 11, 2018, the second 25 bps increase this year and the fourth in 12 months. The Bank’s current expectation is the global economy will grow by about 3.75% in 2018 and 3.50% in 2019. It sees the U.S. economy and U.S. dollar strong, and reflecting this strength and concerns about trade actions, a lower Canadian dollar.In its July statement, the Bank says Canada’s economy is operating at close to capacity. It considers growth has shifted: household spending has been dampened by higher interest rates and tighter mortgage lending guidelines, but there is data suggesting that housing markets are stabilizing; exports are buoyed by strong global demand and higher commodity prices; business investment is growing given strong demand and capacity constraints but is tempered by trade tensions in some sectors. The Bank still expects average growth in Canada of about 2% over 2018-2020. Projections incorporate an estimate of the impact of trade uncertainty on Canadian investment and exports, but the Bank suggests this may be understated given mounting trade tensions. Projections also incorporate the estimated impact of tariffs on steel and aluminum already imposed by the U.S. and countermeasures announced by Canada, the results of which will be difficult for some industries but are expected to be modest for the Canadian economy overall. The consensus view of Canadian economists is there could be two or three 25 bps increases over the next 18 months.The Bank did not make specific comment about household debt-to-income levels which remain high but have moderated somewhat to 168% in 1Q-2018 from 170.4% the quarter earlier (according to Statistics Canada). The decrease has been attributed to more stringent mortgage lending rules, rising interest rates and accelerating incomes.Housing MarketsIn June 2018, Canada Housing and Mortgage Corporation released its “Housing Market Insight-Ontario” report (ID no. 68865, available on its website). The report concludes nominal home prices should grow in line with the general rate of inflation over the 2018-2019 period, the entire Ontario market should not be painted with one brush and more affordable segments of the market will outperform, as will more affordable urban centers in eastern and southern Ontario, as GTA prices resume growth. The caveats, considered of lower probability, are an Ontario/GTA economy growing below forecast, steeper interest rate increases or declining consumer or business sentiments.The Toronto Real Estate Board reports that July 2018 year-over-year sales and average prices increased 18.6% and 4.8% respectively in the GTA. ConsolidationThe sector has continued to consolidate over the last twelve months with number of institutions decreasing by 18 to 79 institutions with average asset size increasing to $764 million; credit unions declined by six to 67 with average assets of $784 million; caisse populaires decreased by 12 to 12 with average asset size of $648 million. These amalgamations should result in larger, more stable entities capable of achieving economies of scale.Profitability2Q-2018 vs 2Q-2017As shown in Tables 2 and 3 on page 2, return on average assets for the sector increased to 42 bps (up 7 bps or 20%) from the same quarter a year earlier mainly reflecting improved net interest income (up 4 bps to 1.97%), decreased other income (down 3 bps to 50 bps) and reduced non-interest expenses (down 7 bps to 1.90%). Within the sector, return on average assets for credit unions increased to 37 bps (up 7 bps or 23%) mainly due to increased net interest income (up 3 bps to 1.93%), a decrease in other income (down 4 bps to 0.47%) and reduced non-interest expenses (down 7 bps to 1.91%). Caisses profitability improved to 79 bps (up 7 bps or 10%) mainly reflecting improvements in net interest income (up 2 bps to 2.21%) and non-interest expenses (down 9 bps to 1.83%), offset by higher income taxes (up 5 bps to 0.23%). Out of 79 credit unions, seven credit unions have a negative return on assets. DICO closely monitors credit unions that are unprofitable, identifies core challenges and works with the credit unions to develop strategies to resolve the situation with the intention of returning to profitability.1Q 2018 Ontario Sector vs Canadian Sector**Most recent report by Canadian Credit Union Association; including Ontario sectorOntario sector profitability of 40 bps was below that of the Canadian sector (52 bps). Although net interest income of 1.97% (vs 2.12%) and other income of 0.53% (vs 0.56%) were lower, non-interest expenses of 1.93% (vs 1.97%) were better and taxes and loan costs were similar. Capital 2Q-2018 vs 2Q-2017Sector capital increased to $4.2 billion (up $465 million or 12.4%) from the year earlier quarter comprised of:Retained earnings of $2.5 billion (up $206 million or 8.9%); Investment and patronage shares of $1.6 billion (up $266 million or 19.5%); and Membership shares of $64 million (down $1 million or 2.2%). Within the sector, credit union capital increased to $3.5 billion (up $410 million or 13.1%) and consisted of: Retained earnings of $1.9 billion (up $145 million or 8.1%); Investment and patronage shares of $1.5 billion (up $266 million or 20.8%); and Membership shares unchanged at $62 million. Caisses capital increased to $698 million (up $55 million or 8.6%) comprised of:Retained earnings of $596 million (up $62 million or 11.5%); Investment and patronage shares unchanged at $87 million; and Membership shares of $2 million (down $1 million or 38%).As a percent of risk weighted assets, sector capital was 13.80% (up 42 bps) from the year earlier quarter mostly due to increases in investment and patronage shares. Credit union capital was 13.15% (up 43 bps) and caisses capital was 18.21% (up 56 bps). Leverage for the sector was 7.02% (up 7 bps) reflecting credit union leverage of 6.71% (up 11 bps) and caisses leverage of 9.12% (down 10 bps).Although profitability is increasing, growth in retained earnings has not been keeping pace with the growth in assets. In order to maintain minimum capital requirements and provide for future growth, credit unions have been increasing dependency on the issuance of investment shares. As a result, investment shares are becoming a growing portion of their capital composition (38.6% in 2Q18 versus 36.3% in 2Q17). 2Q-2018 vs 1Q-2018Sector capital increased by $77 million (1.9% from $4.1 billion) from last quarter primarily from an increase in retained earnings of $73 million (3.0% from $2.4 billion) with membership and investment shares unchanged. Sector capital as a percent of risk weighted assets decreased 16 bps (from 13.96%) in the previous quarter. Credit union capital decreased 12 bps (from 13.27%) and caisses’ capital decreased 62 bps (from 18.83%). Leverage for the sector decreased 13 bps (from 7.15%) reflecting decreases at credit unions of 14 bps (from 6.85%) and at caisses of 8 bps (from 9.20%). Liquidity (including Securitization)2Q-2018 vs 2Q-2017As shown in Tables 7 and 8, sector deposits increased by $4.0 billion (up 9.3% to $47.6 billion), securitizations increased by $1.4 billion (up 26.9% to $6.7 billion) and borrowings decreased by $0.2 billion (down 28.8% to $0.6 billion), a net increase of $5.2 billion (up 10.5% to $54.9 billion) from the year earlier. However, liquid assets increased only $0.2 billion (up 3.9% to $5.7 billion) resulting in a decrease in liquidity to 10.43% (down 67 bps from 11.10% in 2Q17). In 2Q18, there were 31 credit unions (21 credit unions, 10 caisse populaires) with combined total assets of $50.9 billion (84% of sector assets) participating in the securitization programs. In March 2018, DICO published the Securitization Guidance Note outlining prudent risk management measures which comes into effect on September 1, 2018. DICO is monitoring the use of securitization programs by credit unions notwithstanding the concentration of this funding source at a few credit unions.Deposits at credit unions increased by $3.9 billion (up 10.3% to $42 billion), securitizations increased by $1.2 billion (up 24.2% to $6.4 billion) and with borrowings unchanged, the net increase was $5.2 billion (up 12% to $48.5 billion). However, liquid assets increased only $0.2 billion (up 4.1% to $5.2 billion) resulting in a decrease in liquidity to 10.8% (down 81 bps from 11.61%). Deposits at caisses increased by $116 million (up 2.1% to $5.5 billion), securitizations increased by $189 million (up 106.7% to $365 million) and borrowings decreased $249 million (down 33.0% to $507 million), a net increase of $55 million (up 0.9% to $6.4 billion). However, liquid assets increased only $7 million (up 1.4% to $492 million) resulting in a decrease in liquidity to 7.68% (down 4 bps from 7.72%)2Q-2018 vs 1Q-2018Sector deposits increased by $1.4 billion (up 3.1% from $46.1 billion), securitizations increased by $0.5 billion (up 7.9% from $6.2 billion) and borrowings decreased by $0.2 billion (down 29% from $0.8 billion), a net increase of $1.7 billion (up 3.2% from $53.2 billion) from last quarter. Liquid assets increased $0.3 billion (up 4.7% from $5.5 billion) resulting in an increase in liquidity of 15 bps (from 10.28%). Efficiency Ratio (before dividends/interest rebates)2Q-2018 vs 2Q-2017As shown in Table 3, sector efficiency ratio improved to 76.6% (down 320 bps from 79.8%) from the year earlier quarter. Credit unions improved to 78.9% (down 320 bps from 82.1%) and caisses to 63.4% (down 340 bps from 66.8%).2Q-2018 vs 1Q-2018Compared to last quarter, sector efficiency improved by 50 bps (from 77.1%) reflecting nominal deterioration at credit unions of 2 bps (from 78.7%) more than offset by improvement at caisses of 410 bps (from 67.5%).1Q-2018 Ontario Sector vs. Canadian SectorAlthough operating expense as a percent of average assets for the Ontario sector (1.93%) was 4 bps better than the Canadian sector (1.97%), the efficiency ratios (77.1%) was 580 bps worse than the Canadian sector (71.3%). The gap is wider than in 1Q-2017 when the spread was 420 bps (Ontario at 79.7% and Canadian Sector at 75.4%).Credit Quality (delinquency greater than 30 days)2Q-2018 vs 2Q-2017As shown in Table 5, gross loan delinquency was essentially unchanged at 53 bps (up 1 bp from 52 bps) from the year earlier quarter. Credit unions reflected an increase to 50 bps (up 1 bp from 49 bps) and caisses decreased to 73 bps (down 4 bps from 77 bps).Residential mortgage loan delinquency was essentially unchanged at 38 bps (up 1 bp from 37 bps) in the year earlier quarter. Credit unions reflected an increase to 38 bps (up 1 bp from 37 bps) and caisses decreased to 39 bps (down 2 bps from 41 bps). Commercial loan delinquency increased to 78 bps (up 5 bps from 73 bps) the year earlier. Within the sector, commercial loan delinquency increased at credit unions to 72 bps (up 5 bps from 67 bps) and at caisses to 118 bps (up 5 bps from 113 bps). 2Q-2018 vs 1Q-2018Compared to last quarter, gross delinquency for the sector improved by 11 bps (from 64 bps) reflecting decreases at credit unions of 11 bps (from 61 bps) and at caisses of 8 bps (from 81 bps). Residential mortgage loan delinquency for the sector improved by 7 bps (from 45 bps) reflecting decreases at credit unions of 7 bps (from 45 bps) and at caisses of 3 bps (from 42 bps).Commercial loan delinquency for the sector improved by 19 bps (from 97 bps) from the previous quarter reflecting decreases at credit unions of 21 bps (from 93 bps) and at caisses of 11 bps (from 129 bps). Growth2Q-2018 vs 2Q-2017Compared to the previous year, total sector assets increased to $60.3 billion (up $6 billion or 10.9%). This was largely due to growth in residential mortgage loans to $32.6 billion (up $4.3 billion or 15.1%) and commercial loans to $15.7 billion (up $1.7 billion or 12.2%). As shown in Table 4, the annual growth of residential mortgage loans was the highest growth rate in the last ten years. Within the sector, credit unions increased total assets to $52.6 billion (up $5.3 billion or 11.1%) reflecting growth in residential mortgage loans to $28.6 billion (up $3.7 billion or 15.2%) and commercial loans to $13.7 billion (up $1.5 billion or 12.5%). Caisses total assets increased to $7.8 billion (up $673 million or 9.5%) mainly attributed to growth in residential mortgage loans to $3.9 billion (up $498 million or 14.5%) and commercial loans to $1.9 billion (up $176 million or 10%). 2Q-2018 vs 1Q-2018Total assets for the sector increased by $2.0 billion (3.4% from $58.3 billion) from last quarter reflecting growth of $1.4 billion (4.3% from $31.2 billion) in residential mortgage loans and commercial loans of $419 million (2.7% from $15.3 billion). Within the sector, total assets in credit unions increased by $1.8 billion (3.5% from $50.8 billion) reflecting increases of $1.2 billion (4.4% from $27.4 billion) in residential mortgages loans and commercial loans of $287 million (2.1% from $13.5 billion). Caisses total assets increased by $244 million (3.2% from $7.5 billion) reflecting growth of $134 million (3.5% from $3.8 billion) in residential mortgages loans and increased commercial loans of $131 million (7.3% from $1.8 billion)1Q-2018 Ontario Sector vs. Canadian SectorOntario sector total assets growth rate of 10.1% was 290 bps higher than the Canadian sector (7.2%) attributable to growth in residential mortgages loans of 14.9% (vs 8.8%), commercial loans of 11.0% (vs 9.8%) and agricultural loans of 10.5% (vs 9.9%).Sector Income Statements% of Average Assets (except as noted)SectorCredit UnionsCaisses PopulairesCanadian Sector2Q-20181Q-20182Q-20172Q-20181Q-20182Q-20172Q-20181Q-20182Q-20171Q-2018???Interest and Investment Income??? Loan Interest3.17%3.15%3.05%3.21%3.18%3.09%2.93%2.92%2.83%3.16% Investment Income0.23%0.22%0.22%0.19%0.20%0.18%0.51%0.35%0.47%0.24%Total Interest and Investment Income 3.41%3.37%3.27%3.40%3.38%3.27%3.44%3.27%3.30%3.40% ???Interest and Dividend Expense??? Interest Expense on Deposits1.12%1.08%1.05%1.14%1.10%1.07%0.94%0.91%0.85%1.10% Rebates/Dividends on Share Capital0.05%0.05%0.04%0.05%0.05%0.03%0.04%0.08%0.05%0.00% Dividends on Investment/Other Capital0.02%0.01%0.03%0.03%0.01%0.04%0.00%0.00%0.00%0.09% Other Interest Expense0.25%0.24%0.22%0.25%0.24%0.22%0.25%0.25%0.21%0.08% Total0.32%0.32%0.29%0.33%0.32%0.30%0.29%0.33%0.26%0.17%Total Interest and Dividend Expense1.44%1.40%1.34%1.47%1.42%1.37%1.22%1.25%1.12%1.27% ???Net Interest and Investment Income1.97%1.97%1.93%1.93%1.96%1.90%2.21%2.02%2.19%2.12% ??? Loan Costs0.06%0.08%0.06%0.06%0.07%0.06%0.07%0.09%0.07%0.07%Net Interest and Investment Income after Loan Costs1.91%1.90%1.87%1.87%1.89%1.84%2.14%1.93%2.11%2.05% ??? Other (non-interest) Income0.50%0.53%0.53%0.47%0.50%0.51%0.70%0.72%0.71%0.56%Net Interest, Investment and Other Income2.41%2.43%2.41%2.34%2.39%2.35%2.84%2.65%2.82%2.61% ???Non-interest Expenses??? Salaries & Benefits1.07%1.09%1.11%1.10%1.12%1.14%0.87%0.90%0.90%1.12% Occupancy0.19%0.19%0.19%0.19%0.19%0.20%0.19%0.19%0.15%0.19% Computer, Office & Other Equipment0.18%0.19%0.19%0.18%0.19%0.19%0.19%0.18%0.21%0.66% Advertising & Communications0.11%0.11%0.11%0.10%0.10%0.11%0.15%0.13%0.15% Member Security0.08%0.08%0.08%0.08%0.08%0.08%0.08%0.08%0.07% Administration0.15%0.16%0.17%0.15%0.15%0.16%0.19%0.19%0.25% Other0.11%0.12%0.12%0.10%0.11%0.11%0.16%0.17%0.18%Total Non-interest Expenses1.90%1.93%1.97%1.91%1.94%1.98%1.83%1.84%1.92%1.97%???Net Income/(Loss) Before Taxes0.51%0.50%0.44%0.44%0.45%0.37%1.01%0.81%0.90%0.64% ??? Taxes0.10%0.10%0.08%0.08%0.08%0.07%0.23%0.23%0.18%0.12%Net Income/(Loss)0.42%0.40%0.35%0.37%0.37%0.30%0.79%0.58%0.72%0.52%??????Average Assets (millions)$58,845$57,668$53,212$51,243$50,189$46,251$7,601$7,479$6,962$212,658 ?Includes Ontario sector, as reported by Canadian Credit Union Association, First Quarter 2018Totals may not agree due to roundingSector Balance SheetsAs at $millionsSectorCredit UnionsCaisses Populaires2Q-20181Q-20182Q-20172Q-20181Q-20182Q-20172Q-20181Q-20182Q-2017???ASSETS??? Cash and Investments6,6536,6236,5895,7945,7205,749859903840 Personal Loans2,3382,3022,7851,6841,6542,076654648709 Residential Mortgage Loans32,57331,22328,29228,63027,41424,8473,9433,8093,445 Commercial Loans15,68015,26113,97813,74113,45412,2161,9391,8081,763 Institutional Loans108110109414141676969 Unincorporated Association Loans918072817061101010 Agricultural Loans2,0521,9291,7881,8861,7761,642166152146 Total Loans52,84150,90547,02446,06244,40940,8836,7796,4966,141 Total Loan Allowances137137139107109106302933 Capital (Fixed) Assets494492494456453455383939 Intangible and Other Assets489455445355328326134127120Total Assets60,34058,33754,41452,56050,80147,3077,7807,5367,107 ???LIABILITIES ??? Demand Deposits19,97819,39218,26317,87517,26616,0222,1032,1262,241 Term Deposits16,31115,59514,26814,53613,83312,6941,7751,7621,574 Registered Deposits11,28311,14710,7619,6369,5149,1661,6481,6331,595 Other Deposits0025000250000 Total Deposits47,57246,13443,54342,04640,61338,1335,5265,5225,410 Borrowings5617907875433431507456756 Securitizations6,7236,2285,2976,3575,8985,120365330177 Other Liabilities1,2561,0331,023571484902685549121 Total Liabilities56,11154,18650,65049,02847,32944,1867,0836,8566,464 ???MEMBERS' EQUITY & CAPITAL??? Membership Shares646365626162223 Retained Earnings2,5222,4492,3161,9261,8701,781596580535 Other Tier 1 & 2 Capital1,6311,6321,3651,5441,5451,278878787 AOCI12717(1)(4)(0)131117 Total Members' Equity & Capital4,2294,1523,7643,5323,4723,121698680643Total Liabilities, Members' Equity & Capital60,34058,33754,41452,56050,80147,3077,7807,5367,107* Totals may not agree due to roundingSector Balance SheetsSectorCredit UnionsCaisses Populaires% Increase/ (Decrease) from% Increase/ (Decrease) from% Increase/ (Decrease) from2Q-2018 1Q-2018 2Q-20172Q-20181Q-20182Q-20172Q-20181Q-20182Q-2017$millions$millions$millionsASSETS??? Cash and Investments6,6530.5%1.0%5,7941.3%0.8%859-4.8%2.3% Personal Loans2,3381.6%-16.0%1,6841.8%-18.9%6540.9%-7.8% Residential Mortgage Loans32,5734.3%15.1%28,6304.4%15.2%3,9433.5%14.5% Commercial Loans15,6802.7%12.2%13,7412.1%12.5%1,9397.3%10.0% Institutional Loans108-1.4%-1.0%410.6%1.7%67-2.6%-2.7% Unincorporated Association Loans9113.5%26.6%8115.8%31.6%10-3.0%-4.1% Agricultural Loans2,0526.4%14.7%1,8866.2%14.8%1669.0%13.8% Total Loans52,8413.8%12.4%46,0623.7%12.7%6,7794.4%10.4% Total Loan Allowances137-0.1%-1.3%107-1.7%0.8%306.2%-8.4% Capital (Fixed) Assets4940.3%-0.1%4560.5%0.1%38-1.2%-2.0% Intangible and Other Assets4897.6%9.9%3558.2%9.0%1345.9%12.4%Total Assets60,3403.4%10.9%52,5603.5%11.1%7,7803.2%9.5% ???LIABILITIES ??? Demand Deposits19,9783.0%9.4%17,8753.5%11.6%2,103-1.1%-6.2% Term Deposits16,3114.6%14.3%14,5365.1%14.5%1,7750.7%12.8% Registered Deposits11,2831.2%4.9%9,6361.3%5.1%1,6480.9%3.3% Other Deposits00.0%-100.0%00.0%-100.0%00.0%0.0% Total Deposits47,5723.1%9.3%42,0463.5%10.3%5,5260.1%2.1% Borrowings561-29.0%-28.8%54-84.0%74.6%50711.2%-33.0% Securitizations6,7237.9%26.9%6,3577.8%24.2%36510.7%106.7% Other Liabilities1,25621.5%22.8%57117.9%-36.7%68524.7%465.9% Total Liabilities56,1113.6%10.8%49,0283.6%11.0%7,0833.3%9.6% ???MEMBERS' EQUITY & CAPITAL??? Membership Shares641.1%-2.2%621.1%-0.4%20.2%-37.8% Retained Earnings2,5223.0%8.9%1,9263.0%8.1%5962.9%11.5% Other Tier 1 & 2 Capital1,6310.0%19.5%1,544-0.1%20.8%870.3%-0.5%Accumulated Other Comprehensive Income1260.4%-31.0%(1)-83.1%184.6%1310.5%-28.1% Total Members' Equity & Capital4,2291.9%12.4%3,5321.7%13.1%6982.7%8.6%Total Liabilities, Members' Equity & Capital60,3403.4%10.9%52,5603.5%11.1%7,7803.2%9.5%* Totals may not agree due to roundingSector Balance SheetsAs a percentage of Total AssetsSectorCredit UnionsCaisses PopulairesCanadian Sector?2Q-2018 1Q-2018 2Q-20172Q-20181Q-20182Q-20172Q-20181Q-20182Q-20171Q-2018????ASSETS???? Cash and Investments11.0%11.4%12.1%11.0%11.3%12.2%11.0%12.0%11.8%14.1% Personal Loans3.9%3.9%5.1%3.2%3.3%4.4%8.4%8.6%10.0%4.6% Residential Mortgage Loans54.0%53.5%52.0%54.5%54.0%52.5%50.7%50.5%48.5%55.4% Commercial Loans26.0%26.2%25.7%26.1%26.5%25.8%24.9%24.0%24.8%18.8% Institutional Loans0.2%0.2%0.2%0.1%0.1%0.1%0.9%0.9%1.0%1.0% Unincorporated Association Loans0.2%0.1%0.1%0.2%0.1%0.1%0.1%0.1%0.1%0.5% Agricultural Loans3.4%3.3%3.3%3.6%3.5%3.5%2.1%2.0%2.1%3.9% Total Loans87.6%87.3%86.4%87.6%87.4%86.4%87.1%86.2%86.4%84.3% Total Loan Allowances0.2%0.2%0.3%0.2%0.2%0.2%0.4%0.4%0.5%0.2% Capital (Fixed) Assets0.8%0.8%0.9%0.9%0.9%1.0%0.5%0.5%0.6%0.6% Intangible and Other Assets0.8%0.8%0.8%0.7%0.6%0.7%1.7%1.7%1.7%1.2%Total Assets100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100% ????LIABILITIES ???? Demand Deposits33.1%33.2%33.6%34.0%34.0%33.9%27.0%28.2%31.5%37.2% Term Deposits27.0%26.7%26.2%27.7%27.2%26.8%22.8%23.4%22.1%27.1% Registered Deposits18.7%19.1%19.8%18.3%18.7%19.4%21.2%21.7%22.4%14.6% Other Deposits0.0%0.0%0.5%0.0%0.0%0.5%0.0%0.0%0.0%0.0% Total Deposits78.8%79.1%80.0%80.0%79.9%80.6%71.0%73.3%76.1%79.1% Borrowings0.9%1.4%1.4%0.1%0.7%0.1%6.5%6.0%10.6%9.3% Securitizations11.1%10.7%9.7%12.1%11.6%10.8%4.7%4.4%2.5%0.0% Other Liabilities2.1%1.8%1.9%1.1%1.0%1.9%8.8%7.3%1.7%2.1% Total Liabilities93.0%92.9%93.1%93.3%93.2%93.4%91.0%91.0%91.0%91.4% ????MEMBERS' EQUITY & CAPITAL???? Membership Shares0.1%0.1%0.1%0.1%0.1%0.1%0.0%0.0%0.0%1.1% Retained Earnings4.2%4.2%4.3%3.7%3.7%3.8%7.7%7.7%7.5%7.5% Other Tier 1 & 2 Capital2.7%2.8%2.5%2.9%3.0%2.7%1.1%1.1%1.2%0.0% AOCI0.0%0.0%0.0%0.0%0.0%0.0%0.2%0.2%0.2%0.0% Total Members' Equity & Capital7.0%7.1%6.9%6.7%6.8%6.6%9.0%9.0%9.0%8.6%Total Liabilities, Members' Equity & Capital100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.00%?Includes Ontario sector, as reported by Canadian Credit Union Association, First Quarter 2018* Totals may not agree due to rounding ................
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