The following is the quarterly financial report for Battle River Credit Union Ltd.
BALANCE SHEET
October
31, 2006
Unaudited
($ Thousands)
|
2006 |
2005 |
|
| ASSETS | ||
| Cash |
$6,298 |
$15,298 |
| Investments |
65,894 |
57,325 |
| Other Assets |
1,563 |
1,417 |
| Member Loans |
344,307 |
318,068 |
| Plant, Property and Equipment |
5,714 |
6,018 |
|
$423,776 |
$398,126 |
|
|
|
|
|
| LIABILITIES |
|
|
| Accounts Payable & Accrued Liabilities |
$667 |
$583 |
| Loans Payable |
- |
- |
| Member Deposits |
385,446 |
361,133 |
|
386,113 |
361,716 |
|
|
|
|
|
| CAPITAL, RESERVES AND RETAINED EARNINGS |
|
|
| Common Shares |
25,163 |
20,030 |
| Investment Shares - Series A |
|
5,880 |
| Special Reserve |
5,500 |
5,500 |
| Retained Earnings |
7,000 |
5,000 |
|
37,663 |
36,410 |
|
|
$423,776 |
$398,126 |
STATEMENT OF OPERATIONS
Unaudited
($ Thousands)
|
2006 |
2005 |
|
|
FINANCIAL INCOME |
||
|
Member Loans |
$20,550 |
$17,496 |
|
Investments |
2,739 |
2,480 |
|
23,289 |
19,976 |
|
|
|
|
|
|
FINANCIAL EXPENSE |
|
|
|
Deposit Accounts |
7,933 |
6,525 |
|
Interest on Borrowings |
7 |
13 |
|
7,940 |
6,538 |
|
|
Patronage Allocation |
6,363 |
4,267 |
|
FINANCIAL MARGIN |
8,986 |
9,171 |
|
Other Income |
3,329 |
3,403 |
|
Charge for Loan Impairment |
229 |
360 |
|
GROSS MARGIN |
12,086 |
12,214 |
|
Operating Expenses |
9,167 |
9,903 |
|
Dividends on Investment Shares |
0 |
0 |
|
(Gain)Loss On Sale of Assets |
0 |
0 |
|
NET INCOME BEFORE INCOME TAXES |
2,919 |
2,311 |
|
Income Taxes |
749 |
656 |
|
NET INCOME AFTER INCOME TAXES |
$2,170 |
$1,655 |
STATEMENT OF RETAINED EARNINGS
Unaudited
($ Thousands)
|
2006 |
2005 |
|
|
RETAINED EARNINGS, BEGINNING OF PERIOD |
$5,000 |
$3,500 |
|
Add: |
|
|
|
Net Income |
2,000 |
1,500 |
|
RETAINED EARNINGS, END OF PERIOD |
$7,000 |
$5,000 |