Growing
with you

2017 Annual Report

Cambrian has once again had a successful year in 2017.
We stay committed to high-quality growth through
disciplined financial management. We are driven to ensure
our members’ future is bright with a strong financial future.
We are pleased to present the following results.

Cambrian has once again had a successful
year in 2017. We stay committed to
high-quality growth through disciplined
financial management. We are driven to
ensure our members’ future is bright with a
strong financial future. We are pleased to
present the following results.

cambrian.mb.ca

YourCambrian

By the Numbers
  • Deposit growth 3.42%

  • Loan growth 6.84%

  • Asset growth 3.78%

  • Membership growth 1,045

Value to Members
  • The Unfee

    • 6 years old

    • $5.646 million 2017

    • Over $30 million since inception in 2011

  • Green for Green
    • Sign up to receive documents online

    • Get $1.00 every month!

    • 33,790 members are getting Green for Green

    • Paid over $420,000 in 2017

One of Cambrian’s core values is Community Involvement
with a strong focus on financial literacy. In the past year alone
we have awarded 12 educational bursaries, donated
$255,000 to 30 charities and have given $150,000 in
sponsorships to 45 community organizations in Winnipeg
and Selkirk!

Member Satisfaction
  • 98.1% of members are satisfied or
    highly satisfied with their overall
    experience at Cambrian

  • 92.3% would recommend Cambrian
    to their friends & family

Financial Highlights
  • Assets $3.599 billion

  • Net Income $21.680 million

  • Efficiency Ratio 52.94%

  • Loans $3.068 billion

  • Deposits $3.321 billion

  • Total Regulatory Equity
    $260.401 million – 7.24% of assets

  • Retained Earnings
    $250.958 million – 6.97% of assets

Innovative Spirit
  • Introduced Mobile Pay for Android
    devices

  • Launched Two-Factor Authentication
    to Online and Mobile Banking

Achieva Financial has been helping Canadians for
19 years. Our new Achieva Blog offers our customers
valuable advice to help grow their savings with
confidence. We offer leading deposit rates and have a
successful customer referral program.

Reportto Members

From the Board and Management of Cambrian Credit Union

Net Income

21.680 million

Asset Growth

3.78%

Efficiency Ratio

52.94%

Once again Cambrian has had a successful year, navigating the changing financial environment in 2017, while ensuring that we continue to maintain our solid financial foundation

Financials

Cambrian has a very strong financial foundation that is evidenced by our 2017 financial results.

View our full financials (Pdf) at the link below.

Read More
Comparative 5-Year Chart
(THOUSANDS OF DOLLARS) 2017 2016 2015 2014 2013
Assets 3,599,082 3,468,031 3,287,985 3,094,775 2,947,282
% Growth 3.78% 5.48% 6.24% 5.00% 6.62%
Net Interest Income 45,578 40,235 40,012 40,767 39,037
Provision for Loan Loss 700 720 600 -272 29
44,878 39,515 39,412 41,039 39,008
Other Income 20,811 19,712 19,561 19,163 17,099
65,689 59,227 58,973 60,202 56,107
Operating Expenses 35,147 33,020 31,923 30,755 29,717
Income from Operations 30,542 26,207 27,050 29,447 26,390
Refunded Service Fees 5,646 4,911 4,674 4,426 4,173
Income Tax 3,216 3,618 3,805 5,176 3,895
Net Income 21,680 17,678 18,571 19,845 18,322
Regulatory Share Capital 9,443 9,602 9,717 9,820 9,849
As a % of assets 0.26% 0.28% 0.30% 0.32% 0.33%
Retained Earnings 250,958 229,557 212,156 193,881 174,355
As a % of assets 6.97% 6.62% 6.45% 6.26% 5.92%
Regulatory Equity as a % of assets 7.24% 6.90% 6.75% 6.58% 6.25%
Efficiency Ratio 52.94% 55.08% 53.59% 51.32% 52.94%

Assets(in Millions)

Net Income(in Millions)

Efficiency Ratio(Operating Expenses as a % of Revenues)

Loans(in Millions)

Deposits(in Millions)

Regulatory Equity(in Millions)

Board of Directors

As Cambrian members themselves, our Board of Directors have a personal interest in ensuring that our credit union is successful today as well as into the future. Through the guidance of the Board, Cambrian has continued to operate at a very high level relative to our competition throughout the years, and this was once again the case in 2017.

Ken K. Lamoureux
Chair

Board Meetings Attended:
9 out of 10

Committee Meetings Attended:
8 out of 9

Paul Holden
Vice-Chair

Board Meetings Attended:
10 out of 10

Committee Meetings Attended:
4 out of 5

Alan Curd
Director

Board Meetings Attended:
9 out of 10

Committee Meetings Attended:
6 out of 6

Howard Falk
Director

Board Meetings Attended:
10 out of 10

Committee Meetings Attended:
5 out of 6

Cindy Genyk
Director

Board Meetings Attended:
9 out of 10

Committee Meetings Attended:
5 out of 6

Judy Mathieson
Director

Board Meetings Attended:
10 out of 10

Committee Meetings Attended:
5 out of 5

Valerie Romanow
Director

Board Meetings Attended:
10 out of 10

Committee Meetings Attended:
6 out of 6

Aurore Stacker
Director

Board Meetings Attended:
9 out of 10

Committee Meetings Attended:
5 out of 6

Guy Whitehill
Director

Board Meetings Attended:
6 out of 6

Committee Meetings Attended:
4 out of 4

Elected Apr 18/17

Rose Marie Couture
Director

Board Meetings Attended:
9 out of 9

Committee Meetings Attended:
4 out of 4

Retired Apr 18/17

PreviousAnnual Report

As part of our commitment to building relationships with our members, Cambrian provides an Annual Report for you to review our financial health and our operational achievements during the previous year. Our Board of Directors invites you to review our past Annual Report.

Continuing our Record of Success

Once again Cambrian has had a successful year, navigating the changing financial environment in 2017, while ensuring that we continue to maintain our solid financial foundation. Cambrian is committed to prudent financial management in all market conditions, focused on high-quality growth with carefully managed exposure to risk. 2017 was no different, as can be seen in the following results.

Last year’s deposit growth was $109.698 million or 3.42 per cent; our loan growth was $196.295 million, up 6.84 per cent from the previous year; and our assets grew by $131.051 million, finishing the year with 3.78 per cent growth to 3.599 billion. Our net income at the end of 2017 was $21.680 million.

In 2017 our total equity reached $259.078 million, a total of 7.20 per cent of assets, or 13.94 per cent of risk weighted assets. Our retained earnings ended the year at $250.958 million, or 6.97 per cent of our assets.

The Benefits of Being a Cambrian Member

At Cambrian, we want you to positively benefit from being a Cambrian member, which is why we offer The Unfee. 2017 marks six years of The Unfee, which refunds standard transaction and monthly package fees to all members who have a recurring direct deposit with us. In 2017, we Unfee’d $5,646,000 back to our members, the most we’ve ever refunded in a calendar year, bringing our Unfee total up to $30,346,176 to date.

Members, as well as the environment, also benefit from our Green for Green electronic documents program which pays our members $1 every month when they opt to receive their documents through online banking. As of December 2017, 33,790 members have registered to receive their documents electronically. These members were paid over $420,000 last year, which was a 9.0 per cent increase from 2016’s payouts. Also in 2017, we paid 3.4 per cent in dividends on outstanding shares to members.

Our efficiency is one of the things that allows Cambrian to provide these benefits to members. In 2017, our efficiency-ratio, a measure of the amount of expense incurred per dollar of revenue, was 52.94 per cent. We’re proud to provide industry-leading value to our members, while acting as one of the most efficient credit unions in Canada.

People are recognizing these benefits, as well as Cambrian’s reputation for providing excellent service to our members, and choosing to become members themselves. Our net membership has increased by 1,045 individuals in 2017.

Cambrian is driven to ensure our financial foundation is always strong.

Technological Advancement

Advancing our technological offerings to members is always a priority to continually make day-to-day banking more convenient and secure. We are proud to say that Cambrian is on the leading edge when it comes to investing in the latest technology and releasing new online features to our members.

In 2017 we introduced Mobile Pay, a fast, easy and secure way for members to make purchases with their Android smartphone, using the CambrianMobile app. With Mobile Pay, members can be assured that their transactions are secure with state-of-the-art encryption and tokenization, and passcode protection for transactions over $100. Members can also opt to require their passcode for all purchases made using Mobile Pay.

The security of our members’ accounts is always a priority at Cambrian. It is with this in mind that we launched two-factor authentication for Cambrian and Achieva online and mobile banking. Two-factor authentication adds an extra layer of security when logging on to your account. This technology verifies the identity of the user logging into their account from a new device. Members can also opt into initiating two-factor authentication at every log in, further protecting them when they do their banking online or via their mobile device.

Cambrian and Achieva’s new websites celebrated their first full year of operation in 2017. During this time the websites were refined further based on activity data to ensure that our members have a smooth and straightforward browsing experience every time they visit our website. The Cambrian Financial Literacy Blog, and Achieva Blog were ramped up significantly in 2017, acting as financial literacy resources for member, and non-member visitors alike.

Cambrian’s Other Service Offerings

At Cambrian, we offer more than just daily banking. Our members have access to retirement planning advice from our wealth management department, business services from our commercial services department, and the ability to manage their own investments online with a Credential Direct online brokerage account.

In-branch, our Financial Services Officers work with our members to get them the products that will help them build strong financial foundations for making their dreams come true. Members can visit an FSO to apply for a mortgage or loan, make a deposit to their savings, or to get more information on the products and services Cambrian offers our members.

Soon to be celebrating 20 years in operation, Cambrian’s virtual division, Achieva Financial is a deposit leader in the virtual financial services industry, allowing customers to grow their savings with confidence. Deposit rates started to rise throughout 2017, which was a positive development for savers. Achieva customers continue to take advantage of our referral program, which rewards customers who refer family and friends with a cash deposit.

Cambrian’s Wealth Management professionals are an essential resource for those who are looking for a personalized investment strategy. Our Wealth Management team have the skills and expertise to tailor your investment strategy to help you meet your short and long term goals. Our assets under administration grew to over $579 million or an increase of 10.25 per cent over 2016.

Our Commercial Services team continues to provide expert service to Manitoba-based businesses. We serve businesses of all types, from sole proprietors, to large companies, and non-profit organizations, offering personalized attention with an understanding of the Manitoba market. Our Commercial Services team understands that every business is unique, which is why we offer a variety of business services to give organizations maximum flexibility.

Our People

We would not be able to achieve our enormous success without the more than 270 dedicated individuals who work hard in all departments to provide exemplary service to our members. Team work is a huge part of the culture at Cambrian, and everyone, from our Board of Directors, to management, to our front-line staff work together to provide exceptional value to our members. We thank our dedicated team at Cambrian for another successful year, and know that, with their hard work, we will see our success continue on into the future.

Our staff are our most important resource and dedicate themselves to working with our members to build a solid financial foundation.

Our Board of Directors are all Cambrian members themselves, which gives them a personal investment in the success of our credit union. The Board of Directors continue to develop their personal and professional skills to keep current in the governance best practices of the credit union system in Manitoba and Canada. The Board meets regularly to set policy, and direct our corporate strategy, allowing us to maintain our continued success. Thanks to their ongoing guidance, Cambrian has performed well over the years, and 2017 continues that trend. Through the guidance of the Board, Cambrian has been an ongoing leader in our marketplace.

Cambrian’s management team works diligently to lead our employees and act on our strategic vision. Their dedication and leadership contributes to Cambrian’s success.

Cambrian’s staff are at the heart of our success. Our staff members are guided by our five values, integrity and honesty; member focused; competitive; community involvement; and innovative spirit. We wouldn’t be where we are today without our staff, and we continue to develop their personal and professional skills to help each staff member be the best that they can be. Each member of Cambrian’s management team maintains a policy of open communication, ensuring that every member of our staff has the tools, resources and information needed to perform at their peak. We appreciate the hard work of our staff, and thank them for their service in 2017.

Our Members

We are always grateful to you for giving us your business, and it is because of you that Cambrian has become the organization that it is today. Cambrian is committed to continuing our history of providing you with quality financial products and services, and look forward to working with you in the months and years ahead.

On behalf of the board,

Ken K. Lamoureux, ACCUD, CGEIT, ICD.D
Board Chair

On behalf of management,

Tom Bryk, FCPA, FCA, ICD.D
President &
Chief Executive Officer