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2020 Annual Report

Forward, Together

2020 was a year unlike any other. It required us to adapt and change at a pace no one expected. Yet despite these many challenges, we stayed true to our core purpose and remained steadfast in our efforts to ensure the physical and financial well-being of our members, our employees and our community.

CAMBRIAN.MB.CA ►

Your Cambrian

Integrity & Honesty

  • All Cambrian employees participated in Diversity and Inclusions Fundamentals delivered by the Canadian Centre for Diversity and Inclusion
  • 35 employees reached career milestones ranging from 5-35 years of service

Member Focused

  • Returned $6.3 million into our members’ wallets through the UNFEE, for a total of $48.8 million since the program’s launch in 2011
  • Welcomed 4,041 new member accounts to Cambrian this year
  • Supported over 1,800 members who experienced loss of income due to the pandemic through interest-only or skip payment options, offering temporary relief
  • Rewarded members with over $485,000 through our Green for Green program

Competitive

  • Net Income: $15.719 million
  • Asset Growth: 10.36%
  • Efficiency Ratio: 55.49%

Community Involvement

  • Gave back more than $400,000 to community organizations through corporate donations and sponsorship opportunities
  • Established new partnerships with community groups directly working to address the hardship caused by COVID-19 in our communities
  • Employees raised $95,456 for the United Way Winnipeg, which Cambrian then matched, dollar for dollar

Innovative Spirit

  • Launched new Mobile Banking App
  • Deployed our new Home Affordability Calculator and refreshed our online Loan Application
  • Supported over 400 Small Business & Commercial Banking Members with their CEBA applications

Cambrian’s virtual division, Achieva Financial, was established with one purpose in mind – to offer Canadian savers assurance and security, while getting the best rates available in the most convenient way. Committed to providing our customers with an easy-to-use, reliable online investment platform, customers have the freedom to reach their savings goals in a self-directed approach.

For the past 22 years, Achieva has been consistently offering customers competitive rates, while providing a 100% deposit guarantee by the Deposit Guarantee Corporation of Manitoba, regardless of which province they call home.

Report to Members

From the Board and Management of Cambrian Credit Union

Net Income
$15.719 million
Asset Growth
10.36%
Efficiency Ratio
55.49%

In such a challenging environment, we demonstrated our commitment to being a value leader in banking. In 2020, we delivered on our promise of providing our members exceptional value, innovative products and technology, and in sharing knowledgeable advice and financial guidance at a time when it was needed the most.

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Financials

Our focus on high-quality growth and carefully managed exposure to risk has positioned Cambrian for continued success in maintaining a strong financial foundation.

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


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Comparative 5-Year Chart

(THOUSANDS OF DOLLARS) 2020 2019 2018 2017 2016
Assets 4,382,680 3,971,411 3,696,794 3,599,082 3,468,031
% Growth 10.36% 7.43% 2.71% 3.78% 5.48%
Net Interest Income 49,861 49,966 50,516 45,578 40,235
Provision for Loan Loss 6,372 380 222 700 720
43,489 49,586 50,294 44,878 39,515
Other Income 21,459 21,599 21,168 20,811 19,712
64,948 71,185 71,462 65,689 59,227
Operating Expenses 39,576 37,739 35,732 35,147 33,020
Income from Operations 25,372 33,446 35,730 30,542 26,207
Refunded Service Fees 6,304 6,242 5,951 5,646 4,911
Income Tax 3,349 8,569 4,554 3,216 3,618
Net Income 15,719 18,635 25,225 21,680 17,678
Regulatory Share Capital 328 325 9,364 9,443 9,602
As a % of assets 0.01% 0.01% 0.25% 0.26% 0.28%
Retained Earnings 309,947 294,228 275,593 250,958 229,557
As a % of assets 7.07% 7.41% 7.45% 6.97% 6.62%
Regulatory Equity
as a % of assets
7.09% 7.43% 7.71% 7.24% 6.90%
Efficiency Ratio 55.49% 52.73% 49.85% 52.94% 55.08%

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

Our Board of Directors have optimized Cambrian Credit Union’s performance amongst our competition through strong, responsible, and ethical governance. As Cambrian members themselves and voted in by you, the Board’s invested interest has directed us to be the organization we are today.

Ken K. Lamoureux

Chair

Judy Mathieson

Vice-Chair

Howard Falk

Director

Cindy Genyk

Director

Paul Holden

Director

Jeffrey Morton

Director

Valerie Romanow

Director

Bonnie Saluk-Chwartacki

Director

Guy Whitehill

Director

Alan Curd

Director

Previous Annual 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.
 

A Year of Adaptability, Strength,
and Resilience

2020 was a year unlike any other. It required us to adapt and change at a pace no one expected. Yet despite these many challenges, we stayed true to our core purpose and remained steadfast in our efforts to ensure the physical and financial well-being of our members, our employees and our community.

There is no questioning the significant challenges brought on by COVID-19 and how the virus deeply impacted us all. We committed to supporting our members through the uncertainty, and provided our staff with the assurance that their safety would remain paramount as we navigated these challenges together.

As such, we look back at 2020 with a deeper appreciation of our adaptability and resilience serving our members through these unprecedented challenges, and with the confidence knowing we remain committed to the reinvestment in the member experience through our ongoing digital transformation.

We committed to supporting our members through the uncertainty, and provided our staff with the assurance that their safety would remain paramount as we navigated these challenges together.
 

Financial Performance

Cambrian experienced another year of growth as our deposits grew $372 million, or 10.2 per cent and loans grew $37 million or 1.1 per cent. Overall our assets grew $411 million, finishing the year with 10.36 percent growth to $4.4 billion, and net income of $15.719 million.

In 2020, we reached $310 million in total regulatory equity, equalling 7.07 per cent of assets, or 16.09 per cent of risk weighted assets. This high level of quality equity underscores our financial strength and capacity to weather the economic uncertainties, while continuing to deliver value to our members.

In 2020, we returned $6.3 million to our members’ wallets through the UNFEE, for a total of $48.8 million since the program’s launch in 2011; and we rewarded members with over $485,000 through our Green for Green program. Our unique value proposition is something our members have come to expect and is a driving factor in our steady, continued growth. A testament of that is the 4,041 new member accounts we welcomed to Cambrian this year.

Our team worked closely with 1,800 members by supporting them with advice unique to their financial situation through interest-only or skip payment options as a way to offer temporary relief.

Supporting Our Members

At the start of the pandemic, we saw a dramatic shift as the world began locking down, businesses temporarily closed, and homes became the central hub for all day-to-day activity. We knew that with this sudden change, we would also need to adapt the way in which we managed our business, and a plan was immediately set in motion.

Following guidelines from public health officials and the government, we implemented strict measures throughout all of our branches and corporate offices to ensure the safety and protection of members and staff. Whether it was sourcing supplies, implementing safety protocols, reconfiguring work spaces, equipping employees with remote work-access capabilities, or temporarily closing and reopening branches, everyone at Cambrian came together in support of one another for the good of our members, our teams, and the community.

Member call volumes through phone and digital channels increased 400% for a time, which required an immediate shift in services to ensure our team was adequately staffed and properly equipped to offer our members a seamless experience when advice and support was needed the most. We are pleased to share that due to these efforts, we delivered an average wait time of under 30 seconds for member inquiry calls.

For some members, a loss of income was an exceptionally difficult reality caused by the pandemic. Our team worked closely with 1,800 members by supporting them with advice unique to their financial situation through interest-only or skip payment options as a way to offer temporary relief.

Through the various relief programs offered by the Federal and Provincial Governments, we supported over 400 of our Small Business & Commercial Banking Members with their Canada Emergency Business Account (CEBA) applications, ensuring they accessed the financial supports available to them.

Enhancing our Digital Capabilities

Today more than ever, we remain committed to the continuous improvement of our business by enhancing the digital experience for our members. Through the launch of our new Mobile Banking App, the deployment of our new Home Affordability Calculator and refreshed online Loan Application, we provided our members with the high level of service required by creating a digital banking experience that would meet their daily banking needs, all from the comforts of home.

As a commitment to our investment in the future, we have steadily added the necessary expertise to our team in an effort to meet the evolving preferences of our members.

We focused our corporate donations to community groups who were directly working to address the hardship caused by COVID-19 in our communities.
 

Enriching our Community

In such a challenging environment, we remained unwavering to our core values. Cambrian is committed to the financial well-being of our membership, and partnering with local organizations to help our community thrive.

We can say with certainty that without the support and services offered by the charitable organizations in the Winnipeg and Selkirk areas, this past year could have been even more trying for many within our community. Keeping this in mind, we focused our corporate donations to community groups who were directly working to address the hardship caused by COVID-19 in our communities. We sought out new opportunities to partner with organizations such as Mood Disorders Association of Manitoba to help with their new web outreach platform, the North Point Douglas Women’s Centre in support of their community hamper program, and NorWest Community Co-op in support of their new Youth Hub Centres.

Overall, we gave back more than $400,000 to community organizations through corporate donations and sponsorship opportunities. Additionally, our Community Involvement core value was demonstrated throughout our 2020 United Way workplace campaign. Not only did we exceed any previous campaign in how much money was raised, we also had a higher participation rate from employees than any year prior. Our employees raised $95,456, which Cambrian then matched dollar for dollar. In recognition of the tremendous success of Cambrian’s 2020 workplace campaign, we were awarded the Campaign Chair’s Award at this year’s United Way Celebration Event.

 

Beyond Daily Banking

Our Commercial and Small Business Banking departments continue to reinvest in the economic development of our community. Whether you’ve driven down Academy Road or Waterfront Drive in Winnipeg and took notice of the “Proudly Financed by Cambrian Credit Union” signs prominently displayed at the construction sites, or are a new patient at the recently opened Scurfield Medical Centre, it’s hard not to take notice that Cambrian continues to finance many significant projects that benefit our community.

Cambrian’s Wealth Management team is committed to the financial well-being of our members, providing personalized wealth solutions and investment strategies. We recognize each member has their own unique story, and never has it rung truer than this year. The team remained highly connected in helping navigate our members through some of life’s most important decisions. Thanks to our recent digital enhancements, our Wealth Management Advisors are able to support our members, wherever they are.

To our members, thank you for your continuing commitment to Cambrian.

Your Cambrian Team

When faced with a crisis, true character is revealed. Never have we been more grateful for our entire team and the countless ways in which they helped maintain our services, even while facing their own uncertainties with suddenly needing to jump into homeschooling or having to care for a family member in need. It is due to their demonstrated commitment to our members that we are in a position to look back at 2020 with pride.

This year, we had 35 employees reach long-service milestones at Cambrian ranging from 5 to 35 years of dedicated service to our members. In alignment with our commitment to an inclusive culture, all employees participated in Diversity and Inclusions Fundamentals delivered by the Canadian Centre for Diversity and Inclusion.

To our members, thank you for your continuing commitment to Cambrian. Your trust and confidence has allowed us to become the successful organization we are today and allows us to continue moving forward in offering innovative ways to meet your needs. Through friendly advice customized for you, or new digital banking solutions that offer choice and convenience – we are here for you. As we look to the years ahead, we remain committed to meeting your needs, and working together to make your financial dreams come true.

On behalf of the board,

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

Board Chair

On behalf of management,

David Mortimer

President & Chief Executive Officer