2017 Financial Report
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1 2017 Financial Report Caisse Desjardins du Nord de Laval TABLE OF CONTENTS Report on the results of applying specified auditing procedures Financial report Balance Sheet...2 Statements of Income...3 Statements of Changes in Equity...4 Note to the financial report Note 1 Type of operations and basis of accounting...5
2 March 14, 2018 Report on the results of applying specified auditing procedures to the financial report of the Caisse Desjardins du Nord de Laval (the Caisse ) prepared by the management of the Caisse To the members of the Fédération des caisses Desjardins du Québec We are the independent auditor of the separate combined financial statements of the Desjardins caisses in Quebec (the combined financial statements of the Desjardins caisses ), on which we expressed an unmodified opinion on February 26, With respect to the accompanying financial report of the Caisse prepared by the management of the Caisse, we were engaged by the members of the Fédération des caisses Desjardins du Québec to agree the financial information contained in the financial report of the Caisse with the accounting records that include the Caisse s specific accounting adjustments and were used to prepare the combined financial statements of the Desjardins caisses in Quebec for the year ended December 31, 2017 (the procedures ). We confirm that we agreed all financial information contained in the accompanying financial report of the Caisse for the year ended December 31, 2017 with the accounting records that include the Caisse s specific accounting adjustments and were used to prepare the combined financial statements of the Desjardins caisses in Quebec for the year then ended, and we confirm that we found no exceptions. In particular, as part of our procedures, we agreed the following financial information of the Caisse: Total assets: 744,521,000 $ Total equity: 66,740,000 $ Net surplus earnings for the year after member dividends : 4,338,000 $ These procedures do not constitute an audit of the financial report of the Caisse as at December 31, 2017, and therefore we express no opinion on the financial report of the Caisse as at December 31, FCPA auditor, FCA, public accountancy permit No. A PricewaterhouseCoopers LLP 1250, René-Lévesque Boulevard West, Suite 2500, Montréal, Quebec, Canada H3B 4Y1 T: , F: , PwC refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.
3 BALANCE SHEET (unaudited) (in thousands of Canadian dollars) YYYROUND_YES As at December 31, 2017 As at December 31, 2016 ASSETS YYYLANGUE_ENG Cash and deposits with financial institutions $ 15,354 $ 16,889 YYY11 Securities Investment in liquidity fund under management 1 32,650 29,961 YYY12 Term deposits and other YYY13 33,113 30,755 XXX01 Loans Personal 549, ,734 YYY14 Business 96,376 92,245 YYY15 645, ,979 Allowance for credit losses YYY16 644, ,355 Investments in the Federation 36,109 33,385 YYY17 Other assets Derivative financial instruments 8,908 6,682 YYY19 Property, plant and equipment 1,011 1,035 YYY20 Other 5,229 5,168 YYY21 15,148 12,885 TOTAL ASSETS $ 744,521 $ 714,269 LIABILITIES AND EQUITY LIABILITIES Deposits Term savings $ 328,202 $ 313,603 3YYY30 Other 310, ,746 3YYY31 638, ,349 Borrowings 27,023 40,364 YYY32 Other liabilities Derivative financial instruments 2, YYY33 Net defined benefit plan liabilities 3,612 3,199 3YYY34 Other 6,325 7,285 3YYY35 12,019 10,918 TOTAL LIABILITIES 677, ,631 EQUITY Capital stock 3,613 5,209 YYY36 Distributable surplus earnings 2,264 4,001 YYY37 Accumulated other comprehensive income 1,608 1,305 YYY38 Reserves 59,255 54,123 YYY39 TOTAL EQUITY 66,740 64,638 TOTAL LIABILITIES AND EQUITY $ 744,521 $ 714,269 2
4 STATEMENTS OF INCOME (unaudited) For the years ended December 31 (in thousands of Canadian dollars) INTEREST INCOME $ 18,779 $ 18,829 YYY50 INTEREST EXPENSE 7,626 7,506 YYY51 NET INTEREST INCOME 11,153 11,323 OTHER INCOME 5,237 5,189 YYY52 PROVISION FOR CREDIT LOSSES YYY53 NON-INTEREST EXPENSES Salaries and fringe benefits 4,887 5,037 YYY54 Assessments paid to Desjardins Group components 1,887 1,996 YYY55 Computer services 1,803 1,750 YYY63 Community Development Fund expenses 2 18 YYY56 Other 4,124 3,955 YYY57 12,703 12,756 OPERATING SURPLUS EARNINGS 3,469 3,727 Income on investments in the Federation 3,084 3,367 YYY58 Loss related to fair value of derivative financial instruments (1,032) (1,288) YYY59 SURPLUS EARNINGS BEFORE TAXES AND MEMBER DIVIDENDS 5,521 5,806 Income taxes on surplus earnings 525 1,030 YYY60 SURPLUS EARNINGS BEFORE MEMBER DIVIDENDS 4,996 4,776 Member dividends YYY61 Tax recovery on member dividends (248) (260) YYY62 NET SURPLUS EARNINGS FOR THE YEAR AFTER MEMBER DIVIDENDS $ 4,338 $ 4,068 3
5 STATEMENTS OF CHANGES IN EQUITY (unaudited) For the years ended December 31 YYY100 YYY101 YYY102 YYY103 YYY104 YYY105 YYY106 YYY107 YYY108 YYY109 YYY110 YYY111 Reserves (in thousands of Canadian dollars) Capital stock Distributable surplus earnings Accumulated other comprehensive income Appreciation reserve (investments in the Federation's investment funds) BALANCE AS AT DECEMBER 31, 2015 $ 7,790 $ 2,489 $ 826 $ 13,229 $ 1,686 $ (2,646) $ 33,054 $ 2,054 $ 2,720 $ 128 $ 50,225 $ 61,330 Distribution by members at the 2016 general meeting Interest on members' permanent and surplus shares - (313) (313) Appreciation reserve (derivative financial instruments) Transfer from (allocation to) reserves - (2,163) , ,163 - Net adjustment related to member dividends - (13) (13) Balance after distribution 7, ,229 1,686 (2,646) 35,189 2,054 2, ,388 61,004 Net surplus earnings for 2016 after member dividends - 4, ,068 Other comprehensive income for the year Statutory transfer - (495) - 1,133 (937) Net amounts used during the year (13) (13) Equity transactions related to other investments in the Federation , ,253 1,372 Redemption of permanent shares (2,434) (2,434) Other net change in capital stock (147) (147) Net adjustment related to member dividends BALANCE AS AT DECEMBER 31, 2016 $ 5,209 $ 4,001 $ 1,305 $ 15,615 $ 749 $ (2,347) $ 35,189 $ 2,054 $ 2,720 $ 143 $ 54,123 $ 64,638 Distribution by members at the 2017 general meeting Interest on members' permanent and surplus shares - (219) (219) Transfer from (allocation to) reserves - (3,778) , ,778 - Net adjustment related to member dividends - (4) (4) Balance after distribution 5,209-1,305 15, (2,347) 38,967 2,054 2, ,901 64,415 Net surplus earnings for 2017 after member dividends - 4, ,338 Other comprehensive income for the year - (743) (440) Statutory transfer - (1,337) - 2,399 (757) (305) ,337 - Net amounts used during the year (2) (2) - Equity transactions related to other investments in the Federation Redemption of permanent shares (1,488) (1,488) Other net change in capital stock (108) (108) Net adjustment related to member dividends BALANCE AS AT DECEMBER 31, 2017 $ 3,613 $ 2,264 $ 1,608 $ 18,033 $ (8) $ (2,652) $ 38,967 $ 2,054 $ 2,720 $ 141 $ 59,255 $ 66,740 Appreciation reserve (employee benefit plans) General reserve Stabilization reserve Reserve for future member dividends Community Development Fund Total reserves Total equity 4
6 NOTE TO THE FINANCIAL REPORT (unaudited) NOTE 1 TYPE OF OPERATIONS AND BASIS OF ACCOUNTING The Caisse Desjardins du Nord de Laval (the caisse) is a cooperative whose purpose is to accept and help grow the savings of its members, as well as to extend credit and provide other financial products and services to its members. Its mission also includes fostering cooperation and promoting economic, social and cooperative education. It is governed by the Act Respecting Financial Services Cooperatives (the Act). The caisse is registered with the Autorité des marchés financiers (AMF) in Quebec. It is also a member of the Fonds de sécurité Desjardins, whose main purpose is to establish and administer a security, liquidity and mutual aid fund for the benefit of Desjardins caisses in Quebec. The caisse is a member of the Fédération des caisses Desjardins du Québec (the Federation), which controls other components that together make up Desjardins Group. This financial report has been prepared in accordance with the requirements set out in the Act. The caisse applies accounting policies similar to those used to prepare the combined financial statements for Desjardins caisses in Quebec, which are prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board. Some figures from the prior year were reclassified for consistency with the presentation of the current year's financial statements. This reclassification did not affect the caisse s surplus earnings or total assets and liabilities. 5
2017 Financial Report
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