Financially, the year provided strong growth in most areas as total assets increased 11.73% to end the year at 54.7 million dollars and total loans grew 7.50% to 41.6 million dollars.
The combination of loan growth and last year’s increases in lending rates helped the Credit Union produce an increase in gross income to over 330 thousand dollars for 2017. After tax income was lower however, ending the year at almost 161 thousand dollars as the Board set aside precautionary funds to their allowance for doubtful loans. This allocation helps to buffer the Credit Union against future potential credit losses and ensures stability in long term. The Credit Union added to their strong financial foundation ending the year with 3.7 million dollars in retained earnings, well above the regulatory guidelines.
Rod Gourlay and Lorna Quinn were returned to the Board of Directors by acclamation. The other Board members still serving out their terms are Darren Grant, Tom Fehr, Don Scott, Frank Fieber and Tina Tait.
Copies of the summary financial statements will be available for download from the Flin Flon Credit Union website by the end of the week at www.ffcu.ca.