General Manager Kory Eastman reviewed the strong deposit growth in 2020 as total assets were up 15% to 68.7 million dollars and wealth management was up 16% ending with just under 17 million dollars in assets under management. Overall the loan portfolio fell 6.4% as demand lagged during the pandemic and government programs injected significant money into many businesses and households. Overall profitability was impacted by the slashing of interest rates in March of 2020 and the Credit Union recorded a net income after tax and allowance for bad loans of 152 thousand dollars. This was down slightly from the prior year but considering the year it was not unexpected. It was noted with future employment figures becoming clear at Hudbay heading into 2022 and with vaccinations making their way into the public the outlook for lending is positive in our area and the Credit Union is expecting to make gains in all areas of operations moving forward through the pandemic recovery.
The Board of Directors saw a change as Ian Lee’s recent appointment to serve the remainder of Frank Fieber’s term was ratified as Frank retired after 25 years on the Board.
Copies of the summary financial statements are available for download from the Flin Flon Credit Union website at www.ffcu.ca.