2017 Annual Report

Collaboration . Co-operation . Community

www.quintefirst.ca

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Agenda 2017 Annual General Meeting

Pages

1. WELCOME Craig Ervine

2. REPORT ON REGISTRATION Alex Shatford

3. REMEMBRANCE OF DECEASED MEMBERS Craig Ervine

4. APPROVAL OF AGENDA Craig Ervine 2

5. REPORT OF THE BOARD OF DIRECTORS Craig Ervine 3

6. BY-LAW AMENDMENT Penny Rintoul

7. ARTICLE OF AMALGAMATION AMENDMENT Penny Rintoul

8. REPORT OF THE NOMINATING COMMITTEE Mary Miller 4

9. REPORT OF THE SOCIAL RESPONSIBILITY COMMITTEE Eric Hovinga 5

10. REPORT OF THE AUDITOR Brian Kehoe

11. REPORT OF THE AUDIT AND RISK COMMITTEE David Clarke 8

12. APPOINTMENT OF AUDITOR David Clarke

13. BOARD & STAFF RECOGNITION Craig Ervine /Joe Bell 9

14. DRAWS Donna Halvorsen

15. ADJOURNMENT Craig Ervine

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Quinte First Credit Union LimitedBalance Sheet as at December 31, 2017

ASSETS 2017 2016$ $

Cash and short-term deposits 33,440,304 14,794,453Income taxes recoverable 46,313 33,004Investments 13,824,920 12,955,809Other assets 631,101 497,824Loans to members 154,638,039 153,580,179Property, plant and equipment 4,253,533 4,268,153Intangible assets 536,995 854,205

207,371,205 186,983,627LIABILITIES

Income taxes payable 17,585Members' deposits 193,543,381 173,302,040Accounts payable and accrued liabilities 1,544,013 1,242,363Deferred commercial loan application fee revenue 46,337 46,823Deferred tax liability 56,000 96,000Members' shares 939,045 1,105,402

196,128,776 175,810,213

MEMBERS' EQUITY

Retained earnings 10,967,978 10,898,159Accumulated other comprehensive income 274,451 275,255

11,242,429 11,173,414

207,371,205 186,983,627

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Quinte First Credit Union LimitedStatement of Comprehensive Income

For the Year Ended December 31, 2017

2017 2016REVENUE $ $Interest on members' loans 6,117,395 6,231,684 Investment income 379,534 220,508

6,496,929 6,452,192 INTEREST AND IMPAIRMENT LOSSESInterest on members' deposits 2,285,693 2,057,656 Impairment losses 202,902 319,074

2,488,595 2,376,730

GROSS FINANCIAL MARGIN 4,008,334 4,075,462

OTHER INCOME 1,715,224 1,675,738

EXPENSESAdministrative 2,269,471 2,468,562 Depreciation of property, plant, equipment and intangibles 583,391 428,299 Depreciation of investment property 367 734 Deposit Insurance Corporation of Ontario Assessment 140,069 132,540 Salaries and employee benefits 2,687,441 2,681,196

5,680,739 5,711,331

INCOME BEFORE INCOME TAX EXPENSE (RECOVERY) 42,819 39,869

INCOME TAX EXPENSE (RECOVERY)Current 13,000 25,195 Deferred (40,000) (9,000)

(27,000) 16,195

NET INCOME FOR YEAR 69,819 23,674

OTHER COMPREHENSIVE INCOME (LOSS) - net of tax (804) 5,938

COMPREHENSIVE INCOME FOR YEAR 69,015 29,612

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BOARD TERM EXPIRY

2018

Christina Lesage James O’Shea James Stewart Paul Osborne

William Headon

2019

Alexander Shatford Craig Ervine Mary Miller

Peter Demers

2020

David Clarke Dianne Hadley

Donna Halvorsen Eric Hovinga James Hanna

Staff (as of December 31, 2017)

Under Five Years of Service Alanna Doolittle Alexandra Norton * Amanda Young Barb Hansey Breanna Styles* Brooke Sheppard Cherie Schiere Eric Adams * Gino Leone Greg Rupnow Jodie Crowe * Kelsey Blakeley Kodie Trahan-Guay * Madison Potter * Melanie Browne * Melanie Reid * Melinda Patterson * Michael Lisle Michelle Christmann Sara Smith * Scott Lafleur Shontell Whelan * Tanya Burley Tina Mitchell * Vicki Lumley *

Five Years of Service Amanda Fellows Angela Marsh * Bonnie Boyd Brianne MacDonald Demiah Fisk * Jason Lott * Jeff Flower Lillian Jolliffe-Czindl Megan Collins *

Ten Years of Service Angela Somerville Carrie Gregoire Crystal Hinze * Kim Lee Laurie Golden Margaret Chabassol

Fifteen Years of Service Debbie Armstrong Kim Johnson Linda Normand Tammy Uens-McCambridge

Twenty Years of Service Joseph Bell Lawrie Hurd

Twenty-Five Years of Service Lois Schwager Nancy Searles

Thirty Years of Service Patricia Reid

Thirty-Five Years of Service Lovon Telford

Forty Years of Service Beverley Hanna

* New to this service level

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COLLABORATION

CO-OPERATION

COMMUNITY

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