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BAC INTERNATIONAL BANK, INC. and SUBSIDIARIES (Panama, Republic of Panama)

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BAC INTERNATIONAL BANK, INC. and SUBSIDIARIES (Panama, Republic of Panama) BAC INTERNATIONAL BANK, INC. AND SUBSIDIARIES (Panama, Republic of Panama) Consolidated Financial Statement December 31, 2016 (With Independent Auditors’ Report Thereon) (FREE ENGLISH LANGUAGE TRANSLATION FROM SPANISH VERSION) BAC INTERNATIONAL BANK, INC. AND SUBSIDIARIES (Panama, Republic of Panama) Table of Contents Independent Auditors’ Report Consolidated Statement Financial Position Consolidated Income Statement Consolidated Statement of Comprehensive Income Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flow Notes to the Consolidated Financial Statements KPMG Teléfono: (507) 208-0700 Apartado Postal 81 6-1 089 Fax: (507) 263-9852 Panamá 5, República de Panamá lnternet: www.kpmg.com (FREE ENGLISH LANGUAGE TRANSLATION FROM SPANISH VERSION) INDEPENDENT AUDITORS' REPORT To the Board of Directors and Shareholders BAC lnternational Bank, lnc. Opinion We have audited the consolidated financial statements of BAC lnternational Bank, lnc. and Subsidiaries ("the Bank"), which comprise the consolidated statement of financial position as at December 31,2016, the consolidated statements of income and comprehensive income, changes in equity and cash flow for the year then ended, and notes, comprising significant accounting policies and other explanatory information. ln our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Bank as at December 31, 2016, and its consolidated financial performance and its consolidated cash flow for the year then ended in accordance with lnternational Financial Reporting Standards (IFRS). Easrs for Opinion We conducted our audit in accordance with lnternational Standards on Auditing (lSAs). Our responsibilities underthose standards are further described in the Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Bank in accordance with lnternational Ethics Standards Board for Accountants Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the consolidated financial statements in the Republic of Panama and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responstbilities of Management and Those Charged with Governance for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financíal statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. ln preparing the consolidated financial statements, management is responsible for assessing the Bank's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Bank's financial reporting process. KPMG, una sociedad c¡vil panameña, y fìrma de la red de fÌrmas m¡embros independiente de KPI\¡G. afìliadas a KPMG lnternational Coooerative ("KPlvlG lnternational"). una entidad suiza Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Bank’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Bank to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Bank to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 2 We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. KPMG (SIGNED) February 24, 2017 Panama, Republic of Panama 3 BAC INTERNATIONAL BANK, INC. AND SUBSIDIARIES (Panama, Republic of Panama) Consolidated Statement of Financial Position December 31, 2016 (In U.S. Dollars) Note 2016 2015 Assets Cash and cash equivalents 545,071,729 567,726,362 Securities purchased under resale agreements 4, 7 71,358,013 56,744,489 Deposits in banks: Demand 2,374,474,948 2,467,226,207 Time deposits 398,606,048 423,002,074 Total deposits in banks 2,773,080,996 2,890,228,281 Total cash, cash equivalents and deposits in banks 6 3,389,510,738 3,514,699,132 Investments and other assets at fair value 4, 8 1,322,607,099 1,082,308,515 Loans at fair value 4 15,400,337 17,379,905 Loans at amortized cost 4, 9 14,256,357,962 13,090,938,446 Less: Allowance for loan losses 10 (195,360,480) (161,032,488) Unearned interest (2,577,581) (2,268,672) Unearned commissions, net (50,384,109) (50,179,680) Loans at amortized cost, net 14,008,035,792 12,877,457,606 Assets classified as held for sale 27 60,589,657 0 Property, furniture, equipment and improvements, net of accumulated depreciation and amortization 11 354,779,795 360,221,760 Acceptances outstanding 31,923,582 4,498,990 Accumulated interest receivable 104,982,339 93,075,619 Other accounts receivable 238,507,166 223,887,420 Goodwill and intangible assets 12 388,859,920 391,351,556 Deferred Income tax 23 11,042,033 10,602,487 Other assets 13 121,312,768 130,020,973 Total assets 20,047,551,226 18,705,503,963 The consolidated statement of financial position must be read in conjunction with the notes which are part of the consolidated financial statements. 4 Note 2016 2015 Liabilities and Equity Liabilities: Deposits: Demand 4,858,900,069 4,755,948,327 Savings 2,593,004,442 2,417,283,369 Time deposits 5,731,181,379 5,118,204,056 Total deposits 13,183,085,890 12,291,435,752 Liabilities classified as held for sale 27 30,855,988 0 Securities sold under repurchase agreements 91,021,291 37,405,475 Financial obligations 14 3,189,627,634 3,123,411,334 Other financial obligations 15 427,130,463 388,061,790 Acceptances outstanding 31,923,582 4,498,990 Accumulated interest payable 73,068,825 66,841,239 Income tax payable 57,099,159 55,972,929 Deferred income tax 23 47,491,212 44,999,893 Other liabilities 16 542,903,654 452,850,101 Total liabilities 17,674,207,698 16,465,477,503 Equity: Common stock 17 834,708,000 834,708,000 Additional paid in capital 140,897,488 140,897,488 Treasury stock (5,164,872) (5,158,138) Retained earnings 1,340,573,712 1,205,881,772 Voluntary capital reserve 54,253,667 54,253,667 Regulatory reserves 223,464,042 179,252,779 Other comprehensive losses 18 (215,662,977) (170,052,801) Total equity of the controlling Company 2,373,069,060 2,239,782,767 Non-controlling interest 274,468 243,693 Total equity 2,373,343,528 2,240,026,460 Commitments and contingencies 24 Total liabilities and equity 20,047,551,226 18,705,503,963 5 BAC INTERNATIONAL BANK, INC. AND SUBSIDIARIES (Panama, Republic of Panama) Consolidated Income Statement For the the year ended December 31, 2016 (In U.S.
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