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Notes to the Consolidated Financial Statements

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Notes to the Consolidated Financial Statements Annual Report / 2018 Central 1 Credit Union Annual Report 2018 | 2 Contents 2018 in Review Report from the Board of Directors ...... 3 Message from the President & CEO ...... 5 Financial and Governance Review Management’s Discussion and Analysis ...... 7 Schedule A — Corporate Governance ...... 53 2018 President and CEO Compensation ...... 84 Consolidated Financial Statements ...... 86 Notes to the Consolidated Financial Statements ...... 97 Credit Unions in British Columbia and Ontario ...... 161 Contact Information ...... 162 Central 1 Credit Union | 3 / William (Bill) Kiss, Chair of the Board Board ofBoard Directors Report from the As we boldly move forward to meet the disruption and challenges ahead of us in the financial industry, at Central 1, we’re focused on delivering results that benefit the whole system and the long-term viability of Canadian credit unions. In 2018, Central 1’s Board and leadership identified our aspiration through 2023 to enable credit union excellence, leadership and impact through a healthy, high-performing central. To support our success as an organization, we’re increasing our focus on organizational health to foster innovation, accountability and a mindset for agility in all areas of our business. We are here to serve our members – to build relationships, find collaborative solutions, and deliver products that give clients a competitive edge – yet we understand the need to evolve as we move forward. We’re cultivating a strong and flexible organization that will engage our members and clients and learn from each obstacle and opportunity as the future unfolds. In support of our system leadership role, we fully transitioned the dues-funded government relations and marketing and research to Canadian Credit Union Association (CCUA) to align key service functions. We feel strongly that this collaborative transition will enhance CCUA’s effort towards strengthening the Canadian credit union system. Jump to table of contents Report from the Board of Directors (continued…) Central 1 Credit Union | 4 2018 also saw the beginning of our current Board governance review, which includes consultation with our members and other stakeholders. We’re seeking ways to enhance our capability to have the Board skills required to lead the organization through our transformative journey, while finding collaborative and meaningful ways to ensure all voices of the membership are heard. Change in our industry is coming ever more quickly. I thank my fellow directors for their investment of time and counsel for the future of our credit union system in Canada. On behalf of the Board, I’d like to commend Mark Blucher, the leadership team and all Central 1 employees for their successes during the past year. Through determined commitment to our strategic pillars – client centricity, operational excellence and system leadership – we’re ready to meet the challenges ahead, together, with open curiosity and bold courage to deliver on our goals and achieve our aspirations. Sincerely, William (Bill) Kiss Chair of the Board Central 1 Credit Union Jump to table of contents Central 1 Credit Union | 5 / Mark Blucher, President & Chief Executive Officer 2018 was a year of progress for Central 1. Early in the year, we released our new strategic plan, A Bold Way Forward, with specific focus on three pillars: client centricity, operational excellence and system leadership. We now have in place a dynamic set of leaders to execute on that strategy – including three new executives who joined in the summer and fall – who led us President & CEO fromMessage the through a year of transition while delivering on our plan. This enhanced leadership team brings fresh perspectives and approaches to the way Central 1 is providing value to our members and clients. As part of our efforts in 2018, we established a new Client Development group, whose sole focus is to give individual attention to our clients in understanding what they need to be successful. We have spent a great deal of time speaking with our members, our clients, our employees and our partners to better understand how we can deliver on our commitments to providing key support and developing innovative products and programs to keep our members competitive. The digital banking team were steadfast in their goals to accelerate development and launch our Forge Digital Banking Platform, or Forge, which is focused on delivering a competitive edge for clients through client-centered design, market- leading speed and innovation, and proactive stakeholder engagement and partnerships. This year’s launch of Aviso Wealth – the culmination of months of collaboration between all of Canada’s five provincial credit union centrals and Desjardins to merge the businesses of their subsidiaries – established a strong, values-based wealth management alternative for Canadians. We’re also engaging our clients and collaborating with other centrals as we navigate Payments Canada’s initiative to modernize payments. As a primary payments and settlement provider in Canada, this is a strategic focus for us at Central 1 and will continue through the next few years. Jump to table of contents Message from the President & CEO (continued…) Central 1 Credit Union | 6 As we refined our strategic and business plan later in the year, we set aspirations through 2023. We aspire to enable member excellence, leadership and impact through a healthy, high-performing Central and to do that we have specific targets for each line of business and the corporate functions that support them. Another key focus for us is organizational health – fundamental to a strong culture and organizational success – and the entire senior leadership are working hard to shift the culture and build exceptional leaders to ensure a high-performing organization on our members’ and clients’ behalf. We’re investing in strategic initiatives or partnerships to support credit unions as they meet the expanding expectations of Canadians for financial services and related solutions. This year we made progress towards our goals, while clarifying our aspirations for the future. We rounded out our leadership team with enhanced expertise and delivered a strategic plan to enable a transformed ecosystem for the future of banking to our members and clients. As we continue on this journey, there is still work ahead of us. There will always be work to do as we continually evaluate and refocus to ensure we meet future challenges and the needs of our clients, starting with our eight core initiatives for 2019. On behalf of the entire team at Central 1, we look forward to continuing to support you as members and clients in 2019. Sincerely, Mark Blucher President & Chief Executive Officer Central 1 Credit Union For more information, please visit www.central1.com. For detailed highlights and success stories from 2018, please visit annualreport.central1.com. Jump to table of contents Management's Discussion & Analysis For the year ended December 31, 2018 Jump to table of contents Central 1 Credit Union | 8 2018 Highlights *Earnings per share is calculated based on all classes of Shares. Jump to table of contents Contents Management’s Discussion and Analysis Who We Are ....... 10 Off-Balance Sheet Arrangements ....... 33 Derivative Financial Instruments ........ 33 Overall Performance ....... 11 Guarantees and Commitments ........ 34 Our Strategic Priorities ....... 13 Assets under Administration ........ 34 Factors That May Affect Future Results ....... 15 Capital Management and Capital Resources ....... 35 Economic Conditions ........ 15 Capital Management Framework ........ 35 Industry Regulation ........ 15 Regulatory Capital ........ 36 System-Specific Factors ........ 15 Risk Review ....... 37 Corporate-Specific Factors ........ 16 Business and Operations Risk ........ 37 Other Factors ........ 16 Risk Management Framework ........ 38 Cautionary Note Regarding Forward-Looking Statements ....... 16 Risk Oversight and Management ........ 40 Economic Developments and Outlook ....... 17 Accounting and Control Matters ....... 50 Economic Environment ........ 17 Critical Accounting Policies and Estimates ........ 50 Financial Markets ........ 18 Changes in Accounting Policies ........ 50 Statement of Financial Position ....... 19 Future Changes in Accounting Policies ........ 50 Cash and Liquid Assets ........ 19 Controls and Procedures ........ 50 Loans ........ 21 Related Party Disclosures ....... 51 Funding ........ 22 Corporate Governance ....... 51 Equity ........ 23 Glossary of Financial Terms ....... 52 Statement of Profit ....... 24 2018 vs 2017 ........ 24 Q4 2018 vs Q4 2017 ........ 24 Income Tax ........ 24 Schedule A — Corporate Governance .......53 Results by Segment ....... 25 2018 vs 2017 ........ 25 Q4 2018 vs Q4 2017 ........ 27 Summary of Quarterly Results ....... 29 System Performance ....... 31 British Columbia ........ 31 Ontario ........ 32 Management’s Discussion and Analysis Central 1 Credit Union | 10 As at February 22, 2019 In this Management’s Discussion and Analysis (MD&A), unless the context otherwise requires, references to “Central 1”, “we”, “us” and “our” refer to Central 1 Credit Union (Central 1) and its subsidiaries. This MD&A is dated effective February 22, 2019. The financial information included in this MD&A Management’s Discussion should be read in conjunction with our Consolidated Financial Statements for the years ended December 31, 2018 and 2017 and Analysis (Consolidated Financial Statements), which were authorized for issue by the Board
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