Helping Hands

Supporting members and communities in a changing world.

2020 ANNUAL REPORT VISION Together we enrich lives by creating and nurturing financially empowered communities.

MISSION our credit union was able to support long-time collaborator, Aldergrove Credit our members and employees through a Union on the possibilities of what a merger We financially empower our members year that will not be forgotten for a very could bring to the two credit unions. by connecting them to personalized long time. advice and solutions. With passion and By the end of the year, G&F stood innovation, together we go beyond In 2020 helping those around us took strong with over 35,000 members, 240 banking to create a thriving credit union priority, and we sought new ways to employees, 16 locations and $3 billion and build brighter futures. support our members through the many in total assets under administration. days and months of uncertainty. From Despite the challenges of the pandemic, March to June, we made over 46,000 we remained a steady constant for our 2020 WAS A YEAR outbound calls to members to ask how members, providing a full range of LIKE NO OTHER they were doing and how we could meet personal and business banking, investment their needs. We quickly altered branch and insurance solutions. We are proud of what our credit union operations to keep our members safe and achieved in the face of great turmoil and transitioned 75 employees to work from This annual report provides for us economic uncertainty brought about by home. Our advantage was our mobile the opportunity to reflect on how we the COVID-19 pandemic. teams who were already set up for remote supported our employees, members and work, as virtual meetings with members communities through the unpredictable Three months into the year, we could see quickly became the norm. year of 2020. We look forward to there would be no clear answers as to how continuing our co-operative work and we would cope through the pandemic; We gave back to our community by collaborating with our credit union peers our solution was to remain flexible and donating masks and much-needed funds as we enter our 81st year in operation. ready to shift as needed in response to the to food banks, shelters and hospital It is only together that we can build our impact of the virus on our communities. foundations, supporting the School Food future, so we owe our heartfelt thanks to Our members were shaken with job losses Program and raising funds online for The our members for trusting us to be a part of and uncertainty, school closures, market Centre for Child Development. their life beyond banking™. volatility and growing financial worries. The summer months brought a temporary It required a collective response from all decline in COVID-19 cases in BC and levels of government and health officials with that, a renewed sense of hope for to give us a framework in which to operate everyone. We continued with future 1 safely. By following their guidance, planning and began discussions with our A MESSAGE FROM THE BOARD OF DIRECTORS AND OUR CO-CEOS

(pictured left to right) William Kiss, Co-Chief Executive Officer; Lewis Bublé, President and Chair, Board of Directors; Jeff Shewfelt, Co-Chief Executive Officer

A FOCUS ON SUPPORTING As a province, we faced unexpected from home and needing more space, the MEMBERS restrictions and shutdowns and saw a price of single detached homes surged by significant impact on hospitality and 10.2% in Greater Vancouver and 13.3% in G&F demonstrated strength and tourism sectors. Yet, as people stayed the Fraser Valley, as reported by the Fraser resilience throughout the year despite close to home, many had the opportunity Valley Real Estate Board. the unprecedented challenges of the to save their money. Financial institutions across Canada faced pandemic and accompanying stress on our While the market churned dramatically, the same challenge as the Bank of Canada economic environment. We maintained our Wealth Management team provided dropped their overnight target rate by strong asset growth and financial results as prudent financial advice, guiding members 150 basis points, compressing margins. we focused on supporting our members. to hold tight. By year’s end, the stock This brought five-year mortgage rates • Personal and commercial members market again showed positive returns. to historical lows and decreased rates were granted deferrals on mortgage on deposits. For members looking to In Metro Vancouver, according to the payments. Nearly all have since purchase a home, this was a benefit. At the Real Estate Board of Greater Vancouver, resumed their normal payments. same time, members who wished to grow real estate sales shot up by 22.1% in 2020 their savings were faced with lower rates • 245 members qualified for the vs 2019; and, with more people working as a result of the pandemic environment. Canadian Emergency Business Account (CEBA), an interest-free loan up to $60,000. • Fees waived for ATM, point-of-sale and business Interac e-Transfers for a number of months. • Tap limit increased for point-of-sale transactions, in support of contact- less purchasing.

302 Branch Manager, Joe Tan and 3 William McEwen, G&F member and Co-Chair of Rotary Club of Steveston supporting School Food Project Despite the unexpected changes in by advancing technology. This shift in Midway through the financial markets and the Bank of expectation is affecting financial service “The way the staff have kept me informed Canada dropping interest rates, G&F had providers of all sizes. the year, Aldergrove excellent results in 2020. We exceeded throughout the COVID crisis – checking to Credit Union and our budgeted deposit growth target and Through a merger and pooling of make sure I am happy with my banking. They commercial lending growth target for the resources, the joined credit union would G&F Financial Group year. We carried out several significant be in an even stronger position to have gone out of their way to make sure I am initiatives, including moving to the uphold our roots as a local community began discussions and G&F Hub, opening our new Edmonds cooperative, serve our loyal members and also doing well. G&F brings back the old way Branch, making advancements in service meet new member expectations. with their Board’s management, and building our new digital of banking with the new ways of technology.” approval to proceed, banking experience. We also announced 2020 Member Survey, member comment our plans to build new branches in the CONTINUED Sunset community of Vancouver and the they completed Guildford community of Surrey. COLLABORATION due diligence and WITH INDUSTRY PARTNERS a business case in WHY MERGE NOW? As financial services technology advances support of a potential at breathtaking speed, we recognize Aldergrove Credit Union and by collaborating with our peers, we can merger in 2021. G&F Financial Group recognize the take on the complex work of building our need to make substantial investments digital banking services and make banking in technology, infrastructure, and their easier for our members. employees—to continue to meet changing become a credit union member online— OVER 958,000 member needs, remain competitive, In 2020, we worked closely with Central 1 WORKING TO MAKE another collaborative partnership in a long and stay focused on the communities and industry partners to prepare a BANKING EASIER LOGINS TO history of initiatives with Aldergrove Credit they serve. new digital banking experience and ONLINE Union over the last 10 years. As we focused on serving our members championed a project to improve member BANKING IN 2020 Due largely in part to new digital tools and guiding them financially through experience on our website. We attended Advocating for credit unions in a market – entering the financial services market over the pandemic, we made changes to virtual industry conferences and prepared saturated with big banks and online AN INCREASE OF the last 10 years, consumers have come our branch operations to comply with for open banking, which will soon be a competitors is more important than 24% SINCE 2019 to expect a faster, more personalized provincial health orders and ensured reality in Canada. We teamed up with ever. G&F stepped forward as a leader experience when they shop or purchase both our employees and members could Aldergrove Credit Union and a technology and demonstrated our support for the services—an experience made possible interact in a safe manner. developer to build a way for people to credit union system through our work with CCUA’s Open Banking Strategy In July, we moved 90 employees into Committee and the National Community the G&F Hub in Burnaby—which we Impact Committee at the Canadian re-configured to allow for extra space Credit Union Association, and Aviso’s Wealth Management Advisory Council for Canadian Credit Unions. CIO, Chris Goodman participated in groups that advocate a digital direction for credit unions. Co-CEO Bill Kiss continued as Board Chair at Central 1 and as a Director with The Cooperators, and both Co-CEOs were involved in industry advocacy at various levels of government.

304 5 Jeff Shewfelt (5th from left) with industry peers at a Credit Union Advocacy Day with The new G&F Hub, provincial government, January 2020 completed summer 2020 advice and guidance, and we delivered Connecting with our members in branches an uncertain future and a possible second “The global pandemic underscores a Zoom presentation on the state of and at virtual meetings, we helped our wave of the virus by stress testing a the market with respected Central 1 members complete a Smart Money Check number of financial scenarios and planning how important financial literacy economist, Bryan Yu. to understand where they were with our response to each. Our efforts paid off. and skill development are to BC saving, borrowing or protecting Since high schools were operating with their money. Notably, G&F saw an increase in deposit youth. With this support from G&F, strict safety protocols they could not host growth in 2020 of 7.0%. This was due to G&F’s Personal Finance program in their As the market churned and news of a number of factors: members feeling grade 11 and 12 students in the classrooms as they had the year prior. economic instability made headlines, uncertain and thus protecting their So, we took the time to plan for the our Wealth Management team saw the savings; the government’s influx of cash Lower Mainland will learn money future and committed to an exclusive urgency in educating and reassuring our into the system through new benefit partnership with Junior Achievement BC. members and discussing strategies to programs; and our own work with management skills through Junior Partnering with Junior Achievement is achieve their investment goals even in members, encouraging them to stay on another way we will help strengthen the tumultuous times. The team made over track with their financial plans. Achievement’s Personal Finance financial knowledge of our members and 3,400 calls to current and prospective the community as a whole. The Personal members, providing specialized guidance Our assets grew by 9.4% and surpassed program, increasing their likelihood Finance program provides students with on investing during a volatile market. $2.5 billion on balance sheet. Our wealth of long-term financial security.” personal financial acumen, which will in Our goal was to be a voice of calm on portfolio grew by 13.8% to $292 million. turn help them develop good financial the other end of the line, reassuring our We achieved an operating income of Sheila Biggers, President and CEO of Junior habits. Whether it is budgeting, managing members we would get through the $16.7 million resulting in a return on Achievement, BC credit or saving a little each month, challenges ahead, together. retained earnings of 11.2%. Our capital these are skills that will lead our youth to adequacy ended the year at 14.6%, well financial success. in excess of the regulatory requirement of 8% and our internal capital target of We launched three new podcasts in FINANCIAL 11%. Our membership grew as well by between workstations—and opened our transfers in online banking, allowing FINANCIAL LITERACY 2020, for a total of 17 G&F Smart Money HIGHLIGHTS 1,377, or 4.0% to 35,579. flagship Edmonds Branch on the first members to make transactions between BRINGS FINANCIAL Podcasts since inception. We had 3,095 their G&F Canadian and US accounts. floor of the building. We started planning WELLBEING plays of our Smart Money Podcasts and At the onset of the pandemic, we did not Our financial stability meant that we renovations for our larger Main Street and accrued 12,735 plays since starting know the magnitude of the crisis could contribute $100,000 to the As more members were banking online, Richmond Centre branches to freshen the We believe financial literacy is the key in 2016. we were facing or how long it would last; community through the G&F Financial we provided a digital solution for members space to align with our brand. to people achieving financial wellbeing. a vaccine was not yet in sight. Whatever Group Foundation. In addition, members to request deferrals on their loans and This year, we continued our commitment was to unfold, our credit union would received dividends of 3% for member We launched the Smart Money Score—a mortgages and implemented a way for to sharing knowledge in a manner that remain flexible and prepared to support equity shares and 4% for investment building block to our members’ financial members to receive direct deposits from complied with health orders and safety our members. We started preparing for equity shares. success. With this program, our wealth the Canada Revenue Agency. Small but protocols. We moved our popular financial experts guide members through a key changes that reduced stress for our literacy sessions from our branches to an discovery of their needs and goals. members as they yearned for a semblance online format. We delivered 15 webinars Smart Money Score is a helpful tool for of normal life during the pandemic. EARNINGS MEMBERSHIP GROWTH CONSOLIDATED ASSETS to a wide range of people on topics such those new to financial planning or money FROM OPERATIONS 4.0% growth in 2020 9.4% growth in 2020 as financial planning and investing during 16.0% growth in 2020 management and for seasoned investors $2.55B a turbulent market, estate planning, and looking for next steps to ensure their more. We were featured on a News1130 $16.69M 35,579 $2.33B overall financial wellbeing. 34,202 video series where we provided financial 32,388 $2.06B 30,969 $14.39M We worked to continuously improve ease 30,027 $1.90B of banking. We brought in an affordable $12.80M $1.71B international transfer service for personal $11.43M members and enabled multi-currency

$6.38M

306 7 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 “G&F is the place to be if you EMPLOYEE ENGAGEMENT 2020 survey conducted by love working in a team. G&F is a Sentis Research family-oriented company.

The co-workers are always uplifting 90% 2020 Employee and help you in all aspects.” Engagement Aftab Ladhar, Money Advisor 70% 2020 Industry benchmark

West Broadway IGNITE Human Library Branch celebrates online event, October crazy sweater day! 2020

A YEAR OF skills to provide appropriate support for ENGAGING OUR Engagement on Facebook and LinkedIn LOOKING Midway through the year, we look forward RESILIENCE employees until appropriate treatment is MEMBERS AND was substantially higher in 2020 as UP to receiving consent from our regulator so found or until the crisis is resolved. compared to 2019 with a 76% increase that we can proceed with a merger vote by CONNECTING ONLINE We are grateful to our employees for in visitor engagement on LinkedIn and a As we look to 2021, we will continue to the Aldergrove Credit Union membership. Despite pandemic restrictions, our their resilience, fortitude and flexibility We heard from over 1,800 members in 146% increase in visitor engagement on enhance our services to members, making With their membership’s approval, we will young leaders group, IGNITE, continued in a year that had brought continuous our 2020 Member Survey, conducted Facebook. People liked, commented on, banking easier and helping members start the work of integrating the two credit networking with other credit unions by uncertainty. Employees demonstrated independently by Sentis Research. Results or shared a G&F Facebook post 4,600 achieve their financial goals. We will unions—we will prepare a new harmonized moving their popular in-person events an impressive quality of character as they show many members are feeling positive times, helping to spread the word about complete renovations at our Richmond line of products and services for members online. One successful event was the adjusted to safety protocols. They worked about G&F helping them reach their our financial literacy, products as well as Centre and Main Street branches—this and we will open up new opportunities for Virtual Human Library, which brought to keep members safe at branches and financial goals, offering competitive rates our support for the community. has been a multi-year initiative to update our employees. together 41 young leaders from G&F, hosted virtual meetings to reduce contact. and fees, and enabling them to bank our branch experience to better reflect First West Credit Union, Coastal We will continue our work supporting Employees at the G&F Hub adapted where and when they want to. Results our advice and member focused service Community Credit Union (CCCU), and our local communities and in particular, quickly to working from home and showed, over 80% of members surveyed model. In the spring, we will open our Aldergrove Credit Union. Over the our youth, as we deliver personal finance maintained quality of service for members would recommend G&F to their friends fifth Vancouver branch, on Fraser Street, year, IGNITE members strengthened classes to students around the Lower despite personal challenges such as closed and family. and we look forward to inviting you to relationships with other young leader Mainland. daycares and schools. our virtual opening celebration. In Surrey, groups, including Interior Savings, Valley G&F’s social media channels continued to we anticipate that construction activities First, CCCU, and Aldergrove Credit With mental health a rising concern grow in popularity over the year. Instagram for our new Guildford Branch will be well Union, supporting each other through an during the pandemic, G&F ensured that followers increased by 25% since 2019 and underway by the end of the year. 41% OF unpredictable year. employees and their families had the we welcomed 450 more followers to our MANAGEMENT support they needed through extended LinkedIn page. POSITIONS AT health programs. We collaborated with G&F ARE HELD the Mental Health Commission of Canada BY WOMEN to certify 57 managers in Mental Health First Aid, equipping managers with – 3,800+ HOURS DEDICATED TO EMPLOYEE TRAINING

308 9 “I love my credit union! I’m now on my 42nd year, from ELCO Credit Union to G&F!” 2020 Member Survey, member comment

Community Investment Report

OVER 381,300 As more members choose to conduct on protecting the safety and wellbeing LOGINS TO business online, they can look forward to of our employees and members with the OUR MOBILE a brand new digital banking experience firm belief that we will get through this, with Collabria credit card integration and together. BANKING APP enhanced security. This will be launched IN 2020 to personal members first and to business We want to thank our members and our – members later in the year. Our priority will communities for being part of, and trusting AN INCREASE OF be to gather feedback from members so in, G&F. We maintain our commitment to 20% SINCE 2019 that we ensure the new experience meets your financial wellbeing and to helping you their expectations. achieve your life beyond banking™.

Although we have much to look forward We look forward to a brighter year in 2021. to in 2021, we recognize it will be some time before we come through to the other side of the pandemic. We remain focused

Lewis Bublé William Kiss Jeff Shewfelt President and Chair, Co-Chief Executive Co-Chief Executive Board of Directors Officer Officer

3010 11 2020 COMMUNITY INVESTMENT REPORT

Without a doubt, 2020 was a year of transition. While change is never easy, in G&F Financial Group’s 80 years of service as a credit union, we continued to expand how we connect and give.

LOOKING UP TOWARDS we continued to find new ways to lend a good work. We donated masks, funded A BRIGHTER FUTURE, helping hand, often giving more, dollarwise school food programs and supported and in-kind, than in previous years. four local charities as voted by you, TOGETHER our members. We continued to “pay Together, G&F Financial Group, our Board Without a doubt, 2020 was a year of it forward” when we provided each of of Directors, our employees, partners transition. And a challenging one at our 240 employees $100 to spend in and sponsors gave a total of $575,000 to that. While change is never easy, in G&F support of their local business of choice, local community groups, scholarship and Financial Group’s 80 years of service as demonstrating that every bit counts. bursary programs, charities, and cultural a credit union we continued to expand and sports organizations. This included Most importantly, we connected with how we connect, give, and see our shared three major charitable fundraisers where many of our 35,000 members, offering path forward. our employees, partners and sponsors 15 online webinars on how to manage your Non-profit organizations impacted by the raised $170,000. We gave $60,000 to food family’s finances during turbulent times, pandemic showed us that we needed to banks, shelters and hospitals across the invest during a pandemic and plan your shift our support—to healthcare, school Lower Mainland so they can continue their estate. These financial literacy workshops programs and youth initiatives—all the while, remaining committed to the communities we serve and causes we love. Our strong financial standing, committed partners and sponsors, and dedicated member support have been imperative in this outreach. This year, our in-person fundraising efforts came to a halt but

3012 Cheque presentation to The Langley Memorial 13 Hospital Foundation by Kam Mokha, Branch Manager and Tyler MacLean, Manager Wealth Management Partnerships BURNABY MORESPORTS SOCIETY

G&F member since 2014 In 2020, the Foundation donated $5,000 to Burnaby MoreSports Society (BMS). Established in 2008, BMS operates out of elementary schools and gives Burnaby children free-of-charge access to sports and other physical activities; and primarily focuses on kids with barriers such as low-income and language challenges. The funding went towards two of the charity’s programs: Youth, Engage, Learn, Lead or YELL, a youth coaching program; and its after- school sport program.

Since COVID-19, BMS, like most non- profits, has had to pivot. It purchased new equipment to offer indoor activities while outdoor ones have been cancelled. The funds donated by G&F have also been used to support were indicative of G&F’s ongoing HOW WE GIVE • Gifting dollars through our charitable A FOUNDATION • BC Children’s Hospital Foundation the delivery of its sport component enthusiasm to participate and be there fund, the G&F Financial Group OF GIVING • Boys and Girls Clubs of South Coast BC to a reduced number of schools as At our core, G&F Financial Group is a its leadership course is temporarily as a stable partner in a shaky economy. Foundation • Burnaby MoreSports Society This was equally evident in our annual golf member-led credit union and leader in G&F contributes to the well-being of the paused due to physical restrictions and • Donating supplies and funds to • Canucks Autism Network tournament. While our event went online, community investment. Each year, we community initiatives and programs community through various channels, programming cutbacks. • Chimo Community Services our sponsors stepped up to the challenge commit to giving in ways that bring us including our charitable fund, the G&F • Our employees supported three “ We are very fortunate to be able to and in the end we surpassed our original closer together and allow organizations Financial Group Foundation. This fund • CKNW Kids’ Fund charities through internal fundraising still provide limited programming donation goal. In fact, this became a and individuals to thrive, aspire and empowers us to give financial support to • The Centre for Child Development • Providing education awards and (during COVID restrictions). It gives welcome trend for all our main fundraising inspire. In 2020, we continued our registered charities across the province. • Dollywood Foundation of Canada scholarships parents and children a sense of efforts. outreach by: The Foundation was first established in • Encouraging and celebrating employee • Kitsilano Neighbourhood House normalcy. We consider G&F one of our 2003, and since then has granted local G&F is more focused than ever on what volunteerism • Langley Memorial Hospital Foundation core community partners and really causes over $1.4 million, thus giving back it means to be a contributing partner and appreciate them.” to the communities they equally serve. • SOS Children’s Village British Columbia community builder—requiring agility, • St. John Society (British Columbia Sue Tench, past president, BMS true engagement and feedback from our In 2020, the Foundation provided nearly and Yukon) members. Social distancing requirements $87,000 to 13 organizations. This financial • Take a Hike Youth at Risk Foundation meant we could not attend or hold in- support went to a variety of initiatives,

person events; however, we did our best including physiotherapy facilities, youth

to interact locally, be it through social subsidies, nutritional supplies, and

media voting of your favourite charity equipment purchases. The recipients were: or showcasing non-profits through awareness campaigns. We thank you for your resilience and for showing us that together, we are always stronger.

3014 Cheque presentation to YWCA with 15 West Broadway Branch Assistant Branch Burnaby MoreSports gives Manager, Lierin Jones and Branch children the chance to experience Manager, Paul Olak (far right) sports without barriers DIXON TRANSITION “These donations and support given will NIGHTSHIFT STREET SOCIETY MINISTRIES help the people who need it most, and they G&F CONNECTION: G&F CONNECTION: NAZIRA NASSER are given in honour of the selfless people in ULI LAROSA Assistant Branch Manager, Edmonds our community who give their time, and Manager, Service Design, Member Branch, G&F employee since 2008 Experience, G&F employee since 2017 I was first introduced to the Dixon dedicate their lives to helping others.” I volunteer with NightShift Street Transition Society by a friend who was Bill Kiss and Jeff Shewfelt, Co-CEOs, Ministries (NSM). Its community participating in its Shoebox Christmas impact is immeasurable in helping event, whereby items valued at $20 are G&F Financial Group the homeless, with outreach 365 days placed in a shoebox and gifted to a a year. NSM offers meals, education recipient. When the opportunity arose, resources, clothing, crisis counselling, I decided to donate to the charity. basic nursing, a mobile library, prayer, The society supports women and and most importantly, a loving children impacted by violence. It offers community contact. In my time with counselling, and education programs NightShift, I’ve helped prep and serve and outreach services that enable these food, distribute winter clothing and individuals to be empowered and to listen to people’s issues with an open lead a life free from harm. Learn more heart. In fact, volunteers are trained to at: dixonsociety.ca be good listeners and accept everyone as they are. “I’ve known friends and family members who have gone through THE LOCAL Hospital, Burnaby Hospital, The Centre for We gave $60,000 to local food banks, Seeing the need of local non-profits and “ Being on the street is not a choice such hardship, and therefore, feel CONNECTION Child Development, Lions Gate Hospital, shelters and hospitals. These were among their programs, G&F donated another and we can all experience loneliness strongly about supporting this Richmond Hospital, and Surrey Hospital. some of the hardest hit organizations $20,000 across four organizations, at some point in life. While some have organization.” Nazira Nasser While 2020 came with extra challenges, We also funded school food programs in during the pandemic. Our 2020 recipients giving a total of $80,000 to community a good support system around them, G&F continued to extend a helping hand. partnership with the Steveston Rotary and included: initiatives. The four organizations were others don’t, and that’s why we have fellow donors. Donations provided critical chosen by G&F employees, members and a call to help and be that missing In August, we distributed 18,000 support to Richmond students without • Burnaby Hospital Foundation the public via social media voting. The support system for others.” Uli Larosa disposable masks to staff at healthcare access to school meals, and food hampers • Covenant House Vancouver recipients were: AutismBC, NightShift facilities and foundations across the every two weeks to over 30 Richmond • Crabtree Corner Street Ministries, Vancouver Aboriginal Lower Mainland, including: BC Children’s families in need over the summer months. • Eagle Ridge Hospital Friendship Centre Society and Dixon Transition Society. • Greater Vancouver Food Bank • Langley Memorial Hospital Foundation • Richmond Food Bank Society • Richmond Hospital Foundation • Royal Columbian Hospital Foundation • SHARE Family & Community Services Society • Sources Community Resources • St. Paul’s Hospital Foundation • Surrey Food Bank Society • Surrey Hospital Foundation

3016 17 Dixon Transition NightShift Street Society Holiday Ministries community Sponsorship 2020 outreach GAME OF APPS G&F CONNECTION: PEVISHA JOSHI

Applications developer at G&F since 2015 The Institute of Applied Design & Technology Education Society is a local non-profit where professionals REACHING NEW HEIGHTS PLANTING SEEDS FOR THE In 2020, G&F and the Aldergrove Credit from the tech industry work with GARDENS OF TOMORROW Union jointly contributed $20,000 to this students to teach them the skills and While physical distancing restrictions fund, bringing its total to over $200,000 principles used in the industry. In 2018, limited how we met, it did not hinder how At G&F, we actively help pave the road for the year, and thus helping roughly I joined its Game of Apps program as we gave. This year called on G&F, and our forward for the minds of tomorrow. One 160 individuals on their future path, and a volunteer developer mentor. Since partners, sponsors and members to look way we do this is through our partnership supporting 30 post-secondary institutions then, I’ve helped students one-on- up and set our sights even higher. And in with the Credit Union Foundation of through grants. Among the schools G&F one and to build an application, while the end, we pivoted and exceeded our British Columbia (CUFBC): a province-wide directly supports are: collaborating with other mentors to own expectations. organization funded by credit unions. deliver weekly lessons. Each year • British Columbia Institute of This bursary program provides educational the organization also puts on an In 2020, we ran three internal fundraising Technology awards to BC residents and post- end-of-session championship after campaigns in support of The Centre for secondary students in need of financial • Kwantlen Polytechnic University every 24-week intake giving students Child Development, the BC Children’s assistance for academic, technological • Simon Fraser University an opportunity to showcase what Hospital and the United Way of the or vocational training at accredited • University of British Columbia they have learned and to build their Lower Mainland. schools; additionally, awards are given to • University of the Fraser Valley confidence. Learn more at: iadte.org/wp/ mature students looking to upgrade their education and skills in the workforce. “ I personally feel grateful to Game of Due to internal Starting in 2019, In 2001, G&F Apps for providing this wonderful staff efforts, as well G&F committed began supporting platform where you can connect as $10,000 from to three years of the United Way with other mentors, students and the G&F Financial fundraising for of the Lower educators to inspire and be inspired!” Group Foundation, The Centre for Mainland. Since Pevisha Joshi G&F raised $18,800 Child Development, then, the credit towards the 2020 a non-profit founded in 1953 whose union has donated over $1 million towards BC Children’s Hospital Foundation focus is to help children with special its programs focused on the over 130,000 fundraising campaign. needs reach their potential. The Centre children, families and seniors it reaches. provides physical therapy, childcare, as In 2020, G&F employees took part in the These dollars went toward the purchase well as recreation and family services to United Way Day of Caring fundraising of three vital pieces of equipment for the thousands of kids in Metro Vancouver. contest. Contest winners were given the pediatric intensive care unit: a heart lung Due to the pandemic, we had to cancel opportunity to volunteer at a charity of machine, ventilators and intubation blades. our September annual golf tournament their choice for a day, with their day’s This advanced medical equipment will and set a fundraising goal of $50,000. wages covered by G&F Financial Group. help give fragile young patients their best However, thanks to individual donors Employees raised $39,762 through internal chance of surviving, and recovering. and our sponsors—and to a matching fundraising which was matched by G&F donation from an anonymous donor—we Board of Directors, thus providing the raised $132,000. These funds will allow the United Way a total donation of $79,524. Centre to replace its windows and install a new HVAC system with air conditioning for “This partnership between G&F and the the 3,000 children it serves. United Way has spanned nearly 20 years. It is thanks to partners like you that the “We are extremely grateful for G&F United Way has been able to really pivot Financial Group’s support over the past and adapt and meet some incredibly Game of Apps bringing 21 years. Thank you to our sponsors for challenging needs in the community this mentors and students stepping up during these challenging year.” Kris Gibson, Director of Workplace together, February 2020 times. Thank you for being there for us, Campaign, United Way of the Lower Mainland 3018 and with us, and for all our children and 19 families.” Gerard Bremault, CEO, The Centre for Child Development COLLINGWOOD OUR MEMBERSHIP: NEIGHBOURHOOD THE FABRIC OF G&F HOUSE In 1940, G&F started out as a credit union G&F CONNECTION: focused on offering opportunities to fishermen and setting a new standard for JAMES UY lending and building community. Eighty Accountant at G&F since 2014 years later, and our ethos is unchanged. We connect to you—our members— For four years, I volunteered with through your triumphs, your difficulties, Collingwood Neighbourhood House and most importantly, your dreams. in Vancouver. I contributed towards its Morning Star program, which provided In 2020, we celebrated a membership that free breakfast, showers and resources is 35,000 strong across 16 branches and every Saturday as part of its community six municipalities in Metro Vancouver. outreach. It was then that I realized just We are deeply grateful for everyone how much an impact a program can who has joined us on this journey (and make on the community it serves, throughout this challenging year) and not to mention the volunteers too. hope that our giving back is magnified Summarized Consolidated through you for another 80 years to come. “It gives me hope looking back, that I made an impact on people’s lives. The effort of volunteers and Financial Statements organizations such as ours are paramount in supporting local programs that provide feelings of belonging and inclusion in the community.” James Uy

3020 21 Colouring contest at Collingwood Neighbourhood House MANAGEMENT’S RESPONSIBILITY REPORT OF THE INDEPENDENT AUDITORS ON THE FOR FINANCIAL REPORTING SUMMARIZED CONSOLIDATED FINANCIAL STATEMENTS

These summarized consolidated maintained. Internal audit procedures To the Members of Gulf and Fraser Summarized Consolidated Financial Auditors’ Responsibility financial statements have been provide management with the ability Fishermen’s Credit Union: Statements prepared by the management of to assess the adequacy of these Our responsibility is to express an opinion The summarized consolidated financial on whether the summarized consolidated Gulf and Fraser Fishermen’s Credit controls. Opinion Union who are responsible for their statements do not contain all the financial statements are consistent, in reliability, completeness and integrity. The Board of Directors has approved The summarized consolidated disclosures required by International all material respects, with the audited The summarized consolidated the consolidated financial statements. financial statements of Gulf and Fraser Financial Reporting Standards. Reading consolidated financial statements based financial statements were prepared The Audit Committee of the Board Fishermen’s Credit Union (the Credit the summarized consolidated financial on our procedures, which were conducted in accordance with requirements of has reviewed the statements with Union) which comprise: statements and the auditors’ report in accordance with Canadian Auditing the Financial Institutions Act of British the external auditors, in detail, thereon, therefore, is not a substitute Standards 810, Engagements to Report on Columbia. The financial information and received regular reports on • the summarized consolidated for reading the Credit Union’s audited Summary Financial Statements. statement of financial position as at presented in the annual report is internal control findings. KPMG LLP, consolidated financial statements and the December 31, 2020 consistent with the consolidated Chartered Professional Accountants, auditor’s report thereon. financial statements. the independent external auditors • the summarized consolidated appointed by the membership, statement of comprehensive income The summarized consolidated financial statements and the audited consolidated Systems of internal control and examined the consolidated financial for the year then ended Chartered Professional Accountants financial statements do not reflect the reporting procedures are designed statements of the Credit Union in • the summarized consolidated February 19, 2021 effects of events that occurred subsequent to provide reasonable assurance that accordance with Canadian generally statement of changes in members’ Vancouver, Canada financial records are complete and accepted auditing standards. They equity for the year then ended to the date of our report on the audited accurate so as to safeguard the assets have had full and free access to the are derived from the complete audited consolidated financial statements. of the Credit Union. These systems management and staff of the Credit consolidated financial statements of provide assurance that all transactions Union and the Audit Committee of the Credit Union as at and for the year are authorized and proper records are the Board. ended December 31, 2020. Management’s Responsibility for the Summarized Consolidated Financial In our opinion, the accompanying Statements summarized consolidated financial statements are consistent, in all material Management is responsible for respects, with the audited consolidated the preparation of the summarized financial statements, in accordance consolidated financial statements in with the criteria disclosed in Note 1 in accordance with the criteria disclosed in the summarized consolidated financial Note 1 in the summarized consolidated statements. financial statements. William Kiss Jeff Shewfelt Ron Lee Co-Chief Executive Co-Chief Executive Chief Financial Officer Officer Officer

3022 23 Gulf and Fraser Fishermen’s Credit Union Gulf and Fraser Fishermen’s Credit Union SUMMARIZED CONSOLIDATED STATEMENT OF FINANCIAL POSITION SUMMARIZED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Expressed in thousands of dollars) (Expressed in thousands of dollars) December 31, 2020, with comparative information for 2019 Year ended December 31, 2020, with comparative information for 2019

2020 2019 2020 2019 Assets Interest income $ 83,206 $ 82,087 Cash $ 16,549 $ 16,512 Interest expense 40,355 42,488 Financial investments 345,938 202,250 Net interest income 42,851 39,599 Derivative assets 3,356 902 Other income 15,056 10,767 Loans 2,133,861 2,068,805 Hedge ineffectiveness on cash flow hedges 1 84 Assets held-for-sale 2,297 – Provision for credit losses (3,446) (597) Premises and equipment 38,540 36,096 Operating margin 54,462 49,853 Intangible assets 496 486 Operating expenses 37,774 35,461 Investment property – 797 Earnings from operations 16,688 14,392 Deferred income tax asset 1,385 1,303 Distributions to members (296) (369) Other assets 5,083 2,055 Income before income taxes 16,392 14,023 $ 2,547,505 $ 2,329,206 Provision for income taxes 2,797 2,379 Net income 13,595 11,644 Liabilities and Members’ Equity Net unrealized gain from cash flow hedges (net of tax) 1,977 448 Deposits $ 2,306,930 $ 2,156,900 Total comprehensive income $ 15,572 $ 12,092

Members’ shares 9,455 8,854 See accompanying notes to the summarized consolidated financial statements. Secured borrowings 72,407 25,419 Other liabilities 21,080 15,972 2,409,872 2,207,145 Members’ equity: Accumulated other comprehensive income 2,577 600 Gulf and Fraser Fishermen’s Credit Union Retained earnings 135,056 121,461 SUMMARIZED CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY 137, 633 122,0 61 (Expressed in thousands of dollars) $ 2,547,505 $ 2,329,206 Year ended December 31, 2020, with comparative information for 2019 See accompanying notes to the summarized consolidated financial statements.

APPROVED ON BEHALF OF THE BOARD: Accumulated other comprehensive income Cash flow Retained Members’ hedging reserve earnings equity Balance, January 1, 2019 $ 152 $ 109,817 $ 109,969 Lewis Bublé, Christine Dacre, Cash flow hedges 448 - 448 President and Chair, Board of Directors Chair of the Audit Committee Net income - 11,644 11,644 Balance, December 31, 2019 600 121,461 122,061 1. Basis of presentation: The accompanying summarized consolidated financial statements have been prepared in Cash flow hedges 1,977 - 1,977 accordance with Section 128 (4) of the Financial Institutions Act and are derived from the complete audited consolidated Net income - 13,595 13,595 financial statements of Gulf and Fraser Fishermen’s Credit Union, prepared in accordance with International Financial Reporting Standards (“IFRS”), as at and for the year ended December 31, 2020. Readers are cautioned that these Balance, December 31, 2020 $ 2,577 $ 135,056 $ 137,633 summarized consolidated financial statements do not include all the disclosures necessary for complete and fair See accompanying notes to the summarized consolidated financial statements. presentation. Complete audited consolidated financial statements for the year ended December 31, 2020, together with the auditors’ report thereon, were authorized for issue by the Credit Union’s Board of Directors on February 16, 2021 and is 3024 available online at gffg.com and at any of our branches. 25

The 2020 Community Investment, Governance, as well as the Management Discussion and Analysis Reports are also available online. GOVERNANCE AND LEADERSHIP

BOARD OF DIRECTORS SENIOR MANAGEMENT TEAM

Lewis Bublé Floyd Yamamoto Linda Archer Christine Dacre Bill Nohr Bill Kiss Jeff Shewfelt Michael Atkinson Bobby Dhillon Chris Goodman Chair Vice Chair Director Director Director Co-Chief Executive Co-Chief Executive Senior Vice President, Senior Vice President, Chief Information Officer Officer Officer Wealth and Advice Marketing & Planning

Howard Normann Jennifer Phipps Lee Varseveld Sonia Virk Ron Lee Nelson Sandhu Diane Sullivan Scott Betts Lesley Lamb Director Director Director Director Chief Financial Chief Experience & Chief People & Culture Vice President, Risk, Vice President, Officer Innovation Officer Officer Credit and Compliance Digital Solutions

Peter Unadkat Paul Bhangoo Kelly Campbell Cheryl Christensen Bobby Dhaliwal Vice President, Associate Vice President, Associate Vice President, Associate Vice President, Associate Vice President, Commercial Retail Banking Retail Banking Retail Banking Retail Banking

3026 27 Ben Doan Peter Kobayashi Don Liang Johnny Yeap Lisa Boyle Associate Vice President, Associate Vice President, Associate Vice President, Associate Vice President, Corporate Secretary Credit Member Experience Treasury Retail Banking VANCOUVER PORT COQUITLAM 41st Avenue Port Coquitlam 2735 East 41st Avenue 400–2748 Lougheed Highway

Main Street 1–2949 Main Street RICHMOND

West Broadway Richmond Centre 2951 West Broadway 7971 Westminster Highway

West End West Richmond 1003 Denman Street 120–8900 No. 1 Road

Fraser Street 6332 Fraser Street SURREY COMING SOON Cloverdale 500–6456 176th Street

BURNABY Fleetwood North Burnaby 101–15910 Fraser Highway 105–4191 Hastings Street Nordel Crossing Brentwood 101–12020 Nordel Way 3–4465 Skyline Drive Guildford Metrotown Unit C 101–15679 104th Avenue 1003 McKay Avenue COMING SOON

Edmonds 101–7310 Kingsway LANGLEY Willoughby 120–20780 Willoughby Town NEW WESTMINSTER Centre Drive New Westminster 760 6th Street

WEBSITE G&F HUB

gffg.com 401–7300 Edmonds Street Burnaby, BC V3N 0G8 MEMBER HUB 604-517-5100 604-419-8888

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